DRMA vs SMHB: Correlation
How closely do Dermata Therapeutics, Inc. (DRMA) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DRMA and SMHB?
Across a 3-year window, the weekly returns of DRMA and SMHB correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Stretching to 5 years gives 0.20, with an annualized covariance of 1403.2 %².
Few assets follow DRMA as closely as SMHB, which ranks #2 of 13 tracked partners. Correlation aside, the last 12 months split them widely, with SMHB ahead by 79.8 points (-72.4% versus +7.4%). Note the risk asymmetry: DRMA runs 2.3 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.
DRMA vs SMHB: side by side
| DRMA (Dermata Therapeutics, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -72.4% | +7.4% |
| 5-year return | -100.0% | -13.5% |
| Volatility (ann.) | 90.1% | 39.3% |
| Beta vs S&P 500 | 1.23 | 1.42 |
| Max drawdown (3Y) | -99.4% | -45.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DRMA | SMHB |
|---|---|---|
| 2022 | -76.5% | -36.0% |
| 2023 | -90.7% | +36.0% |
| 2024 | -85.2% | -15.8% |
| 2025 | -82.8% | -7.7% |
| 2026 | -37.1% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DRMA and SMHB good diversifiers for each other?
Reasonably. At 0.40, DRMA and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DRMA and SMHB?
As of 2026-08-27, the correlation of weekly returns between DRMA and SMHB is 0.40 over 3 years, 0.42 over 1 year and 0.20 over 5 years.
Is SMHB a good diversifier for DRMA?
Reasonably. At 0.40, DRMA and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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/drma-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/drma-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DRMA correlations · SMHB correlations
