FLCNX vs. FSLEX

Last updated Jun 13, 2026

FLCNX (Fidelity Contrafund K6) and FSLEX (Fidelity Environment and Alternative Energy Fund) are both mutual funds - FLCNX is a Large Cap Growth Equities fund actively managed by Fidelity, while FSLEX is a Alternative Energy Equities fund managed by Fidelity. Over the past 5 years, FLCNX returned 14.49%/yr vs 11.78%/yr for FSLEX. A 0.76 correlation means they provide meaningful diversification when combined. FLCNX charges 0.45%/yr vs 0.79%/yr for FSLEX.

Performance

FLCNX vs. FSLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Contrafund K6 (FLCNX) and Fidelity Environment and Alternative Energy Fund (FSLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCNX achieves a 6.08% return, which is significantly lower than FSLEX's 13.30% return.

FLCNX

• 1D: 1.84%
• 1M: -1.64%
• YTD: 6.08%
• 6M: 7.52%
• 1Y: 21.31%
• 3Y*: 25.88%
• 5Y*: 14.49%
• 10Y*: —

FSLEX

• 1D: 2.90%
• 1M: -0.71%
• YTD: 13.30%
• 6M: 12.05%
• 1Y: 30.90%
• 3Y*: 21.66%
• 5Y*: 11.78%
• 10Y*: 14.20%

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

FLCNX vs. FSLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCNX Fidelity Contrafund K6	6.08%	22.05%	35.37%	37.67%	-27.13%	24.21%	30.85%	30.91%	-2.16%	13.77%
FSLEX Fidelity Environment and Alternative Energy Fund	13.30%	20.38%	20.01%	26.29%	-26.05%	30.30%	21.56%	26.86%	-13.49%	12.68%

Correlation

The correlation between FLCNX and FSLEX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 25, 2017	0.76

The correlation between FLCNX and FSLEX has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

Return for Risk

FLCNX vs. FSLEX — Risk / Return Rank

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

FLCNX

FLCNX Risk / Return Rank: 36
FLCNX Sharpe Ratio Rank: 37
FLCNX Sortino Ratio Rank: 33
FLCNX Omega Ratio Rank: 36
FLCNX Calmar Ratio Rank: 32
FLCNX Martin Ratio Rank: 41

FSLEX

FSLEX Risk / Return Rank: 59
FSLEX Sharpe Ratio Rank: 58
FSLEX Sortino Ratio Rank: 51
FSLEX Omega Ratio Rank: 50
FSLEX Calmar Ratio Rank: 70
FSLEX Martin Ratio Rank: 68

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.

FLCNX vs. FSLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Contrafund K6 (FLCNX) and Fidelity Environment and Alternative Energy Fund (FSLEX). 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.

	FLCNX	FSLEX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.75	-0.38
Sortino ratio: Return per unit of downside risk	1.91	2.35	-0.44
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.74	2.63	-0.89
Martin ratio: Return relative to average drawdown	7.12	10.32	-3.20

FLCNX vs. FSLEX - Sharpe Ratio Comparison

The current FLCNX Sharpe Ratio is 1.37, which is comparable to the FSLEX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FLCNX and FSLEX, 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

FLCNX vs. FSLEX - Drawdown Comparison

The maximum FLCNX drawdown since its inception was -32.07%, smaller than the maximum FSLEX drawdown of -50.21%. Use the drawdown chart below to compare losses from any high point for FLCNX and FSLEX.

Drawdown Indicators

	FLCNX	FSLEX	Difference
Max Drawdown Largest peak-to-trough decline	-32.07%	-50.21%	+18.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-11.41%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-24.04%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-32.07%	-32.67%	+0.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.77%	—
Current Drawdown Current decline from peak	-2.51%	-3.45%	+0.94%
Average Drawdown Average peak-to-trough decline	-6.64%	-13.92%	+7.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.90%	-0.04%

Volatility

FLCNX vs. FSLEX - Volatility Comparison

The current volatility for Fidelity Contrafund K6 (FLCNX) is 5.19%, while Fidelity Environment and Alternative Energy Fund (FSLEX) has a volatility of 7.18%. This indicates that FLCNX experiences smaller price fluctuations and is considered to be less risky than FSLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCNX	FSLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	7.18%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	13.72%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	17.12%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.15%	20.80%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	21.53%	-1.11%

FLCNX vs. FSLEX - Expense Ratio Comparison

FLCNX has a 0.45% expense ratio, which is lower than FSLEX's 0.79% expense ratio.

Dividends

FLCNX vs. FSLEX - Dividend Comparison

FLCNX's dividend yield for the trailing twelve months is around 10.82%, more than FSLEX's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCNX Fidelity Contrafund K6	10.82%	8.35%	0.36%	0.49%	1.18%	0.46%	0.21%	0.30%	0.33%	0.15%	0.00%	0.00%
FSLEX Fidelity Environment and Alternative Energy Fund	1.60%	0.37%	0.41%	0.39%	0.69%	7.74%	6.41%	2.17%	6.39%	6.19%	1.29%	3.01%

Frequently Asked Questions

Can I hold both FLCNX and FSLEX in my portfolio?

FLCNX and FSLEX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLCNX or FSLEX?

FSLEX has higher volatility (7.18%) compared to FLCNX (5.19%). In terms of maximum drawdown, FLCNX dropped -32.07% vs FSLEX's -50.21%.

Which has better risk-adjusted returns?

FSLEX currently has the higher Sharpe Ratio (1.75 vs 1.37), 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.