ETRACS 2xMonthly Pay Leveraged US Small Cap… (SMHB) Performance
SMHB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.8% since Dec 31, 2025
- 1 year
- −7.9% total return
- 5 years
- −7.6% a year
- Since first price
- −6.7% a year since 2018
SMHB trailing returns vs SPY, QQQ, AGG
| Period | SMHB total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.6% | −4.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −12.5% | −16.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.6% | −15.0% | +7.8% | +8.4% | −1.5% |
| YTD | +1.8% | −14.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.9% | −23.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +20.1%+6.3%/yr | −33.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −32.7%−7.6%/yr | −73.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionNov 9, 2018 | −42.6%−6.7%/yr | −86.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SMHB vs SPY
From Nov 9, 2018: SMHB grew to $5,739, SPY to $30,840.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMHB returns by calendar year
3 of 7 full years positive. Best 2021 (+68.9%), worst 2020 (−43.2%). 2026 is year to date.
SMHB annual returns table
| Year | SMHB | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +1.8% | −27.0% | +12.3% | +15.1% | −1.0% |
| 2025 | −7.8% | −37.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −15.3% | −21.7% | +24.9% | +25.6% | +1.3% |
| 2023 | +36.0% | −48.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −36.0% | −48.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +68.9% | −17.8% | +28.7% | +27.4% | −1.8% |
| 2020 | −43.2% | −89.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +15.0% | −31.4% | +31.2% | +39.0% | +8.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SMHB largest drawdowns
Now 42.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 9, 2018 | −90.1% | Mar 18, 2020 | not yet | 1.4 years | 8.0 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMHB risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | −1.1% | −6.7% | −6.4% |
| Volatility (annualized) | 33.9% | 46.1% | 56.1% |
| Sharpe ratio | 0.00 | -0.00 | 0.20 |
| Sortino ratio | 0.00 | -0.00 | 0.29 |
| Best month | +25.0% | +31.6% | +49.8% |
| Worst month | −20.0% | −31.3% | −78.7% |
| Best 12 months | +36.1% | +50.8% | +366.4% |
| Worst 12 months | −17.9% | −44.6% | −83.7% |
| Positive months | 50% | 47% | 51% |
| Beta vs S&P 500 | 1.61 | 2.15 | — |
| Correlation with S&P 500 | 0.59 | 0.73 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SMHB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 84 | −83.7% | −8.0% | +366.4% | 39% |
| 3-year (a year) | 60 | −17.9% | −1.9% | +47.7% | 35% |
| 5-year (a year) | 36 | −9.1% | −3.2% | +31.6% | 31% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
SMHB performance overview
ETRACS 2xMonthly Pay Leveraged US Small Cap… (SMHB) returned −7.9% over the past year and −7.6% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned −6.7% a year, turning $10,000 into about $5,739. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −90.1%, from Nov 9, 2018 to Mar 18, 2020; the fund has not yet regained that high. SMHB finished 3 of its 7 full calendar years with a gain; the best year was 2021 (+68.9%) and the worst 2020 (−43.2%). Volatility has been 56.1% a year.
Related: SMHB chart, SMHB holdings, SMHB dividends. See the SMHB overview for the latest quote and fund facts.
SMHB performance FAQ
What is the SMHB return over the past year?
SMHB returned −7.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 23.8%.
What is the average annual return of SMHB?
SMHB has returned −7.6% a year over 5 years, −6.7% a year since November 9, 2018 (total return, distributions reinvested).
How much would $10,000 invested in SMHB be worth?
$10,000 invested in SMHB at its first recorded close on November 9, 2018 would be worth about $5,739 on October 23, 2026 with distributions reinvested.
What was the worst year for SMHB?
The worst calendar year was 2020, with a total return of −43.2%. The best was 2021 at +68.9%.
What is the biggest drawdown of SMHB?
The largest peak-to-trough decline was −90.1% between November 9, 2018 and March 18, 2020. It has not yet recovered to that high; it is 42.6% below its peak.
How volatile is SMHB?
Over the past 3 years SMHB had an annualized volatility of 33.9% and a Sharpe ratio of 0.00 (excess return over 1–3 month T-bills per unit of risk).