FCNTX vs. SPY

Last updated Aug 5, 2026

FCNTX (Fidelity Contrafund) and SPY (State Street SPDR S&P 500 ETF) are both funds - FCNTX is a Large Cap Growth Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FCNTX returned 17.16%/yr vs 15.29%/yr for SPY. Their correlation of 0.89 means they have usually moved in the same direction. FCNTX charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

FCNTX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Contrafund (FCNTX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCNTX achieves a 9.08% return, which is significantly lower than SPY's 13.71% return. Over the past 10 years, FCNTX has outperformed SPY with an annualized return of 17.16%, while SPY has yielded a comparatively lower 15.29% annualized return.

FCNTX

• 1D: 2.04%
• 1M: -0.68%
• 6M: 6.92%
• YTD: 9.08%
• 1Y: 15.62%
• 3Y*: 25.01%
• 5Y*: 13.67%
• 10Y*: 17.16%
• ALL TIME*: 13.53%

SPY

• 1D: 1.80%
• 1M: 3.56%
• 6M: 12.46%
• YTD: 13.71%
• 1Y: 23.56%
• 3Y*: 21.46%
• 5Y*: 13.31%
• 10Y*: 15.29%
• ALL TIME*: 10.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCNTX Fidelity Contrafund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$40.91B	$36.93B	$39.82B

FCNTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCNTX Fidelity Contrafund	9.08%	21.76%	36.00%	38.67%	-28.31%	24.52%	32.48%	30.00%	-3.81%	32.18%
SPY State Street SPDR S&P 500 ETF	13.71%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FCNTX and SPY is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.89

The correlation between FCNTX and SPY has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

FCNTX vs. SPY - Sectors Allocation Comparison

Sectors	FCNTX	SPY
Technology	32.7%	36.9%
Communication Services	19.6%	9.7%
Consumer Cyclical	11.3%	8.9%
Financial Services	11.2%	12.5%
Healthcare	8.7%	9.4%
Industrials	7.7%	7.6%
Consumer Defensive	3.6%	4.8%
Energy	3.1%	3.4%
Basic Materials	2.1%	1.9%
Real Estate	0.1%	2.0%
Utilities	0.1%	2.6%

Return for Risk

FCNTX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCNTX

FCNTX Risk / Return Rank: 33
FCNTX Sharpe Ratio Rank: 32
FCNTX Sortino Ratio Rank: 31
FCNTX Omega Ratio Rank: 31
FCNTX Calmar Ratio Rank: 33
FCNTX Martin Ratio Rank: 38

SPY

SPY Risk / Return Rank: 72
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 70
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCNTX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Contrafund (FCNTX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FCNTX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.84	-0.70
Sortino ratio: Return per unit of downside risk	1.64	2.54	-0.89
Omega ratio: Gain probability vs. loss probability	1.20	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	1.55	2.66	-1.11
Martin ratio: Return relative to average drawdown	6.03	11.36	-5.33

FCNTX vs. SPY - Sharpe Ratio Comparison

The current FCNTX Sharpe Ratio is 1.14, which is lower than the SPY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FCNTX and SPY, 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

FCNTX vs. SPY - Drawdown Comparison

The maximum FCNTX drawdown since its inception was -49.19%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FCNTX and SPY.

Drawdown Indicators

	FCNTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.19%	-55.19%	+6.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-8.88%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.75%	-18.76%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	-24.50%	-8.09%
Max Drawdown (10Y) Largest decline over 10 years	-32.59%	-33.72%	+1.13%
Current Drawdown Current decline from peak	-2.18%	0.00%	-2.18%
Average Drawdown Average peak-to-trough decline	-8.14%	-9.01%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.08%	+0.83%

Volatility

FCNTX vs. SPY - Volatility Comparison

Fidelity Contrafund (FCNTX) has a higher volatility of 4.63% compared to State Street SPDR S&P 500 ETF (SPY) at 4.13%. This indicates that FCNTX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCNTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	4.13%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	10.36%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	12.96%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.40%	17.21%	+2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	17.97%	+1.78%

FCNTX vs. SPY - Expense Ratio Comparison

FCNTX has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FCNTX vs. SPY - Dividend Comparison

FCNTX's dividend yield for the trailing twelve months is around 4.28%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNTX Fidelity Contrafund	4.28%	5.21%	4.19%	3.78%	11.87%	10.80%	8.01%	4.16%	7.46%	6.08%	3.81%	5.33%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FCNTX and SPY in my portfolio?

FCNTX and SPY have a correlation of 0.90, 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 SPY?

FCNTX has higher volatility (4.63%) compared to SPY (4.13%). In terms of maximum drawdown, FCNTX dropped -49.19% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.84 vs 1.14), 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.