HAFN vs. FRO

Last updated Jun 4, 2026

HAFN (Hafnia Limited) and FRO (Frontline Ltd.) are both stocks. HAFN operates in Marine Shipping (Industrials), while FRO operates in Oil & Gas Midstream (Energy). Over the past year, HAFN returned 65.87% vs 106.10% for FRO. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

HAFN vs. FRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hafnia Limited (HAFN) and Frontline Ltd. (FRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAFN achieves a 48.52% return, which is significantly lower than FRO's 62.94% return.

HAFN

• 1D: -0.77%
• 1M: -14.21%
• YTD: 48.52%
• 6M: 36.21%
• 1Y: 65.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRO

• 1D: -0.63%
• 1M: -7.02%
• YTD: 62.94%
• 6M: 51.91%
• 1Y: 106.10%
• 3Y*: 45.60%
• 5Y*: 42.39%
• 10Y*: 22.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HAFN vs. FRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HAFN Hafnia Limited	48.52%	2.71%	-12.52%
FRO Frontline Ltd.	62.94%	61.17%	-33.67%

Correlation

The correlation between HAFN and FRO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.71

The correlation between HAFN and FRO has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Fundamentals

Market Cap HAFN : $3.91B FRO : $7.67B
EPS HAFN : $0.90 FRO : $4.06
PE Ratio HAFN : 8.54 FRO : 8.48
PS Ratio HAFN : 1.62 FRO : 3.41
PB Ratio HAFN : 1.54 FRO : 2.70
Total Revenue (TTM) HAFN : $2.41B FRO : $2.25B
Gross Profit (TTM) HAFN : $496.74M FRO : $933.72M
EBITDA (TTM) HAFN : $679.63M FRO : $1.21B

Return for Risk

HAFN vs. FRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HAFN

HAFN Risk / Return Rank: 84
HAFN Sharpe Ratio Rank: 87
HAFN Sortino Ratio Rank: 82
HAFN Omega Ratio Rank: 80
HAFN Calmar Ratio Rank: 85
HAFN Martin Ratio Rank: 84

FRO

FRO Risk / Return Rank: 89
FRO Sharpe Ratio Rank: 92
FRO Sortino Ratio Rank: 89
FRO Omega Ratio Rank: 85
FRO Calmar Ratio Rank: 91
FRO Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HAFN vs. FRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hafnia Limited (HAFN) and Frontline Ltd. (FRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HAFN	FRO	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.54	-0.63
Sortino ratio: Return per unit of downside risk	2.51	3.11	-0.59
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	3.46	4.98	-1.52
Martin ratio: Return relative to average drawdown	8.70	13.64	-4.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAFN vs. FRO - Sharpe Ratio Comparison

The current HAFN Sharpe Ratio is 1.91, which is comparable to the FRO Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of HAFN and FRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HAFN	FRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	2.54	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.11	+0.27

Drawdowns

HAFN vs. FRO - Drawdown Comparison

The maximum HAFN drawdown since its inception was -53.75%, smaller than the maximum FRO drawdown of -98.36%. Use the drawdown chart below to compare losses from any high point for HAFN and FRO.

Drawdown Indicators

	HAFN	FRO	Difference
Max Drawdown Largest peak-to-trough decline	-53.75%	-98.36%	+44.61%
Max Drawdown (1Y) Largest decline over 1 year	-19.13%	-21.41%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-52.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-52.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.14%	—
Current Drawdown Current decline from peak	-18.29%	-74.62%	+56.33%
Average Drawdown Average peak-to-trough decline	-21.20%	-67.84%	+46.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.59%	7.80%	-0.21%

Volatility

HAFN vs. FRO - Volatility Comparison

Hafnia Limited (HAFN) has a higher volatility of 11.74% compared to Frontline Ltd. (FRO) at 10.53%. This indicates that HAFN's price experiences larger fluctuations and is considered to be riskier than FRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAFN	FRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.74%	10.53%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	24.56%	30.64%	-6.08%
Volatility (1Y) Calculated over the trailing 1-year period	34.77%	41.97%	-7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.18%	49.34%	-11.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.18%	51.16%	-12.98%

Dividends

HAFN vs. FRO - Dividend Comparison

HAFN's dividend yield for the trailing twelve months is around 5.75%, more than FRO's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRO Frontline Ltd.	5.11%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%
HAFN Hafnia Limited	5.75%	7.48%	20.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

HAFN vs. FRO - Profitability Comparison

The chart below illustrates the profitability comparison between Hafnia Limited and Frontline Ltd. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HAFN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hafnia Limited reported a gross profit of 159.30M and revenue of 671.22M. Therefore, the gross margin over that period was 23.7%.

FRO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported a gross profit of 395.96M and revenue of 714.24M. Therefore, the gross margin over that period was 55.4%.

HAFN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hafnia Limited reported an operating income of 150.55M and revenue of 671.22M, resulting in an operating margin of 22.4%.

FRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported an operating income of 370.04M and revenue of 714.24M, resulting in an operating margin of 51.8%.

HAFN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hafnia Limited reported a net income of 179.73M and revenue of 671.22M, resulting in a net margin of 26.8%.

FRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Frontline Ltd. reported a net income of 559.12M and revenue of 714.24M, resulting in a net margin of 78.3%.

Frequently Asked Questions

Can I hold both HAFN and FRO in my portfolio?

HAFN and FRO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAFN or FRO?

HAFN has higher volatility (11.74%) compared to FRO (10.53%). In terms of maximum drawdown, HAFN dropped -53.75% vs FRO's -98.36%.

Which has better risk-adjusted returns?

FRO currently has the higher Sharpe Ratio (2.54 vs 1.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.