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 India 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 18.36%/yr vs 8.90%/yr for SMIN. At a 0.49 correlation, their price movements are largely independent. EMM charges 0.75%/yr vs 0.74%/yr for SMIN.
Performance
EMM vs. SMIN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EMM achieves a 24.68% return, which is significantly higher than SMIN's 0.04% return.
EMM
- 1D
- 1.28%
- 1M
- -3.86%
- 6M
- 21.23%
- YTD
- 24.68%
- 1Y
- 42.86%
- 3Y*
- 18.36%
- 5Y*
- —
- 10Y*
- —
SMIN
- 1D
- -0.26%
- 1M
- 4.25%
- 6M
- 3.32%
- YTD
- 0.04%
- 1Y
- -7.82%
- 3Y*
- 8.90%
- 5Y*
- 6.56%
- 10Y*
- 9.45%
EMM vs. SMIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 24.68% | 30.21% | 2.34% | 2.99% |
SMIN iShares MSCI India Small-Cap ETF | 0.04% | -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 | 0.49 |
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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.95 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | -0.32 | +3.24 |
| Martin ratioReturn relative to average drawdown | 10.62 | -0.69 | +11.32 |
Loading charts...
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.
Loading charts...
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 | -9.77% | -12.51% | +2.74% |
Average DrawdownAverage peak-to-trough decline | -4.71% | -14.61% | +9.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 11.29% | -7.24% |
Volatility
EMM vs. SMIN - Volatility Comparison
Global X Emerging Markets ex-China ETF (EMM) has a higher volatility of 10.90% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.72%. 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.
Loading charts...
Volatility by Period
| EMM | SMIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.90% | 5.72% | +5.18% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 15.91% | +7.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.41% | 19.05% | +6.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 18.96% | +1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.09% | 22.83% | -2.74% |
EMM vs. SMIN - Expense Ratio Comparison
EMM has a 0.75% expense ratio, which is higher than SMIN's 0.74% expense ratio.
Dividends
EMM vs. SMIN - Dividend Comparison
EMM's dividend yield for the trailing twelve months is around 0.76%, less than SMIN's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 0.76% | 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 | 2.01% | 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
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 (10.90%) compared to SMIN (5.72%). In terms of maximum drawdown, EMM dropped -21.99% vs SMIN's -60.50%.
On 3-year performance, EMM leads with 18.36% vs 8.90% for SMIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 5.72%. 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 18.36% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMIN is cheaper with a 0.74% expense ratio, compared with 0.75% for EMM.
SMIN has the higher dividend yield at 2.01%, compared with 0.76% for EMM.
EMM is categorized as Emerging Markets Diversified, while SMIN is India Equities. They also come from different issuers: Global X and iShares. Their fees differ too: 0.75% for EMM and 0.74% for SMIN.
EMM currently has the higher Sharpe Ratio (1.69 vs -0.41), 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.
Find the right allocation for EMM and SMIN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer