HAFN vs TLT: Correlation
Measured on weekly returns over the past three years, Hafnia Limited (HAFN) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAFN and TLT?
Across a 3-year window, the weekly returns of HAFN and TLT correlate at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.31 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -143.3 %².
TLT is close to the least connected end of HAFN's tracked universe, ranking #21 of 22. Their recent paths diverged sharply: over the last 12 months HAFN outperformed by 55.8 percentage points (+56.1% for HAFN against +0.3% for TLT). Note the risk asymmetry: HAFN runs 2.9 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 TLT: side by side
| HAFN (Hafnia Limited) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +56.1% | +0.3% |
| 5-year return | n/a | -34.0% |
| Volatility (ann.) | 38.6% | 13.5% |
| Beta vs S&P 500 | 0.70 | 0.11 |
| Max drawdown (3Y) | -50.2% | -14.8% |
| Market cap | $4.1B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 9.42% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | HAFN | TLT |
|---|---|---|
| 2022 | – | -31.2% |
| 2023 | – | +2.8% |
| 2024 | – | -8.1% |
| 2025 | +5.4% | +4.2% |
| 2026 | +69.2% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAFN and TLT good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between HAFN and TLT?
As of 2026-08-27, the correlation of weekly returns between HAFN and TLT is -0.31 over 3 years, 0.01 over 1 year and n/a over 5 years.
Is TLT a good diversifier for HAFN?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hafn-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HAFN correlations · TLT correlations
