SMHB vs. QQQ
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, SMHB returned -6.15%/yr vs 18.43%/yr for QQQ. At a 0.44 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.18%/yr for QQQ.
Performance
SMHB vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 7.28% return, which is significantly lower than QQQ's 21.62% return.
SMHB
- 1D
- -2.04%
- 1M
- -3.50%
- YTD
- 7.28%
- 6M
- 6.71%
- 1Y
- 17.29%
- 3Y*
- 9.84%
- 5Y*
- -6.15%
- 10Y*
- —
QQQ
- 1D
- 0.46%
- 1M
- 10.68%
- YTD
- 21.62%
- 6M
- 20.27%
- 1Y
- 43.30%
- 3Y*
- 28.89%
- 5Y*
- 18.43%
- 10Y*
- 21.97%
SMHB vs. QQQ - 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 | 7.28% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
QQQ Invesco QQQ ETF | 21.62% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -6.36% |
Correlation
The correlation between SMHB and QQQ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.44 |
The correlation between SMHB and QQQ shifts across timeframes, from 0.33 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMHB vs. QQQ — Risk / Return Rank
SMHB
QQQ
SMHB vs. QQQ - 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 Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.45 | 2.73 | -2.28 |
Sortino ratioReturn per unit of downside risk | 0.90 | 3.55 | -2.65 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.47 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | 0.52 | 3.71 | -3.19 |
Martin ratioReturn relative to average drawdown | 1.27 | 14.30 | -13.02 |
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 | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.45 | 2.73 | -2.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.83 | -0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.99 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.41 | -0.51 |
Drawdowns
SMHB vs. QQQ - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SMHB and QQQ.
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Drawdown Indicators
| SMHB | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -82.97% | -7.33% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -11.96% | -13.20% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -22.77% | -22.28% |
Max Drawdown (5Y)Largest decline over 5 years | -58.85% | -35.12% | -23.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.12% | — |
Current DrawdownCurrent decline from peak | -40.95% | 0.00% | -40.95% |
Average DrawdownAverage peak-to-trough decline | -37.20% | -32.79% | -4.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.36% | 3.11% | +7.25% |
Volatility
SMHB vs. QQQ - Volatility Comparison
ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 7.80% compared to Invesco QQQ ETF (QQQ) at 4.48%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.80% | 4.48% | +3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 25.70% | 12.11% | +13.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.06% | 15.95% | +23.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 22.39% | +26.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.35% | 22.30% | +44.05% |
SMHB vs. QQQ - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
SMHB vs. QQQ - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 20.69%, more than QQQ's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 20.69% | 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 QQQ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHB has higher volatility (7.80%) compared to QQQ (4.48%). In terms of maximum drawdown, SMHB dropped -90.30% vs QQQ's -82.97%.
On 5-year performance, QQQ leads with 18.43% vs -6.15% for SMHB. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQ has performed better with a 18.43% return vs -6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 20.69%, compared with 0.38% for QQQ.
SMHB is categorized as Leveraged Equities, while QQQ is Nasdaq-100. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.85% for SMHB and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.73 vs 0.45), 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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