SMHB vs TGT: Correlation
Measured on weekly returns over the past three years, ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) and Target Corporation (TGT) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMHB and TGT?
Over the past 3 years, SMHB and TGT moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 575.1 %².
Within SMHB's tracked universe of 58 assets, TGT comes in at #47 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TGT outperformed by 68.8 percentage points (+7.4% for SMHB against +76.2% for TGT).
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.
SMHB vs TGT: side by side
| SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | TGT (Target Corporation) | |
|---|---|---|
| 1-year return | +7.4% | +76.2% |
| 5-year return | -13.5% | -22.2% |
| Volatility (ann.) | 39.3% | 32.0% |
| Beta vs S&P 500 | 1.42 | 0.62 |
| Max drawdown (3Y) | -45.0% | -49.8% |
| Market cap | – | $75.4B |
| P/E (trailing) | – | 17.2 |
| Dividend yield | – | 2.78% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | SMHB | TGT |
|---|---|---|
| 2022 | -36.0% | -34.2% |
| 2023 | +36.0% | -1.4% |
| 2024 | -15.8% | -2.3% |
| 2025 | -7.7% | -24.5% |
| 2026 | +22.1% | +74.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMHB and TGT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SMHB and TGT?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.55 over the last year and 0.45 over 5 years.
Is TGT a good diversifier for SMHB?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SMHB correlations · TGT correlations
