AES vs SMHB: Correlation
Measured on weekly returns over the past three years, AES Corporation (AES) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and SMHB?
Across a 3-year window, the weekly returns of AES and SMHB correlate at 0.48, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.48). Stretching to 5 years gives 0.49, with an annualized covariance of 757.6 %².
Among the 31 assets we track against AES, SMHB ranks #12 by 3-year correlation. Over the last 12 months AES came out ahead by 8.5 percentage points (+15.9% against +7.4%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AES vs SMHB: side by side
| AES (AES Corporation) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +15.9% | +7.4% |
| 5-year return | -25.1% | -13.5% |
| Volatility (ann.) | 40.5% | 39.3% |
| Beta vs S&P 500 | 0.86 | 1.42 |
| Max drawdown (3Y) | -53.3% | -45.0% |
| Market cap | $10.5B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 4.78% | – |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AES | SMHB |
|---|---|---|
| 2022 | +21.7% | -36.0% |
| 2023 | -30.9% | +36.0% |
| 2024 | -30.4% | -15.8% |
| 2025 | +18.3% | -7.7% |
| 2026 | +6.6% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and SMHB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AES and SMHB?
The AES/SMHB correlation stands at 0.48 on a 3-year window (1 year: 0.09, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for AES?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aes-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aes-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AES correlations · SMHB correlations
