ASO vs SMHB: Correlation
Measured on weekly returns over the past three years, Academy Sports and Outdoors, Inc. (ASO) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and SMHB?
On 3 years of weekly data the ASO/SMHB correlation comes out at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 858.3 %².
Among the 16 assets we track against ASO, SMHB ranks #5 by 3-year correlation. The last year tells two different stories: SMHB led by 30.9 percentage points, -23.5% for ASO against +7.4% for SMHB.
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.
ASO vs SMHB: side by side
| ASO (Academy Sports and Outdoors, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -23.5% | +7.4% |
| 5-year return | +2.0% | -13.5% |
| Volatility (ann.) | 39.7% | 39.3% |
| Beta vs S&P 500 | 1.26 | 1.42 |
| Max drawdown (3Y) | -54.2% | -45.0% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASO | SMHB |
|---|---|---|
| 2022 | +20.6% | -36.0% |
| 2023 | +26.4% | +36.0% |
| 2024 | -12.2% | -15.8% |
| 2025 | -12.2% | -7.7% |
| 2026 | -14.2% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and SMHB good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASO and SMHB?
As of 2026-08-27, the correlation of weekly returns between ASO and SMHB is 0.55 over 3 years, 0.51 over 1 year and 0.47 over 5 years.
Is SMHB a good diversifier for ASO?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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/aso-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aso-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASO correlations · SMHB correlations
