FBRT vs SMHB: Correlation
Franklin BSP Realty Trust, Inc. (FBRT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBRT and SMHB?
On 3 years of weekly data the FBRT/SMHB correlation comes out at 0.69, strong. The past 12 months show a weaker link (0.57) than the 3-year average (0.69). The 5-year figure is 0.67, and annualized covariance runs at 611.1 %².
In FBRT's tracked universe of 15 assets, SMHB sits right near the top at #1. Correlation aside, the last 12 months split them widely, with SMHB ahead by 24.5 points (-17.1% versus +7.4%). One caveat on sizing: SMHB is 1.7 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.
FBRT vs SMHB: side by side
| FBRT (Franklin BSP Realty Trust, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -17.1% | +7.4% |
| 5-year return | -17.6% | -13.5% |
| Volatility (ann.) | 22.5% | 39.3% |
| Beta vs S&P 500 | 0.59 | 1.42 |
| Max drawdown (3Y) | -33.7% | -45.0% |
| Market cap | $0.7B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 13.14% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBRT | SMHB |
|---|---|---|
| 2022 | -3.9% | -36.0% |
| 2023 | +16.6% | +36.0% |
| 2024 | +3.7% | -15.8% |
| 2025 | -9.2% | -7.7% |
| 2026 | -12.3% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBRT and SMHB good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FBRT and SMHB?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.57 over the last year and 0.67 over 5 years.
Is SMHB a good diversifier for FBRT?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 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/fbrt-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fbrt-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FBRT correlations · SMHB correlations
