REFI vs SMHB: Correlation
How closely do Chicago Atlantic Real Estate Finance, Inc. (REFI) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REFI and SMHB?
Across a 3-year window, the weekly returns of REFI and SMHB correlate at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 362.9 %².
Within REFI's tracked universe of 12 assets, SMHB comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMHB outperformed by 20.0 percentage points (-12.6% for REFI against +7.4% for SMHB). Risk is not evenly split, since SMHB carries 2.0 times the volatility of the other side.
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.
REFI vs SMHB: side by side
| REFI (Chicago Atlantic Real Estate Finance, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | -12.6% | +7.4% |
| 5-year return | +21.3% | -13.5% |
| Volatility (ann.) | 19.4% | 39.3% |
| Beta vs S&P 500 | 0.51 | 1.42 |
| Max drawdown (3Y) | -24.9% | -45.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | 7.8 | – |
| Dividend yield | 17.60% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | REFI | SMHB |
|---|---|---|
| 2022 | +3.4% | -36.0% |
| 2023 | +23.7% | +36.0% |
| 2024 | +8.7% | -15.8% |
| 2025 | -8.7% | -7.7% |
| 2026 | -5.3% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REFI and SMHB good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between REFI and SMHB?
The REFI/SMHB correlation stands at 0.48 on a 3-year window (1 year: 0.47, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SMHB a good diversifier for REFI?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/refi-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/refi-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: REFI correlations · SMHB correlations
