INDY vs. SMIN

Last updated Jul 14, 2026

INDY (iShares India 50 ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both India Equities funds from iShares - INDY tracks the Nifty 50 Index while SMIN tracks the MSCI India Small Cap Index. Both are passively managed. Over the past 10 years, INDY returned 6.11%/yr vs 9.48%/yr for SMIN. A 0.75 correlation means they provide meaningful diversification when combined. INDY charges 0.65%/yr vs 0.74%/yr for SMIN.

Performance

INDY vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares India 50 ETF (INDY) 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, INDY achieves a -12.52% return, which is significantly lower than SMIN's 0.30% return. Over the past 10 years, INDY has underperformed SMIN with an annualized return of 6.11%, while SMIN has yielded a comparatively higher 9.48% annualized return.

INDY

• 1D: -0.97%
• 1M: 0.98%
• 6M: -11.33%
• YTD: -12.52%
• 1Y: -12.90%
• 3Y*: 1.02%
• 5Y*: 2.19%
• 10Y*: 6.11%

SMIN

• 1D: -1.21%
• 1M: 4.52%
• 6M: 3.12%
• YTD: 0.30%
• 1Y: -6.48%
• 3Y*: 8.99%
• 5Y*: 6.72%
• 10Y*: 9.48%

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

INDY vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDY iShares India 50 ETF	-12.52%	4.97%	3.47%	16.88%	-7.31%	19.43%	10.01%	9.99%	-4.32%	36.15%
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%

Correlation

The correlation between INDY 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 (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.75

The correlation between INDY and SMIN has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

INDY vs. SMIN - Sectors Allocation Comparison

Sectors	INDY	SMIN
Financial Services	35.2%	16.3%
Consumer Cyclical	11.0%	14.0%
Energy	11.0%	0.8%
Technology	8.5%	7.9%
Industrials	8.0%	22.4%
Basic Materials	7.7%	10.7%
Consumer Defensive	6.0%	3.9%
Communication Services	5.2%	1.4%
Healthcare	4.7%	14.3%
Utilities	2.9%	2.8%
Real Estate	-	3.2%

Return for Risk

INDY vs. SMIN — Risk / Return Rank

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

INDY

INDY Risk / Return Rank: 2
INDY Sharpe Ratio Rank: 2
INDY Sortino Ratio Rank: 3
INDY Omega Ratio Rank: 3
INDY Calmar Ratio Rank: 3
INDY Martin Ratio Rank: 1

SMIN

SMIN Risk / Return Rank: 6
SMIN Sharpe Ratio Rank: 6
SMIN Sortino Ratio Rank: 6
SMIN Omega Ratio Rank: 6
SMIN Calmar Ratio Rank: 7
SMIN Martin Ratio Rank: 6

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.

INDY vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares India 50 ETF (INDY) 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.

	INDY	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.34	-0.55
Sortino ratio: Return per unit of downside risk	-1.26	-0.38	-0.88
Omega ratio: Gain probability vs. loss probability	0.86	0.96	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.72	-0.27	-0.45
Martin ratio: Return relative to average drawdown	-1.49	-0.58	-0.92

INDY vs. SMIN - Sharpe Ratio Comparison

The current INDY Sharpe Ratio is -0.90, which is lower than the SMIN Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of INDY 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

INDY vs. SMIN - Drawdown Comparison

The maximum INDY drawdown since its inception was -44.74%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for INDY and SMIN.

Drawdown Indicators

	INDY	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	-60.50%	+15.76%
Max Drawdown (1Y) Largest decline over 1 year	-18.09%	-24.54%	+6.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	-27.58%	+5.18%
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	-27.58%	+5.18%
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	-60.50%	+17.00%
Current Drawdown Current decline from peak	-18.33%	-12.28%	-6.05%
Average Drawdown Average peak-to-trough decline	-12.25%	-14.61%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.66%	11.27%	-2.61%

Volatility

INDY vs. SMIN - Volatility Comparison

The current volatility for iShares India 50 ETF (INDY) is 4.17%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 5.69%. This indicates that INDY experiences smaller price fluctuations and is considered to be less risky than SMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDY	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	5.69%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	15.96%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	19.09%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	18.96%	-3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	22.84%	-3.33%

INDY vs. SMIN - Expense Ratio Comparison

INDY has a 0.65% expense ratio, which is lower than SMIN's 0.74% expense ratio.

Dividends

INDY vs. SMIN - Dividend Comparison

INDY's dividend yield for the trailing twelve months is around 9.52%, more than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDY iShares India 50 ETF	9.52%	8.11%	0.24%	0.38%	3.75%	7.12%	0.08%	0.58%	0.55%	0.27%	0.48%	0.57%
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

Can I hold both INDY and SMIN in my portfolio?

INDY 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, INDY or SMIN?

SMIN has higher volatility (5.69%) compared to INDY (4.17%). In terms of maximum drawdown, INDY dropped -44.74% vs SMIN's -60.50%.

Which ETF is better, INDY or SMIN?

On 10-year performance, SMIN leads with 9.48% vs 6.11% for INDY. On fees, INDY is cheaper at 0.65% per year. On volatility, INDY has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDY or SMIN?

Over the 10-year period, SMIN has performed better with a 9.48% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDY or SMIN?

INDY is cheaper with a 0.65% expense ratio, compared with 0.74% for SMIN.

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

INDY has the higher dividend yield at 9.52%, compared with 2.01% for SMIN.

What is the main difference between INDY and SMIN?

INDY tracks Nifty 50 Index, while SMIN tracks MSCI India Small Cap Index. Their fees differ too: 0.65% for INDY and 0.74% for SMIN.

Which has better risk-adjusted returns?

SMIN currently has the higher Sharpe Ratio (-0.34 vs -0.90), 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.