ASC vs HAFN: Correlation
How closely do Ardmore Shipping Corporation (ASC) and Hafnia Limited (HAFN) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASC and HAFN?
On 3 years of weekly data the ASC/HAFN correlation comes out at 0.77, strong. Recent behaviour matches the longer record: 0.83 over 1 year against 0.77 over 3. The 5-year figure is n/a, and annualized covariance runs at 1242.2 %².
Within ASC's tracked universe of 14 assets, HAFN comes in at #5 by 3-year correlation. Neither side won the trailing year by much: +58.0% against +56.1%.
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.
ASC vs HAFN: side by side
| ASC (Ardmore Shipping Corporation) | HAFN (Hafnia Limited) | |
|---|---|---|
| 1-year return | +58.0% | +56.1% |
| 5-year return | +514.4% | n/a |
| Volatility (ann.) | 38.9% | 38.6% |
| Beta vs S&P 500 | 0.31 | 0.70 |
| Max drawdown (3Y) | -61.4% | -50.2% |
| Market cap | $0.7B | $4.1B |
| P/E (trailing) | 6.9 | 8.6 |
| Dividend yield | 8.07% | 9.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASC | HAFN |
|---|---|---|
| 2022 | +326.3% | – |
| 2023 | +5.8% | – |
| 2024 | -8.2% | – |
| 2025 | -11.1% | +5.4% |
| 2026 | +71.7% | +69.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASC and HAFN good diversifiers for each other?
Only partially. A correlation of 0.77 means ASC and HAFN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASC and HAFN?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.83 over the last year and n/a over 5 years.
Is HAFN a good diversifier for ASC?
Only partially. A correlation of 0.77 means ASC and HAFN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
A reading of 0.77 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/asc-vs-hafn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asc-vs-hafn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASC correlations · HAFN correlations
