SMHB vs. MVRL
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%). Both are passively managed. Over the past 5 years, SMHB returned -3.98%/yr vs -7.33%/yr for MVRL. Their 0.76 correlation means they have sometimes moved together and sometimes differently. SMHB charges 0.85%/yr vs 0.95%/yr for MVRL.
Performance
SMHB vs. MVRL - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 14.34% return, which is significantly higher than MVRL's -2.72% return.
SMHB
- 1D
- -1.16%
- 1M
- -3.81%
- 6M
- 5.43%
- YTD
- 14.34%
- 1Y
- 13.60%
- 3Y*
- 0.43%
- 5Y*
- -3.98%
- 10Y*
- —
- ALL TIME*
- -5.83%
MVRL
- 1D
- -1.36%
- 1M
- -3.40%
- 6M
- -6.16%
- YTD
- -2.72%
- 1Y
- 6.50%
- 3Y*
- 3.21%
- 5Y*
- -7.33%
- 10Y*
- —
- ALL TIME*
- 5.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $65.57K | $56.06K | $78.88K | |
| $86.68K | $94.24K | $90.73K |
SMHB vs. MVRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 14.34% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | 77.95% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -2.72% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
Correlation
The correlation between SMHB and MVRL is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.76 |
The correlation between SMHB and MVRL shifts across timeframes, from 0.57 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMHB vs. MVRL — Risk / Return Rank
SMHB
MVRL
SMHB vs. MVRL - 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 1.5x Leveraged Mortgage REIT ETN (MVRL). 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 | MVRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.07 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 0.35 | +0.14 |
| Martin ratioReturn relative to average drawdown | 1.24 | 0.84 | +0.39 |
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Drawdowns
SMHB vs. MVRL - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than MVRL's maximum drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for SMHB and MVRL.
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Drawdown Indicators
| SMHB | MVRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -60.25% | -30.05% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -20.93% | -4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -29.34% | -15.71% |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | -59.63% | +1.52% |
Current DrawdownCurrent decline from peak | -37.06% | -38.35% | +1.29% |
Average DrawdownAverage peak-to-trough decline | -37.18% | -31.92% | -5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.94% | 8.74% | +1.20% |
Volatility
SMHB vs. MVRL - Volatility Comparison
The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 9.51%, while ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a volatility of 10.11%. This indicates that SMHB experiences smaller price fluctuations and is considered to be less risky than MVRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | MVRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.51% | 10.11% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 24.59% | 21.92% | +2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.73% | 28.70% | +8.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.88% | 36.52% | +12.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.80% | 37.51% | +28.29% |
SMHB vs. MVRL - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is lower than MVRL's 0.95% expense ratio.
Dividends
SMHB vs. MVRL - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 19.83%, less than MVRL's 20.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.98% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% | 0.00% | 0.00% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 19.83% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
SMHB and MVRL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (10.11%) compared to SMHB (9.51%). In terms of maximum drawdown, SMHB dropped -90.30% vs MVRL's -60.25%.
On 5-year performance, SMHB leads with -3.98% vs -7.33% for MVRL. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 9.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMHB has performed better with a -3.98% return vs -7.33%. 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 0.95% for MVRL.
MVRL has the higher dividend yield at 20.98%, compared with 19.83% for SMHB.
SMHB is categorized as Leveraged Equities, while MVRL is REIT. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while MVRL tracks MVIS US Mortgage REITs Index (150%). Their fees differ too: 0.85% for SMHB and 0.95% for MVRL.
SMHB currently has the higher Sharpe Ratio (0.34 vs 0.26), 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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