QSR vs SMHB: Correlation
Restaurant Brands International Inc. (QSR) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QSR and SMHB?
On 3 years of weekly data the QSR/SMHB correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 320.0 %².
Within QSR's tracked universe of 10 assets, SMHB comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QSR ahead by 21.9 points (+29.3% versus +7.4%). One caveat on sizing: SMHB is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
QSR vs SMHB: side by side
| QSR (Restaurant Brands International Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +29.3% | +7.4% |
| 5-year return | +45.4% | -13.5% |
| Volatility (ann.) | 20.7% | 39.3% |
| Beta vs S&P 500 | 0.32 | 1.42 |
| Max drawdown (3Y) | -24.5% | -45.0% |
| Market cap | $35.8B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 3.20% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QSR | SMHB |
|---|---|---|
| 2022 | +10.7% | -36.0% |
| 2023 | +24.6% | +36.0% |
| 2024 | -13.8% | -15.8% |
| 2025 | +8.6% | -7.7% |
| 2026 | +16.5% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QSR and SMHB good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QSR and SMHB?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.38 over the last year and 0.41 over 5 years.
Is SMHB a good diversifier for QSR?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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/qsr-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qsr-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QSR correlations · SMHB correlations
