FCNTX’s worst drop since 1999 was 49%
Fidelity Contrafund (FCNTX) fell 49% from Nov 2007 to Mar 2009. It took 3.7 years from that peak to close at a new high, in Jul 2011. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 51st deepest among the 109 mutual funds PortfolioAutopsy tracks.
Drawdown from the last high, 1999 to now
How FCNTX held up in each crash
| Crash | Years | FCNTX | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | −34.1% | −47.5% |
| Financial crisis | 2007–09 | −49.2% | −55.2% |
| COVID crash | 2020 | −29.4% | −33.7% |
| 2022 rate shock | 2022 | −31.1% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was FCNTX’s maximum drawdown?
FCNTX’s deepest fall since 1999 was 49.2%, from its high on November 6, 2007 to its low on March 9, 2009. The figure uses daily prices with dividends reinvested.
How long did FCNTX take to recover?
3.7 years. FCNTX first closed above its Nov 2007 high again on July 22, 2011.
Was FCNTX riskier than the S&P 500?
Over the same years, FCNTX’s worst drop was 49.2% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −43.8% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, January 5, 1999 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.