RSP vs SMHB: Correlation
Invesco S&P 500 Equal Weight ETF (RSP) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and SMHB?
On 3 years of weekly data the RSP/SMHB correlation comes out at 0.75, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 389.6 %².
Among the 250 assets we track against RSP, SMHB ranks #39 by 3-year correlation. Over the last 12 months RSP came out ahead by 11.8 percentage points (+19.2% against +7.4%). One caveat on sizing: SMHB is 3.0 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.
RSP vs SMHB: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +19.2% | +7.4% |
| 5-year return | +53.9% | -13.5% |
| Volatility (ann.) | 13.2% | 39.3% |
| Beta vs S&P 500 | 0.77 | 1.42 |
| Max drawdown (3Y) | -17.8% | -45.0% |
| Dividend yield | 1.49% | – |
| Expense ratio | 0.20% | – |
| Assets under management | $97.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
RSP is a Large Blend fund from Invesco: $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | RSP | SMHB |
|---|---|---|
| 2022 | -11.6% | -36.0% |
| 2023 | +13.7% | +36.0% |
| 2024 | +12.8% | -15.8% |
| 2025 | +11.2% | -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 RSP and SMHB good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RSP and SMHB?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.73 over the last year and 0.82 over 5 years.
Is SMHB a good diversifier for RSP?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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/rsp-vs-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rsp-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RSP correlations · SMHB correlations
