SMHB vs. SLVO
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, SMHB returned 11.36% vs 62.53% for SLVO. At a 0.14 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.65%/yr for SLVO.
Performance
SMHB vs. SLVO - 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 SLVO's 13.49% return.
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
SLVO
- 1D
- -1.17%
- 1M
- 4.05%
- YTD
- 13.49%
- 6M
- 17.86%
- 1Y
- 62.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMHB vs. SLVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 5.72% | -7.75% | -5.83% |
SLVO UBS ETRACS Silver Shares Covered Call ETN | 13.49% | 71.20% | 1.24% |
Correlation
The correlation between SMHB and SLVO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | 0.14 |
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Return for Risk
SMHB vs. SLVO — Risk / Return Rank
SMHB
SLVO
SMHB vs. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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 | SLVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.44 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 3.65 | -3.19 |
| Martin ratioReturn relative to average drawdown | 1.10 | 15.01 | -13.91 |
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 | SLVO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | 2.13 | -1.83 |
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 | 1.61 | -1.71 |
Drawdowns
SMHB vs. SLVO - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for SMHB and SLVO.
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Drawdown Indicators
| SMHB | SLVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -17.23% | -73.07% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -17.23% | -7.93% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -58.85% | — | — |
Current DrawdownCurrent decline from peak | -41.81% | -3.22% | -38.59% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -3.13% | -34.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 4.18% | +6.20% |
Volatility
SMHB vs. SLVO - Volatility Comparison
ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a higher volatility of 7.35% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 6.39%. This indicates that SMHB's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | SLVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 6.39% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 25.74% | 27.33% | -1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.92% | 29.53% | +9.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 25.23% | +23.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.33% | 25.23% | +41.10% |
SMHB vs. SLVO - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than SLVO's 0.65% expense ratio.
Dividends
SMHB vs. SLVO - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.00%, less than SLVO's 46.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SLVO UBS ETRACS Silver Shares Covered Call ETN | 46.44% | 19.35% | 14.45% | 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
SMHB and SLVO 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.
SMHB has higher volatility (7.35%) compared to SLVO (6.39%). In terms of maximum drawdown, SMHB dropped -90.30% vs SLVO's -17.23%.
On 1-year performance, SLVO leads with 62.53% vs 11.36% for SMHB. On fees, SLVO is cheaper at 0.65% per year. On volatility, SLVO has been the lower-risk option at 6.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SLVO has performed better with a 62.53% return vs 11.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLVO is cheaper with a 0.65% expense ratio, compared with 0.85% for SMHB.
SLVO has the higher dividend yield at 46.44%, compared with 21.00% for SMHB.
SMHB is categorized as Leveraged Equities, while SLVO is Silver. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. Their fees differ too: 0.85% for SMHB and 0.65% for SLVO.
SLVO currently has the higher Sharpe Ratio (2.13 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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