HAFN vs SHY: Correlation
Hafnia Limited (HAFN) and iShares 1-3 Year Treasury Bond ETF (SHY) 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 HAFN and SHY?
Over the past 3 years, HAFN and SHY moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.28). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -15.5 %².
SHY is close to the least connected end of HAFN's tracked universe, ranking #20 of 22. Correlation aside, the last 12 months split them widely, with HAFN ahead by 53.6 points (+56.1% versus +2.5%). Risk is not evenly split, since HAFN carries 24.1 times the volatility of the other side.
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 SHY: side by side
| HAFN (Hafnia Limited) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +56.1% | +2.5% |
| 5-year return | n/a | +9.6% |
| Volatility (ann.) | 38.6% | 1.6% |
| Beta vs S&P 500 | 0.70 | 0.00 |
| Max drawdown (3Y) | -50.2% | -1.0% |
| Market cap | $4.1B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 9.42% | 3.65% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.1B |
| Sector / category | US Listed | ETF · Bonds |
SHY, iShares's Short Government fund, carries $25.1B under management, a 0.15% expense ratio, a 3.65% trailing dividend yield.
Year-by-year returns
| Year | HAFN | SHY |
|---|---|---|
| 2022 | – | -3.9% |
| 2023 | – | +4.2% |
| 2024 | – | +3.9% |
| 2025 | +5.4% | +5.0% |
| 2026 | +69.2% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAFN and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between HAFN and SHY?
The HAFN/SHY correlation stands at -0.28 on a 3-year window (1 year: -0.08, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for HAFN?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hafn-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hafn-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HAFN correlations · SHY correlations
