FSGEX vs. FCNTX

Last updated Jun 24, 2026

FSGEX (Fidelity Series Global ex U.S. Index Fund) and FCNTX (Fidelity Contrafund) are both mutual funds - FSGEX is a Foreign Large Cap Equities fund managed by Fidelity, while FCNTX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 10 years, FSGEX returned 10.60%/yr vs 18.01%/yr for FCNTX. A 0.73 correlation means they provide meaningful diversification when combined. FSGEX charges 0.01%/yr vs 0.39%/yr for FCNTX.

Performance

FSGEX vs. FCNTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Global ex U.S. Index Fund (FSGEX) and Fidelity Contrafund (FCNTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSGEX achieves a 16.34% return, which is significantly higher than FCNTX's 8.62% return. Over the past 10 years, FSGEX has underperformed FCNTX with an annualized return of 10.60%, while FCNTX has yielded a comparatively higher 18.01% annualized return.

FSGEX

• 1D: 0.14%
• 1M: 3.65%
• YTD: 16.34%
• 6M: 16.40%
• 1Y: 34.02%
• 3Y*: 20.39%
• 5Y*: 9.39%
• 10Y*: 10.60%

FCNTX

• 1D: -2.12%
• 1M: 1.97%
• YTD: 8.62%
• 6M: 7.74%
• 1Y: 22.83%
• 3Y*: 26.52%
• 5Y*: 14.58%
• 10Y*: 18.01%

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

FSGEX vs. FCNTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSGEX Fidelity Series Global ex U.S. Index Fund	16.34%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	27.47%
FCNTX Fidelity Contrafund	8.62%	21.76%	36.00%	38.67%	-28.31%	24.52%	32.48%	30.00%	-3.81%	32.18%

Correlation

The correlation between FSGEX and FCNTX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 1, 2009	0.73

The correlation between FSGEX and FCNTX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

FSGEX vs. FCNTX — Risk / Return Rank

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

FSGEX

FSGEX Risk / Return Rank: 68
FSGEX Sharpe Ratio Rank: 71
FSGEX Sortino Ratio Rank: 63
FSGEX Omega Ratio Rank: 70
FSGEX Calmar Ratio Rank: 72
FSGEX Martin Ratio Rank: 65

FCNTX

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

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.

FSGEX vs. FCNTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Global ex U.S. Index Fund (FSGEX) 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.

	FSGEX	FCNTX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.61	+0.65
Sortino ratio: Return per unit of downside risk	3.03	2.22	+0.81
Omega ratio: Gain probability vs. loss probability	1.42	1.29	+0.13
Calmar ratio: Return relative to maximum drawdown	3.12	2.14	+0.98
Martin ratio: Return relative to average drawdown	12.03	8.97	+3.05

FSGEX vs. FCNTX - Sharpe Ratio Comparison

The current FSGEX Sharpe Ratio is 2.26, which is higher than the FCNTX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FSGEX 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

FSGEX vs. FCNTX - Drawdown Comparison

The maximum FSGEX drawdown since its inception was -34.74%, smaller than the maximum FCNTX drawdown of -49.19%. Use the drawdown chart below to compare losses from any high point for FSGEX and FCNTX.

Drawdown Indicators

	FSGEX	FCNTX	Difference
Max Drawdown Largest peak-to-trough decline	-34.74%	-49.19%	+14.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-11.30%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.34%	-19.75%	+6.41%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-32.59%	+3.15%
Max Drawdown (10Y) Largest decline over 10 years	-34.74%	-32.59%	-2.15%
Current Drawdown Current decline from peak	0.00%	-2.59%	+2.59%
Average Drawdown Average peak-to-trough decline	-8.42%	-8.15%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.69%	+0.22%

Volatility

FSGEX vs. FCNTX - Volatility Comparison

Fidelity Series Global ex U.S. Index Fund (FSGEX) and Fidelity Contrafund (FCNTX) have volatilities of 6.41% and 6.33%, 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

	FSGEX	FCNTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	6.33%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	11.87%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	15.10%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	19.32%	-3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	19.76%	-3.50%

FSGEX vs. FCNTX - Expense Ratio Comparison

FSGEX has a 0.01% expense ratio, which is lower than FCNTX's 0.39% expense ratio.

Dividends

FSGEX vs. FCNTX - Dividend Comparison

FSGEX's dividend yield for the trailing twelve months is around 2.60%, less than FCNTX's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNTX Fidelity Contrafund	4.30%	5.21%	4.19%	3.78%	11.87%	10.80%	8.01%	4.16%	7.46%	6.08%	3.81%	5.33%
FSGEX Fidelity Series Global ex U.S. Index Fund	2.60%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%

Frequently Asked Questions

Can I hold both FSGEX and FCNTX in my portfolio?

FSGEX and FCNTX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSGEX or FCNTX?

FSGEX has higher volatility (6.41%) compared to FCNTX (6.33%). In terms of maximum drawdown, FSGEX dropped -34.74% vs FCNTX's -49.19%.

Which has better risk-adjusted returns?

FSGEX currently has the higher Sharpe Ratio (2.26 vs 1.61), 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.