SLVO vs. SMHB

Last updated Jun 24, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 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 year, SLVO returned 38.83% vs 5.50% for SMHB. At a 0.13 correlation, their price movements are largely independent. SLVO charges 0.65%/yr vs 0.85%/yr for SMHB.

Performance

SLVO vs. SMHB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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.

Returns By Period

In the year-to-date period, SLVO achieves a -0.85% return, which is significantly lower than SMHB's 7.31% return.

SLVO

• 1D: -5.10%
• 1M: -12.72%
• YTD: -0.85%
• 6M: -1.19%
• 1Y: 38.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMHB

• 1D: 1.24%
• 1M: 0.69%
• YTD: 7.31%
• 6M: 8.42%
• 1Y: 5.50%
• 3Y*: 9.13%
• 5Y*: -6.82%
• 10Y*: —

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

SLVO vs. SMHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	-0.85%	71.20%	0.94%
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	7.31%	-7.75%	-4.26%

Correlation

The correlation between SLVO and SMHB is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.13

Return for Risk

SLVO vs. SMHB — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 41
SLVO Sharpe Ratio Rank: 36
SLVO Sortino Ratio Rank: 30
SLVO Omega Ratio Rank: 43
SLVO Calmar Ratio Rank: 47
SLVO Martin Ratio Rank: 50

SMHB

SMHB Risk / Return Rank: 11
SMHB Sharpe Ratio Rank: 11
SMHB Sortino Ratio Rank: 12
SMHB Omega Ratio Rank: 11
SMHB Calmar Ratio Rank: 11
SMHB Martin Ratio Rank: 11

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.

SLVO vs. SMHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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.

	SLVO	SMHB	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.14	+1.10
Sortino ratio: Return per unit of downside risk	1.57	0.48	+1.09
Omega ratio: Gain probability vs. loss probability	1.27	1.06	+0.21
Calmar ratio: Return relative to maximum drawdown	2.26	0.22	+2.04
Martin ratio: Return relative to average drawdown	8.21	0.53	+7.69

SLVO vs. SMHB - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 1.24, which is higher than the SMHB Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of SLVO and SMHB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SLVO vs. SMHB - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for SLVO and SMHB.

Drawdown Indicators

	SLVO	SMHB	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-90.30%	+73.07%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-25.16%	+7.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-45.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-58.11%	—
Current Drawdown Current decline from peak	-15.44%	-40.93%	+25.49%
Average Drawdown Average peak-to-trough decline	-3.29%	-37.21%	+33.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.74%	10.47%	-5.73%

Volatility

SLVO vs. SMHB - Volatility Comparison

UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 10.77% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 8.17%. This indicates that SLVO'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.

Volatility by Period

	SLVO	SMHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.77%	8.17%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	29.34%	24.75%	+4.59%
Volatility (1Y) Calculated over the trailing 1-year period	31.36%	38.33%	-6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.00%	48.92%	-22.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.00%	66.13%	-40.13%

SLVO vs. SMHB - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is lower than SMHB's 0.85% expense ratio.

Dividends

SLVO vs. SMHB - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 66.91%, more than SMHB's 21.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SLVO UBS ETRACS Silver Shares Covered Call ETN	66.91%	19.35%	14.45%	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	21.04%	22.22%	21.95%	15.27%	24.18%	12.22%	16.86%	19.97%	0.91%

Frequently Asked Questions

Can I hold both SLVO and SMHB in my portfolio?

SLVO and SMHB have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVO or SMHB?

SLVO has higher volatility (10.77%) compared to SMHB (8.17%). In terms of maximum drawdown, SLVO dropped -17.23% vs SMHB's -90.30%.

Which ETF is better, SLVO or SMHB?

On 1-year performance, SLVO leads with 38.83% vs 5.50% for SMHB. On fees, SLVO is cheaper at 0.65% per year. On volatility, SMHB has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or SMHB?

Over the 1-year period, SLVO has performed better with a 38.83% return vs 5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or SMHB?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.85% for SMHB.

Which ETF pays a higher dividend yield, SLVO or SMHB?

SLVO has the higher dividend yield at 66.91%, compared with 21.04% for SMHB.

What is the main difference between SLVO and SMHB?

SLVO is categorized as Silver, while SMHB is Leveraged Equities. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.65% for SLVO and 0.85% for SMHB.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (1.24 vs 0.14), 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.