INQQ vs. SMIN

Last updated Jul 14, 2026

INQQ (India Internet & Ecommerce 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 3.12%/yr vs 8.99%/yr for SMIN. A 0.76 correlation means they provide meaningful diversification when combined. 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 India Internet & Ecommerce ETF (INQQ) 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, INQQ achieves a -10.94% return, which is significantly lower than SMIN's 0.30% return.

INQQ

• 1D: -0.98%
• 1M: 7.90%
• 6M: -8.61%
• YTD: -10.94%
• 1Y: -18.33%
• 3Y*: 3.12%
• 5Y*: —
• 10Y*: —

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)

INQQ vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INQQ India Internet & Ecommerce ETF	-10.94%	-7.05%	19.12%	31.45%	-34.72%
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	16.78%	35.41%	-11.91%

Correlation

The correlation between INQQ and SMIN is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	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
Financial Services	35.3%	16.3%
Consumer Cyclical	26.9%	14.0%
Technology	11.6%	7.9%
Communication Services	9.2%	1.4%
Energy	7.8%	0.8%
Healthcare	6.7%	14.3%
Consumer Defensive	2.6%	3.9%
Basic Materials	-	10.7%
Industrials	-	22.4%
Real Estate	-	3.2%
Utilities	-	2.8%

Return for Risk

INQQ vs. SMIN — Risk / Return Rank

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

INQQ

INQQ Risk / Return Rank: 3
INQQ Sharpe Ratio Rank: 1
INQQ Sortino Ratio Rank: 2
INQQ Omega Ratio Rank: 2
INQQ Calmar Ratio Rank: 4
INQQ Martin Ratio Rank: 3

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.

INQQ vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for India Internet & Ecommerce 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.

	INQQ	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	-0.34	-0.69
Sortino ratio: Return per unit of downside risk	-1.44	-0.38	-1.06
Omega ratio: Gain probability vs. loss probability	0.84	0.96	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.61	-0.27	-0.34
Martin ratio: Return relative to average drawdown	-1.17	-0.58	-0.59

INQQ vs. SMIN - Sharpe Ratio Comparison

The current INQQ Sharpe Ratio is -1.03, which is lower than the SMIN Sharpe Ratio of -0.34. 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.

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.

Drawdown Indicators

	INQQ	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-40.53%	-60.50%	+19.97%
Max Drawdown (1Y) Largest decline over 1 year	-30.20%	-24.54%	-5.66%
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	-21.63%	-12.28%	-9.35%
Average Drawdown Average peak-to-trough decline	-17.22%	-14.61%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.71%	11.27%	+4.44%

Volatility

INQQ vs. SMIN - Volatility Comparison

The current volatility for India Internet & Ecommerce ETF (INQQ) is 5.31%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 5.69%. This indicates that INQQ 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

	INQQ	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	5.69%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	15.23%	15.96%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	19.09%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	18.96%	+0.98%
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 2.50%, more than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INQQ India Internet & Ecommerce ETF	2.50%	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

Can I hold both INQQ and SMIN in my portfolio?

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.

Which is riskier, INQQ or SMIN?

SMIN has higher volatility (5.69%) compared to INQQ (5.31%). In terms of maximum drawdown, INQQ dropped -40.53% vs SMIN's -60.50%.

Which ETF is better, INQQ or SMIN?

On 3-year performance, SMIN leads with 8.99% vs 3.12% for INQQ. On fees, SMIN is cheaper at 0.74% per year. On volatility, INQQ has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INQQ or SMIN?

Over the 3-year period, SMIN has performed better with a 8.99% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INQQ or SMIN?

SMIN is cheaper with a 0.74% expense ratio, compared with 0.86% for INQQ.

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

INQQ has the higher dividend yield at 2.50%, compared with 2.01% for SMIN.

What is the main difference between INQQ and 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: India and iShares. Their fees differ too: 0.86% for INQQ and 0.74% for SMIN.

Which has better risk-adjusted returns?

SMIN currently has the higher Sharpe Ratio (-0.34 vs -1.03), 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.