SMHB vs. CRT

Last updated Jun 3, 2026

SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) is Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while CRT (Cross Timbers Royalty Trust) is a stock. Over the past 5 years, SMHB returned -6.15%/yr vs 10.26%/yr for CRT. At a 0.24 correlation, their price movements are largely independent.

Performance

SMHB vs. CRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) and Cross Timbers Royalty Trust (CRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMHB achieves a 7.28% return, which is significantly lower than CRT's 35.97% return.

SMHB

• 1D: -2.04%
• 1M: -3.50%
• YTD: 7.28%
• 6M: 6.71%
• 1Y: 17.29%
• 3Y*: 9.84%
• 5Y*: -6.15%
• 10Y*: —

CRT

• 1D: 1.24%
• 1M: -0.01%
• YTD: 35.97%
• 6M: 30.88%
• 1Y: 18.59%
• 3Y*: -15.28%
• 5Y*: 10.26%
• 10Y*: 4.22%

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

SMHB vs. CRT - 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	7.28%	-7.75%	-15.85%	35.96%	-36.03%	68.86%	-43.21%	13.05%	-24.78%
CRT Cross Timbers Royalty Trust	35.97%	-13.15%	-39.15%	-24.36%	145.90%	53.31%	5.38%	-13.04%	-23.52%

Correlation

The correlation between SMHB and CRT is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018	0.24

The correlation between SMHB and CRT shifts across timeframes, from 0.04 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMHB vs. CRT — Risk / Return Rank

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

SMHB

SMHB Risk / Return Rank: 16
SMHB Sharpe Ratio Rank: 16
SMHB Sortino Ratio Rank: 18
SMHB Omega Ratio Rank: 17
SMHB Calmar Ratio Rank: 15
SMHB Martin Ratio Rank: 14

CRT

CRT Risk / Return Rank: 54
CRT Sharpe Ratio Rank: 61
CRT Sortino Ratio Rank: 56
CRT Omega Ratio Rank: 54
CRT Calmar Ratio Rank: 51
CRT Martin Ratio Rank: 51

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.

SMHB vs. CRT - 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 Cross Timbers Royalty Trust (CRT). 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	CRT	Difference
Sharpe ratio Return per unit of total volatility	0.45	0.61	-0.17
Sortino ratio Return per unit of downside risk	0.90	1.11	-0.22
Omega ratio Gain probability vs. loss probability	1.10	1.14	-0.04
Calmar ratio Return relative to maximum drawdown	0.52	0.45	+0.08
Martin ratio Return relative to average drawdown	1.27	0.96	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMHB vs. CRT - Sharpe Ratio Comparison

The current SMHB Sharpe Ratio is 0.45, which is comparable to the CRT Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of SMHB and CRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMHB	CRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.45	0.61	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.20	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.24	-0.35

Drawdowns

SMHB vs. CRT - Drawdown Comparison

The maximum SMHB drawdown since its inception was -90.30%, which is greater than CRT's maximum drawdown of -83.57%. Use the drawdown chart below to compare losses from any high point for SMHB and CRT.

Drawdown Indicators

	SMHB	CRT	Difference
Max Drawdown Largest peak-to-trough decline	-90.30%	-83.57%	-6.73%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	-28.94%	+3.78%
Max Drawdown (3Y) Largest decline over 3 years	-45.05%	-67.06%	+22.01%
Max Drawdown (5Y) Largest decline over 5 years	-58.85%	-71.10%	+12.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-71.10%	—
Current Drawdown Current decline from peak	-40.95%	-54.59%	+13.64%
Average Drawdown Average peak-to-trough decline	-37.20%	-29.39%	-7.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.36%	13.48%	-3.12%

Volatility

SMHB vs. CRT - Volatility Comparison

ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 7.80% compared to Cross Timbers Royalty Trust (CRT) at 5.58%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than CRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHB	CRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	5.58%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	25.70%	22.89%	+2.81%
Volatility (1Y) Calculated over the trailing 1-year period	39.06%	30.82%	+8.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	50.47%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.35%	46.02%	+20.33%

Dividends

SMHB vs. CRT - Dividend Comparison

SMHB's dividend yield for the trailing twelve months is around 20.69%, more than CRT's 4.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRT Cross Timbers Royalty Trust	4.92%	9.41%	9.56%	10.96%	7.69%	9.71%	9.45%	10.04%	13.06%	6.87%	5.90%	10.41%
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	20.69%	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

Can I hold both SMHB and CRT in my portfolio?

SMHB and CRT have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMHB or CRT?

SMHB has higher volatility (7.80%) compared to CRT (5.58%). In terms of maximum drawdown, SMHB dropped -90.30% vs CRT's -83.57%.

Which has better risk-adjusted returns?

CRT currently has the higher Sharpe Ratio (0.61 vs 0.45), 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.