SMHB vs TREE: Correlation
How closely do ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) and LendingTree, Inc. (TREE) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMHB and TREE?
Across a 3-year window, the weekly returns of SMHB and TREE correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 1795.7 %².
Among the 58 assets we track against SMHB, TREE ranks #20 by 3-year correlation. The last year tells two different stories: SMHB led by 65.6 percentage points, +7.4% for SMHB against -58.2% for TREE. One caveat on sizing: TREE 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.
SMHB vs TREE: side by side
| SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | TREE (LendingTree, Inc.) | |
|---|---|---|
| 1-year return | +7.4% | -58.2% |
| 5-year return | -13.5% | -83.0% |
| Volatility (ann.) | 39.3% | 76.1% |
| Beta vs S&P 500 | 1.42 | 1.99 |
| Max drawdown (3Y) | -45.0% | -63.0% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 2.3 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMHB | TREE |
|---|---|---|
| 2022 | -36.0% | -82.6% |
| 2023 | +36.0% | +42.1% |
| 2024 | -15.8% | +27.8% |
| 2025 | -7.7% | +37.0% |
| 2026 | +22.1% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMHB and TREE good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SMHB and TREE?
As of 2026-08-27, the correlation of weekly returns between SMHB and TREE is 0.60 over 3 years, 0.54 over 1 year and 0.58 over 5 years.
Is TREE a good diversifier for SMHB?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
A reading of 0.60 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/smhb-vs-tree.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smhb-vs-tree/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SMHB correlations · TREE correlations
