GPMT vs SMHB: Correlation
Granite Point Mortgage Trust Inc. (GPMT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPMT and SMHB?
Across a 3-year window, the weekly returns of GPMT and SMHB correlate at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 1027.4 %².
In GPMT's tracked universe of 13 assets, SMHB sits right near the top at #2. The last year tells two different stories: SMHB led by 64.2 percentage points, -56.8% for GPMT 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.
GPMT vs SMHB: side by side
| GPMT (Granite Point Mortgage Trust Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -56.8% | +7.4% |
| 5-year return | -86.4% | -13.5% |
| Volatility (ann.) | 47.2% | 39.3% |
| Beta vs S&P 500 | 1.20 | 1.42 |
| Max drawdown (3Y) | -78.6% | -45.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 19.05% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GPMT | SMHB |
|---|---|---|
| 2022 | -48.3% | -36.0% |
| 2023 | +28.8% | +36.0% |
| 2024 | -49.0% | -15.8% |
| 2025 | -7.0% | -7.7% |
| 2026 | -51.8% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPMT and SMHB good diversifiers for each other?
To a limited degree. At 0.55 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 GPMT and SMHB?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.51 over the last year and 0.59 over 5 years.
Is SMHB a good diversifier for GPMT?
To a limited degree. At 0.55 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 0.55 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/gpmt-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gpmt-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GPMT correlations · SMHB correlations
