EWUS vs. SMIN

Last updated Jun 24, 2026

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - EWUS is a Europe Equities fund tracking the MSCI United Kingdom Small Cap Index, while SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, EWUS returned 4.97%/yr vs 10.28%/yr for SMIN. At a 0.38 correlation, their price movements are largely independent. EWUS charges 0.59%/yr vs 0.76%/yr for SMIN.

Performance

EWUS vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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, EWUS achieves a -0.31% return, which is significantly lower than SMIN's -0.23% return. Over the past 10 years, EWUS has underperformed SMIN with an annualized return of 4.97%, while SMIN has yielded a comparatively higher 10.28% annualized return.

EWUS

• 1D: -1.53%
• 1M: -3.03%
• YTD: -0.31%
• 6M: 0.01%
• 1Y: 5.85%
• 3Y*: 12.78%
• 5Y*: 0.40%
• 10Y*: 4.97%

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%

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

EWUS vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWUS iShares MSCI United Kingdom Small-Cap ETF	-0.31%	25.13%	3.55%	15.41%	-31.19%	12.55%	-2.58%	35.16%	-20.16%	32.17%
SMIN iShares MSCI India Small-Cap ETF	-0.23%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%

Correlation

The correlation between EWUS and SMIN is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.38

EWUS vs. SMIN - Sectors Allocation Comparison

Sectors	EWUS	SMIN
Financial Services	23.1%	21.3%
Industrials	20.4%	19.5%
Consumer Cyclical	18.0%	11.4%
Real Estate	8.4%	4.3%
Communication Services	6.8%	0.9%
Basic Materials	6.3%	8.4%
Consumer Defensive	3.9%	1.4%
Technology	3.9%	9.3%
Energy	3.3%	1.3%
Healthcare	3.1%	16.5%
Utilities	2.8%	2.1%

Return for Risk

EWUS vs. SMIN — Risk / Return Rank

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

EWUS

EWUS Risk / Return Rank: 13
EWUS Sharpe Ratio Rank: 13
EWUS Sortino Ratio Rank: 13
EWUS Omega Ratio Rank: 12
EWUS Calmar Ratio Rank: 13
EWUS Martin Ratio Rank: 14

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.

EWUS vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.

	EWUS	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	0.33	-0.22	+0.54
Sortino ratio: Return per unit of downside risk	0.61	-0.19	+0.79
Omega ratio: Gain probability vs. loss probability	1.07	0.98	+0.09
Calmar ratio: Return relative to maximum drawdown	0.39	-0.17	+0.55
Martin ratio: Return relative to average drawdown	1.22	-0.37	+1.59

EWUS vs. SMIN - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.33, which is higher than the SMIN Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of EWUS 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

EWUS vs. SMIN - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for EWUS and SMIN.

Drawdown Indicators

	EWUS	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-60.50%	+11.17%
Max Drawdown (1Y) Largest decline over 1 year	-15.21%	-24.54%	+9.33%
Max Drawdown (3Y) Largest decline over 3 years	-19.84%	-27.58%	+7.74%
Max Drawdown (5Y) Largest decline over 5 years	-48.14%	-27.58%	-20.56%
Max Drawdown (10Y) Largest decline over 10 years	-49.33%	-60.50%	+11.17%
Current Drawdown Current decline from peak	-7.35%	-12.74%	+5.39%
Average Drawdown Average peak-to-trough decline	-13.05%	-14.62%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	11.11%	-6.29%

Volatility

EWUS vs. SMIN - Volatility Comparison

The current volatility for iShares MSCI United Kingdom Small-Cap ETF (EWUS) is 4.96%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 5.74%. This indicates that EWUS 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

	EWUS	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	5.74%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	14.97%	15.96%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	18.89%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	18.93%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	22.85%	-0.93%

EWUS vs. SMIN - Expense Ratio Comparison

EWUS has a 0.59% expense ratio, which is lower than SMIN's 0.76% expense ratio.

Dividends

EWUS vs. SMIN - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.30%, more than SMIN's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWUS iShares MSCI United Kingdom Small-Cap ETF	3.30%	3.59%	3.67%	2.88%	2.03%	3.54%	1.97%	2.59%	3.53%	2.61%	3.18%	2.85%
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

Can I hold both EWUS and SMIN in my portfolio?

EWUS and SMIN have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWUS or SMIN?

SMIN has higher volatility (5.74%) compared to EWUS (4.96%). In terms of maximum drawdown, EWUS dropped -49.33% vs SMIN's -60.50%.

Which ETF is better, EWUS or SMIN?

On 10-year performance, SMIN leads with 10.28% vs 4.97% for EWUS. On fees, EWUS is cheaper at 0.59% per year. On volatility, EWUS has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWUS or SMIN?

Over the 10-year period, SMIN has performed better with a 10.28% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWUS or SMIN?

EWUS is cheaper with a 0.59% expense ratio, compared with 0.76% for SMIN.

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

EWUS has the higher dividend yield at 3.30%, compared with 2.02% for SMIN.

What is the main difference between EWUS and SMIN?

EWUS is categorized as Europe Equities, while SMIN is Asia Pacific Equities. EWUS tracks MSCI United Kingdom Small Cap Index, while SMIN tracks MSCI India Small Cap Index. Their fees differ too: 0.59% for EWUS and 0.76% for SMIN.

Which has better risk-adjusted returns?

EWUS currently has the higher Sharpe Ratio (0.33 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.