MPT vs SMHB: Correlation
Measured on weekly returns over the past three years, Medical Properties Trust, Inc. (MPT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPT and SMHB?
On 3 years of weekly data the MPT/SMHB correlation comes out at 0.49, moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.49). The 5-year figure is 0.56, and annualized covariance runs at 1022.8 %².
By 3-year correlation, SMHB places #4 of the 11 assets tracked against MPT. The trailing year gives SMHB the advantage: -2.1% versus +7.4%, a 9.5-point spread.
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.
MPT vs SMHB: side by side
| MPT (Medical Properties Trust, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -2.1% | +7.4% |
| 5-year return | -69.8% | -13.5% |
| Volatility (ann.) | 53.6% | 39.3% |
| Beta vs S&P 500 | 1.05 | 1.42 |
| Max drawdown (3Y) | -55.9% | -45.0% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.58% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MPT | SMHB |
|---|---|---|
| 2022 | -49.0% | -36.0% |
| 2023 | -50.3% | +36.0% |
| 2024 | -11.5% | -15.8% |
| 2025 | +35.2% | -7.7% |
| 2026 | -16.3% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPT and SMHB good diversifiers for each other?
Reasonably. At 0.49, MPT and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MPT and SMHB?
The MPT/SMHB correlation stands at 0.49 on a 3-year window (1 year: 0.34, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for MPT?
Reasonably. At 0.49, MPT and SMHB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mpt-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mpt-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MPT correlations · SMHB correlations
