INDE vs. SMIN

Last updated Jun 4, 2026

INDE (Matthews India Active ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both Asia Pacific Equities funds. INDE is actively managed, while SMIN is passively managed. Over the past year, INDE returned -5.01% vs -9.92% for SMIN. Their correlation of 0.82 suggests significant overlap in exposure. INDE charges 0.79%/yr vs 0.76%/yr for SMIN.

Performance

INDE vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews India Active ETF (INDE) 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, INDE achieves a -8.87% return, which is significantly lower than SMIN's -5.91% return.

INDE

• 1D: -1.13%
• 1M: 1.10%
• YTD: -8.87%
• 6M: -8.36%
• 1Y: -5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMIN

• 1D: -1.53%
• 1M: -0.14%
• YTD: -5.91%
• 6M: -4.92%
• 1Y: -9.92%
• 3Y*: 9.23%
• 5Y*: 6.06%
• 10Y*: 9.55%

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

INDE vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INDE Matthews India Active ETF	-8.87%	2.39%	10.95%	8.18%
SMIN iShares MSCI India Small-Cap ETF	-5.91%	-6.68%	16.78%	11.82%

Correlation

The correlation between INDE and SMIN is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.82

The correlation between INDE and SMIN has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

INDE vs. SMIN - Sectors Allocation Comparison

Sectors	INDE	SMIN
Financial Services	30.6%	18.9%
Consumer Cyclical	17.8%	13.5%
Consumer Defensive	8.2%	4.0%
Healthcare	7.2%	13.7%
Industrials	7.1%	21.1%
Technology	6.9%	7.8%
Communication Services	3.4%	1.6%
Energy	3.4%	0.9%
Basic Materials	3.0%	12.2%
Real Estate	-	3.6%
Utilities	-	2.7%

Return for Risk

INDE vs. SMIN — Risk / Return Rank

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

INDE

INDE Risk / Return Rank: 6
INDE Sharpe Ratio Rank: 6
INDE Sortino Ratio Rank: 5
INDE Omega Ratio Rank: 5
INDE Calmar Ratio Rank: 6
INDE Martin Ratio Rank: 6

SMIN

SMIN Risk / Return Rank: 4
SMIN Sharpe Ratio Rank: 4
SMIN Sortino Ratio Rank: 4
SMIN Omega Ratio Rank: 4
SMIN Calmar Ratio Rank: 5
SMIN Martin Ratio Rank: 4

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.

INDE vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews India Active ETF (INDE) 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.

	INDE	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	-0.54	+0.24
Sortino ratio: Return per unit of downside risk	-0.33	-0.68	+0.35
Omega ratio: Gain probability vs. loss probability	0.96	0.93	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.26	-0.41	+0.14
Martin ratio: Return relative to average drawdown	-0.71	-0.92	+0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDE vs. SMIN - Sharpe Ratio Comparison

The current INDE Sharpe Ratio is -0.30, which is higher than the SMIN Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of INDE 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.

Sharpe Ratios by Period

	INDE	SMIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	-0.54	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.35	-0.09

Drawdowns

INDE vs. SMIN - Drawdown Comparison

The maximum INDE drawdown since its inception was -22.89%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for INDE and SMIN.

Drawdown Indicators

	INDE	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-22.89%	-60.50%	+37.61%
Max Drawdown (1Y) Largest decline over 1 year	-19.10%	-24.54%	+5.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.50%	—
Current Drawdown Current decline from peak	-15.61%	-17.71%	+2.10%
Average Drawdown Average peak-to-trough decline	-7.52%	-14.62%	+7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.13%	10.79%	-3.66%

Volatility

INDE vs. SMIN - Volatility Comparison

Matthews India Active ETF (INDE) has a higher volatility of 6.75% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.90%. This indicates that INDE'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.

Volatility by Period

	INDE	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	5.90%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	15.54%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	18.44%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	18.84%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	22.82%	-6.31%

INDE vs. SMIN - Expense Ratio Comparison

INDE has a 0.79% expense ratio, which is higher than SMIN's 0.76% expense ratio.

Dividends

INDE vs. SMIN - Dividend Comparison

INDE's dividend yield for the trailing twelve months is around 1.93%, less than SMIN's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDE Matthews India Active ETF	1.93%	1.75%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMIN iShares MSCI India Small-Cap ETF	2.14%	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 INDE and SMIN in my portfolio?

INDE and SMIN have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDE or SMIN?

INDE has higher volatility (6.75%) compared to SMIN (5.90%). In terms of maximum drawdown, INDE dropped -22.89% vs SMIN's -60.50%.

Which ETF is better, INDE or SMIN?

On 1-year performance, INDE leads with -5.01% vs -9.92% for SMIN. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDE or SMIN?

Over the 1-year period, INDE has performed better with a -5.01% return vs -9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDE or SMIN?

SMIN is cheaper with a 0.76% expense ratio, compared with 0.79% for INDE.

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

SMIN has the higher dividend yield at 2.14%, compared with 1.93% for INDE.

What is the main difference between INDE and SMIN?

They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for INDE and 0.76% for SMIN.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (-0.30 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.