SMHB vs. TERG
SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. SMHB is passively managed, while TERG is actively managed. Their -0.01 correlation means they have often moved in opposite directions in the past. SMHB charges 0.85%/yr vs 0.75%/yr for TERG.
Performance
SMHB vs. TERG - Performance Comparison
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Returns By Period
In the year-to-date period, SMHB achieves a 14.34% return, which is significantly lower than TERG's 118.24% return.
SMHB
- 1D
- -1.16%
- 1M
- -3.81%
- 6M
- 5.43%
- YTD
- 14.34%
- 1Y
- 13.60%
- 3Y*
- 0.43%
- 5Y*
- -3.98%
- 10Y*
- —
- ALL TIME*
- -5.83%
TERG
- 1D
- 1.38%
- 1M
- -8.01%
- 6M
- 44.99%
- YTD
- 118.24%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.68K | $94.24K | $90.73K | |
| $2.08M | $2.39M | $4.94M |
SMHB vs. TERG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 14.34% | 4.76% |
TERG Leverage Shares 2X Long TER Daily ETF | 118.24% | 20.91% |
Correlation
The correlation between SMHB and TERG is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025 | -0.01 |
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Return for Risk
SMHB vs. TERG — Risk / Return Rank
SMHB
TERG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SMHB vs. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). 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 | TERG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.08 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | — | — |
| Martin ratioReturn relative to average drawdown | 1.24 | — | — |
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Drawdowns
SMHB vs. TERG - Drawdown Comparison
The maximum SMHB drawdown since its inception was -90.30%, which is greater than TERG's maximum drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for SMHB and TERG.
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Drawdown Indicators
| SMHB | TERG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.30% | -60.59% | -29.71% |
Max Drawdown (1Y)Largest decline over 1 year | -25.16% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -45.05% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -58.11% | — | — |
Current DrawdownCurrent decline from peak | -37.06% | -48.67% | +11.61% |
Average DrawdownAverage peak-to-trough decline | -37.18% | -18.83% | -18.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.94% | — | — |
Volatility
SMHB vs. TERG - Volatility Comparison
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Volatility by Period
| SMHB | TERG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.51% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 24.59% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 36.73% | 158.05% | -121.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.88% | 158.05% | -109.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.80% | 158.05% | -92.25% |
SMHB vs. TERG - Expense Ratio Comparison
SMHB has a 0.85% expense ratio, which is higher than TERG's 0.75% expense ratio.
Dividends
SMHB vs. TERG - Dividend Comparison
SMHB's dividend yield for the trailing twelve months is around 19.83%, while TERG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 19.83% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
TERG Leverage Shares 2X Long TER Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMHB and TERG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TERG is cheaper with a 0.75% expense ratio, compared with 0.85% for SMHB.
SMHB has the higher dividend yield at 19.83%, compared with 0.00% for TERG.
They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.85% for SMHB and 0.75% for TERG.
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