CNCK vs HIHO: Correlation
How closely do Coincheck Group N.V. (CNCK) and Highway Holdings Limited (HIHO) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNCK and HIHO?
Over the past 3 years, CNCK and HIHO moved with a correlation of 0.47, which is moderate. The past 12 months show a tighter link (0.59) than the 3-year average (0.47). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 3023.1 %².
Few assets follow CNCK as closely as HIHO, which ranks #1 of 14 tracked partners. On 12-month performance HIHO holds a 13.0-point edge, -59.7% against -46.7%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CNCK vs HIHO: side by side
| CNCK (Coincheck Group N.V.) | HIHO (Highway Holdings Limited) | |
|---|---|---|
| 1-year return | -59.7% | -46.7% |
| 5-year return | -78.6% | -69.9% |
| Volatility (ann.) | 91.0% | 70.6% |
| Beta vs S&P 500 | 0.99 | 0.55 |
| Max drawdown (3Y) | -89.9% | -70.9% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNCK | HIHO |
|---|---|---|
| 2022 | +1.8% | -43.3% |
| 2023 | +2.9% | +0.9% |
| 2024 | -13.0% | +3.5% |
| 2025 | -71.7% | -18.5% |
| 2026 | -17.5% | -41.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNCK and HIHO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNCK and HIHO?
As of 2026-08-27, the correlation of weekly returns between CNCK and HIHO is 0.47 over 3 years, 0.59 over 1 year and 0.41 over 5 years.
Is HIHO a good diversifier for CNCK?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CNCK correlations · HIHO correlations
