SMHB vs. OILK
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, SMHB returned -6.36%/yr vs 17.73%/yr for OILK. At a 0.21 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.68%/yr for OILK.
Performance
SMHB vs. OILK - 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 OILK's 64.22% return.
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
OILK
- 1D
- 1.40%
- 1M
- -1.65%
- YTD
- 64.22%
- 6M
- 60.70%
- 1Y
- 58.99%
- 3Y*
- 19.03%
- 5Y*
- 17.73%
- 10Y*
- —
SMHB vs. OILK - 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% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 64.22% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -19.02% |
Correlation
The correlation between SMHB and OILK is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.21 |
The correlation between SMHB and OILK shifts across timeframes, from -0.16 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMHB vs. OILK — Risk / Return Rank
SMHB
OILK
SMHB vs. OILK - 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 ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.34 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 3.42 | -2.96 |
| Martin ratioReturn relative to average drawdown | 1.10 | 6.91 | -5.81 |
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 | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | 2.06 | -1.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.59 | -0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.12 | -0.22 |
Drawdowns
SMHB vs. OILK - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for SMHB and OILK.
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Drawdown Indicators
| SMHB | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -83.76% | -6.54% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -17.35% | -7.81% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -23.42% | -21.63% |
Max Drawdown (5Y)Largest decline over 5 years | -58.85% | -34.69% | -24.16% |
Current DrawdownCurrent decline from peak | -41.81% | -3.66% | -38.15% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -32.61% | -4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 8.56% | +1.82% |
Volatility
SMHB vs. OILK - Volatility Comparison
The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 7.35%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.44%. This indicates that SMHB experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 10.44% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 25.74% | 23.26% | +2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.92% | 28.75% | +10.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 30.12% | +18.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.33% | 35.97% | +30.36% |
SMHB vs. OILK - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
SMHB vs. OILK - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.00%, more than OILK's 8.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.18% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
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% | 0.00% |
Frequently Asked Questions
SMHB and OILK have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (10.44%) compared to SMHB (7.35%). In terms of maximum drawdown, SMHB dropped -90.30% vs OILK's -83.76%.
On 5-year performance, OILK leads with 17.73% vs -6.36% for SMHB. On fees, OILK is cheaper at 0.68% 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.
Over the 5-year period, OILK has performed better with a 17.73% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 21.00%, compared with 8.18% for OILK.
SMHB is categorized as Leveraged Equities, while OILK is Oil & Gas. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for SMHB and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (2.06 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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