INDL vs. SMIN

Last updated Jun 3, 2026

INDL (Direxion Daily India Bull 3x Shares) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, INDL returned -0.61%/yr vs 9.55%/yr for SMIN. A 0.77 correlation means they provide meaningful diversification when combined. INDL charges 1.33%/yr vs 0.76%/yr for SMIN.

Performance

INDL vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) 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, INDL achieves a -24.01% return, which is significantly lower than SMIN's -5.91% return. Over the past 10 years, INDL has underperformed SMIN with an annualized return of -0.61%, while SMIN has yielded a comparatively higher 9.55% annualized return.

INDL

• 1D: -0.16%
• 1M: -5.09%
• YTD: -24.01%
• 6M: -23.89%
• 1Y: -28.62%
• 3Y*: 0.30%
• 5Y*: -2.38%
• 10Y*: -0.61%

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)

INDL vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-24.01%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
SMIN iShares MSCI India Small-Cap ETF	-5.91%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%

Correlation

The correlation between INDL and SMIN is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 10, 2012	0.77

The correlation between INDL and SMIN has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

INDL vs. SMIN - Sectors Allocation Comparison

Sectors	INDL	SMIN
Financial Services	28.3%	18.9%
Consumer Cyclical	12.4%	13.5%
Industrials	10.3%	21.1%
Energy	9.4%	0.9%
Basic Materials	8.6%	12.2%
Technology	8.2%	7.8%
Consumer Defensive	6.3%	4.0%
Healthcare	6.1%	13.7%
Communication Services	4.6%	1.6%
Utilities	4.5%	2.7%
Real Estate	1.4%	3.6%

Return for Risk

INDL vs. SMIN — Risk / Return Rank

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

INDL

INDL Risk / Return Rank: 2
INDL Sharpe Ratio Rank: 1
INDL Sortino Ratio Rank: 2
INDL Omega Ratio Rank: 2
INDL Calmar Ratio Rank: 2
INDL Martin Ratio Rank: 1

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.

INDL vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.

	INDL	SMIN	Difference
Sharpe ratio Return per unit of total volatility	-0.98	-0.54	-0.44
Sortino ratio Return per unit of downside risk	-1.40	-0.68	-0.71
Omega ratio Gain probability vs. loss probability	0.84	0.93	-0.08
Calmar ratio Return relative to maximum drawdown	-0.74	-0.41	-0.34
Martin ratio Return relative to average drawdown	-1.61	-0.92	-0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDL vs. SMIN - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.98, which is lower than the SMIN Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of INDL 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

	INDL	SMIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	-0.54	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.32	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.42	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.35	-0.47

Drawdowns

INDL vs. SMIN - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than SMIN's maximum drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for INDL and SMIN.

Drawdown Indicators

	INDL	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-60.50%	-35.17%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-24.54%	-13.28%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-27.58%	-20.06%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-27.58%	-20.06%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	-60.50%	-31.46%
Current Drawdown Current decline from peak	-78.61%	-17.71%	-60.90%
Average Drawdown Average peak-to-trough decline	-66.35%	-14.62%	-51.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	10.79%	+6.62%

Volatility

INDL vs. SMIN - Volatility Comparison

Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 10.11% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.90%. This indicates that INDL'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

	INDL	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.11%	5.90%	+4.21%
Volatility (6M) Calculated over the trailing 6-month period	25.31%	15.54%	+9.77%
Volatility (1Y) Calculated over the trailing 1-year period	29.39%	18.44%	+10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.53%	18.84%	+11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.73%	22.82%	+29.91%

INDL vs. SMIN - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than SMIN's 0.76% expense ratio.

Dividends

INDL vs. SMIN - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.66%, less than SMIN's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDL Direxion Daily India Bull 3x Shares	1.66%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	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 INDL and SMIN in my portfolio?

INDL and SMIN have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDL or SMIN?

INDL has higher volatility (10.11%) compared to SMIN (5.90%). In terms of maximum drawdown, INDL dropped -95.67% vs SMIN's -60.50%.

Which ETF is better, INDL or SMIN?

On 10-year performance, SMIN leads with 9.55% vs -0.61% for INDL. 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, INDL or SMIN?

Over the 10-year period, SMIN has performed better with a 9.55% return vs -0.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or SMIN?

SMIN is cheaper with a 0.76% expense ratio, compared with 1.33% for INDL.

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

SMIN has the higher dividend yield at 2.14%, compared with 1.66% for INDL.

What is the main difference between INDL and SMIN?

INDL is categorized as Leveraged Equities, while SMIN is Asia Pacific Equities. INDL tracks Indus India Index (300%), while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.33% for INDL and 0.76% for SMIN.

Which has better risk-adjusted returns?

SMIN currently has the higher Sharpe Ratio (-0.54 vs -0.98), 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.