SMHB vs. HDLB
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both Leveraged Equities funds from UBS - SMHB tracks the Solactive US Small Cap High Dividend Index (200%) while HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, SMHB returned -6.36%/yr vs 11.24%/yr for HDLB. A 0.64 correlation means they provide meaningful diversification when combined. SMHB charges 0.85%/yr vs 1.65%/yr for HDLB.
Performance
SMHB vs. HDLB - 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 HDLB's 9.69% return.
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
HDLB
- 1D
- -1.72%
- 1M
- -4.18%
- YTD
- 9.69%
- 6M
- 8.78%
- 1Y
- 17.78%
- 3Y*
- 26.82%
- 5Y*
- 11.24%
- 10Y*
- —
SMHB vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 2.24% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 9.69% | 27.26% | 28.21% | -4.12% | -11.46% | 62.67% | -50.94% | 7.93% |
Correlation
The correlation between SMHB and HDLB is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2019 | 0.64 |
Over the past year, the correlation between SMHB and HDLB has dropped to 0.42 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
SMHB vs. HDLB — Risk / Return Rank
SMHB
HDLB
SMHB vs. HDLB - 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 Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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 | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.13 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 1.23 | -0.78 |
| Martin ratioReturn relative to average drawdown | 1.10 | 2.69 | -1.60 |
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 | HDLB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | 0.68 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.37 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.10 | -0.20 |
Drawdowns
SMHB vs. HDLB - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than HDLB's maximum drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for SMHB and HDLB.
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Drawdown Indicators
| SMHB | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -78.70% | -11.60% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -14.50% | -10.66% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -22.46% | -22.59% |
Max Drawdown (5Y)Largest decline over 5 years | -58.85% | -43.81% | -15.04% |
Current DrawdownCurrent decline from peak | -41.81% | -14.15% | -27.66% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -27.47% | -9.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 6.62% | +3.76% |
Volatility
SMHB vs. HDLB - 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 Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) at 6.21%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 6.21% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 25.74% | 18.14% | +7.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.92% | 26.46% | +12.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 30.55% | +18.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.33% | 43.58% | +22.75% |
SMHB vs. HDLB - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
SMHB vs. HDLB - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.00%, more than HDLB's 12.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 12.13% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% | 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 HDLB have a correlation of 0.42, 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 HDLB (6.21%). In terms of maximum drawdown, SMHB dropped -90.30% vs HDLB's -78.70%.
On 5-year performance, HDLB leads with 11.24% vs -6.36% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, HDLB has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDLB has performed better with a 11.24% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 1.65% for HDLB.
SMHB has the higher dividend yield at 21.00%, compared with 12.13% for HDLB.
SMHB tracks Solactive US Small Cap High Dividend Index (200%), while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). Their fees differ too: 0.85% for SMHB and 1.65% for HDLB.
HDLB currently has the higher Sharpe Ratio (0.68 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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