SHOP vs. SMIN
SHOP (Shopify Inc.) is a stock, while SMIN (iShares MSCI India Small-Cap ETF) is Asia Pacific Equities fund tracking the MSCI India Small Cap Index. Over the past 10 years, SHOP returned 43.59%/yr vs 9.73%/yr for SMIN. At a 0.26 correlation, their price movements are largely independent.
Performance
SHOP vs. SMIN - Performance Comparison
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Returns By Period
In the year-to-date period, SHOP achieves a -32.76% return, which is significantly lower than SMIN's -4.03% return. Over the past 10 years, SHOP has outperformed SMIN with an annualized return of 43.59%, while SMIN has yielded a comparatively lower 9.73% annualized return.
SHOP
- 1D
- -2.02%
- 1M
- 11.11%
- YTD
- -32.76%
- 6M
- -34.08%
- 1Y
- 2.75%
- 3Y*
- 19.24%
- 5Y*
- -2.79%
- 10Y*
- 43.59%
SMIN
- 1D
- 1.44%
- 1M
- 0.72%
- YTD
- -4.03%
- 6M
- -1.54%
- 1Y
- -8.33%
- 3Y*
- 8.94%
- 5Y*
- 6.19%
- 10Y*
- 9.73%
SHOP vs. SMIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHOP Shopify Inc. | -32.76% | 51.39% | 36.50% | 124.43% | -74.80% | 21.68% | 184.71% | 187.17% | 37.08% | 135.60% |
SMIN iShares MSCI India Small-Cap ETF | -4.03% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
Correlation
The correlation between SHOP and SMIN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 21, 2015 | 0.26 |
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Return for Risk
SHOP vs. SMIN — Risk / Return Rank
SHOP
SMIN
SHOP vs. SMIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Shopify Inc. (SHOP) 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.
| SHOP | SMIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.93 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.39 | +0.37 |
| Martin ratioReturn relative to average drawdown | -0.04 | -0.87 | +0.83 |
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Drawdowns
SHOP vs. SMIN - Drawdown Comparison
The maximum SHOP drawdown since its inception was -84.82%, which is greater than SMIN's maximum drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for SHOP and SMIN.
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Drawdown Indicators
| SHOP | SMIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.82% | -60.50% | -24.32% |
Max Drawdown (1Y)Largest decline over 1 year | -46.71% | -24.54% | -22.17% |
Max Drawdown (3Y)Largest decline over 3 years | -46.71% | -27.58% | -19.13% |
Max Drawdown (5Y)Largest decline over 5 years | -84.82% | -27.58% | -57.24% |
Max Drawdown (10Y)Largest decline over 10 years | -84.82% | -60.50% | -24.32% |
Current DrawdownCurrent decline from peak | -39.53% | -16.07% | -23.46% |
Average DrawdownAverage peak-to-trough decline | -28.23% | -14.62% | -13.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.27% | 11.01% | +11.26% |
Volatility
SHOP vs. SMIN - Volatility Comparison
Shopify Inc. (SHOP) has a higher volatility of 15.38% compared to iShares MSCI India Small-Cap ETF (SMIN) at 4.86%. This indicates that SHOP'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
| SHOP | SMIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.38% | 4.86% | +10.52% |
Volatility (6M)Calculated over the trailing 6-month period | 43.41% | 15.58% | +27.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.03% | 18.67% | +38.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.55% | 18.88% | +46.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.07% | 22.83% | +36.24% |
Dividends
SHOP vs. SMIN - Dividend Comparison
SHOP has not paid dividends to shareholders, while SMIN's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHOP Shopify Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMIN iShares MSCI India Small-Cap ETF | 2.10% | 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
SHOP and SMIN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHOP has higher volatility (15.38%) compared to SMIN (4.86%). In terms of maximum drawdown, SHOP dropped -84.82% vs SMIN's -60.50%.
SHOP currently has the higher Sharpe Ratio (-0.02 vs -0.51), 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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