NXDT vs SMHB: Correlation
NexPoint Diversified Real Estate Trust (NXDT) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXDT and SMHB?
Across a 3-year window, the weekly returns of NXDT and SMHB correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 840.4 %².
In NXDT's tracked universe of 12 assets, SMHB sits right near the top at #3. Correlation aside, the last 12 months split them widely, with NXDT ahead by 52.3 points (+59.7% versus +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.
NXDT vs SMHB: side by side
| NXDT (NexPoint Diversified Real Estate Trust) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +59.7% | +7.4% |
| 5-year return | -44.2% | -13.5% |
| Volatility (ann.) | 48.6% | 39.3% |
| Beta vs S&P 500 | 0.90 | 1.42 |
| Max drawdown (3Y) | -65.1% | -45.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 10.87% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXDT | SMHB |
|---|---|---|
| 2022 | -14.0% | -36.0% |
| 2023 | -24.9% | +36.0% |
| 2024 | -15.0% | -15.8% |
| 2025 | -25.8% | -7.7% |
| 2026 | +51.6% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXDT and SMHB good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NXDT and SMHB?
As of 2026-08-27, the correlation of weekly returns between NXDT and SMHB is 0.44 over 3 years, 0.44 over 1 year and 0.48 over 5 years.
Is SMHB a good diversifier for NXDT?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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/nxdt-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nxdt-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXDT correlations · SMHB correlations
