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IBN vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IBN vs. SMIN

Last updated Jun 25, 2026

IBN (ICICI Bank Limited) is a stock, while SMIN (iShares MSCI India Small-Cap ETF) is Asia Pacific Equities fund tracking the MSCI India Small Cap Index. Over the past 10 years, IBN returned 17.19%/yr vs 10.35%/yr for SMIN. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

IBN vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ICICI Bank Limited (IBN) 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, IBN achieves a -2.68% return, which is significantly lower than SMIN's 0.41% return. Over the past 10 years, IBN has outperformed SMIN with an annualized return of 17.19%, while SMIN has yielded a comparatively lower 10.35% annualized return.

IBN

1D
2.40%
1M
11.62%
YTD
-2.68%
6M
-3.43%
1Y
-11.18%
3Y*
9.20%
5Y*
11.40%
10Y*
17.19%

SMIN

1D
0.65%
1M
5.66%
YTD
0.41%
6M
0.95%
1Y
-4.59%
3Y*
10.56%
5Y*
7.52%
10Y*
10.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IBN vs. SMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IBN
ICICI Bank Limited		-2.68%0.57%26.32%9.80%11.27%33.57%-1.52%47.01%6.25%44.03%
SMIN
iShares MSCI India Small-Cap ETF		0.41%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%

Correlation

The correlation between IBN and SMIN is 0.51, 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

0.51

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

0.42

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

0.49

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

0.54

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

0.54

The correlation between IBN and SMIN shifts across timeframes, from 0.42 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

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ICICI Bank Limited

iShares MSCI India Small-Cap ETF

Often compared with IBN:
IBN vs. HDBIBN vs. PRUIBN vs. RDYIBN vs. HDIBN vs. INDAIBN vs. ^GSPCIBN vs. JPM
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. VOO

Return for Risk

IBN vs. SMIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IBN
IBN Risk / Return Rank: 2222
Overall Rank
IBN Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
IBN Sortino Ratio Rank: 1818
Sortino Ratio Rank
IBN Omega Ratio Rank: 1919
Omega Ratio Rank
IBN Calmar Ratio Rank: 2828
Calmar Ratio Rank
IBN Martin Ratio Rank: 2727
Martin Ratio Rank
SMIN
SMIN Risk / Return Rank: 77
Overall Rank
SMIN Sharpe Ratio Rank: 77
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: 77
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.

IBN vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ICICI Bank Limited (IBN) 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.

IBNSMINDifference
Sharpe ratioReturn per unit of total volatility
-0.54
-0.24

-0.29

Sortino ratioReturn per unit of downside risk
-0.66
-0.23

-0.43

Omega ratioGain probability vs. loss probability

0.92

0.98

-0.05

Calmar ratioReturn relative to maximum drawdown

-0.43

-0.19

-0.24

Martin ratioReturn relative to average drawdown

-0.80

-0.41

-0.39

IBN vs. SMIN - Sharpe Ratio Comparison

The current IBN Sharpe Ratio is -0.54, which is lower than the SMIN Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of IBN 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

IBN vs. SMIN - Drawdown Comparison

The maximum IBN drawdown since its inception was -86.09%, which is greater than SMIN's maximum drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for IBN and SMIN.

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Drawdown Indicators

IBNSMINDifference

Max Drawdown

Largest peak-to-trough decline

-86.09%

-60.50%

-25.59%

Max Drawdown (1Y)

Largest decline over 1 year

-26.20%

-24.54%

-1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-26.20%

-27.58%

+1.38%

Max Drawdown (5Y)

Largest decline over 5 years

-26.24%

-27.58%

+1.34%

Max Drawdown (10Y)

Largest decline over 10 years

-55.05%

-60.50%

+5.45%

Current Drawdown

Current decline from peak

-15.08%

-12.18%

-2.90%

Average Drawdown

Average peak-to-trough decline

-27.99%

-14.62%

-13.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.01%

11.12%

+2.89%

Volatility

IBN vs. SMIN - Volatility Comparison

ICICI Bank Limited (IBN) has a higher volatility of 6.33% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.75%. This indicates that IBN'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

IBNSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.33%

5.75%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

17.30%

15.83%

+1.47%

Volatility (1Y)

Calculated over the trailing 1-year period

20.92%

18.86%

+2.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.65%

18.93%

+4.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.52%

22.85%

+8.67%

Dividends

IBN vs. SMIN - Dividend Comparison

IBN's dividend yield for the trailing twelve months is around 0.86%, less than SMIN's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
IBN
ICICI Bank Limited		0.86%0.84%0.80%0.81%0.57%0.27%0.00%0.19%0.43%0.79%1.98%4.01%
SMIN
iShares MSCI India Small-Cap ETF		2.00%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

IBN and SMIN have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IBN has higher volatility (6.33%) compared to SMIN (5.75%). In terms of maximum drawdown, IBN dropped -86.09% vs SMIN's -60.50%.

SMIN currently has the higher Sharpe Ratio (-0.24 vs -0.54), 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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