SMHB vs. AMUB
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and AMUB (ETRACS Alerian MLP Index ETN Class B) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while AMUB is a MLPs fund tracking the Alerian MLP Index. Both are passively managed. Over the past 5 years, SMHB returned -6.36%/yr vs 12.34%/yr for AMUB. A 0.51 correlation means they provide meaningful diversification when combined. SMHB charges 0.85%/yr vs 0.80%/yr for AMUB.
Performance
SMHB vs. AMUB - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 5.72% return, which is significantly lower than AMUB's 16.97% return.
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
AMUB
- 1D
- -0.23%
- 1M
- -2.08%
- YTD
- 16.97%
- 6M
- 15.25%
- 1Y
- 15.77%
- 3Y*
- 15.80%
- 5Y*
- 12.34%
- 10Y*
- 3.05%
SMHB vs. AMUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -43.21% | 13.05% | -24.78% |
AMUB ETRACS Alerian MLP Index ETN Class B | 16.97% | 2.05% | 15.68% | 16.89% | 21.91% | 28.83% | -36.47% | -1.78% | -20.04% |
Correlation
The correlation between SMHB and AMUB is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.51 |
Over the past year, the correlation between SMHB and AMUB has dropped to 0.12 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
SMHB vs. AMUB — Risk / Return Rank
SMHB
AMUB
SMHB vs. AMUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) and ETRACS Alerian MLP Index ETN Class B (AMUB). 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.
| SMHB | AMUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.20 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 1.53 | -1.08 |
| Martin ratioReturn relative to average drawdown | 1.10 | 4.52 | -3.42 |
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
| SMHB | AMUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | 1.18 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.61 | -0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.00 | -0.11 |
Drawdowns
SMHB vs. AMUB - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than AMUB's maximum drawdown of -79.46%. Use the drawdown chart below to compare losses from any high point for SMHB and AMUB.
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Drawdown Indicators
| SMHB | AMUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -79.46% | -10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -10.37% | -14.79% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -17.22% | -27.83% |
Max Drawdown (5Y)Largest decline over 5 years | -58.85% | -20.58% | -38.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -78.86% | — |
Current DrawdownCurrent decline from peak | -41.81% | -6.15% | -35.66% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -29.23% | -7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 3.51% | +6.87% |
Volatility
SMHB vs. AMUB - Volatility Comparison
ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 7.35% compared to ETRACS Alerian MLP Index ETN Class B (AMUB) at 5.40%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than AMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | AMUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 5.40% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 25.74% | 9.82% | +15.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.92% | 13.60% | +25.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 20.24% | +28.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.33% | 27.09% | +39.24% |
SMHB vs. AMUB - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than AMUB's 0.80% expense ratio.
Dividends
SMHB vs. AMUB - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.00%, while AMUB has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AMUB ETRACS Alerian MLP Index ETN Class B | 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 | 21.00% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
SMHB and AMUB have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHB has higher volatility (7.35%) compared to AMUB (5.40%). In terms of maximum drawdown, SMHB dropped -90.30% vs AMUB's -79.46%.
On 5-year performance, AMUB leads with 12.34% vs -6.36% for SMHB. On fees, AMUB is cheaper at 0.80% per year. On volatility, AMUB has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AMUB has performed better with a 12.34% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AMUB is cheaper with a 0.80% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 21.00%, compared with 0.00% for AMUB.
SMHB is categorized as Leveraged Equities, while AMUB is MLPs. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while AMUB tracks Alerian MLP Index. Their fees differ too: 0.85% for SMHB and 0.80% for AMUB.
AMUB currently has the higher Sharpe Ratio (1.18 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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