BRZU vs. SMIN

Last updated Jul 14, 2026

BRZU (Direxion Daily Brazil Bull 2X Shares) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, BRZU returned -19.50%/yr vs 9.48%/yr for SMIN. At a 0.35 correlation, their price movements are largely independent. BRZU charges 1.29%/yr vs 0.74%/yr for SMIN.

Performance

BRZU vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Brazil Bull 2X Shares (BRZU) 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, BRZU achieves a 17.66% return, which is significantly higher than SMIN's 0.30% return. Over the past 10 years, BRZU has underperformed SMIN with an annualized return of -19.50%, while SMIN has yielded a comparatively higher 9.48% annualized return.

BRZU

• 1D: -3.22%
• 1M: 2.78%
• 6M: 10.20%
• YTD: 17.66%
• 1Y: 59.89%
• 3Y*: 6.11%
• 5Y*: -2.17%
• 10Y*: -19.50%

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)

BRZU vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	17.66%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%

Correlation

The correlation between BRZU and SMIN is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013	0.35

BRZU vs. SMIN - Sectors Allocation Comparison

Sectors	BRZU	SMIN
Financial Services	33.4%	16.3%
Energy	16.7%	0.8%
Basic Materials	15.3%	10.7%
Utilities	12.8%	2.8%
Industrials	11.0%	22.4%
Consumer Defensive	4.6%	3.9%
Healthcare	2.3%	14.3%
Communication Services	2.1%	1.4%
Consumer Cyclical	1.4%	14.0%
Technology	0.4%	7.9%
Real Estate	-	3.2%

Return for Risk

BRZU vs. SMIN — Risk / Return Rank

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

BRZU

BRZU Risk / Return Rank: 41
BRZU Sharpe Ratio Rank: 43
BRZU Sortino Ratio Rank: 42
BRZU Omega Ratio Rank: 41
BRZU Calmar Ratio Rank: 41
BRZU Martin Ratio Rank: 35

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.

BRZU vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Brazil Bull 2X Shares (BRZU) 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.

	BRZU	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	1.21	-0.34	+1.55
Sortino ratio: Return per unit of downside risk	1.74	-0.38	+2.12
Omega ratio: Gain probability vs. loss probability	1.22	0.96	+0.26
Calmar ratio: Return relative to maximum drawdown	1.67	-0.27	+1.94
Martin ratio: Return relative to average drawdown	4.23	-0.58	+4.81

BRZU vs. SMIN - Sharpe Ratio Comparison

The current BRZU Sharpe Ratio is 1.21, which is higher than the SMIN Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of BRZU 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

BRZU vs. SMIN - Drawdown Comparison

The maximum BRZU drawdown since its inception was -99.71%, which is greater than SMIN's maximum drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for BRZU and SMIN.

Drawdown Indicators

	BRZU	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-60.50%	-39.21%
Max Drawdown (1Y) Largest decline over 1 year	-35.97%	-24.54%	-11.43%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-27.58%	-30.67%
Max Drawdown (5Y) Largest decline over 5 years	-62.89%	-27.58%	-35.31%
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	-60.50%	-37.61%
Current Drawdown Current decline from peak	-99.16%	-12.28%	-86.88%
Average Drawdown Average peak-to-trough decline	-89.60%	-14.61%	-74.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.19%	11.27%	+2.92%

Volatility

BRZU vs. SMIN - Volatility Comparison

Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 12.08% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.69%. This indicates that BRZU'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

	BRZU	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	5.69%	+6.39%
Volatility (6M) Calculated over the trailing 6-month period	39.65%	15.96%	+23.69%
Volatility (1Y) Calculated over the trailing 1-year period	49.78%	19.09%	+30.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.29%	18.96%	+36.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.30%	22.84%	+59.46%

BRZU vs. SMIN - Expense Ratio Comparison

BRZU has a 1.29% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

BRZU vs. SMIN - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 1.91%, less than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRZU Direxion Daily Brazil Bull 2X Shares	1.91%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%	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 BRZU and SMIN in my portfolio?

BRZU and SMIN have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRZU or SMIN?

BRZU has higher volatility (12.08%) compared to SMIN (5.69%). In terms of maximum drawdown, BRZU dropped -99.71% vs SMIN's -60.50%.

Which ETF is better, BRZU or SMIN?

On 10-year performance, SMIN leads with 9.48% vs -19.50% for BRZU. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRZU or SMIN?

Over the 10-year period, SMIN has performed better with a 9.48% return vs -19.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRZU or SMIN?

SMIN is cheaper with a 0.74% expense ratio, compared with 1.29% for BRZU.

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

SMIN has the higher dividend yield at 2.01%, compared with 1.91% for BRZU.

What is the main difference between BRZU and SMIN?

BRZU is categorized as Leveraged Equities, while SMIN is India Equities. BRZU tracks MSCI Brazil 25/50 Index, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.29% for BRZU and 0.74% for SMIN.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.21 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.