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GLIN vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLIN vs. SMIN

Last updated Aug 2, 2026
Documentation

GLIN (VanEck Vectors India Growth Leaders ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both India 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 1.28%/yr vs 9.04%/yr for SMIN. Their correlation of 0.83 means they have usually moved in the same direction. GLIN charges 0.82%/yr vs 0.74%/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.

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Returns By Period

In the year-to-date period, GLIN achieves a -1.80% return, which is significantly lower than SMIN's 0.14% return. Over the past 10 years, GLIN has underperformed SMIN with an annualized return of 1.28%, while SMIN has yielded a comparatively higher 9.04% annualized return.

GLIN

1D
0.73%
1M
-1.96%
6M
-0.12%
YTD
-1.80%
1Y
2.61%
3Y*
8.41%
5Y*
3.80%
10Y*
1.28%
ALL TIME*
-2.36%

SMIN

1D
0.36%
1M
-1.13%
6M
6.30%
YTD
0.14%
1Y
-2.16%
3Y*
7.81%
5Y*
6.28%
10Y*
9.04%
ALL TIME*
8.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

GLIN

VanEck Vectors India Growth Leaders ETF
$408.40K$392.00K$454.19K

SMIN

iShares MSCI India Small-Cap ETF
$9.23M$9.44M$11.13M

GLIN vs. SMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GLIN
VanEck Vectors India Growth Leaders ETF		-1.80%-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		0.14%-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, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.88

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.85

Correlation (10Y)
Provides a long-term view across more market conditions.

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 0.83 to 0.88 - a consistent structural relationship.

GLIN vs. SMIN - Sectors Allocation Comparison

Sectors
GLIN
SMIN

Financial Services

34.9%
17.0%

Industrials

23.3%
21.7%

Consumer Cyclical

15.1%
14.5%

Healthcare

8.7%
15.0%

Basic Materials

8.2%
11.0%

Communication Services

5.1%
1.5%

Technology

4.1%
8.5%

Utilities

3.6%
2.6%

Energy

2.1%
1.0%

Consumer Defensive

0.7%
4.0%

Real Estate

0.0%
3.4%

Financial Services

GLIN
34.9%
SMIN
17.0%

Industrials

GLIN
23.3%
SMIN
21.7%

Consumer Cyclical

GLIN
15.1%
SMIN
14.5%

Healthcare

GLIN
8.7%
SMIN
15.0%

Basic Materials

GLIN
8.2%
SMIN
11.0%

Communication Services

GLIN
5.1%
SMIN
1.5%

Technology

GLIN
4.1%
SMIN
8.5%

Utilities

GLIN
3.6%
SMIN
2.6%

Energy

GLIN
2.1%
SMIN
1.0%

Consumer Defensive

GLIN
0.7%
SMIN
4.0%

Real Estate

GLIN
0.0%
SMIN
3.4%

Compare stocks, funds, or ETFs

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

VanEck Vectors India Growth Leaders ETF

iShares MSCI India Small-Cap ETF

Often compared with GLIN:
GLIN vs. FLINGLIN vs. EPIGLIN vs. INDYGLIN vs. INCOGLIN vs. INDFGLIN vs. INDLGLIN vs. XID.TO
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDF

Return for Risk

GLIN vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
GLIN
GLIN Risk / Return Rank: 1414
Overall Rank
GLIN Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
GLIN Sortino Ratio Rank: 1414
Sortino Ratio Rank
GLIN Omega Ratio Rank: 1414
Omega Ratio Rank
GLIN Calmar Ratio Rank: 1414
Calmar Ratio Rank
GLIN Martin Ratio Rank: 1515
Martin Ratio Rank
SMIN
SMIN Risk / Return Rank: 99
Overall Rank
SMIN Sharpe Ratio Rank: 99
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 88
Sortino Ratio Rank
SMIN Omega Ratio Rank: 88
Omega Ratio Rank
SMIN Calmar Ratio Rank: 99
Calmar Ratio Rank
SMIN Martin Ratio Rank: 99
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

GLINSMINDifference
Sharpe ratioReturn per unit of total volatility
0.16
-0.13

+0.29

Sortino ratioReturn per unit of downside risk
0.35
-0.06

+0.41

Omega ratioGain probability vs. loss probability

1.04

0.99

+0.05

Calmar ratioReturn relative to maximum drawdown

0.17

-0.11

+0.28

Martin ratioReturn relative to average drawdown

0.59

-0.29

+0.88

GLIN vs. SMIN - Sharpe Ratio Comparison

The current GLIN Sharpe Ratio is 0.16, which is higher than the SMIN Sharpe Ratio of -0.13. 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.

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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.

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Drawdown Indicators

GLINSMINDifference

Max Drawdown

Largest peak-to-trough decline

-79.36%

-60.50%

-18.86%

Max Drawdown (1Y)

Largest decline over 1 year

-17.07%

-21.99%

+4.92%

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

-44.18%

-12.42%

-31.76%

Average Drawdown

Average peak-to-trough decline

-50.89%

-14.60%

-36.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.75%

8.75%

-4.00%

Volatility

GLIN vs. SMIN - Volatility Comparison

VanEck Vectors India Growth Leaders ETF (GLIN) and iShares MSCI India Small-Cap ETF (SMIN) have volatilities of 4.79% and 4.91%, 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.

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Volatility by Period

GLINSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

4.91%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

15.62%

15.74%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

18.24%

19.05%

-0.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.37%

18.99%

-0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.64%

22.84%

+0.80%

GLIN vs. SMIN - Expense Ratio Comparison

GLIN has a 0.82% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

GLIN vs. SMIN - Dividend Comparison

GLIN's dividend yield for the trailing twelve months is around 0.86%, less than SMIN's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
GLIN
VanEck Vectors India Growth Leaders ETF		0.86%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		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

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.

SMIN has higher volatility (4.91%) compared to GLIN (4.79%). In terms of maximum drawdown, GLIN dropped -79.36% vs SMIN's -60.50%.

On 10-year performance, SMIN leads with 9.04% vs 1.28% for GLIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, GLIN has been the lower-risk option at 4.79%. 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 9.04% return vs 1.28%. 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 0.82% for GLIN.

SMIN has the higher dividend yield at 2.01%, compared with 0.86% for GLIN.

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 0.74% for SMIN.

GLIN currently has the higher Sharpe Ratio (0.16 vs -0.13), 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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