BXMT vs SMHB: Correlation
Measured on weekly returns over the past three years, Blackstone Mortgage Trust, Inc. (BXMT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXMT and SMHB?
On 3 years of weekly data the BXMT/SMHB correlation comes out at 0.62, strong. The link has loosened recently: the 1-year correlation (0.45) runs below the 3-year figure (0.62). The 5-year figure is 0.74, and annualized covariance runs at 626.8 %².
Few assets follow BXMT as closely as SMHB, which ranks #3 of 12 tracked partners. The last year tells two different stories: SMHB led by 28.7 percentage points, -21.3% for BXMT against +7.4% for SMHB. One caveat on sizing: SMHB is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BXMT vs SMHB: side by side
| BXMT (Blackstone Mortgage Trust, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -21.3% | +7.4% |
| 5-year return | -28.8% | -13.5% |
| Volatility (ann.) | 25.8% | 39.3% |
| Beta vs S&P 500 | 0.63 | 1.42 |
| Max drawdown (3Y) | -29.8% | -45.0% |
| Market cap | $2.3B | – |
| P/E (trailing) | 172.6 | – |
| Dividend yield | 13.51% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXMT | SMHB |
|---|---|---|
| 2022 | -24.0% | -36.0% |
| 2023 | +13.5% | +36.0% |
| 2024 | -7.9% | -15.8% |
| 2025 | +21.1% | -7.7% |
| 2026 | -24.0% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXMT and SMHB good diversifiers for each other?
Only partially. A correlation of 0.62 means BXMT and SMHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BXMT and SMHB?
The BXMT/SMHB correlation stands at 0.62 on a 3-year window (1 year: 0.45, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for BXMT?
Only partially. A correlation of 0.62 means BXMT and SMHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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/bxmt-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bxmt-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BXMT correlations · SMHB correlations
