HCAT vs SMHB: Correlation
How closely do Health Catalyst, Inc (HCAT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCAT and SMHB?
On 3 years of weekly data the HCAT/SMHB correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.47 over 3. The 5-year figure is 0.47, and annualized covariance runs at 1314.8 %².
SMHB is one of the assets that tracks HCAT most closely: it ranks #2 out of the 14 assets we track against HCAT. Correlation aside, the last 12 months split them widely, with SMHB ahead by 64.3 points (-56.9% versus +7.4%). Risk is not evenly split, since HCAT carries 1.8 times the volatility of the other side.
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.
HCAT vs SMHB: side by side
| HCAT (Health Catalyst, Inc) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -56.9% | +7.4% |
| 5-year return | -97.0% | -13.5% |
| Volatility (ann.) | 71.7% | 39.3% |
| Beta vs S&P 500 | 1.49 | 1.42 |
| Max drawdown (3Y) | -91.6% | -45.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCAT | SMHB |
|---|---|---|
| 2022 | -73.2% | -36.0% |
| 2023 | -12.9% | +36.0% |
| 2024 | -23.7% | -15.8% |
| 2025 | -66.2% | -7.7% |
| 2026 | -33.5% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCAT and SMHB good diversifiers for each other?
Reasonably. At 0.47, HCAT and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCAT and SMHB?
The HCAT/SMHB correlation stands at 0.47 on a 3-year window (1 year: 0.48, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for HCAT?
Reasonably. At 0.47, HCAT and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/hcat-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hcat-vs-smhb/)
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Related comparisons
Hubs: HCAT correlations · SMHB correlations
