FVD vs. SMHB

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Value Line Dividend Index Fund (FVD) and ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB).

FVD and SMHB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FVD is a passively managed fund by First Trust that tracks the performance of the Value Line Dividend Index. It was launched on Aug 26, 2003. SMHB is a passively managed fund by UBS that tracks the performance of the Solactive US Small Cap High Dividend Index (200%). It was launched on Nov 8, 2018. Both FVD and SMHB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FVD vs. SMHB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Value Line Dividend Index Fund (FVD) and ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). The values are adjusted to include any dividend payments, if applicable.

FVD vs. SMHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FVD First Trust Value Line Dividend Index Fund	2.62%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-5.82%
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	-2.38%	-7.75%	-15.85%	35.96%	-36.03%	68.86%	-43.21%	13.05%	-24.78%

Returns By Period

In the year-to-date period, FVD achieves a 2.62% return, which is significantly higher than SMHB's -2.38% return.

FVD

• 1D: 0.90%
• 1M: -5.57%
• YTD: 2.62%
• 6M: 2.97%
• 1Y: 8.00%
• 3Y*: 7.92%
• 5Y*: 6.65%
• 10Y*: 8.61%

SMHB

• 1D: 2.54%
• 1M: -7.17%
• YTD: -2.38%
• 6M: -10.57%
• 1Y: -6.07%
• 3Y*: 4.53%
• 5Y*: -5.55%
• 10Y*: —

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

FVD vs. SMHB - Expense Ratio Comparison

FVD has a 0.61% expense ratio, which is lower than SMHB's 0.85% expense ratio.

SMHB

ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B

FVD

First Trust Value Line Dividend Index Fund

Return for Risk

FVD vs. SMHB — Risk / Return Rank

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

FVD

FVD Risk / Return Rank: 38
FVD Sharpe Ratio Rank: 36
FVD Sortino Ratio Rank: 36
FVD Omega Ratio Rank: 33
FVD Calmar Ratio Rank: 40
FVD Martin Ratio Rank: 43

SMHB

SMHB Risk / Return Rank: 10
SMHB Sharpe Ratio Rank: 9
SMHB Sortino Ratio Rank: 13
SMHB Omega Ratio Rank: 12
SMHB Calmar Ratio Rank: 8
SMHB Martin Ratio Rank: 7

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.

FVD vs. SMHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Value Line Dividend Index Fund (FVD) 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.

	FVD	SMHB	Difference
Sharpe ratio Return per unit of total volatility	0.64	-0.12	+0.76
Sortino ratio Return per unit of downside risk	1.00	0.18	+0.82
Omega ratio Gain probability vs. loss probability	1.13	1.02	+0.11
Calmar ratio Return relative to maximum drawdown	0.96	-0.23	+1.19
Martin ratio Return relative to average drawdown	3.89	-0.61	+4.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FVD vs. SMHB - Sharpe Ratio Comparison

The current FVD Sharpe Ratio is 0.64, which is higher than the SMHB Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of FVD and SMHB, 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

	FVD	SMHB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	-0.12	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.11	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	-0.12	+0.70

Correlation

The correlation between FVD and SMHB is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FVD vs. SMHB - Dividend Comparison

FVD's dividend yield for the trailing twelve months is around 2.30%, less than SMHB's 22.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.30%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	22.87%	22.22%	21.95%	15.27%	24.18%	12.22%	16.86%	19.97%	0.91%	0.00%	0.00%	0.00%

Drawdowns

FVD vs. SMHB - Drawdown Comparison

The maximum FVD drawdown since its inception was -51.00%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for FVD and SMHB.

Drawdown Indicators

	FVD	SMHB	Difference
Max Drawdown Largest peak-to-trough decline	-51.00%	-90.30%	+39.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.29%	-29.54%	+20.25%
Max Drawdown (5Y) Largest decline over 5 years	-16.41%	-58.85%	+42.44%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	—	—
Current Drawdown Current decline from peak	-5.57%	-46.27%	+40.70%
Average Drawdown Average peak-to-trough decline	-5.45%	-37.10%	+31.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	11.19%	-8.89%

Volatility

FVD vs. SMHB - Volatility Comparison

The current volatility for First Trust Value Line Dividend Index Fund (FVD) is 3.16%, while ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a volatility of 14.24%. This indicates that FVD 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.

Volatility by Period

	FVD	SMHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	14.24%	-11.08%
Volatility (6M) Calculated over the trailing 6-month period	6.49%	29.84%	-23.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	50.14%	-37.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	49.02%	-36.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	66.99%	-51.56%