HAFN vs IEF: Correlation
How closely do Hafnia Limited (HAFN) and iShares 7-10 Year Treasury Bond ETF (IEF) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAFN and IEF?
Over the past 3 years, HAFN and IEF moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.32). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -73.0 %².
Among the 22 assets we track against HAFN, IEF sits near the bottom by co-movement, at rank #22. Correlation aside, the last 12 months split them widely, with HAFN ahead by 55.2 points (+56.1% versus +0.9%). One caveat on sizing: HAFN is 5.9 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.
HAFN vs IEF: side by side
| HAFN (Hafnia Limited) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +56.1% | +0.9% |
| 5-year return | n/a | -7.9% |
| Volatility (ann.) | 38.6% | 6.5% |
| Beta vs S&P 500 | 0.70 | 0.04 |
| Max drawdown (3Y) | -50.2% | -6.9% |
| Market cap | $4.1B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 9.42% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | HAFN | IEF |
|---|---|---|
| 2022 | – | -15.2% |
| 2023 | – | +3.6% |
| 2024 | – | -0.6% |
| 2025 | +5.4% | +8.0% |
| 2026 | +69.2% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAFN and IEF good diversifiers for each other?
Yes. With a correlation of -0.32, HAFN and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HAFN and IEF?
As of 2026-08-27, the correlation of weekly returns between HAFN and IEF is -0.32 over 3 years, -0.04 over 1 year and n/a over 5 years.
Is IEF a good diversifier for HAFN?
Yes. With a correlation of -0.32, HAFN and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/hafn-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hafn-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HAFN correlations · IEF correlations
