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CNEQ vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNEQ vs. SMIN

Last updated Aug 4, 2026
Documentation

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 India Equities fund tracking the MSCI India Small Cap Index. CNEQ is actively managed, while SMIN is passively managed. Over the past year, CNEQ returned 29.37% vs -1.18% for SMIN. Their 0.29 correlation means their historical movements had little consistent relationship. CNEQ charges 0.56%/yr vs 0.74%/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.

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Returns By Period

In the year-to-date period, CNEQ achieves a 14.63% return, which is significantly higher than SMIN's 1.14% return.

CNEQ

1D
2.55%
1M
-0.71%
6M
15.95%
YTD
14.63%
1Y
29.37%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
34.36%

SMIN

1D
1.00%
1M
-0.14%
6M
3.82%
YTD
1.14%
1Y
-1.18%
3Y*
8.35%
5Y*
6.49%
10Y*
9.02%
ALL TIME*
8.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CNEQ

Alger Concentrated Equity ETF
$6.99M$6.30M$7.86M

SMIN

iShares MSCI India Small-Cap ETF
$8.99M$9.39M$10.84M

CNEQ vs. SMIN - Yearly Performance Comparison

2026 (YTD)20252024
CNEQ
Alger Concentrated Equity ETF		14.63%33.61%29.82%
SMIN
iShares MSCI India Small-Cap ETF		1.14%-6.68%11.91%

Correlation

The correlation between CNEQ and SMIN is 0.35, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.35

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

47.2%
8.5%

Communication Services

17.9%
1.5%

Industrials

14.5%
21.7%

Consumer Cyclical

10.9%
14.5%

Healthcare

4.7%
15.0%

Utilities

3.2%
2.6%

Financial Services

1.7%
17.0%

Basic Materials

-

11.0%

Consumer Defensive

-

4.0%

Energy

-

1.0%

Real Estate

-

3.4%

Technology

CNEQ
47.2%
SMIN
8.5%

Communication Services

CNEQ
17.9%
SMIN
1.5%

Industrials

CNEQ
14.5%
SMIN
21.7%

Consumer Cyclical

CNEQ
10.9%
SMIN
14.5%

Healthcare

CNEQ
4.7%
SMIN
15.0%

Utilities

CNEQ
3.2%
SMIN
2.6%

Financial Services

CNEQ
1.7%
SMIN
17.0%

Basic Materials

CNEQ

-

SMIN
11.0%

Consumer Defensive

CNEQ

-

SMIN
4.0%

Energy

CNEQ

-

SMIN
1.0%

Real Estate

CNEQ

-

SMIN
3.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Alger Concentrated Equity ETF

iShares MSCI India Small-Cap ETF

Often compared with CNEQ:
CNEQ vs. ATFVCNEQ vs. ALAICNEQ vs. ONEQCNEQ vs. FDGCNEQ vs. TOPTCNEQ vs. SPMOCNEQ vs. SMH
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDF

Return for Risk

CNEQ vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CNEQ
CNEQ Risk / Return Rank: 4343
Overall Rank
CNEQ Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
CNEQ Sortino Ratio Rank: 4545
Sortino Ratio Rank
CNEQ Omega Ratio Rank: 4343
Omega Ratio Rank
CNEQ Calmar Ratio Rank: 4242
Calmar Ratio Rank
CNEQ Martin Ratio Rank: 4141
Martin Ratio Rank
SMIN
SMIN Risk / Return Rank: 1010
Overall Rank
SMIN Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 1010
Sortino Ratio Rank
SMIN Omega Ratio Rank: 1010
Omega Ratio Rank
SMIN Calmar Ratio Rank: 1010
Calmar Ratio Rank
SMIN Martin Ratio Rank: 1010
Martin Ratio Rank
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.

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.

CNEQSMINDifference
Sharpe ratioReturn per unit of total volatility
1.16
-0.06

+1.22

Sortino ratioReturn per unit of downside risk
1.68
0.05

+1.63

Omega ratioGain probability vs. loss probability

1.21

1.01

+0.20

Calmar ratioReturn relative to maximum drawdown

1.53

-0.05

+1.58

Martin ratioReturn relative to average drawdown

4.47

-0.13

+4.61

CNEQ vs. SMIN - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 1.16, which is higher than the SMIN Sharpe Ratio of -0.06. 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.

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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.

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Drawdown Indicators

CNEQSMINDifference

Max Drawdown

Largest peak-to-trough decline

-27.58%

-60.50%

+32.92%

Max Drawdown (1Y)

Largest decline over 1 year

-19.30%

-21.99%

+2.69%

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

-5.79%

-11.54%

+5.75%

Average Drawdown

Average peak-to-trough decline

-4.92%

-14.60%

+9.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.58%

8.75%

-2.17%

Volatility

CNEQ vs. SMIN - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 9.31% compared to iShares MSCI India Small-Cap ETF (SMIN) at 4.94%. 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.

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Volatility by Period

CNEQSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.31%

4.94%

+4.37%

Volatility (6M)

Calculated over the trailing 6-month period

20.43%

15.72%

+4.71%

Volatility (1Y)

Calculated over the trailing 1-year period

25.44%

19.11%

+6.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.16%

19.00%

+8.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.16%

22.84%

+4.32%

CNEQ vs. SMIN - Expense Ratio Comparison

CNEQ has a 0.56% expense ratio, which is lower than SMIN's 0.74% expense ratio.

Dividends

CNEQ vs. SMIN - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.46%, less than SMIN's 1.99% yield.

PositionTTM20252024202320222021202020192018201720162015
CNEQ
Alger Concentrated Equity ETF		0.46%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		1.99%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

CNEQ and SMIN have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CNEQ has higher volatility (9.31%) compared to SMIN (4.94%). In terms of maximum drawdown, CNEQ dropped -27.58% vs SMIN's -60.50%.

On 1-year performance, CNEQ leads with 29.37% vs -1.18% for SMIN. On fees, CNEQ is cheaper at 0.56% per year. On volatility, SMIN has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, CNEQ has performed better with a 29.37% return vs -1.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CNEQ is cheaper with a 0.56% expense ratio, compared with 0.74% for SMIN.

SMIN has the higher dividend yield at 1.99%, compared with 0.46% for CNEQ.

CNEQ is categorized as Large Cap Growth Equities, while SMIN is India Equities. They also come from different issuers: Alger and iShares. Their fees differ too: 0.56% for CNEQ and 0.74% for SMIN.

CNEQ currently has the higher Sharpe Ratio (1.16 vs -0.06), 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.

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