Fidelity Contrafund Correlations

Mutual Funds . USA . 
Fund . Fidelity Contrafund K6
FLCNX Fund  USD 31.16  0.15  0.48%   
The current 90-days correlation between Fidelity Contrafund and Blackrock Short Term Inflat Protected is 0.02 (i.e., Significant diversification). The correlation of Fidelity Contrafund is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Contrafund Correlation With Market

Poor diversification

The correlation between Fidelity Contrafund K6 and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Contrafund K6 and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Contrafund K6. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Fidelity Mutual Fund

  0.94FPURX Fidelity PuritanPairCorr
  0.94FPUKX Fidelity PuritanPairCorr
  0.79FQLSX Fidelity Flex FreedomPairCorr
  0.68FRBDX Fidelity Freedom 2070PairCorr
  0.68FRBHX Fidelity Freedom 2070PairCorr
  0.66FRBLX Fidelity Advisor FreedomPairCorr
  0.64FRBOX Fidelity Advisor FreedomPairCorr
  0.67FRBUX Fidelity Freedom IndexPairCorr
  0.69FRBYX Fidelity Freedom BlendPairCorr
  0.91FRAGX Aggressive GrowthPairCorr
  0.68FRCFX Fidelity Freedom BlendPairCorr
  0.69FRCLX Fidelity Freedom BlendPairCorr
  0.73FRCWX Fidelity SustainablePairCorr
  0.86FRGAX Growth Allocation IndexPairCorr
  0.78FRLPX Fidelity Freedom IndexPairCorr
  0.74FAASX Fidelity Asset ManagerPairCorr
  0.74FAAIX Fidelity Asset ManagerPairCorr
  0.76FACVX Fidelity ConvertiblePairCorr
  0.75FACPX Fidelity Advisor SumerPairCorr
  0.7FACNX Fidelity CanadaPairCorr
  0.93FACGX Fidelity Advisor GrowthPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Contrafund Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity Contrafund's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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