BND vs HAFN: Correlation
Measured on weekly returns over the past three years, Vanguard Total Bond Market ETF (BND) and Hafnia Limited (HAFN) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and HAFN?
Across a 3-year window, the weekly returns of BND 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 -49.5 %².
HAFN is close to the least connected end of BND's tracked universe, ranking #32 of 33. Their recent paths diverged sharply: over the last 12 months HAFN outperformed by 53.8 percentage points (+2.3% for BND against +56.1% for HAFN). One caveat on sizing: HAFN is 7.4 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.
BND vs HAFN: side by side
| BND (Vanguard Total Bond Market ETF) | HAFN (Hafnia Limited) | |
|---|---|---|
| 1-year return | +2.3% | +56.1% |
| 5-year return | -1.3% | n/a |
| Volatility (ann.) | 5.2% | 38.6% |
| Beta vs S&P 500 | 0.06 | 0.70 |
| Max drawdown (3Y) | -4.7% | -50.2% |
| Market cap | – | $4.1B |
| P/E (trailing) | – | 8.6 |
| Dividend yield | – | 9.42% |
| Sector / category | ETF · Bonds | US Listed |
Year-by-year returns
| Year | BND | HAFN |
|---|---|---|
| 2022 | -13.1% | – |
| 2023 | +5.7% | – |
| 2024 | +1.4% | – |
| 2025 | +7.1% | +5.4% |
| 2026 | +0.2% | +69.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and HAFN good diversifiers for each other?
Yes. With a correlation of -0.28, BND and HAFN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BND and HAFN?
The BND/HAFN correlation stands at -0.28 on a 3-year window (1 year: 0.01, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is HAFN a good diversifier for BND?
Yes. With a correlation of -0.28, BND and HAFN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/bnd-vs-hafn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnd-vs-hafn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BND correlations · HAFN correlations
