NAVI vs SMHB: Correlation
How closely do Navient Corporation (NAVI) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAVI and SMHB?
Across a 3-year window, the weekly returns of NAVI and SMHB correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 794.3 %².
Few assets follow NAVI as closely as SMHB, which ranks #2 of 13 tracked partners. The last year tells two different stories: SMHB led by 34.3 percentage points, -26.9% for NAVI 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.
NAVI vs SMHB: side by side
| NAVI (Navient Corporation) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -26.9% | +7.4% |
| 5-year return | -49.1% | -13.5% |
| Volatility (ann.) | 32.0% | 39.3% |
| Beta vs S&P 500 | 0.99 | 1.42 |
| Max drawdown (3Y) | -57.6% | -45.0% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.83% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAVI | SMHB |
|---|---|---|
| 2022 | -19.3% | -36.0% |
| 2023 | +17.6% | +36.0% |
| 2024 | -25.6% | -15.8% |
| 2025 | +2.6% | -7.7% |
| 2026 | -25.5% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAVI and SMHB good diversifiers for each other?
Only partially. A correlation of 0.63 means NAVI 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 NAVI and SMHB?
The NAVI/SMHB correlation stands at 0.63 on a 3-year window (1 year: 0.64, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for NAVI?
Only partially. A correlation of 0.63 means NAVI 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 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/navi-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/navi-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAVI correlations · SMHB correlations
