MEMX vs. SMIN

Last updated Jun 24, 2026

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 Diversified fund actively managed by Matthews, while SMIN is a Asia Pacific 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 25.58%/yr vs 10.32%/yr for SMIN. At a 0.46 correlation, their price movements are largely independent. MEMX charges 0.79%/yr vs 0.76%/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.

Returns By Period

In the year-to-date period, MEMX achieves a 29.86% return, which is significantly higher than SMIN's -0.23% return.

MEMX

• 1D: -5.58%
• 1M: 3.50%
• YTD: 29.86%
• 6M: 31.95%
• 1Y: 62.81%
• 3Y*: 25.58%
• 5Y*: —
• 10Y*: —

SMIN

• 1D: -1.48%
• 1M: 4.98%
• YTD: -0.23%
• 6M: -1.01%
• 1Y: -4.08%
• 3Y*: 10.32%
• 5Y*: 7.50%
• 10Y*: 10.28%

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

MEMX vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	29.86%	35.88%	5.50%	11.33%
SMIN iShares MSCI India Small-Cap ETF	-0.23%	-6.68%	16.78%	33.15%

Correlation

The correlation between MEMX and SMIN is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.46

Return for Risk

MEMX vs. SMIN — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 83
MEMX Sharpe Ratio Rank: 85
MEMX Sortino Ratio Rank: 77
MEMX Omega Ratio Rank: 84
MEMX Calmar Ratio Rank: 85
MEMX Martin Ratio Rank: 85

SMIN

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

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.

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.

	MEMX	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	2.57	-0.22	+2.79
Sortino ratio: Return per unit of downside risk	3.17	-0.19	+3.36
Omega ratio: Gain probability vs. loss probability	1.47	0.98	+0.49
Calmar ratio: Return relative to maximum drawdown	4.30	-0.17	+4.46
Martin ratio: Return relative to average drawdown	16.40	-0.37	+16.77

MEMX vs. SMIN - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 2.57, which is higher than the SMIN Sharpe Ratio of -0.22. 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.

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.

Drawdown Indicators

	MEMX	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-60.50%	+41.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-24.54%	+9.84%
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	-5.58%	-12.74%	+7.16%
Average Drawdown Average peak-to-trough decline	-3.49%	-14.62%	+11.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	11.11%	-7.27%

Volatility

MEMX vs. SMIN - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 13.33% compared to iShares MSCI India Small-Cap ETF (SMIN) at 5.74%. 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.

Volatility by Period

	MEMX	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.33%	5.74%	+7.59%
Volatility (6M) Calculated over the trailing 6-month period	22.43%	15.96%	+6.47%
Volatility (1Y) Calculated over the trailing 1-year period	24.53%	18.89%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	18.93%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	22.85%	-4.70%

MEMX vs. SMIN - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than SMIN's 0.76% expense ratio.

Dividends

MEMX vs. SMIN - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.76%, more than SMIN's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEMX Matthews Emerging Markets Ex China Active ETF	3.76%	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	2.02%	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 MEMX and SMIN in my portfolio?

MEMX and SMIN have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or SMIN?

MEMX has higher volatility (13.33%) compared to SMIN (5.74%). In terms of maximum drawdown, MEMX dropped -19.27% vs SMIN's -60.50%.

Which ETF is better, MEMX or SMIN?

On 3-year performance, MEMX leads with 25.58% vs 10.32% for SMIN. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or SMIN?

Over the 3-year period, MEMX has performed better with a 25.58% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or SMIN?

SMIN is cheaper with a 0.76% expense ratio, compared with 0.79% for MEMX.

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

MEMX has the higher dividend yield at 3.76%, compared with 2.02% for SMIN.

What is the main difference between MEMX and SMIN?

MEMX is categorized as Emerging Markets Diversified, while SMIN is Asia Pacific Equities. They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for MEMX and 0.76% for SMIN.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (2.57 vs -0.22), 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.