HAFN vs LPG: Correlation
How closely do Hafnia Limited (HAFN) and Dorian LPG Ltd. (LPG) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAFN and LPG?
Over the past 3 years, HAFN and LPG moved with a correlation of 0.68, which is strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1239.8 %².
Among the 22 assets we track against HAFN, LPG ranks #7 by 3-year correlation. The trailing year gives LPG the advantage: +56.1% versus +68.3%, a 12.2-point spread.
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 LPG: side by side
| HAFN (Hafnia Limited) | LPG (Dorian LPG Ltd.) | |
|---|---|---|
| 1-year return | +56.1% | +68.3% |
| 5-year return | n/a | +725.0% |
| Volatility (ann.) | 38.6% | 47.1% |
| Beta vs S&P 500 | 0.70 | 0.96 |
| Max drawdown (3Y) | -50.2% | -62.9% |
| Market cap | $4.1B | $2.1B |
| P/E (trailing) | 8.6 | 6.4 |
| Dividend yield | 9.42% | 6.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HAFN | LPG |
|---|---|---|
| 2022 | – | +109.6% |
| 2023 | – | +171.4% |
| 2024 | – | -37.8% |
| 2025 | +5.4% | +9.8% |
| 2026 | +69.2% | +116.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAFN and LPG good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HAFN and LPG?
The HAFN/LPG correlation stands at 0.68 on a 3-year window (1 year: 0.64, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is LPG a good diversifier for HAFN?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: HAFN correlations · LPG correlations
