FCNTX vs. FXAIX: Fidelity Contrafund or Fidelity 500 Index Fund?
Figures last verified October 31, 2026
One of the strongest active records in history against the index it's measured by. Will Danoff's Contrafund versus a plain S&P 500 fund — the active-vs-passive debate in its most credible form.
| FCNTX | FXAIX | |
|---|---|---|
| Fund | Fidelity Contrafund | Fidelity 500 Index Fund |
| Family | Fidelity | Fidelity |
| Category | Large Growth | S&P 500 / Large Blend |
| Type | Active | Index |
| Expense ratio | 0.74% | 0.015% |
| Cost per $10k/yr | $74 | $1.50 |
| Minimum | $0 | $0 |
| Strategy | Active large-growth stock picking; Will Danoff has run the fund since 1990, favoring 'best of breed' companies with improving earnings. | Tracks the S&P 500 index of the 500 largest US companies. |
Contrafund's long-term record under Danoff genuinely beat the index, and its fee was long a bargain — though Fidelity's performance-based pricing has since pushed it to around 0.74%. But recent results have been mixed, succession is an open question, and FXAIX costs a fraction. Respect the record; the index is still the percentage play, especially for new money.
About FCNTX
If active management has a strongest witness, it's Will Danoff: running Contrafund since 1990, compounding one of the largest funds on earth at a clip that beat the S&P 500 over his full tenure. That's not survivorship-bias trivia — it's one of the few multi-decade, single-manager records that survives scrutiny. The fee is adjusted with performance and lately sits around 0.74% — no longer the standout bargain for active management it was for years, and a real hurdle against an index fund at a fraction of the cost.
About FXAIX
FXAIX is what happens when index investing becomes a commodity and price wars do their work: the S&P 500, tracked with surgical precision, for 0.015% — a dollar fifty per year on a $10,000 balance — with no minimum investment. There is no catch in the fund itself. Fidelity loses money or close to it here and earns it back when you eventually use their other services.
Whichever you pick, the principle is the same one that runs through this whole site: minimize cost, hold for decades, ignore the noise. See how both stack up against the field in our best index funds by category, or run the numbers yourself with the expense ratio calculator.
Expense ratios and minimums drawn from fund provider documentation; last verified October 31, 2026. Editorial opinion, not investment advice. Confirm figures against the official prospectus before investing.