FSEDX vs. FCNTX

Last updated Aug 1, 2026

FSEDX (Fidelity Series Emerging Markets Debt Local Currency Fund) and FCNTX (Fidelity Contrafund) are both mutual funds - FSEDX is a Emerging Markets Bonds fund managed by Fidelity, while FCNTX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, FSEDX returned 3.39%/yr vs 13.11%/yr for FCNTX. Their 0.40 correlation means their historical movements had little consistent relationship. FSEDX charges 0.00%/yr vs 0.39%/yr for FCNTX.

Performance

FSEDX vs. FCNTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) and Fidelity Contrafund (FCNTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEDX achieves a 2.01% return, which is significantly lower than FCNTX's 5.62% return.

FSEDX

• 1D: 0.73%
• 1M: 0.10%
• 6M: 0.01%
• YTD: 2.01%
• 1Y: 9.01%
• 3Y*: 6.67%
• 5Y*: 3.39%
• 10Y*: —
• ALL TIME*: 2.75%

FCNTX

• 1D: 0.95%
• 1M: -3.83%
• 6M: 3.61%
• YTD: 5.62%
• 1Y: 13.75%
• 3Y*: 22.98%
• 5Y*: 13.11%
• 10Y*: 16.85%
• ALL TIME*: 13.46%

*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
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	$0.00	$0.00	$0.00

FSEDX vs. FCNTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	2.01%	19.49%	-2.54%	13.58%	-7.94%	-9.28%	3.54%
FCNTX Fidelity Contrafund	5.62%	21.76%	36.00%	38.67%	-28.31%	24.52%	4.96%

Correlation

The correlation between FSEDX and FCNTX is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.40
Correlation (All Time) Calculated using the full available price history since Nov 23, 2020	0.40

The correlation between FSEDX and FCNTX shifts across timeframes, from 0.36 (3 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSEDX vs. FCNTX — Risk / Return Rank

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

FSEDX

FSEDX Risk / Return Rank: 48
FSEDX Sharpe Ratio Rank: 56
FSEDX Sortino Ratio Rank: 56
FSEDX Omega Ratio Rank: 60
FSEDX Calmar Ratio Rank: 35
FSEDX Martin Ratio Rank: 31

FCNTX

FCNTX Risk / Return Rank: 28
FCNTX Sharpe Ratio Rank: 27
FCNTX Sortino Ratio Rank: 26
FCNTX Omega Ratio Rank: 26
FCNTX Calmar Ratio Rank: 27
FCNTX Martin Ratio Rank: 33

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.

FSEDX vs. FCNTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) and Fidelity Contrafund (FCNTX). 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.

	FSEDX	FCNTX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.87	+0.61
Sortino ratio: Return per unit of downside risk	2.14	1.29	+0.86
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.13
Calmar ratio: Return relative to maximum drawdown	1.56	1.19	+0.37
Martin ratio: Return relative to average drawdown	4.76	4.65	+0.12

FSEDX vs. FCNTX - Sharpe Ratio Comparison

The current FSEDX Sharpe Ratio is 1.48, which is higher than the FCNTX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FSEDX and FCNTX, 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

FSEDX vs. FCNTX - Drawdown Comparison

The maximum FSEDX drawdown since its inception was -24.77%, smaller than the maximum FCNTX drawdown of -49.19%. Use the drawdown chart below to compare losses from any high point for FSEDX and FCNTX.

Drawdown Indicators

	FSEDX	FCNTX	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-49.19%	+24.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-11.30%	+5.20%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-19.75%	+11.86%
Max Drawdown (5Y) Largest decline over 5 years	-21.59%	-32.59%	+11.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.59%	—
Current Drawdown Current decline from peak	-1.63%	-5.29%	+3.66%
Average Drawdown Average peak-to-trough decline	-7.84%	-8.14%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.89%	-0.90%

Volatility

FSEDX vs. FCNTX - Volatility Comparison

The current volatility for Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) is 1.64%, while Fidelity Contrafund (FCNTX) has a volatility of 3.84%. This indicates that FSEDX experiences smaller price fluctuations and is considered to be less risky than FCNTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEDX	FCNTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	3.84%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	5.70%	12.26%	-6.56%
Volatility (1Y) Calculated over the trailing 1-year period	6.44%	15.46%	-9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.62%	19.37%	-11.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	19.73%	-12.08%

FSEDX vs. FCNTX - Expense Ratio Comparison

FSEDX has a 0.00% expense ratio, which is lower than FCNTX's 0.39% expense ratio.

Dividends

FSEDX vs. FCNTX - Dividend Comparison

FSEDX's dividend yield for the trailing twelve months is around 7.41%, more than FCNTX's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNTX Fidelity Contrafund	4.42%	5.21%	4.19%	3.78%	11.87%	10.80%	8.01%	4.16%	7.46%	6.08%	3.81%	5.33%
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	7.41%	6.97%	6.92%	5.14%	0.00%	3.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSEDX and FCNTX in my portfolio?

FSEDX and FCNTX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEDX or FCNTX?

FCNTX has higher volatility (3.84%) compared to FSEDX (1.64%). In terms of maximum drawdown, FSEDX dropped -24.77% vs FCNTX's -49.19%.

Which has better risk-adjusted returns?

FSEDX currently has the higher Sharpe Ratio (1.48 vs 0.87), 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.