CRL vs SMHB: Correlation
Measured on weekly returns over the past three years, Charles River Laboratories (CRL) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRL and SMHB?
Over the past 3 years, CRL and SMHB moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 980.9 %².
Within CRL's tracked universe of 33 assets, SMHB comes in at #15 by 3-year correlation. The last year tells two different stories: CRL led by 74.7 percentage points, +82.1% for CRL 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.
CRL vs SMHB: side by side
| CRL (Charles River Laboratories) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +82.1% | +7.4% |
| 5-year return | -33.3% | -13.5% |
| Volatility (ann.) | 47.9% | 39.3% |
| Beta vs S&P 500 | 0.92 | 1.42 |
| Max drawdown (3Y) | -63.5% | -45.0% |
| Market cap | $14.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CRL | SMHB |
|---|---|---|
| 2022 | -42.2% | -36.0% |
| 2023 | +8.5% | +36.0% |
| 2024 | -21.9% | -15.8% |
| 2025 | +8.1% | -7.7% |
| 2026 | +48.6% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRL and SMHB good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRL and SMHB?
The CRL/SMHB correlation stands at 0.52 on a 3-year window (1 year: 0.56, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for CRL?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crl-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crl-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRL correlations · SMHB correlations
