NXST vs SMHB: Correlation
Measured on weekly returns over the past three years, Nexstar Media Group, Inc. (NXST) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXST and SMHB?
Over the past 3 years, NXST and SMHB moved with a correlation of 0.47, which is moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.47). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 615.8 %².
Within NXST's tracked universe of 13 assets, SMHB comes in at #4 by 3-year correlation. The last year tells two different stories: SMHB led by 16.9 percentage points, -9.5% for NXST 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.
NXST vs SMHB: side by side
| NXST (Nexstar Media Group, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -9.5% | +7.4% |
| 5-year return | +43.6% | -13.5% |
| Volatility (ann.) | 33.2% | 39.3% |
| Beta vs S&P 500 | 0.63 | 1.42 |
| Max drawdown (3Y) | -38.4% | -45.0% |
| Market cap | $5.5B | – |
| P/E (trailing) | 35.1 | – |
| Dividend yield | 4.01% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXST | SMHB |
|---|---|---|
| 2022 | +18.4% | -36.0% |
| 2023 | -7.5% | +36.0% |
| 2024 | +5.0% | -15.8% |
| 2025 | +34.0% | -7.7% |
| 2026 | -9.0% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXST and SMHB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NXST and SMHB?
The NXST/SMHB correlation stands at 0.47 on a 3-year window (1 year: 0.21, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for NXST?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/nxst-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nxst-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXST correlations · SMHB correlations
