SMHB vs. QTAP

Last updated Jun 4, 2026

SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. SMHB is passively managed, while QTAP is actively managed. Over the past 5 years, SMHB returned -6.36%/yr vs 13.78%/yr for QTAP. At a 0.47 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.79%/yr for QTAP.

Performance

SMHB vs. QTAP - 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 Innovator Growth Accelerated Plus ETF - April (QTAP). 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 QTAP's 14.67% return.

SMHB

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

QTAP

• 1D: -0.10%
• 1M: 2.89%
• YTD: 14.67%
• 6M: 15.56%
• 1Y: 25.59%
• 3Y*: 21.18%
• 5Y*: 13.78%
• 10Y*: —

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

SMHB vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	5.72%	-7.75%	-15.85%	35.96%	-36.03%	14.05%
QTAP Innovator Growth Accelerated Plus ETF - April	14.67%	19.36%	17.34%	43.32%	-25.87%	15.63%

Correlation

The correlation between SMHB and QTAP is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.47

The correlation between SMHB and QTAP shifts across timeframes, from 0.31 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SMHB vs. QTAP — 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

QTAP

QTAP Risk / Return Rank: 98
QTAP Sharpe Ratio Rank: 97
QTAP Sortino Ratio Rank: 98
QTAP Omega Ratio Rank: 98
QTAP Calmar Ratio Rank: 98
QTAP Martin Ratio Rank: 98

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. QTAP - 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 Innovator Growth Accelerated Plus ETF - April (QTAP). 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	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	0.29	4.62	-4.33
Sortino ratio: Return per unit of downside risk	0.70	8.50	-7.80
Omega ratio: Gain probability vs. loss probability	1.08	2.23	-1.15
Calmar ratio: Return relative to maximum drawdown	0.45	15.20	-14.74
Martin ratio: Return relative to average drawdown	1.10	80.04	-78.95
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. QTAP - Sharpe Ratio Comparison

The current SMHB Sharpe Ratio is 0.29, which is lower than the QTAP Sharpe Ratio of 4.62. The chart below compares the historical Sharpe Ratios of SMHB and QTAP, 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	QTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	4.62	-4.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.73	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.75	-0.86

Drawdowns

SMHB vs. QTAP - Drawdown Comparison

The maximum SMHB drawdown since its inception was -90.30%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SMHB and QTAP.

Drawdown Indicators

	SMHB	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-90.30%	-29.44%	-60.86%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	-1.69%	-23.47%
Max Drawdown (3Y) Largest decline over 3 years	-45.05%	-13.03%	-32.02%
Max Drawdown (5Y) Largest decline over 5 years	-58.85%	-29.44%	-29.41%
Current Drawdown Current decline from peak	-41.81%	-0.10%	-41.71%
Average Drawdown Average peak-to-trough decline	-37.21%	-5.04%	-32.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.38%	0.32%	+10.06%

Volatility

SMHB vs. QTAP - Volatility Comparison

ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 7.35% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.33%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMHB	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	1.33%	+6.02%
Volatility (6M) Calculated over the trailing 6-month period	25.74%	3.97%	+21.77%
Volatility (1Y) Calculated over the trailing 1-year period	38.92%	5.56%	+33.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	18.89%	+30.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.33%	18.77%	+47.56%

SMHB vs. QTAP - Expense Ratio Comparison

SMHB has a 0.85% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

SMHB vs. QTAP - Dividend Comparison

SMHB's dividend yield for the trailing twelve months is around 21.00%, while QTAP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%	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 QTAP in my portfolio?

SMHB and QTAP have a correlation of 0.31, 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 QTAP?

SMHB has higher volatility (7.35%) compared to QTAP (1.33%). In terms of maximum drawdown, SMHB dropped -90.30% vs QTAP's -29.44%.

Which ETF is better, SMHB or QTAP?

On 5-year performance, QTAP leads with 13.78% vs -6.36% for SMHB. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHB or QTAP?

Over the 5-year period, QTAP has performed better with a 13.78% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHB or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 0.85% for SMHB.

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

SMHB has the higher dividend yield at 21.00%, compared with 0.00% for QTAP.

What is the main difference between SMHB and QTAP?

They also come from different issuers: UBS and Innovator. Their fees differ too: 0.85% for SMHB and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (4.62 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.