BRAZ vs. SMIN

Last updated Aug 2, 2026

BRAZ (Global X Brazil Active ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - BRAZ is a Latin America Equities fund tracking the Solactive Brazil Mid Cap Index, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. Both are passively managed. Over the past year, BRAZ returned 41.55% vs -2.16% for SMIN. Their 0.27 correlation means their historical movements had little consistent relationship. BRAZ charges 0.75%/yr vs 0.74%/yr for SMIN.

Performance

BRAZ vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Brazil Active ETF (BRAZ) 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, BRAZ achieves a 14.43% return, which is significantly higher than SMIN's 0.14% return.

BRAZ

• 1D: 0.23%
• 1M: 6.38%
• 6M: -1.50%
• YTD: 14.43%
• 1Y: 41.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.46%

SMIN

• 1D: 0.36%
• 1M: -1.13%
• 6M: 6.30%
• YTD: 0.14%
• 1Y: -2.16%
• 3Y*: 7.81%
• 5Y*: 6.28%
• 10Y*: 9.04%
• ALL TIME*: 8.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BRAZ Global X Brazil Active ETF	$20.15K	$16.51K	$47.41K
SMIN iShares MSCI India Small-Cap ETF	$9.23M	$9.44M	$11.13M

BRAZ vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRAZ Global X Brazil Active ETF	14.43%	45.42%	-29.74%	17.80%
SMIN iShares MSCI India Small-Cap ETF	0.14%	-6.68%	16.78%	15.80%

Correlation

The correlation between BRAZ and SMIN is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023	0.27

BRAZ vs. SMIN - Sectors Allocation Comparison

Sectors	BRAZ	SMIN
Financial Services	36.9%	17.0%
Energy	15.5%	1.0%
Basic Materials	13.7%	11.0%
Industrials	12.9%	21.7%
Utilities	10.7%	2.6%
Consumer Cyclical	3.9%	14.5%
Real Estate	3.0%	3.4%
Healthcare	2.2%	15.0%
Consumer Defensive	1.4%	4.0%
Technology	1.0%	8.5%
Communication Services	-	1.5%

Return for Risk

BRAZ vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BRAZ

BRAZ Risk / Return Rank: 65
BRAZ Sharpe Ratio Rank: 77
BRAZ Sortino Ratio Rank: 71
BRAZ Omega Ratio Rank: 70
BRAZ Calmar Ratio Rank: 61
BRAZ Martin Ratio Rank: 47

SMIN

SMIN Risk / Return Rank: 9
SMIN Sharpe Ratio Rank: 9
SMIN Sortino Ratio Rank: 8
SMIN Omega Ratio Rank: 8
SMIN Calmar Ratio Rank: 9
SMIN Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BRAZ vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Brazil Active ETF (BRAZ) 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.

	BRAZ	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	1.75	-0.13	+1.88
Sortino ratio: Return per unit of downside risk	2.30	-0.06	+2.36
Omega ratio: Gain probability vs. loss probability	1.29	0.99	+0.30
Calmar ratio: Return relative to maximum drawdown	2.17	-0.11	+2.28
Martin ratio: Return relative to average drawdown	5.31	-0.29	+5.60

BRAZ vs. SMIN - Sharpe Ratio Comparison

The current BRAZ Sharpe Ratio is 1.75, which is higher than the SMIN Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of BRAZ 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

BRAZ vs. SMIN - Drawdown Comparison

The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for BRAZ and SMIN.

Drawdown Indicators

	BRAZ	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-60.50%	+29.48%
Max Drawdown (1Y) Largest decline over 1 year	-19.65%	-21.99%	+2.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.50%	—
Current Drawdown Current decline from peak	-11.91%	-12.42%	+0.51%
Average Drawdown Average peak-to-trough decline	-11.49%	-14.60%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.00%	8.75%	-0.75%

Volatility

BRAZ vs. SMIN - Volatility Comparison

Global X Brazil Active ETF (BRAZ) has a higher volatility of 6.06% compared to iShares MSCI India Small-Cap ETF (SMIN) at 4.91%. This indicates that BRAZ's price experiences larger fluctuations and is considered to be riskier than SMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRAZ	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	4.91%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	18.33%	15.74%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	24.41%	19.05%	+5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.42%	18.99%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.42%	22.84%	+0.58%

BRAZ vs. SMIN - Expense Ratio Comparison

BRAZ has a 0.75% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

BRAZ vs. SMIN - Dividend Comparison

BRAZ's dividend yield for the trailing twelve months is around 2.56%, more than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRAZ Global X Brazil Active ETF	2.56%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	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 BRAZ and SMIN in my portfolio?

BRAZ 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, BRAZ or SMIN?

BRAZ has higher volatility (6.06%) compared to SMIN (4.91%). In terms of maximum drawdown, BRAZ dropped -31.02% vs SMIN's -60.50%.

Which ETF is better, BRAZ or SMIN?

On 1-year performance, BRAZ leads with 41.55% vs -2.16% for SMIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRAZ or SMIN?

Over the 1-year period, BRAZ has performed better with a 41.55% return vs -2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRAZ or SMIN?

SMIN is cheaper with a 0.74% expense ratio, compared with 0.75% for BRAZ.

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

BRAZ has the higher dividend yield at 2.56%, compared with 2.01% for SMIN.

What is the main difference between BRAZ and SMIN?

BRAZ is categorized as Latin America Equities, while SMIN is India Equities. BRAZ tracks Solactive Brazil Mid Cap Index, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.75% for BRAZ and 0.74% for SMIN.

Which has better risk-adjusted returns?

BRAZ currently has the higher Sharpe Ratio (1.75 vs -0.13), 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.