ILPT vs SMHB: Correlation
How closely do Industrial Logistics Properties Trust (ILPT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ILPT and SMHB?
Across a 3-year window, the weekly returns of ILPT and SMHB correlate at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.45) runs below the 3-year figure (0.57). Stretching to 5 years gives 0.49, with an annualized covariance of 1323.8 %².
Within ILPT's tracked universe of 13 assets, SMHB comes in at #5 by 3-year correlation. The last year tells two different stories: ILPT led by 36.0 percentage points, +43.4% for ILPT against +7.4% for SMHB. One caveat on sizing: ILPT is 1.5 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.
ILPT vs SMHB: side by side
| ILPT (Industrial Logistics Properties Trust) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +43.4% | +7.4% |
| 5-year return | -65.6% | -13.5% |
| Volatility (ann.) | 59.0% | 39.3% |
| Beta vs S&P 500 | 1.10 | 1.42 |
| Max drawdown (3Y) | -51.1% | -45.0% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.97% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ILPT | SMHB |
|---|---|---|
| 2022 | -86.5% | -36.0% |
| 2023 | +45.8% | +36.0% |
| 2024 | -21.6% | -15.8% |
| 2025 | +55.5% | -7.7% |
| 2026 | +54.5% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ILPT and SMHB good diversifiers for each other?
To a limited degree. At 0.57 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 ILPT and SMHB?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.45 over the last year and 0.49 over 5 years.
Is SMHB a good diversifier for ILPT?
To a limited degree. At 0.57 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 0.57 mean?
A reading of 0.57 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/ilpt-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ilpt-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ILPT correlations · SMHB correlations
