FVD vs. SMHB
FVD (First Trust Value Line Dividend Index Fund) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both exchange-traded funds - FVD is a Mid Cap Value Equities fund tracking the Value Line Dividend 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, FVD returned 6.42%/yr vs -4.44%/yr for SMHB. A 0.65 correlation means they provide meaningful diversification when combined. FVD charges 0.61%/yr vs 0.85%/yr for SMHB.
Performance
FVD vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, FVD achieves a 7.55% return, which is significantly lower than SMHB's 16.92% return.
FVD
- 1D
- 0.51%
- 1M
- 2.00%
- 6M
- 6.10%
- YTD
- 7.55%
- 1Y
- 11.06%
- 3Y*
- 9.49%
- 5Y*
- 6.42%
- 10Y*
- 8.47%
SMHB
- 1D
- 1.60%
- 1M
- 5.11%
- 6M
- 7.55%
- YTD
- 16.92%
- 1Y
- 1.43%
- 3Y*
- 4.71%
- 5Y*
- -4.44%
- 10Y*
- —
FVD vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FVD First Trust Value Line Dividend Index Fund | 7.55% | 8.16% | 10.04% | 4.11% | -5.18% | 25.08% | -0.02% | 26.58% | -6.21% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 16.92% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
Correlation
The correlation between FVD and SMHB is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.65 |
The correlation between FVD and SMHB shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FVD vs. SMHB — Risk / Return Rank
FVD
SMHB
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FVD | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.03 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 0.00 | +1.42 |
| Martin ratioReturn relative to average drawdown | 3.61 | 0.00 | +3.61 |
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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.
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Drawdown Indicators
| FVD | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.00% | -90.30% | +39.30% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -25.16% | +17.93% |
Max Drawdown (3Y)Largest decline over 3 years | -11.97% | -45.05% | +33.08% |
Max Drawdown (5Y)Largest decline over 5 years | -16.41% | -58.11% | +41.70% |
Max Drawdown (10Y)Largest decline over 10 years | -35.25% | — | — |
Current DrawdownCurrent decline from peak | -1.04% | -35.64% | +34.60% |
Average DrawdownAverage peak-to-trough decline | -5.43% | -37.20% | +31.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 10.49% | -7.65% |
Volatility
FVD vs. SMHB - Volatility Comparison
The current volatility for First Trust Value Line Dividend Index Fund (FVD) is 3.72%, while ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a volatility of 9.81%. 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.
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Volatility by Period
| FVD | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.72% | 9.81% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.58% | 24.74% | -17.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.90% | 37.91% | -28.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.80% | 48.96% | -36.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.43% | 65.99% | -50.56% |
FVD vs. SMHB - Expense Ratio Comparison
FVD has a 0.61% expense ratio, which is lower than SMHB's 0.85% expense ratio.
Dividends
FVD vs. SMHB - Dividend Comparison
FVD's dividend yield for the trailing twelve months is around 2.28%, less than SMHB's 19.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FVD First Trust Value Line Dividend Index Fund | 2.28% | 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 | 19.31% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FVD and SMHB have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHB has higher volatility (9.81%) compared to FVD (3.72%). In terms of maximum drawdown, FVD dropped -51.00% vs SMHB's -90.30%.
On 5-year performance, FVD leads with 6.42% vs -4.44% for SMHB. On fees, FVD is cheaper at 0.61% per year. On volatility, FVD has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FVD has performed better with a 6.42% return vs -4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FVD is cheaper with a 0.61% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 19.31%, compared with 2.28% for FVD.
FVD is categorized as Mid Cap Value Equities, while SMHB is Leveraged Equities. FVD tracks Value Line Dividend Index, while SMHB tracks Solactive US Small Cap High Dividend Index (200%). They also come from different issuers: First Trust and UBS. Their fees differ too: 0.61% for FVD and 0.85% for SMHB.
FVD currently has the higher Sharpe Ratio (1.04 vs 0.00), 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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