PDM vs SMHB: Correlation
Piedmont Realty Trust, Inc. (PDM) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDM and SMHB?
On 3 years of weekly data the PDM/SMHB correlation comes out at 0.74, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 1029.9 %².
Within PDM's tracked universe of 28 assets, SMHB comes in at #7 by 3-year correlation. Over the last 12 months PDM came out ahead by 8.6 percentage points (+16.0% against +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.
PDM vs SMHB: side by side
| PDM (Piedmont Realty Trust, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +16.0% | +7.4% |
| 5-year return | -29.9% | -13.5% |
| Volatility (ann.) | 35.3% | 39.3% |
| Beta vs S&P 500 | 0.95 | 1.42 |
| Max drawdown (3Y) | -46.4% | -45.0% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PDM | SMHB |
|---|---|---|
| 2022 | -46.8% | -36.0% |
| 2023 | -14.8% | +36.0% |
| 2024 | +37.2% | -15.8% |
| 2025 | -7.3% | -7.7% |
| 2026 | +16.4% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDM and SMHB good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PDM and SMHB?
As of 2026-08-27, the correlation of weekly returns between PDM and SMHB is 0.74 over 3 years, 0.69 over 1 year and 0.73 over 5 years.
Is SMHB a good diversifier for PDM?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 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/pdm-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pdm-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PDM correlations · SMHB correlations
