DGIN vs. SMIN

Last updated Jul 14, 2026

DGIN (VanEck Digital India ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both India Equities funds - DGIN tracks the MVIS Digital India while SMIN tracks the MSCI India Small Cap Index. Both are passively managed. Over the past 3 years, DGIN returned 4.14%/yr vs 8.99%/yr for SMIN. A 0.77 correlation means they provide meaningful diversification when combined. DGIN charges 0.76%/yr vs 0.74%/yr for SMIN.

Performance

DGIN vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Digital India ETF (DGIN) 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, DGIN achieves a -12.73% return, which is significantly lower than SMIN's 0.30% return.

DGIN

• 1D: -1.39%
• 1M: 4.73%
• 6M: -11.50%
• YTD: -12.73%
• 1Y: -15.71%
• 3Y*: 4.14%
• 5Y*: —
• 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)

DGIN vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DGIN VanEck Digital India ETF	-12.73%	-6.00%	22.56%	30.30%	-22.40%
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	16.78%	35.41%	-9.82%

Correlation

The correlation between DGIN and SMIN is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022	0.77

The correlation between DGIN and SMIN has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

DGIN vs. SMIN - Sectors Allocation Comparison

Sectors	DGIN	SMIN
Communication Services	31.4%	1.4%
Technology	23.9%	7.9%
Financial Services	20.5%	16.3%
Consumer Cyclical	15.8%	14.0%
Energy	7.1%	0.8%
Industrials	1.3%	22.4%
Healthcare	0.9%	14.3%
Basic Materials	-	10.7%
Consumer Defensive	-	3.9%
Real Estate	-	3.2%
Utilities	-	2.8%

Return for Risk

DGIN vs. SMIN — Risk / Return Rank

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

DGIN

DGIN Risk / Return Rank: 3
DGIN Sharpe Ratio Rank: 3
DGIN Sortino Ratio Rank: 3
DGIN Omega Ratio Rank: 3
DGIN Calmar Ratio Rank: 5
DGIN Martin Ratio Rank: 4

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.

DGIN vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital India ETF (DGIN) 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.

	DGIN	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.34	-0.49
Sortino ratio: Return per unit of downside risk	-1.13	-0.38	-0.76
Omega ratio: Gain probability vs. loss probability	0.87	0.96	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.54	-0.27	-0.28
Martin ratio: Return relative to average drawdown	-1.12	-0.58	-0.55

DGIN vs. SMIN - Sharpe Ratio Comparison

The current DGIN Sharpe Ratio is -0.84, which is lower than the SMIN Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of DGIN 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

DGIN vs. SMIN - Drawdown Comparison

The maximum DGIN drawdown since its inception was -33.65%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for DGIN and SMIN.

Drawdown Indicators

	DGIN	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-60.50%	+26.85%
Max Drawdown (1Y) Largest decline over 1 year	-29.10%	-24.54%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-33.65%	-27.58%	-6.07%
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	-21.80%	-12.28%	-9.52%
Average Drawdown Average peak-to-trough decline	-13.53%	-14.61%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.99%	11.27%	+2.72%

Volatility

DGIN vs. SMIN - Volatility Comparison

The current volatility for VanEck Digital India ETF (DGIN) is 5.06%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 5.69%. This indicates that DGIN 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

	DGIN	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	5.69%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	15.96%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.90%	19.09%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	18.96%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	22.84%	-3.96%

DGIN vs. SMIN - Expense Ratio Comparison

DGIN has a 0.76% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

DGIN vs. SMIN - Dividend Comparison

DGIN's dividend yield for the trailing twelve months is around 2.18%, more than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGIN VanEck Digital India ETF	2.18%	1.90%	0.00%	0.24%	0.97%	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 DGIN and SMIN in my portfolio?

DGIN and SMIN have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGIN or SMIN?

SMIN has higher volatility (5.69%) compared to DGIN (5.06%). In terms of maximum drawdown, DGIN dropped -33.65% vs SMIN's -60.50%.

Which ETF is better, DGIN or SMIN?

On 3-year performance, SMIN leads with 8.99% vs 4.14% for DGIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, DGIN has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGIN or SMIN?

Over the 3-year period, SMIN has performed better with a 8.99% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGIN or SMIN?

SMIN is cheaper with a 0.74% expense ratio, compared with 0.76% for DGIN.

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

DGIN has the higher dividend yield at 2.18%, compared with 2.01% for SMIN.

What is the main difference between DGIN and SMIN?

DGIN tracks MVIS Digital India, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.76% for DGIN and 0.74% for SMIN.

Which has better risk-adjusted returns?

SMIN currently has the higher Sharpe Ratio (-0.34 vs -0.84), 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.