HAFN vs TIP: Correlation
Measured on weekly returns over the past three years, Hafnia Limited (HAFN) and iShares TIPS Bond ETF (TIP) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAFN and TIP?
On 3 years of weekly data the HAFN/TIP correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.05 versus -0.21 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -31.9 %².
By 3-year correlation, TIP places #15 of the 22 assets tracked against HAFN. Their recent paths diverged sharply: over the last 12 months HAFN outperformed by 54.7 percentage points (+56.1% for HAFN against +1.4% for TIP). Note the risk asymmetry: HAFN runs 8.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TIP: side by side
| HAFN (Hafnia Limited) | TIP (iShares TIPS Bond ETF) | |
|---|---|---|
| 1-year return | +56.1% | +1.4% |
| 5-year return | n/a | +1.2% |
| Volatility (ann.) | 38.6% | 4.4% |
| Beta vs S&P 500 | 0.70 | 0.05 |
| Max drawdown (3Y) | -50.2% | -3.7% |
| Market cap | $4.1B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 9.42% | 4.47% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $14.6B |
| Sector / category | US Listed | ETF · Bonds |
TIP is an Inflation-Protected Bond fund from iShares: $14.6B under management, a 0.18% expense ratio, a 4.47% trailing dividend yield.
Year-by-year returns
| Year | HAFN | TIP |
|---|---|---|
| 2022 | – | -12.3% |
| 2023 | – | +3.8% |
| 2024 | – | +1.7% |
| 2025 | +5.4% | +6.8% |
| 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 TIP good diversifiers for each other?
Yes. With a correlation of -0.21, HAFN and TIP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HAFN and TIP?
As of 2026-08-27, the correlation of weekly returns between HAFN and TIP is -0.21 over 3 years, 0.05 over 1 year and n/a over 5 years.
Is TIP a good diversifier for HAFN?
Yes. With a correlation of -0.21, HAFN and TIP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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-tip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hafn-vs-tip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HAFN correlations · TIP correlations
