HOG vs SMHB: Correlation
Harley-Davidson, Inc. (HOG) 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 HOG and SMHB?
Across a 3-year window, the weekly returns of HOG and SMHB correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 777.0 %².
By 3-year correlation, SMHB places #5 of the 10 assets tracked against HOG. On 12-month performance SMHB holds a 8.8-point edge, -1.4% against +7.4%.
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.
HOG vs SMHB: side by side
| HOG (Harley-Davidson, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -1.4% | +7.4% |
| 5-year return | -22.1% | -13.5% |
| Volatility (ann.) | 34.2% | 39.3% |
| Beta vs S&P 500 | 0.91 | 1.42 |
| Max drawdown (3Y) | -58.7% | -45.0% |
| Market cap | $2.9B | – |
| P/E (trailing) | 15.5 | – |
| Dividend yield | 2.64% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HOG | SMHB |
|---|---|---|
| 2022 | +12.1% | -36.0% |
| 2023 | -9.8% | +36.0% |
| 2024 | -16.6% | -15.8% |
| 2025 | -30.1% | -7.7% |
| 2026 | +38.4% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOG and SMHB good diversifiers for each other?
Only partially. A correlation of 0.58 means HOG and SMHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HOG and SMHB?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.55 over the last year and 0.64 over 5 years.
Is SMHB a good diversifier for HOG?
Only partially. A correlation of 0.58 means HOG and SMHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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/hog-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hog-vs-smhb/)
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Related comparisons
Hubs: HOG correlations · SMHB correlations
