DEA vs SMHB: Correlation
Measured on weekly returns over the past three years, Easterly Government Properties, Inc. (DEA) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DEA and SMHB?
Over the past 3 years, DEA and SMHB moved with a correlation of 0.71, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.71 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 724.8 %².
Few assets follow DEA as closely as SMHB, which ranks #2 of 15 tracked partners. On 12-month performance DEA holds a 7.8-point edge, +15.2% against +7.4%. 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.
DEA vs SMHB: side by side
| DEA (Easterly Government Properties, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +15.2% | +7.4% |
| 5-year return | -33.0% | -13.5% |
| Volatility (ann.) | 25.9% | 39.3% |
| Beta vs S&P 500 | 0.47 | 1.42 |
| Max drawdown (3Y) | -42.2% | -45.0% |
| Market cap | $1.2B | – |
| P/E (trailing) | 129.4 | – |
| Dividend yield | 7.27% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DEA | SMHB |
|---|---|---|
| 2022 | -34.0% | -36.0% |
| 2023 | +1.8% | +36.0% |
| 2024 | -7.9% | -15.8% |
| 2025 | -18.6% | -7.7% |
| 2026 | +22.8% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DEA and SMHB good diversifiers for each other?
To a limited degree. At 0.71 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 DEA and SMHB?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.70 over the last year and 0.68 over 5 years.
Is SMHB a good diversifier for DEA?
To a limited degree. At 0.71 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 0.71 mean?
On the −1 to +1 scale, 0.71 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/dea-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dea-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DEA correlations · SMHB correlations
