GLIN vs. SMIN

Last updated Jun 23, 2026

GLIN (VanEck Vectors India Growth Leaders ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both Asia Pacific Equities funds - GLIN tracks the MarketGrader India All-Cap Growth Leaders Index while SMIN tracks the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, GLIN returned 3.07%/yr vs 10.44%/yr for SMIN. Their correlation of 0.83 suggests significant overlap in exposure. GLIN charges 0.82%/yr vs 0.76%/yr for SMIN.

Performance

GLIN vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors India Growth Leaders ETF (GLIN) 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, GLIN achieves a 3.97% return, which is significantly higher than SMIN's 1.27% return. Over the past 10 years, GLIN has underperformed SMIN with an annualized return of 3.07%, while SMIN has yielded a comparatively higher 10.44% annualized return.

GLIN

• 1D: 2.39%
• 1M: 7.11%
• YTD: 3.97%
• 6M: 3.68%
• 1Y: 4.17%
• 3Y*: 12.89%
• 5Y*: 6.27%
• 10Y*: 3.07%

SMIN

• 1D: 1.97%
• 1M: 6.56%
• YTD: 1.27%
• 6M: 1.49%
• 1Y: -1.36%
• 3Y*: 10.88%
• 5Y*: 7.85%
• 10Y*: 10.44%

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

GLIN vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLIN VanEck Vectors India Growth Leaders ETF	3.97%	-5.47%	15.64%	36.13%	-21.46%	29.57%	-0.29%	-21.49%	-37.41%	66.53%
SMIN iShares MSCI India Small-Cap ETF	1.27%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%

Correlation

The correlation between GLIN and SMIN is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.83

The correlation between GLIN and SMIN has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

GLIN vs. SMIN - Sectors Allocation Comparison

Sectors	GLIN	SMIN
Financial Services	35.5%	21.3%
Industrials	20.5%	19.5%
Consumer Cyclical	14.5%	11.4%
Healthcare	8.2%	16.5%
Basic Materials	8.1%	8.4%
Communication Services	5.2%	0.9%
Utilities	3.6%	2.1%
Energy	2.2%	1.3%
Technology	2.0%	9.3%
Consumer Defensive	0.6%	1.4%
Real Estate	0.0%	4.3%

Return for Risk

GLIN vs. SMIN — Risk / Return Rank

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

GLIN

GLIN Risk / Return Rank: 11
GLIN Sharpe Ratio Rank: 11
GLIN Sortino Ratio Rank: 11
GLIN Omega Ratio Rank: 11
GLIN Calmar Ratio Rank: 11
GLIN Martin Ratio Rank: 11

SMIN

SMIN Risk / Return Rank: 8
SMIN Sharpe Ratio Rank: 8
SMIN Sortino Ratio Rank: 7
SMIN Omega Ratio Rank: 7
SMIN Calmar Ratio Rank: 8
SMIN Martin Ratio Rank: 8

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.

GLIN vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors India Growth Leaders ETF (GLIN) 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.

	GLIN	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	0.23	-0.07	+0.31
Sortino ratio: Return per unit of downside risk	0.47	0.03	+0.44
Omega ratio: Gain probability vs. loss probability	1.05	1.00	+0.05
Calmar ratio: Return relative to maximum drawdown	0.23	-0.06	+0.28
Martin ratio: Return relative to average drawdown	0.66	-0.12	+0.78

GLIN vs. SMIN - Sharpe Ratio Comparison

The current GLIN Sharpe Ratio is 0.23, which is higher than the SMIN Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of GLIN 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

GLIN vs. SMIN - Drawdown Comparison

The maximum GLIN drawdown since its inception was -79.36%, which is greater than SMIN's maximum drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for GLIN and SMIN.

Drawdown Indicators

	GLIN	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-79.36%	-60.50%	-18.86%
Max Drawdown (1Y) Largest decline over 1 year	-18.56%	-24.54%	+5.98%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-27.58%	+0.81%
Max Drawdown (5Y) Largest decline over 5 years	-30.97%	-27.58%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	-60.50%	-14.30%
Current Drawdown Current decline from peak	-40.90%	-11.43%	-29.47%
Average Drawdown Average peak-to-trough decline	-50.93%	-14.62%	-36.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	11.09%	-4.71%

Volatility

GLIN vs. SMIN - Volatility Comparison

VanEck Vectors India Growth Leaders ETF (GLIN) and iShares MSCI India Small-Cap ETF (SMIN) have volatilities of 5.59% and 5.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLIN	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	5.45%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	15.66%	15.91%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	18.87%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	18.92%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	22.85%	+0.86%

GLIN vs. SMIN - Expense Ratio Comparison

GLIN has a 0.82% expense ratio, which is higher than SMIN's 0.76% expense ratio.

Dividends

GLIN vs. SMIN - Dividend Comparison

GLIN's dividend yield for the trailing twelve months is around 0.81%, less than SMIN's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLIN VanEck Vectors India Growth Leaders ETF	0.81%	0.84%	3.58%	0.96%	1.70%	0.00%	0.24%	1.42%	0.12%	0.10%	1.39%	3.11%
SMIN iShares MSCI India Small-Cap ETF	1.99%	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 GLIN and SMIN in my portfolio?

GLIN and SMIN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLIN or SMIN?

GLIN has higher volatility (5.59%) compared to SMIN (5.45%). In terms of maximum drawdown, GLIN dropped -79.36% vs SMIN's -60.50%.

Which ETF is better, GLIN or SMIN?

On 10-year performance, SMIN leads with 10.44% vs 3.07% for GLIN. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLIN or SMIN?

Over the 10-year period, SMIN has performed better with a 10.44% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLIN or SMIN?

SMIN is cheaper with a 0.76% expense ratio, compared with 0.82% for GLIN.

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

SMIN has the higher dividend yield at 1.99%, compared with 0.81% for GLIN.

What is the main difference between GLIN and SMIN?

GLIN tracks MarketGrader India All-Cap Growth Leaders Index, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.82% for GLIN and 0.76% for SMIN.

Which has better risk-adjusted returns?

GLIN currently has the higher Sharpe Ratio (0.23 vs -0.07), 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.