SMHB vs. GLDI
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 5 years, SMHB returned -6.82%/yr vs 10.96%/yr for GLDI. At a 0.08 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.65%/yr for GLDI.
Performance
SMHB vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 7.31% return, which is significantly higher than GLDI's -4.45% return.
SMHB
- 1D
- 1.24%
- 1M
- 0.69%
- YTD
- 7.31%
- 6M
- 8.42%
- 1Y
- 5.50%
- 3Y*
- 9.13%
- 5Y*
- -6.82%
- 10Y*
- —
GLDI
- 1D
- -1.62%
- 1M
- -7.19%
- YTD
- -4.45%
- 6M
- -5.42%
- 1Y
- 11.67%
- 3Y*
- 17.47%
- 5Y*
- 10.96%
- 10Y*
- 7.83%
SMHB vs. GLDI - 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 | 7.31% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.45% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | 5.62% |
Correlation
The correlation between SMHB and GLDI is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.08 |
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Return for Risk
SMHB vs. GLDI — Risk / Return Rank
SMHB
GLDI
SMHB vs. GLDI - 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 ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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.
| SMHB | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.16 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 0.83 | -0.61 |
| Martin ratioReturn relative to average drawdown | 0.53 | 2.73 | -2.20 |
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Drawdowns
SMHB vs. GLDI - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for SMHB and GLDI.
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Drawdown Indicators
| SMHB | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -32.26% | -58.04% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -14.14% | -11.02% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -14.14% | -30.91% |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | -14.14% | -43.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -40.93% | -13.28% | -27.65% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -13.99% | -23.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.47% | 4.30% | +6.17% |
Volatility
SMHB vs. GLDI - Volatility Comparison
ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 8.17% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.18%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.17% | 7.18% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 14.58% | +10.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.33% | 15.99% | +22.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.92% | 11.58% | +37.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.13% | 11.52% | +54.61% |
SMHB vs. GLDI - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
SMHB vs. GLDI - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.04%, less than GLDI's 26.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.67% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMHB and GLDI have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHB has higher volatility (8.17%) compared to GLDI (7.18%). In terms of maximum drawdown, SMHB dropped -90.30% vs GLDI's -32.26%.
On 5-year performance, GLDI leads with 10.96% vs -6.82% for SMHB. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDI has performed better with a 10.96% return vs -6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.85% for SMHB.
GLDI has the higher dividend yield at 26.67%, compared with 21.04% for SMHB.
SMHB is categorized as Leveraged Equities, while GLDI is Gold. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. Their fees differ too: 0.85% for SMHB and 0.65% for GLDI.
GLDI currently has the higher Sharpe Ratio (0.73 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.
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