CNEQ vs. SMIN

Last updated Jun 25, 2026

CNEQ (Alger Concentrated Equity ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - CNEQ is a Large Cap Growth Equities fund actively managed by Alger, while SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index. CNEQ is actively managed, while SMIN is passively managed. Over the past year, CNEQ returned 39.65% vs -4.59% for SMIN. At a 0.29 correlation, their price movements are largely independent. CNEQ charges 0.55%/yr vs 0.76%/yr for SMIN.

Performance

CNEQ vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) 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, CNEQ achieves a 16.03% return, which is significantly higher than SMIN's 0.41% return.

CNEQ

• 1D: -0.32%
• 1M: -0.32%
• YTD: 16.03%
• 6M: 13.52%
• 1Y: 39.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMIN

• 1D: 0.65%
• 1M: 5.66%
• YTD: 0.41%
• 6M: 0.95%
• 1Y: -4.59%
• 3Y*: 10.56%
• 5Y*: 7.52%
• 10Y*: 10.35%

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

CNEQ vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	16.03%	33.61%	29.82%
SMIN iShares MSCI India Small-Cap ETF	0.41%	-6.68%	11.91%

Correlation

The correlation between CNEQ and SMIN is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	0.29

CNEQ vs. SMIN - Sectors Allocation Comparison

Sectors	CNEQ	SMIN
Technology	47.4%	9.3%
Communication Services	16.8%	0.9%
Consumer Cyclical	14.1%	11.4%
Utilities	6.6%	2.1%
Industrials	6.1%	19.5%
Healthcare	4.3%	16.5%
Financial Services	1.6%	21.3%
Basic Materials	-	8.4%
Consumer Defensive	-	1.4%
Energy	-	1.3%
Real Estate	-	4.3%

Return for Risk

CNEQ vs. SMIN — Risk / Return Rank

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

CNEQ

CNEQ Risk / Return Rank: 49
CNEQ Sharpe Ratio Rank: 54
CNEQ Sortino Ratio Rank: 50
CNEQ Omega Ratio Rank: 51
CNEQ Calmar Ratio Rank: 46
CNEQ Martin Ratio Rank: 43

SMIN

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

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.

CNEQ vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) 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.

	CNEQ	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	1.66	-0.24	+1.90
Sortino ratio: Return per unit of downside risk	2.22	-0.23	+2.45
Omega ratio: Gain probability vs. loss probability	1.29	0.98	+0.32
Calmar ratio: Return relative to maximum drawdown	2.06	-0.19	+2.25
Martin ratio: Return relative to average drawdown	6.40	-0.41	+6.81

CNEQ vs. SMIN - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 1.66, which is higher than the SMIN Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of CNEQ 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

CNEQ vs. SMIN - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for CNEQ and SMIN.

Drawdown Indicators

	CNEQ	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-60.50%	+32.92%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-24.54%	+5.24%
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	-4.64%	-12.18%	+7.54%
Average Drawdown Average peak-to-trough decline	-4.86%	-14.62%	+9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.21%	11.12%	-4.91%

Volatility

CNEQ vs. SMIN - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 9.80% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.75%. This indicates that CNEQ'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

	CNEQ	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	5.75%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	15.83%	+2.80%
Volatility (1Y) Calculated over the trailing 1-year period	24.07%	18.86%	+5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	18.93%	+8.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	22.85%	+4.12%

CNEQ vs. SMIN - Expense Ratio Comparison

CNEQ has a 0.55% expense ratio, which is lower than SMIN's 0.76% expense ratio.

Dividends

CNEQ vs. SMIN - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.45%, less than SMIN's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNEQ Alger Concentrated Equity ETF	0.45%	0.52%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMIN iShares MSCI India Small-Cap ETF	2.00%	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 CNEQ and SMIN in my portfolio?

CNEQ and SMIN have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNEQ or SMIN?

CNEQ has higher volatility (9.80%) compared to SMIN (5.75%). In terms of maximum drawdown, CNEQ dropped -27.58% vs SMIN's -60.50%.

Which ETF is better, CNEQ or SMIN?

On 1-year performance, CNEQ leads with 39.65% vs -4.59% for SMIN. On fees, CNEQ is cheaper at 0.55% per year. On volatility, SMIN has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNEQ or SMIN?

Over the 1-year period, CNEQ has performed better with a 39.65% return vs -4.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or SMIN?

CNEQ is cheaper with a 0.55% expense ratio, compared with 0.76% for SMIN.

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

SMIN has the higher dividend yield at 2.00%, compared with 0.45% for CNEQ.

What is the main difference between CNEQ and SMIN?

CNEQ is categorized as Large Cap Growth Equities, while SMIN is Asia Pacific Equities. They also come from different issuers: Alger and iShares. Their fees differ too: 0.55% for CNEQ and 0.76% for SMIN.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.66 vs -0.24), 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.