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MEMX vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MEMX vs. SMIN

Last updated Aug 2, 2026
Documentation

MEMX (Matthews Emerging Markets Ex China Active ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both exchange-traded funds - MEMX is a Emerging Markets Equities fund actively managed by Matthews, while SMIN is a India Equities fund tracking the MSCI India Small Cap Index. MEMX is actively managed, while SMIN is passively managed. Over the past 3 years, MEMX returned 20.99%/yr vs 7.81%/yr for SMIN. Their 0.45 correlation means their historical movements had little consistent relationship. MEMX charges 0.79%/yr vs 0.74%/yr for SMIN.

Performance

MEMX vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) 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, MEMX achieves a 20.25% return, which is significantly higher than SMIN's 0.14% return.

MEMX

1D
0.27%
1M
-5.81%
6M
10.01%
YTD
20.25%
1Y
45.59%
3Y*
20.99%
5Y*
—
10Y*
—
ALL TIME*
20.15%

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)

MEMX

Matthews Emerging Markets Ex China Active ETF
$126.06K$154.77K$150.51K

SMIN

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

MEMX vs. SMIN - Yearly Performance Comparison

2026 (YTD)202520242023
MEMX
Matthews Emerging Markets Ex China Active ETF		20.25%35.88%5.50%11.33%
SMIN
iShares MSCI India Small-Cap ETF		0.14%-6.68%16.78%33.15%

Correlation

The correlation between MEMX and SMIN is 0.47, which is low. Their historical price movements had little consistent relationship.

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

0.47

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

0.45

Correlation (All Time)
Calculated using the full available price history since Jan 11, 2023

0.45

MEMX vs. SMIN - Sectors Allocation Comparison

Sectors
MEMX
SMIN

Technology

52.1%
8.5%

Financial Services

21.4%
17.0%

Consumer Cyclical

7.2%
14.5%

Industrials

7.1%
21.7%

Basic Materials

2.9%
11.0%

Healthcare

2.6%
15.0%

Energy

2.0%
1.0%

Communication Services

1.7%
1.5%

Consumer Defensive

1.3%
4.0%

Real Estate

0.9%
3.4%

Utilities

0.9%
2.6%

Technology

MEMX
52.1%
SMIN
8.5%

Financial Services

MEMX
21.4%
SMIN
17.0%

Consumer Cyclical

MEMX
7.2%
SMIN
14.5%

Industrials

MEMX
7.1%
SMIN
21.7%

Basic Materials

MEMX
2.9%
SMIN
11.0%

Healthcare

MEMX
2.6%
SMIN
15.0%

Energy

MEMX
2.0%
SMIN
1.0%

Communication Services

MEMX
1.7%
SMIN
1.5%

Consumer Defensive

MEMX
1.3%
SMIN
4.0%

Real Estate

MEMX
0.9%
SMIN
3.4%

Utilities

MEMX
0.9%
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.

Matthews Emerging Markets Ex China Active ETF

iShares MSCI India Small-Cap ETF

Often compared with MEMX:
MEMX vs. EMFIXMEMX vs. SGRTMEMX vs. MEMMEMX vs. NTSEMEMX vs. SMHMEMX vs. IMOMMEMX vs. DODEX
Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDF

Return for Risk

MEMX vs. SMIN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MEMX
MEMX Risk / Return Rank: 7474
Overall Rank
MEMX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
MEMX Sortino Ratio Rank: 6969
Sortino Ratio Rank
MEMX Omega Ratio Rank: 7676
Omega Ratio Rank
MEMX Calmar Ratio Rank: 7777
Calmar Ratio Rank
MEMX Martin Ratio Rank: 7373
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.

MEMX vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) 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.

MEMXSMINDifference
Sharpe ratioReturn per unit of total volatility
1.70
-0.13

+1.84

Sortino ratioReturn per unit of downside risk
2.26
-0.06

+2.32

Omega ratioGain probability vs. loss probability

1.31

0.99

+0.32

Calmar ratioReturn relative to maximum drawdown

2.68

-0.11

+2.80

Martin ratioReturn relative to average drawdown

9.02

-0.29

+9.31

MEMX vs. SMIN - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 1.70, which is higher than the SMIN Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of MEMX 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

MEMX vs. SMIN - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for MEMX and SMIN.

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Drawdown Indicators

MEMXSMINDifference

Max Drawdown

Largest peak-to-trough decline

-19.27%

-60.50%

+41.23%

Max Drawdown (1Y)

Largest decline over 1 year

-16.84%

-21.99%

+5.15%

Max Drawdown (3Y)

Largest decline over 3 years

-19.27%

-27.58%

+8.31%

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

-12.57%

-12.42%

-0.15%

Average Drawdown

Average peak-to-trough decline

-3.66%

-14.60%

+10.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.99%

8.75%

-3.76%

Volatility

MEMX vs. SMIN - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 9.83% compared to iShares MSCI India Small-Cap ETF (SMIN) at 4.91%. This indicates that MEMX'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

MEMXSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.83%

4.91%

+4.92%

Volatility (6M)

Calculated over the trailing 6-month period

24.48%

15.74%

+8.74%

Volatility (1Y)

Calculated over the trailing 1-year period

26.49%

19.05%

+7.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.76%

18.99%

-0.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.76%

22.84%

-4.08%

MEMX vs. SMIN - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

MEMX vs. SMIN - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 4.06%, more than SMIN's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
MEMX
Matthews Emerging Markets Ex China Active ETF		4.06%4.88%0.99%1.13%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

MEMX and SMIN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MEMX has higher volatility (9.83%) compared to SMIN (4.91%). In terms of maximum drawdown, MEMX dropped -19.27% vs SMIN's -60.50%.

On 3-year performance, MEMX leads with 20.99% vs 7.81% for SMIN. 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, MEMX has performed better with a 20.99% return vs 7.81%. 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 0.79% for MEMX.

MEMX has the higher dividend yield at 4.06%, compared with 2.01% for SMIN.

MEMX is categorized as Emerging Markets Equities, while SMIN is India Equities. They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for MEMX and 0.74% for SMIN.

MEMX currently has the higher Sharpe Ratio (1.70 vs -0.13), 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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