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INQQ vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INQQ vs. SMIN

Last updated Aug 2, 2026
Documentation

INQQ (INQQ The India Internet ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both India Equities funds - INQQ tracks the INQQ The India Internet & Ecommerce Index - Benchmark TR Gross while SMIN tracks the MSCI India Small Cap Index. Both are passively managed. Over the past 3 years, INQQ returned 2.99%/yr vs 7.81%/yr for SMIN. Their 0.76 correlation means they have sometimes moved together and sometimes differently. INQQ charges 0.86%/yr vs 0.74%/yr for SMIN.

Performance

INQQ vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in INQQ The India Internet ETF (INQQ) 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, INQQ achieves a -9.24% return, which is significantly lower than SMIN's 0.14% return.

INQQ

1D
0.71%
1M
1.78%
6M
-1.28%
YTD
-9.24%
1Y
-13.28%
3Y*
2.99%
5Y*
—
10Y*
—
ALL TIME*
-3.37%

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)

INQQ

INQQ The India Internet ETF
$156.31K$248.20K$372.41K

SMIN

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

INQQ vs. SMIN - Yearly Performance Comparison

2026 (YTD)2025202420232022
INQQ
INQQ The India Internet ETF		-9.24%-7.05%19.12%31.45%-34.72%
SMIN
iShares MSCI India Small-Cap ETF		0.14%-6.68%16.78%35.41%-11.91%

Correlation

The correlation between INQQ and SMIN is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.77

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

0.77

Correlation (All Time)
Calculated using the full available price history since Apr 6, 2022

0.76

The correlation between INQQ and SMIN has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

INQQ vs. SMIN - Sectors Allocation Comparison

Sectors
INQQ
SMIN

Consumer Cyclical

35.9%
14.5%

Financial Services

30.2%
17.0%

Technology

10.5%
8.5%

Communication Services

9.6%
1.5%

Energy

7.5%
1.0%

Healthcare

4.7%
15.0%

Consumer Defensive

1.6%
4.0%

Basic Materials

-

11.0%

Industrials

-

21.7%

Real Estate

-

3.4%

Utilities

-

2.6%

Consumer Cyclical

INQQ
35.9%
SMIN
14.5%

Financial Services

INQQ
30.2%
SMIN
17.0%

Technology

INQQ
10.5%
SMIN
8.5%

Communication Services

INQQ
9.6%
SMIN
1.5%

Energy

INQQ
7.5%
SMIN
1.0%

Healthcare

INQQ
4.7%
SMIN
15.0%

Consumer Defensive

INQQ
1.6%
SMIN
4.0%

Basic Materials

INQQ

-

SMIN
11.0%

Industrials

INQQ

-

SMIN
21.7%

Real Estate

INQQ

-

SMIN
3.4%

Utilities

INQQ

-

SMIN
2.6%

Compare stocks, funds, or ETFs

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

INQQ The India Internet ETF

iShares MSCI India Small-Cap ETF

Often compared with INQQ:
INQQ vs. DGININQQ vs. INCOINQQ vs. FLININQQ vs. EPIINQQ vs. INDAINQQ vs. EYLDINQQ vs. INDY
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDF

Return for Risk

INQQ vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
INQQ
INQQ Risk / Return Rank: 44
Overall Rank
INQQ Sharpe Ratio Rank: 33
Sharpe Ratio Rank
INQQ Sortino Ratio Rank: 33
Sortino Ratio Rank
INQQ Omega Ratio Rank: 33
Omega Ratio Rank
INQQ Calmar Ratio Rank: 66
Calmar Ratio Rank
INQQ Martin Ratio Rank: 66
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.

INQQ vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for INQQ The India Internet ETF (INQQ) 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.

INQQSMINDifference
Sharpe ratioReturn per unit of total volatility
-0.73
-0.13

-0.60

Sortino ratioReturn per unit of downside risk
-0.98
-0.06

-0.92

Omega ratioGain probability vs. loss probability

0.89

0.99

-0.11

Calmar ratioReturn relative to maximum drawdown

-0.44

-0.11

-0.33

Martin ratioReturn relative to average drawdown

-0.82

-0.29

-0.53

INQQ vs. SMIN - Sharpe Ratio Comparison

The current INQQ Sharpe Ratio is -0.73, which is lower than the SMIN Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of INQQ 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

INQQ vs. SMIN - Drawdown Comparison

The maximum INQQ drawdown since its inception was -40.53%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for INQQ and SMIN.

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Drawdown Indicators

INQQSMINDifference

Max Drawdown

Largest peak-to-trough decline

-40.53%

-60.50%

+19.97%

Max Drawdown (1Y)

Largest decline over 1 year

-30.07%

-21.99%

-8.08%

Max Drawdown (3Y)

Largest decline over 3 years

-32.45%

-27.58%

-4.87%

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

-20.13%

-12.42%

-7.71%

Average Drawdown

Average peak-to-trough decline

-17.28%

-14.60%

-2.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.21%

8.75%

+7.46%

Volatility

INQQ vs. SMIN - Volatility Comparison

INQQ The India Internet ETF (INQQ) has a higher volatility of 5.80% compared to iShares MSCI India Small-Cap ETF (SMIN) at 4.91%. This indicates that INQQ'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

INQQSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.80%

4.91%

+0.89%

Volatility (6M)

Calculated over the trailing 6-month period

15.41%

15.74%

-0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

18.23%

19.05%

-0.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.94%

18.99%

+0.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.94%

22.84%

-2.90%

INQQ vs. SMIN - Expense Ratio Comparison

INQQ has a 0.86% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

INQQ vs. SMIN - Dividend Comparison

INQQ's dividend yield for the trailing twelve months is around 2.46%, more than SMIN's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
INQQ
INQQ The India Internet ETF		2.46%2.23%1.18%0.04%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

INQQ and SMIN have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INQQ has higher volatility (5.80%) compared to SMIN (4.91%). In terms of maximum drawdown, INQQ dropped -40.53% vs SMIN's -60.50%.

On 3-year performance, SMIN leads with 7.81% vs 2.99% for INQQ. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, SMIN has performed better with a 7.81% return vs 2.99%. 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 0.86% for INQQ.

INQQ has the higher dividend yield at 2.46%, compared with 2.01% for SMIN.

INQQ tracks INQQ The India Internet & Ecommerce Index - Benchmark TR Gross, while SMIN tracks MSCI India Small Cap Index. They also come from different issuers: EMQQ Global and iShares. Their fees differ too: 0.86% for INQQ and 0.74% for SMIN.

SMIN currently has the higher Sharpe Ratio (-0.13 vs -0.73), 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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