SMHB vs. SPUU
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - SMHB tracks the Solactive US Small Cap High Dividend Index (200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 5 years, SMHB returned -6.82%/yr vs 18.44%/yr for SPUU. A 0.59 correlation means they provide meaningful diversification when combined. SMHB charges 0.85%/yr vs 0.60%/yr for SPUU.
Performance
SMHB vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 7.31% return, which is significantly lower than SPUU's 13.33% return.
SMHB
- 1D
- 1.24%
- 1M
- 0.69%
- YTD
- 7.31%
- 6M
- 8.42%
- 1Y
- 5.50%
- 3Y*
- 9.13%
- 5Y*
- -6.82%
- 10Y*
- —
SPUU
- 1D
- -2.91%
- 1M
- -3.20%
- YTD
- 13.33%
- 6M
- 10.95%
- 1Y
- 43.00%
- 3Y*
- 34.33%
- 5Y*
- 18.44%
- 10Y*
- 24.81%
SMHB vs. SPUU - 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 | 7.31% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.33% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -16.43% |
Correlation
The correlation between SMHB and SPUU is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.59 |
The correlation between SMHB and SPUU shifts across timeframes, from 0.42 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMHB vs. SPUU — Risk / Return Rank
SMHB
SPUU
SMHB vs. SPUU - 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 Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMHB | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.30 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 2.38 | -2.16 |
| Martin ratioReturn relative to average drawdown | 0.53 | 10.11 | -9.58 |
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Drawdowns
SMHB vs. SPUU - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SMHB and SPUU.
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Drawdown Indicators
| SMHB | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -59.35% | -30.95% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | -18.19% | -6.97% |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | -35.18% | -9.87% |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | -46.59% | -11.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -40.93% | -6.62% | -34.31% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -9.48% | -27.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.47% | 4.27% | +6.20% |
Volatility
SMHB vs. SPUU - Volatility Comparison
The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 8.17%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 9.70%. This indicates that SMHB experiences smaller price fluctuations and is considered to be less risky than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMHB | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.17% | 9.70% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 19.93% | +4.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.33% | 25.22% | +13.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.92% | 33.67% | +15.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.13% | 35.81% | +30.32% |
SMHB vs. SPUU - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SMHB vs. SPUU - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 21.04%, more than SPUU's 1.42% 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 | 21.04% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.42% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
SMHB and SPUU have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUU has higher volatility (9.70%) compared to SMHB (8.17%). In terms of maximum drawdown, SMHB dropped -90.30% vs SPUU's -59.35%.
On 5-year performance, SPUU leads with 18.44% vs -6.82% for SMHB. On fees, SPUU is cheaper at 0.60% per year. On volatility, SMHB has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPUU has performed better with a 18.44% return vs -6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 21.04%, compared with 1.42% for SPUU.
SMHB tracks Solactive US Small Cap High Dividend Index (200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.85% for SMHB and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.72 vs 0.14), 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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