AFSM vs. SMIN

Last updated Jul 14, 2026

AFSM (First Trust Active Factor Small Cap ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - AFSM is a Small Cap Blend Equities fund actively managed by First Trust, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. AFSM is actively managed, while SMIN is passively managed. Over the past 5 years, AFSM returned 10.32%/yr vs 6.72%/yr for SMIN. At a 0.41 correlation, their price movements are largely independent. AFSM charges 0.77%/yr vs 0.74%/yr for SMIN.

Performance

AFSM vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and iShares MSCI India Small-Cap ETF (SMIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFSM achieves a 21.95% return, which is significantly higher than SMIN's 0.30% return.

AFSM

• 1D: -0.75%
• 1M: 1.69%
• 6M: 17.03%
• YTD: 21.95%
• 1Y: 33.04%
• 3Y*: 17.55%
• 5Y*: 10.32%
• 10Y*: —

SMIN

• 1D: -1.21%
• 1M: 4.52%
• 6M: 3.12%
• YTD: 0.30%
• 1Y: -6.48%
• 3Y*: 8.99%
• 5Y*: 6.72%
• 10Y*: 9.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFSM vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	21.95%	9.99%	10.55%	22.23%	-17.50%	26.03%	8.44%	2.39%
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	2.16%

Correlation

The correlation between AFSM and SMIN is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 4, 2019	0.41

AFSM vs. SMIN - Sectors Allocation Comparison

Sectors	AFSM	SMIN
Technology	22.1%	7.9%
Industrials	17.1%	22.4%
Healthcare	16.7%	14.3%
Financial Services	13.4%	16.3%
Consumer Cyclical	8.0%	14.0%
Energy	6.3%	0.8%
Consumer Defensive	4.4%	3.9%
Basic Materials	4.3%	10.7%
Communication Services	3.8%	1.4%
Real Estate	3.4%	3.2%
Utilities	0.5%	2.8%

Return for Risk

AFSM vs. SMIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFSM

AFSM Risk / Return Rank: 73
AFSM Sharpe Ratio Rank: 71
AFSM Sortino Ratio Rank: 72
AFSM Omega Ratio Rank: 65
AFSM Calmar Ratio Rank: 82
AFSM Martin Ratio Rank: 77

SMIN

SMIN Risk / Return Rank: 6
SMIN Sharpe Ratio Rank: 6
SMIN Sortino Ratio Rank: 6
SMIN Omega Ratio Rank: 6
SMIN Calmar Ratio Rank: 7
SMIN Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFSM vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and iShares MSCI India Small-Cap ETF (SMIN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AFSM	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	1.81	-0.34	+2.15
Sortino ratio: Return per unit of downside risk	2.60	-0.38	+2.98
Omega ratio: Gain probability vs. loss probability	1.31	0.96	+0.35
Calmar ratio: Return relative to maximum drawdown	3.47	-0.27	+3.74
Martin ratio: Return relative to average drawdown	11.42	-0.58	+11.99

AFSM vs. SMIN - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 1.81, which is higher than the SMIN Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of AFSM and SMIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFSM vs. SMIN - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for AFSM and SMIN.

Drawdown Indicators

	AFSM	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-60.50%	+16.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-24.54%	+14.98%
Max Drawdown (3Y) Largest decline over 3 years	-25.07%	-27.58%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	-27.58%	-0.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-60.50%	—
Current Drawdown Current decline from peak	-2.76%	-12.28%	+9.52%
Average Drawdown Average peak-to-trough decline	-9.35%	-14.61%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	11.27%	-8.37%

Volatility

AFSM vs. SMIN - Volatility Comparison

The current volatility for First Trust Active Factor Small Cap ETF (AFSM) is 5.24%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 5.69%. This indicates that AFSM experiences smaller price fluctuations and is considered to be less risky than SMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSM	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	5.69%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	15.96%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	19.09%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.87%	18.96%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.30%	22.84%	+2.46%

AFSM vs. SMIN - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

AFSM vs. SMIN - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.50%, less than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFSM First Trust Active Factor Small Cap ETF	0.50%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%	0.00%	0.00%	0.00%	0.00%
SMIN iShares MSCI India Small-Cap ETF	2.01%	2.01%	6.84%	0.41%	0.01%	1.27%	1.06%	1.75%	1.68%	0.89%	2.30%	0.93%

Frequently Asked Questions

Can I hold both AFSM and SMIN in my portfolio?

AFSM and SMIN have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFSM or SMIN?

SMIN has higher volatility (5.69%) compared to AFSM (5.24%). In terms of maximum drawdown, AFSM dropped -43.54% vs SMIN's -60.50%.

Which ETF is better, AFSM or SMIN?

On 5-year performance, AFSM leads with 10.32% vs 6.72% for SMIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, AFSM has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or SMIN?

Over the 5-year period, AFSM has performed better with a 10.32% return vs 6.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or SMIN?

SMIN is cheaper with a 0.74% expense ratio, compared with 0.77% for AFSM.

Which ETF pays a higher dividend yield, AFSM or SMIN?

SMIN has the higher dividend yield at 2.01%, compared with 0.50% for AFSM.

What is the main difference between AFSM and SMIN?

AFSM is categorized as Small Cap Blend Equities, while SMIN is India Equities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.77% for AFSM and 0.74% for SMIN.

Which has better risk-adjusted returns?

AFSM currently has the higher Sharpe Ratio (1.81 vs -0.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.