HASI vs SMHB: Correlation
HA Sustainable Infrastructure Capital, Inc. (HASI) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HASI and SMHB?
Across a 3-year window, the weekly returns of HASI and SMHB correlate at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.58). Stretching to 5 years gives 0.61, with an annualized covariance of 1084.3 %².
Few assets follow HASI as closely as SMHB, which ranks #2 of 13 tracked partners. The last year tells two different stories: HASI led by 43.6 percentage points, +51.0% for HASI 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.
HASI vs SMHB: side by side
| HASI (HA Sustainable Infrastructure Capital, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +51.0% | +7.4% |
| 5-year return | -13.8% | -13.5% |
| Volatility (ann.) | 48.0% | 39.3% |
| Beta vs S&P 500 | 0.84 | 1.42 |
| Max drawdown (3Y) | -41.4% | -45.0% |
| Market cap | $5.2B | – |
| P/E (trailing) | 62.0 | – |
| Dividend yield | 4.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HASI | SMHB |
|---|---|---|
| 2022 | -43.0% | -36.0% |
| 2023 | +1.5% | +36.0% |
| 2024 | +3.0% | -15.8% |
| 2025 | +23.9% | -7.7% |
| 2026 | +31.0% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HASI and SMHB good diversifiers for each other?
To a limited degree. At 0.58 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 HASI and SMHB?
As of 2026-08-27, the correlation of weekly returns between HASI and SMHB is 0.58 over 3 years, 0.12 over 1 year and 0.61 over 5 years.
Is SMHB a good diversifier for HASI?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/hasi-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hasi-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HASI correlations · SMHB correlations
