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FPA vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPA vs. SMIN

Last updated Jul 12, 2026
Documentation

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, FPA returned 9.31%/yr vs 9.48%/yr for SMIN. At a 0.38 correlation, their price movements are largely independent. FPA charges 0.80%/yr vs 0.74%/yr for SMIN.

Performance

FPA vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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, FPA achieves a 33.59% return, which is significantly higher than SMIN's 0.30% return. Both investments have delivered pretty close results over the past 10 years, with FPA having a 9.31% annualized return and SMIN not far ahead at 9.48%.

FPA

1D
1.07%
1M
-9.13%
6M
26.41%
YTD
33.59%
1Y
43.23%
3Y*
26.63%
5Y*
11.29%
10Y*
9.31%

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)

FPA vs. SMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		33.59%43.16%3.95%9.97%-14.55%2.98%13.43%8.91%-21.91%35.81%
SMIN
iShares MSCI India Small-Cap ETF		0.30%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%

Correlation

The correlation between FPA and SMIN is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2012

0.38

FPA vs. SMIN - Sectors Allocation Comparison

Sectors
FPA
SMIN

Industrials

32.7%
22.4%

Technology

25.2%
7.9%

Consumer Cyclical

9.3%
14.0%

Financial Services

8.6%
16.3%

Real Estate

6.2%
3.2%

Energy

5.4%
0.8%

Utilities

5.1%
2.8%

Basic Materials

4.2%
10.7%

Consumer Defensive

2.7%
3.9%

Communication Services

2.6%
1.4%

Healthcare

0.8%
14.3%

Industrials

FPA
32.7%
SMIN
22.4%

Technology

FPA
25.2%
SMIN
7.9%

Consumer Cyclical

FPA
9.3%
SMIN
14.0%

Financial Services

FPA
8.6%
SMIN
16.3%

Real Estate

FPA
6.2%
SMIN
3.2%

Energy

FPA
5.4%
SMIN
0.8%

Utilities

FPA
5.1%
SMIN
2.8%

Basic Materials

FPA
4.2%
SMIN
10.7%

Consumer Defensive

FPA
2.7%
SMIN
3.9%

Communication Services

FPA
2.6%
SMIN
1.4%

Healthcare

FPA
0.8%
SMIN
14.3%

Compare stocks, funds, or ETFs

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

First Trust Asia Pacific ex-Japan AlphaDEX Fund

iShares MSCI India Small-Cap ETF

Often compared with FPA:
FPA vs. FSEAXFPA vs. VPLFPA vs. EPPFPA vs. ADIVFPA vs. EWSFPA vs. FICSFPA vs. EWY
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDF

Return for Risk

FPA vs. SMIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPA
FPA Risk / Return Rank: 5858
Overall Rank
FPA Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FPA Sortino Ratio Rank: 5252
Sortino Ratio Rank
FPA Omega Ratio Rank: 5757
Omega Ratio Rank
FPA Calmar Ratio Rank: 6666
Calmar Ratio Rank
FPA Martin Ratio Rank: 5858
Martin Ratio Rank
SMIN
SMIN Risk / Return Rank: 66
Overall Rank
SMIN Sharpe Ratio Rank: 66
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 66
Sortino Ratio Rank
SMIN Omega Ratio Rank: 66
Omega Ratio Rank
SMIN Calmar Ratio Rank: 77
Calmar Ratio Rank
SMIN Martin Ratio Rank: 66
Martin Ratio Rank
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.

FPA vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.

FPASMINDifference
Sharpe ratioReturn per unit of total volatility
1.49
-0.34

+1.83

Sortino ratioReturn per unit of downside risk
2.04
-0.38

+2.42

Omega ratioGain probability vs. loss probability

1.28

0.96

+0.32

Calmar ratioReturn relative to maximum drawdown

2.62

-0.27

+2.88

Martin ratioReturn relative to average drawdown

8.15

-0.58

+8.73

FPA vs. SMIN - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 1.49, which is higher than the SMIN Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of FPA 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

FPA vs. SMIN - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for FPA and SMIN.

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Drawdown Indicators

FPASMINDifference

Max Drawdown

Largest peak-to-trough decline

-52.91%

-60.50%

+7.59%

Max Drawdown (1Y)

Largest decline over 1 year

-16.33%

-24.54%

+8.21%

Max Drawdown (3Y)

Largest decline over 3 years

-20.66%

-27.58%

+6.92%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-27.58%

-5.01%

Max Drawdown (10Y)

Largest decline over 10 years

-52.91%

-60.50%

+7.59%

Current Drawdown

Current decline from peak

-15.44%

-12.28%

-3.16%

Average Drawdown

Average peak-to-trough decline

-13.45%

-14.61%

+1.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.24%

11.27%

-6.03%

Volatility

FPA vs. SMIN - Volatility Comparison

First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 12.86% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.69%. This indicates that FPA'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

FPASMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.86%

5.69%

+7.17%

Volatility (6M)

Calculated over the trailing 6-month period

26.58%

15.96%

+10.62%

Volatility (1Y)

Calculated over the trailing 1-year period

28.74%

19.09%

+9.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.88%

18.96%

+5.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.77%

22.84%

-0.07%

FPA vs. SMIN - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

FPA vs. SMIN - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.63%, more than SMIN's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
FPA
First Trust Asia Pacific ex-Japan AlphaDEX Fund		3.63%4.71%3.40%3.02%4.22%5.12%1.59%3.90%2.81%3.15%2.42%1.74%
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

FPA 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.

FPA has higher volatility (12.86%) compared to SMIN (5.69%). In terms of maximum drawdown, FPA dropped -52.91% vs SMIN's -60.50%.

On 10-year performance, SMIN leads with 9.48% vs 9.31% for FPA. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMIN has performed better with a 9.48% return vs 9.31%. 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 0.80% for FPA.

FPA has the higher dividend yield at 3.63%, compared with 2.01% for SMIN.

FPA is categorized as Asia Pacific Equities, while SMIN is India Equities. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FPA and 0.74% for SMIN.

FPA currently has the higher Sharpe Ratio (1.49 vs -0.34), 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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