AMUB vs. SMHB
AMUB (ETRACS Alerian MLP Index ETN Class B) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both exchange-traded funds - AMUB is a MLPs fund tracking the Alerian MLP Index, while SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, AMUB returned 12.34%/yr vs -6.36%/yr for SMHB. A 0.51 correlation means they provide meaningful diversification when combined. AMUB charges 0.80%/yr vs 0.85%/yr for SMHB.
Performance
AMUB vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, AMUB achieves a 16.97% return, which is significantly higher than SMHB's 5.72% return.
AMUB
- 1D
- -0.23%
- 1M
- -2.08%
- YTD
- 16.97%
- 6M
- 15.25%
- 1Y
- 15.77%
- 3Y*
- 15.80%
- 5Y*
- 12.34%
- 10Y*
- 3.05%
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
AMUB vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AMUB ETRACS Alerian MLP Index ETN Class B | 16.97% | 2.05% | 15.68% | 16.89% | 21.91% | 28.83% | -36.47% | -1.78% | -20.04% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 5.72% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
Correlation
The correlation between AMUB and SMHB is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.51 |
Over the past year, the correlation between AMUB and SMHB has dropped to 0.12 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
AMUB vs. SMHB — Risk / Return Rank
AMUB
SMHB
AMUB vs. SMHB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Index ETN Class B (AMUB) and ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). 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.
| AMUB | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.08 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 0.45 | +1.08 |
| Martin ratioReturn relative to average drawdown | 4.52 | 1.10 | +3.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AMUB | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 0.29 | +0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | -0.13 | +0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.00 | -0.10 | +0.11 |
Drawdowns
AMUB vs. SMHB - Drawdown Comparison
The maximum AMUB drawdown since its inception was -79.46%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for AMUB and SMHB.
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Drawdown Indicators
| AMUB | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.46% | -90.30% | +10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -25.16% | +14.79% |
Max Drawdown (3Y)Largest decline over 3 years | -17.22% | -45.05% | +27.83% |
Max Drawdown (5Y)Largest decline over 5 years | -20.58% | -58.85% | +38.27% |
Max Drawdown (10Y)Largest decline over 10 years | -78.86% | — | — |
Current DrawdownCurrent decline from peak | -6.15% | -41.81% | +35.66% |
Average DrawdownAverage peak-to-trough decline | -29.23% | -37.21% | +7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 10.38% | -6.87% |
Volatility
AMUB vs. SMHB - Volatility Comparison
The current volatility for ETRACS Alerian MLP Index ETN Class B (AMUB) is 5.40%, while ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a volatility of 7.35%. This indicates that AMUB experiences smaller price fluctuations and is considered to be less risky than SMHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMUB | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 7.35% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 25.74% | -15.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.60% | 38.92% | -25.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.24% | 48.93% | -28.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.09% | 66.33% | -39.24% |
AMUB vs. SMHB - Expense Ratio Comparison
AMUB has a 0.80% expense ratio, which is lower than SMHB's 0.85% expense ratio.
Dividends
AMUB vs. SMHB - Dividend Comparison
AMUB has not paid dividends to shareholders, while SMHB's dividend yield for the trailing twelve months is around 21.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AMUB ETRACS Alerian MLP Index ETN Class B | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.00% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
AMUB and SMHB have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHB has higher volatility (7.35%) compared to AMUB (5.40%). In terms of maximum drawdown, AMUB dropped -79.46% vs SMHB's -90.30%.
On 5-year performance, AMUB leads with 12.34% vs -6.36% for SMHB. On fees, AMUB is cheaper at 0.80% per year. On volatility, AMUB has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AMUB has performed better with a 12.34% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMUB is cheaper with a 0.80% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 21.00%, compared with 0.00% for AMUB.
AMUB is categorized as MLPs, while SMHB is Leveraged Equities. AMUB tracks Alerian MLP Index, while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.80% for AMUB and 0.85% for SMHB.
AMUB currently has the higher Sharpe Ratio (1.18 vs 0.29), 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.
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