FCNKX vs. FMGKX

Last updated Jun 24, 2026

FCNKX (Fidelity Contrafund) and FMGKX (Fidelity Magellan Fund Class K) are both Large Cap Growth Equities funds from Fidelity. Over the past 10 years, FCNKX returned 18.47%/yr vs 16.03%/yr for FMGKX. With a 0.96 correlation, they move nearly in lockstep. FCNKX charges 0.74%/yr vs 0.62%/yr for FMGKX.

Performance

FCNKX vs. FMGKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Contrafund (FCNKX) and Fidelity Magellan Fund Class K (FMGKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCNKX achieves a 8.63% return, which is significantly higher than FMGKX's 7.08% return. Over the past 10 years, FCNKX has outperformed FMGKX with an annualized return of 18.47%, while FMGKX has yielded a comparatively lower 16.03% annualized return.

FCNKX

• 1D: -2.11%
• 1M: 2.00%
• YTD: 8.63%
• 6M: 7.74%
• 1Y: 22.87%
• 3Y*: 26.80%
• 5Y*: 15.03%
• 10Y*: 18.47%

FMGKX

• 1D: -0.88%
• 1M: 1.36%
• YTD: 7.08%
• 6M: 5.88%
• 1Y: 11.09%
• 3Y*: 23.30%
• 5Y*: 12.68%
• 10Y*: 16.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FCNKX vs. FMGKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCNKX Fidelity Contrafund	8.63%	21.88%	36.08%	39.50%	-27.44%	24.66%	32.50%	30.18%	-2.27%	32.20%
FMGKX Fidelity Magellan Fund Class K	7.08%	16.35%	32.08%	31.15%	-27.11%	27.08%	28.49%	31.42%	-5.67%	26.60%

Correlation

The correlation between FCNKX and FMGKX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 15, 2008	0.96

The correlation between FCNKX and FMGKX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

FCNKX vs. FMGKX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCNKX

FCNKX Risk / Return Rank: 37
FCNKX Sharpe Ratio Rank: 36
FCNKX Sortino Ratio Rank: 33
FCNKX Omega Ratio Rank: 34
FCNKX Calmar Ratio Rank: 36
FCNKX Martin Ratio Rank: 45

FMGKX

FMGKX Risk / Return Rank: 11
FMGKX Sharpe Ratio Rank: 11
FMGKX Sortino Ratio Rank: 11
FMGKX Omega Ratio Rank: 11
FMGKX Calmar Ratio Rank: 10
FMGKX Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCNKX vs. FMGKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Contrafund (FCNKX) and Fidelity Magellan Fund Class K (FMGKX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FCNKX	FMGKX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.82	+0.80
Sortino ratio: Return per unit of downside risk	2.23	1.21	+1.02
Omega ratio: Gain probability vs. loss probability	1.29	1.15	+0.14
Calmar ratio: Return relative to maximum drawdown	2.16	0.90	+1.25
Martin ratio: Return relative to average drawdown	9.00	3.20	+5.80

FCNKX vs. FMGKX - Sharpe Ratio Comparison

The current FCNKX Sharpe Ratio is 1.61, which is higher than the FMGKX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of FCNKX and FMGKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCNKX vs. FMGKX - Drawdown Comparison

The maximum FCNKX drawdown since its inception was -46.44%, smaller than the maximum FMGKX drawdown of -59.38%. Use the drawdown chart below to compare losses from any high point for FCNKX and FMGKX.

Drawdown Indicators

	FCNKX	FMGKX	Difference
Max Drawdown Largest peak-to-trough decline	-46.44%	-59.38%	+12.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-13.95%	+2.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.73%	-20.05%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-31.77%	-33.05%	+1.28%
Max Drawdown (10Y) Largest decline over 10 years	-31.77%	-33.05%	+1.28%
Current Drawdown Current decline from peak	-2.61%	-1.51%	-1.10%
Average Drawdown Average peak-to-trough decline	-7.29%	-10.92%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.93%	-1.23%

Volatility

FCNKX vs. FMGKX - Volatility Comparison

Fidelity Contrafund (FCNKX) and Fidelity Magellan Fund Class K (FMGKX) have volatilities of 6.34% and 6.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCNKX	FMGKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	6.48%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	12.70%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	15.45%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	20.29%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	20.27%	-0.53%

FCNKX vs. FMGKX - Expense Ratio Comparison

FCNKX has a 0.74% expense ratio, which is higher than FMGKX's 0.62% expense ratio.

Dividends

FCNKX vs. FMGKX - Dividend Comparison

FCNKX's dividend yield for the trailing twelve months is around 4.28%, less than FMGKX's 6.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNKX Fidelity Contrafund	4.28%	5.18%	4.28%	4.31%	13.69%	10.77%	8.00%	4.15%	9.14%	6.09%	3.92%	4.47%
FMGKX Fidelity Magellan Fund Class K	6.43%	13.90%	9.26%	11.80%	5.08%	7.07%	0.30%	15.04%	10.95%	9.74%	2.87%	7.69%

Frequently Asked Questions

Can I hold both FCNKX and FMGKX in my portfolio?

With a correlation of 0.91, FCNKX and FMGKX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FCNKX or FMGKX?

FMGKX has higher volatility (6.48%) compared to FCNKX (6.34%). In terms of maximum drawdown, FCNKX dropped -46.44% vs FMGKX's -59.38%.

Which has better risk-adjusted returns?

FCNKX currently has the higher Sharpe Ratio (1.61 vs 0.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.