QULL vs. SMHB
Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB).
QULL and SMHB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QULL is a passively managed fund by UBS that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Feb 5, 2021. 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 QULL 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
QULL vs. SMHB - Performance Comparison
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QULL vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | -6.95% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | -3.59% | -7.75% | -15.85% | 35.96% | -36.03% | 38.68% |
Returns By Period
In the year-to-date period, QULL achieves a -6.95% return, which is significantly lower than SMHB's -3.59% return.
QULL
- 1D
- 1.22%
- 1M
- -11.66%
- YTD
- -6.95%
- 6M
- -4.90%
- 1Y
- 20.02%
- 3Y*
- 26.76%
- 5Y*
- 13.82%
- 10Y*
- —
SMHB
- 1D
- -1.24%
- 1M
- -11.01%
- YTD
- -3.59%
- 6M
- -13.16%
- 1Y
- -7.23%
- 3Y*
- 4.09%
- 5Y*
- -5.79%
- 10Y*
- —
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QULL vs. SMHB - Expense Ratio Comparison
QULL has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
Return for Risk
QULL vs. SMHB — Risk / Return Rank
QULL
SMHB
QULL vs. SMHB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) 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.
| QULL | SMHB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.54 | -0.14 | +0.68 |
Sortino ratioReturn per unit of downside risk | 1.05 | 0.14 | +0.91 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.02 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 0.82 | -0.24 | +1.06 |
Martin ratioReturn relative to average drawdown | 3.82 | -0.64 | +4.46 |
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
| QULL | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.54 | -0.14 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | -0.12 | +0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | -0.12 | +0.56 |
Correlation
The correlation between QULL and SMHB is 0.56, 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
QULL vs. SMHB - Dividend Comparison
QULL has not paid dividends to shareholders, while SMHB's dividend yield for the trailing twelve months is around 23.16%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 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 | 23.16% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Drawdowns
QULL vs. SMHB - Drawdown Comparison
The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for QULL and SMHB.
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Drawdown Indicators
| QULL | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.83% | -90.30% | +38.47% |
Max Drawdown (1Y)Largest decline over 1 year | -24.81% | -29.54% | +4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -51.83% | -58.85% | +7.02% |
Current DrawdownCurrent decline from peak | -12.36% | -46.93% | +34.57% |
Average DrawdownAverage peak-to-trough decline | -14.46% | -37.11% | +22.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.32% | 11.25% | -5.93% |
Volatility
QULL vs. SMHB - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 11.33%, while ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a volatility of 13.98%. This indicates that QULL 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
| QULL | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.33% | 13.98% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 19.75% | 29.86% | -10.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.54% | 50.15% | -12.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.65% | 48.97% | -13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.49% | 66.97% | -31.48% |