HAFN vs. FRO

Last updated Apr 1, 2026

Compare and contrast key facts about Hafnia Limited (HAFN) and Frontline Ltd. (FRO).

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.

HAFN vs. FRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HAFN Hafnia Limited	46.02%	2.71%	-12.52%
FRO Frontline Ltd.	64.83%	61.17%	-33.67%

Fundamentals

Market Cap HAFN : $3.83B FRO : $7.76B
EPS HAFN : $0.67 FRO : $1.70
PE Ratio HAFN : 11.28 FRO : 20.47
PS Ratio HAFN : 1.68 FRO : 3.95
PB Ratio HAFN : 1.64 FRO : 3.09
Total Revenue (TTM) HAFN : $2.28B FRO : $1.97B
Gross Profit (TTM) HAFN : $429.85M FRO : $644.05M
EBITDA (TTM) HAFN : $567.31M FRO : $943.61M

Returns By Period

In the year-to-date period, HAFN achieves a 46.02% return, which is significantly lower than FRO's 64.83% return.

HAFN

• 1D: 1.74%
• 1M: 1.21%
• YTD: 46.02%
• 6M: 33.25%
• 1Y: 99.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRO

• 1D: 4.40%
• 1M: -5.23%
• YTD: 64.83%
• 6M: 59.13%
• 1Y: 150.61%
• 3Y*: 40.69%
• 5Y*: 46.51%
• 10Y*: 23.46%

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

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: 93
HAFN Sharpe Ratio Rank: 95
HAFN Sortino Ratio Rank: 93
HAFN Omega Ratio Rank: 92
HAFN Calmar Ratio Rank: 94
HAFN Martin Ratio Rank: 93

FRO

FRO Risk / Return Rank: 96
FRO Sharpe Ratio Rank: 97
FRO Sortino Ratio Rank: 95
FRO Omega Ratio Rank: 92
FRO Calmar Ratio Rank: 97
FRO Martin Ratio Rank: 97

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	2.68	3.18	-0.50
Sortino ratio Return per unit of downside risk	3.24	3.53	-0.28
Omega ratio Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio Return relative to maximum drawdown	5.05	6.94	-1.89
Martin ratio Return relative to average drawdown	13.76	20.04	-6.28
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 2.68, which is comparable to the FRO Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of HAFN and FRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HAFN	FRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	3.18	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.95	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.11	+0.28

Correlation

The correlation between HAFN and FRO is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HAFN vs. FRO - Dividend Comparison

HAFN's dividend yield for the trailing twelve months is around 7.18%, more than FRO's 5.05% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAFN Hafnia Limited	7.18%	7.48%	20.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FRO Frontline Ltd.	5.05%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%

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	-19.04%	-21.41%	+2.37%
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	-0.98%	-74.33%	+73.35%
Average Drawdown Average peak-to-trough decline	-22.64%	-67.81%	+45.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.99%	7.42%	-0.43%

Volatility

HAFN vs. FRO - Volatility Comparison

The current volatility for Hafnia Limited (HAFN) is 13.80%, while Frontline Ltd. (FRO) has a volatility of 16.61%. This indicates that HAFN experiences smaller price fluctuations and is considered to be less risky 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	13.80%	16.61%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	24.98%	30.24%	-5.26%
Volatility (1Y) Calculated over the trailing 1-year period	37.36%	47.59%	-10.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.53%	49.39%	-10.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.53%	51.47%	-12.94%

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 Apr 2026, Hafnia Limited reported a gross profit of 120.48M and revenue of 593.24M. Therefore, the gross margin over that period was 20.3%.

FRO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported a gross profit of 288.91M and revenue of 624.51M. Therefore, the gross margin over that period was 46.3%.

HAFN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Hafnia Limited reported an operating income of 93.53M and revenue of 593.24M, resulting in an operating margin of 15.8%.

FRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported an operating income of 277.74M and revenue of 624.51M, resulting in an operating margin of 44.5%.

HAFN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Hafnia Limited reported a net income of 109.71M and revenue of 593.24M, resulting in a net margin of 18.5%.

FRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Frontline Ltd. reported a net income of 227.93M and revenue of 624.51M, resulting in a net margin of 36.5%.