AGG vs HAFN: Correlation
iShares Core US Aggregate Bond ETF (AGG) and Hafnia Limited (HAFN) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGG and HAFN?
Across a 3-year window, the weekly returns of AGG and HAFN correlate at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.28). Stretching to 5 years gives n/a, with an annualized covariance of -50.3 %².
Among the 34 assets we track against AGG, HAFN sits near the bottom by co-movement, at rank #33. Correlation aside, the last 12 months split them widely, with HAFN ahead by 53.8 points (+2.3% versus +56.1%). One caveat on sizing: HAFN is 7.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AGG vs HAFN: side by side
| AGG (iShares Core US Aggregate Bond ETF) | HAFN (Hafnia Limited) | |
|---|---|---|
| 1-year return | +2.3% | +56.1% |
| 5-year return | -1.1% | n/a |
| Volatility (ann.) | 5.3% | 38.6% |
| Beta vs S&P 500 | 0.07 | 0.70 |
| Max drawdown (3Y) | -4.8% | -50.2% |
| Market cap | – | $4.1B |
| P/E (trailing) | – | 8.6 |
| Dividend yield | 4.05% | 9.42% |
| Expense ratio | 0.03% | – |
| Assets under management | $137.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, AGG sits in the Intermediate Core Bond category at iShares, with $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AGG | HAFN |
|---|---|---|
| 2022 | -13.0% | – |
| 2023 | +5.7% | – |
| 2024 | +1.3% | – |
| 2025 | +7.2% | +5.4% |
| 2026 | +0.3% | +69.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGG and HAFN good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AGG and HAFN?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with 0.01 over the last year and n/a over 5 years.
Is HAFN a good diversifier for AGG?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agg-vs-hafn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/agg-vs-hafn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AGG correlations · HAFN correlations
