HAFN vs SPY: Correlation
How closely do Hafnia Limited (HAFN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAFN and SPY?
Over the past 3 years, HAFN and SPY moved with a correlation of 0.25, which is weak. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.25). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 145.7 %².
Within HAFN's tracked universe of 22 assets, SPY comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HAFN outperformed by 35.5 percentage points (+56.1% for HAFN against +20.6% for SPY). One caveat on sizing: HAFN is 2.7 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 SPY: side by side
| HAFN (Hafnia Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.1% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 38.6% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -50.2% | -18.8% |
| Market cap | $4.1B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 9.42% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HAFN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +5.4% | +17.7% |
| 2026 | +69.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAFN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HAFN and SPY?
The HAFN/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.10, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HAFN?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HAFN correlations · SPY correlations
