SMHB vs TRTX: Correlation
How closely do ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) and TPG RE Finance Trust, Inc. (TRTX) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMHB and TRTX?
Over the past 3 years, SMHB and TRTX moved with a correlation of 0.56, which is moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 632.9 %².
Among the 58 assets we track against SMHB, TRTX ranks #30 by 3-year correlation. Over the last 12 months SMHB came out ahead by 13.7 percentage points (+7.4% against -6.3%).
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 TRTX: side by side
| SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | TRTX (TPG RE Finance Trust, Inc.) | |
|---|---|---|
| 1-year return | +7.4% | -6.3% |
| 5-year return | -13.5% | +9.9% |
| Volatility (ann.) | 39.3% | 29.0% |
| Beta vs S&P 500 | 1.42 | 0.55 |
| Max drawdown (3Y) | -45.0% | -29.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | – | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SMHB | TRTX |
|---|---|---|
| 2022 | -36.0% | -38.4% |
| 2023 | +36.0% | +9.7% |
| 2024 | -15.8% | +46.9% |
| 2025 | -7.7% | +13.5% |
| 2026 | +22.1% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMHB and TRTX good diversifiers for each other?
To a limited degree. At 0.56 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 TRTX?
The SMHB/TRTX correlation stands at 0.56 on a 3-year window (1 year: 0.60, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is TRTX a good diversifier for SMHB?
To a limited degree. At 0.56 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 0.56 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/smhb-vs-trtx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/smhb-vs-trtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SMHB correlations · TRTX correlations
