BXP vs SMHB: Correlation
BXP, Inc. (BXP) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and SMHB?
Over the past 3 years, BXP and SMHB moved with a correlation of 0.75, which is strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.75). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 976.3 %².
By 3-year correlation, SMHB places #9 of the 45 assets tracked against BXP. Their 12-month results are close: +2.9% for BXP 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.
BXP vs SMHB: side by side
| BXP (BXP, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +2.9% | +7.4% |
| 5-year return | -18.9% | -13.5% |
| Volatility (ann.) | 33.1% | 39.3% |
| Beta vs S&P 500 | 1.02 | 1.42 |
| Max drawdown (3Y) | -39.0% | -45.0% |
| Market cap | $12.7B | – |
| P/E (trailing) | 37.8 | – |
| Dividend yield | 3.98% | – |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | BXP | SMHB |
|---|---|---|
| 2022 | -38.6% | -36.0% |
| 2023 | +11.0% | +36.0% |
| 2024 | +12.3% | -15.8% |
| 2025 | -4.7% | -7.7% |
| 2026 | +6.2% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXP and SMHB good diversifiers for each other?
To a limited degree. At 0.75 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 BXP and SMHB?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.58 over the last year and 0.75 over 5 years.
Is SMHB a good diversifier for BXP?
To a limited degree. At 0.75 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 0.75 mean?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxp-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bxp-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BXP correlations · SMHB correlations
