SMHB vs. FBGX

Last updated Jun 4, 2026

SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and FBGX (UBS AG FI Enhanced Large Cap Growth ETN) are both Leveraged Equities funds from UBS - SMHB tracks the Solactive US Small Cap High Dividend Index (200%) while FBGX tracks the Russell 1000 Growth Index (200%). Both are passively managed. At a 0.40 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 1.29%/yr for FBGX.

Performance

SMHB vs. FBGX - 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 UBS AG FI Enhanced Large Cap Growth ETN (FBGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMHB

• 1D: -1.45%
• 1M: -1.99%
• YTD: 5.72%
• 6M: 0.84%
• 1Y: 11.36%
• 3Y*: 9.31%
• 5Y*: -6.36%
• 10Y*: —

FBGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMHB vs. FBGX - 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%
FBGX UBS AG FI Enhanced Large Cap Growth ETN	0.00%	0.00%	35.73%	83.74%	-56.41%	57.04%	65.79%	75.84%	-20.88%

Correlation

The correlation between SMHB and FBGX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018	0.40

The correlation between SMHB and FBGX shifts across timeframes, from 0.19 (3 years) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SMHB vs. FBGX — Risk / Return Rank

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

SMHB

SMHB Risk / Return Rank: 14
SMHB Sharpe Ratio Rank: 13
SMHB Sortino Ratio Rank: 14
SMHB Omega Ratio Rank: 14
SMHB Calmar Ratio Rank: 14
SMHB Martin Ratio Rank: 14

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. FBGX - 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 UBS AG FI Enhanced Large Cap Growth ETN (FBGX). 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	FBGX	Difference
Sharpe ratio: Return per unit of total volatility	0.29	—	—
Sortino ratio: Return per unit of downside risk	0.70	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.45	—	—
Martin ratio: Return relative to average drawdown	1.10	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMHB	FBGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	—	—

Drawdowns

Drawdown Indicators

	SMHB	FBGX	Difference
Max Drawdown Largest peak-to-trough decline	-90.30%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-45.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.85%	—	—
Current Drawdown Current decline from peak	-41.81%	—	—
Average Drawdown Average peak-to-trough decline	-37.21%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	10.38%	—	—

Volatility

Volatility by Period

	SMHB	FBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.33%	—	—

SMHB vs. FBGX - Expense Ratio Comparison

SMHB has a 0.85% expense ratio, which is lower than FBGX's 1.29% expense ratio.

Dividends

SMHB vs. FBGX - Dividend Comparison

SMHB's dividend yield for the trailing twelve months is around 21.00%, while FBGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FBGX UBS AG FI Enhanced Large Cap Growth 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	21.00%	22.22%	21.95%	15.27%	24.18%	12.22%	16.86%	19.97%	0.91%

Frequently Asked Questions

Can I hold both SMHB and FBGX in my portfolio?

SMHB and FBGX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMHB or FBGX?

On fees, SMHB is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMHB or FBGX?

SMHB is cheaper with a 0.85% expense ratio, compared with 1.29% for FBGX.

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

SMHB has the higher dividend yield at 21.00%, compared with 0.00% for FBGX.

What is the main difference between SMHB and FBGX?

SMHB tracks Solactive US Small Cap High Dividend Index (200%), while FBGX tracks Russell 1000 Growth Index (200%). Their fees differ too: 0.85% for SMHB and 1.29% for FBGX.