SMHB vs. SPMO
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, SMHB returned -6.36%/yr vs 24.29%/yr for SPMO. At a 0.42 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 0.13%/yr for SPMO.
Performance
SMHB vs. SPMO - 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 SPMO's 30.35% return.
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
SPMO
- 1D
- 0.50%
- 1M
- 15.36%
- YTD
- 30.35%
- 6M
- 30.51%
- 1Y
- 46.00%
- 3Y*
- 43.04%
- 5Y*
- 24.29%
- 10Y*
- 20.95%
SMHB vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 30.35% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -6.11% |
Correlation
The correlation between SMHB and SPMO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.42 |
The correlation between SMHB and SPMO shifts across timeframes, from 0.25 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMHB vs. SPMO — Risk / Return Rank
SMHB
SPMO
SMHB vs. SPMO - 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 S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.47 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | 3.64 | -3.19 |
| Martin ratioReturn relative to average drawdown | 1.10 | 14.17 | -13.07 |
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 | SPMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | 2.62 | -2.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 1.27 | -1.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 1.01 | -1.12 |
Drawdowns
SMHB vs. SPMO - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for SMHB and SPMO.
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Drawdown Indicators
| SMHB | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -30.95% | -59.35% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -12.70% | -12.46% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -20.13% | -24.92% |
Max Drawdown (5Y)Largest decline over 5 years | -58.85% | -22.74% | -36.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.95% | — |
Current DrawdownCurrent decline from peak | -41.81% | 0.00% | -41.81% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -4.60% | -32.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 3.26% | +7.12% |
Volatility
SMHB vs. SPMO - Volatility Comparison
ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) and Invesco S&P 500 Momentum ETF (SPMO) have volatilities of 7.35% and 7.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 7.35% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 25.74% | 14.39% | +11.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.92% | 17.64% | +21.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.93% | 19.30% | +29.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.33% | 20.31% | +46.02% |
SMHB vs. SPMO - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
SMHB vs. SPMO - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.00%, more than SPMO's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPMO Invesco S&P 500 Momentum ETF | 0.65% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
SMHB and SPMO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (7.35%) compared to SMHB (7.35%). In terms of maximum drawdown, SMHB dropped -90.30% vs SPMO's -30.95%.
On 5-year performance, SPMO leads with 24.29% vs -6.36% for SMHB. On fees, SPMO is cheaper at 0.13% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPMO has performed better with a 24.29% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 21.00%, compared with 0.65% for SPMO.
SMHB is categorized as Leveraged Equities, while SPMO is Momentum. SMHB tracks Solactive US Small Cap High Dividend Index (200%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.85% for SMHB and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.62 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.
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