MLPR vs. SMHB
MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both Leveraged Equities funds from UBS - MLPR tracks the Alerian MLP Index (150%) while SMHB tracks the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, MLPR returned 26.89%/yr vs -6.36%/yr for SMHB. A 0.51 correlation means they provide meaningful diversification when combined. MLPR charges 0.95%/yr vs 0.85%/yr for SMHB.
Performance
MLPR vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, MLPR achieves a 29.81% return, which is significantly higher than SMHB's 5.72% return.
MLPR
- 1D
- -0.37%
- 1M
- -1.12%
- YTD
- 29.81%
- 6M
- 26.95%
- 1Y
- 32.42%
- 3Y*
- 32.14%
- 5Y*
- 26.89%
- 10Y*
- —
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
MLPR vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 29.81% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | -9.51% |
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% | 59.32% |
Correlation
The correlation between MLPR and SMHB is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.51 |
Over the past year, the correlation between MLPR and SMHB has dropped to 0.14 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
MLPR vs. SMHB — Risk / Return Rank
MLPR
SMHB
MLPR vs. SMHB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) 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.
| MLPR | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.08 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 0.45 | +1.88 |
| Martin ratioReturn relative to average drawdown | 7.53 | 1.10 | +6.43 |
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
| MLPR | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.59 | 0.29 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | -0.13 | +1.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | -0.10 | +1.04 |
Drawdowns
MLPR vs. SMHB - Drawdown Comparison
The maximum MLPR drawdown since its inception was -48.98%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for MLPR and SMHB.
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Drawdown Indicators
| MLPR | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.98% | -90.30% | +41.32% |
Max Drawdown (1Y)Largest decline over 1 year | -13.97% | -25.16% | +11.19% |
Max Drawdown (3Y)Largest decline over 3 years | -24.45% | -45.05% | +20.60% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -58.85% | +30.19% |
Current DrawdownCurrent decline from peak | -7.07% | -41.81% | +34.74% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -37.21% | +28.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.32% | 10.38% | -6.06% |
Volatility
MLPR vs. SMHB - Volatility Comparison
ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a higher volatility of 8.12% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 7.35%. This indicates that MLPR's price experiences larger fluctuations and is considered to be riskier 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
| MLPR | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.12% | 7.35% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.85% | 25.74% | -10.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.64% | 38.92% | -18.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.52% | 48.93% | -19.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.75% | 66.33% | -32.58% |
MLPR vs. SMHB - Expense Ratio Comparison
MLPR has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
Dividends
MLPR vs. SMHB - Dividend Comparison
MLPR's dividend yield for the trailing twelve months is around 9.00%, less than SMHB's 21.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.00% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% | 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
MLPR and SMHB have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLPR has higher volatility (8.12%) compared to SMHB (7.35%). In terms of maximum drawdown, MLPR dropped -48.98% vs SMHB's -90.30%.
On 5-year performance, MLPR leads with 26.89% vs -6.36% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPR has performed better with a 26.89% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 0.95% for MLPR.
SMHB has the higher dividend yield at 21.00%, compared with 9.00% for MLPR.
MLPR tracks Alerian MLP Index (150%), while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.95% for MLPR and 0.85% for SMHB.
MLPR currently has the higher Sharpe Ratio (1.59 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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