NDIA vs. SMIN

Last updated Jul 16, 2026

NDIA (Global X Funds - Global X India Active ETF) and SMIN (iShares MSCI India Small-Cap ETF) are both India Equities funds. NDIA is actively managed, while SMIN is passively managed. Over the past year, NDIA returned -9.19% vs -7.45% for SMIN. A 0.76 correlation means they provide meaningful diversification when combined. NDIA charges 0.76%/yr vs 0.74%/yr for SMIN.

Performance

NDIA vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Funds - Global X India Active ETF (NDIA) 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, NDIA achieves a -8.77% return, which is significantly lower than SMIN's 0.29% return.

NDIA

• 1D: 0.30%
• 1M: 1.63%
• 6M: -7.66%
• YTD: -8.77%
• 1Y: -9.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMIN

• 1D: 0.24%
• 1M: 1.77%
• 6M: 3.25%
• YTD: 0.29%
• 1Y: -7.45%
• 3Y*: 8.99%
• 5Y*: 6.71%
• 10Y*: 9.48%

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

NDIA vs. SMIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NDIA Global X Funds - Global X India Active ETF	-8.77%	5.04%	5.75%	12.76%
SMIN iShares MSCI India Small-Cap ETF	0.29%	-6.68%	16.78%	15.80%

Correlation

The correlation between NDIA 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 (All Time) Calculated using the full available price history since Aug 18, 2023	0.76

The correlation between NDIA and SMIN has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

NDIA vs. SMIN - Sectors Allocation Comparison

Sectors	NDIA	SMIN
Financial Services	31.4%	16.3%
Consumer Cyclical	11.0%	14.0%
Industrials	10.7%	22.4%
Energy	9.5%	0.8%
Basic Materials	8.6%	10.7%
Technology	7.1%	7.9%
Consumer Defensive	5.9%	3.9%
Communication Services	5.5%	1.4%
Healthcare	4.4%	14.3%
Utilities	3.6%	2.8%
Real Estate	2.5%	3.2%

Return for Risk

NDIA vs. SMIN — Risk / Return Rank

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

NDIA

NDIA Risk / Return Rank: 4
NDIA Sharpe Ratio Rank: 5
NDIA Sortino Ratio Rank: 4
NDIA Omega Ratio Rank: 4
NDIA Calmar Ratio Rank: 5
NDIA Martin Ratio Rank: 3

SMIN

SMIN Risk / Return Rank: 6
SMIN Sharpe Ratio Rank: 6
SMIN Sortino Ratio Rank: 5
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.

NDIA vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Funds - Global X India Active ETF (NDIA) 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.

	NDIA	SMIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	-0.39	-0.18
Sortino ratio: Return per unit of downside risk	-0.74	-0.46	-0.28
Omega ratio: Gain probability vs. loss probability	0.92	0.95	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.54	-0.30	-0.23
Martin ratio: Return relative to average drawdown	-1.25	-0.66	-0.59

NDIA vs. SMIN - Sharpe Ratio Comparison

The current NDIA Sharpe Ratio is -0.57, which is lower than the SMIN Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of NDIA 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

NDIA vs. SMIN - Drawdown Comparison

The maximum NDIA drawdown since its inception was -22.05%, smaller than the maximum SMIN drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for NDIA and SMIN.

Drawdown Indicators

	NDIA	SMIN	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-60.50%	+38.45%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-24.54%	+7.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.58%	—
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	-15.41%	-12.29%	-3.12%
Average Drawdown Average peak-to-trough decline	-7.40%	-14.61%	+7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.34%	11.30%	-3.96%

Volatility

NDIA vs. SMIN - Volatility Comparison

The current volatility for Global X Funds - Global X India Active ETF (NDIA) is 4.42%, while iShares MSCI India Small-Cap ETF (SMIN) has a volatility of 5.59%. This indicates that NDIA 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

	NDIA	SMIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	5.59%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	15.91%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	19.02%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	18.96%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	22.83%	-7.24%

NDIA vs. SMIN - Expense Ratio Comparison

NDIA has a 0.76% expense ratio, which is higher than SMIN's 0.74% expense ratio.

Dividends

NDIA vs. SMIN - Dividend Comparison

NDIA's dividend yield for the trailing twelve months is around 1.20%, less than SMIN's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NDIA Global X Funds - Global X India Active ETF	1.20%	1.10%	3.66%	0.28%	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 NDIA and SMIN in my portfolio?

NDIA 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, NDIA or SMIN?

SMIN has higher volatility (5.59%) compared to NDIA (4.42%). In terms of maximum drawdown, NDIA dropped -22.05% vs SMIN's -60.50%.

Which ETF is better, NDIA or SMIN?

On 1-year performance, SMIN leads with -7.45% vs -9.19% for NDIA. On fees, SMIN is cheaper at 0.74% per year. On volatility, NDIA has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDIA or SMIN?

Over the 1-year period, SMIN has performed better with a -7.45% return vs -9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDIA or SMIN?

SMIN is cheaper with a 0.74% expense ratio, compared with 0.76% for NDIA.

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

SMIN has the higher dividend yield at 2.01%, compared with 1.20% for NDIA.

What is the main difference between NDIA and SMIN?

They also come from different issuers: Global X and iShares. Their fees differ too: 0.76% for NDIA and 0.74% for SMIN.

Which has better risk-adjusted returns?

SMIN currently has the higher Sharpe Ratio (-0.39 vs -0.57), 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.