FCNTX vs. SMH

Last updated Jun 9, 2026

FCNTX (Fidelity Contrafund) and SMH (VanEck Semiconductor ETF) are both funds - FCNTX is a Large Cap Growth Equities fund managed by Fidelity, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, FCNTX returned 17.20%/yr vs 36.92%/yr for SMH. A 0.72 correlation means they provide meaningful diversification when combined. FCNTX charges 0.39%/yr vs 0.35%/yr for SMH.

Performance

FCNTX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Contrafund (FCNTX) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCNTX achieves a 6.03% return, which is significantly lower than SMH's 66.10% return. Over the past 10 years, FCNTX has underperformed SMH with an annualized return of 17.20%, while SMH has yielded a comparatively higher 36.92% annualized return.

FCNTX

• 1D: -2.98%
• 1M: 0.19%
• YTD: 6.03%
• 6M: 6.20%
• 1Y: 19.84%
• 3Y*: 26.22%
• 5Y*: 14.50%
• 10Y*: 17.20%

SMH

• 1D: 5.00%
• 1M: 5.58%
• YTD: 66.10%
• 6M: 62.81%
• 1Y: 137.42%
• 3Y*: 60.43%
• 5Y*: 37.89%
• 10Y*: 36.92%

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

FCNTX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCNTX Fidelity Contrafund	6.03%	21.76%	36.00%	38.67%	-28.31%	24.52%	32.48%	30.00%	-3.81%	32.18%
SMH VanEck Semiconductor ETF	66.10%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FCNTX and SMH is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 6, 2000	0.72

The correlation between FCNTX and SMH shifts across timeframes, from 0.69 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

FCNTX vs. SMH - Sectors Allocation Comparison

Sectors	FCNTX	SMH
Technology	27.0%	100.0%
Communication Services	21.2%	-
Financial Services	13.8%	-
Consumer Cyclical	10.1%	-
Healthcare	9.2%	-
Industrials	8.6%	-
Consumer Defensive	3.7%	-
Energy	3.6%	-
Basic Materials	2.1%	-
Utilities	0.5%	-
Real Estate	0.1%	-

Return for Risk

FCNTX vs. SMH — Risk / Return Rank

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

FCNTX

FCNTX Risk / Return Rank: 30
FCNTX Sharpe Ratio Rank: 30
FCNTX Sortino Ratio Rank: 27
FCNTX Omega Ratio Rank: 28
FCNTX Calmar Ratio Rank: 29
FCNTX Martin Ratio Rank: 38

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

FCNTX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Contrafund (FCNTX) and VanEck Semiconductor ETF (SMH). 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.

	FCNTX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.49	4.27	-2.78
Sortino ratio: Return per unit of downside risk	2.06	4.33	-2.27
Omega ratio: Gain probability vs. loss probability	1.27	1.62	-0.35
Calmar ratio: Return relative to maximum drawdown	1.89	9.26	-7.37
Martin ratio: Return relative to average drawdown	8.00	34.80	-26.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCNTX vs. SMH - Sharpe Ratio Comparison

The current FCNTX Sharpe Ratio is 1.49, which is lower than the SMH Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of FCNTX and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCNTX	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	4.27	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	1.08	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	1.13	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.33	+0.44

Drawdowns

FCNTX vs. SMH - Drawdown Comparison

The maximum FCNTX drawdown since its inception was -49.19%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FCNTX and SMH.

Drawdown Indicators

	FCNTX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-49.19%	-84.96%	+35.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-14.93%	+3.63%
Max Drawdown (3Y) Largest decline over 3 years	-19.75%	-35.74%	+15.99%
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	-45.30%	+12.71%
Max Drawdown (10Y) Largest decline over 10 years	-32.59%	-45.30%	+12.71%
Current Drawdown Current decline from peak	-2.98%	-6.23%	+3.25%
Average Drawdown Average peak-to-trough decline	-8.16%	-41.07%	+32.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.96%	-1.30%

Volatility

FCNTX vs. SMH - Volatility Comparison

The current volatility for Fidelity Contrafund (FCNTX) is 4.35%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.45%. This indicates that FCNTX experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCNTX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	15.45%	-11.10%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	26.71%	-15.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	32.42%	-18.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.19%	35.32%	-16.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.70%	32.75%	-13.05%

FCNTX vs. SMH - Expense Ratio Comparison

FCNTX has a 0.39% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FCNTX vs. SMH - Dividend Comparison

FCNTX's dividend yield for the trailing twelve months is around 4.40%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNTX Fidelity Contrafund	4.40%	5.21%	4.19%	3.78%	11.87%	10.80%	8.01%	4.16%	7.46%	6.08%	3.81%	5.33%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both FCNTX and SMH in my portfolio?

FCNTX and SMH have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCNTX or SMH?

SMH has higher volatility (15.45%) compared to FCNTX (4.35%). In terms of maximum drawdown, FCNTX dropped -49.19% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.27 vs 1.49), 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.