EMM vs. SMIN
EMM (Global X Emerging Markets ex-China ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - EMM is a Emerging Markets Diversified fund actively managed by Global X, while SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index. EMM is actively managed, while SMIN is passively managed. Over the past 3 years, EMM returned 21.97%/yr vs 10.32%/yr for SMIN. At a 0.49 correlation, their price movements are largely independent. EMM charges 0.75%/yr vs 0.76%/yr for SMIN.
Performance
EMM vs. SMIN - Performance Comparison
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Returns By Period
In the year-to-date period, EMM achieves a 30.43% return, which is significantly higher than SMIN's -0.23% return.
EMM
- 1D
- -5.60%
- 1M
- 4.22%
- YTD
- 30.43%
- 6M
- 33.87%
- 1Y
- 55.00%
- 3Y*
- 21.97%
- 5Y*
- —
- 10Y*
- —
SMIN
- 1D
- -1.48%
- 1M
- 4.98%
- YTD
- -0.23%
- 6M
- -1.01%
- 1Y
- -4.08%
- 3Y*
- 10.32%
- 5Y*
- 7.50%
- 10Y*
- 10.28%
EMM vs. SMIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 30.43% | 30.21% | 2.34% | 2.99% |
SMIN iShares MSCI India Small-Cap ETF | -0.23% | -6.68% | 16.78% | 31.47% |
Correlation
The correlation between EMM and SMIN is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 15, 2023 | 0.49 |
The correlation between EMM and SMIN has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
EMM vs. SMIN — Risk / Return Rank
EMM
SMIN
EMM vs. SMIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets ex-China ETF (EMM) 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.
| EMM | SMIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.47 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.98 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | -0.17 | +3.91 |
| Martin ratioReturn relative to average drawdown | 15.03 | -0.37 | +15.40 |
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Drawdowns
EMM vs. SMIN - Drawdown Comparison
The maximum EMM drawdown since its inception was -21.99%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for EMM and SMIN.
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Drawdown Indicators
| EMM | SMIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.99% | -60.50% | +38.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -24.54% | +9.79% |
Max Drawdown (3Y)Largest decline over 3 years | -21.99% | -27.58% | +5.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.58% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.50% | — |
Current DrawdownCurrent decline from peak | -5.60% | -12.74% | +7.14% |
Average DrawdownAverage peak-to-trough decline | -4.67% | -14.62% | +9.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 11.11% | -7.44% |
Volatility
EMM vs. SMIN - Volatility Comparison
Global X Emerging Markets ex-China ETF (EMM) has a higher volatility of 13.10% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.74%. This indicates that EMM'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
| EMM | SMIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.10% | 5.74% | +7.36% |
Volatility (6M)Calculated over the trailing 6-month period | 22.46% | 15.96% | +6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.51% | 18.89% | +5.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.83% | 18.93% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.83% | 22.85% | -3.02% |
EMM vs. SMIN - Expense Ratio Comparison
EMM has a 0.75% expense ratio, which is lower than SMIN's 0.76% expense ratio.
Dividends
EMM vs. SMIN - Dividend Comparison
EMM's dividend yield for the trailing twelve months is around 0.69%, less than SMIN's 2.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 0.69% | 0.90% | 0.80% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMIN iShares MSCI India Small-Cap ETF | 2.02% | 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
EMM and SMIN have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMM has higher volatility (13.10%) compared to SMIN (5.74%). In terms of maximum drawdown, EMM dropped -21.99% vs SMIN's -60.50%.
On 3-year performance, EMM leads with 21.97% vs 10.32% for SMIN. On fees, EMM is cheaper at 0.75% per year. On volatility, SMIN has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMM has performed better with a 21.97% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMM is cheaper with a 0.75% expense ratio, compared with 0.76% for SMIN.
SMIN has the higher dividend yield at 2.02%, compared with 0.69% for EMM.
EMM is categorized as Emerging Markets Diversified, while SMIN is Asia Pacific Equities. They also come from different issuers: Global X and iShares. Their fees differ too: 0.75% for EMM and 0.76% for SMIN.
EMM currently has the higher Sharpe Ratio (2.25 vs -0.22), 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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