SMHB vs. NVDG

Last updated Jun 4, 2026

SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. SMHB is passively managed, while NVDG is actively managed. Over the past year, SMHB returned 11.36% vs 83.14% for NVDG. At a 0.20 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.75%/yr for NVDG.

Performance

SMHB vs. NVDG - 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 Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMHB achieves a 5.72% return, which is significantly lower than NVDG's 18.93% return.

SMHB

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

NVDG

• 1D: -7.35%
• 1M: 14.07%
• YTD: 18.93%
• 6M: 26.05%
• 1Y: 83.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMHB vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	5.72%	-7.75%	-6.01%
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.93%	32.45%	-0.75%

Correlation

The correlation between SMHB and NVDG is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.20

The correlation between SMHB and NVDG shifts across timeframes, from 0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMHB vs. NVDG — 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

NVDG

NVDG Risk / Return Rank: 34
NVDG Sharpe Ratio Rank: 34
NVDG Sortino Ratio Rank: 35
NVDG Omega Ratio Rank: 33
NVDG Calmar Ratio Rank: 39
NVDG Martin Ratio Rank: 30

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. NVDG - 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 Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	0.29	1.24	-0.94
Sortino ratio: Return per unit of downside risk	0.70	1.87	-1.17
Omega ratio: Gain probability vs. loss probability	1.08	1.22	-0.14
Calmar ratio: Return relative to maximum drawdown	0.45	1.96	-1.50
Martin ratio: Return relative to average drawdown	1.10	4.44	-3.35
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. NVDG - Sharpe Ratio Comparison

The current SMHB Sharpe Ratio is 0.29, which is lower than the NVDG Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SMHB and NVDG, 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	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	1.24	-0.94
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	0.40	-0.50

Drawdowns

SMHB vs. NVDG - Drawdown Comparison

The maximum SMHB drawdown since its inception was -90.30%, which is greater than NVDG's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for SMHB and NVDG.

Drawdown Indicators

	SMHB	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-90.30%	-66.19%	-24.11%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	-42.72%	+17.56%
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%	-18.34%	-23.47%
Average Drawdown Average peak-to-trough decline	-37.21%	-23.07%	-14.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.38%	18.77%	-8.39%

Volatility

SMHB vs. NVDG - Volatility Comparison

The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 7.35%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.14%. This indicates that SMHB experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHB	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	25.14%	-17.79%
Volatility (6M) Calculated over the trailing 6-month period	25.74%	50.15%	-24.41%
Volatility (1Y) Calculated over the trailing 1-year period	38.92%	67.81%	-28.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	90.72%	-41.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.33%	90.72%	-24.39%

SMHB vs. NVDG - Expense Ratio Comparison

SMHB has a 0.85% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

SMHB vs. NVDG - Dividend Comparison

SMHB's dividend yield for the trailing twelve months is around 21.00%, more than NVDG's 9.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%	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 NVDG in my portfolio?

SMHB and NVDG have a correlation of 0.09, 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 NVDG?

NVDG has higher volatility (25.14%) compared to SMHB (7.35%). In terms of maximum drawdown, SMHB dropped -90.30% vs NVDG's -66.19%.

Which ETF is better, SMHB or NVDG?

On 1-year performance, NVDG leads with 83.14% vs 11.36% for SMHB. On fees, NVDG is cheaper at 0.75% per year. On volatility, SMHB has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHB or NVDG?

Over the 1-year period, NVDG has performed better with a 83.14% return vs 11.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHB or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.85% for SMHB.

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

SMHB has the higher dividend yield at 21.00%, compared with 9.93% for NVDG.

What is the main difference between SMHB and NVDG?

They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.85% for SMHB and 0.75% for NVDG.

Which has better risk-adjusted returns?

NVDG currently has the higher Sharpe Ratio (1.24 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.