CMTG vs SMHB: Correlation
Claros Mortgage Trust, Inc. (CMTG) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMTG and SMHB?
Over the past 3 years, CMTG and SMHB moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 1134.0 %².
Among the 11 assets we track against CMTG, SMHB ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SMHB ahead by 60.1 points (-52.7% versus +7.4%). Note the risk asymmetry: CMTG runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CMTG vs SMHB: side by side
| CMTG (Claros Mortgage Trust, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -52.7% | +7.4% |
| 5-year return | -87.0% | -13.5% |
| Volatility (ann.) | 62.4% | 39.3% |
| Beta vs S&P 500 | 0.90 | 1.42 |
| Max drawdown (3Y) | -87.6% | -45.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMTG | SMHB |
|---|---|---|
| 2022 | -1.4% | -36.0% |
| 2023 | +2.8% | +36.0% |
| 2024 | -64.4% | -15.8% |
| 2025 | -32.3% | -7.7% |
| 2026 | -46.1% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMTG and SMHB good diversifiers for each other?
Reasonably. At 0.46, CMTG and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CMTG and SMHB?
The CMTG/SMHB correlation stands at 0.46 on a 3-year window (1 year: 0.51, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for CMTG?
Reasonably. At 0.46, CMTG and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmtg-vs-smhb/)
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Related comparisons
Hubs: CMTG correlations · SMHB correlations
