SMIN vs. ^BSE200
SMIN (iShares MSCI India Small-Cap ETF) is Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while ^BSE200 (S&P BSE-200) is an index. Over the past 10 years, SMIN returned 9.45%/yr vs 8.29%/yr for ^BSE200. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
SMIN vs. ^BSE200 - Performance Comparison
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Different Trading Currencies
SMIN is traded in USD, while ^BSE200 is traded in INR. To make them comparable, the ^BSE200 values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMIN achieves a -5.34% return, which is significantly higher than ^BSE200's -12.79% return. Over the past 10 years, SMIN has outperformed ^BSE200 with an annualized return of 9.45%, while ^BSE200 has yielded a comparatively lower 8.29% annualized return.
SMIN
- 1D
- -1.42%
- 1M
- -3.23%
- YTD
- -5.34%
- 6M
- -4.28%
- 1Y
- -9.85%
- 3Y*
- 9.32%
- 5Y*
- 6.18%
- 10Y*
- 9.45%
^BSE200
- 1D
- 0.90%
- 1M
- -4.15%
- YTD
- -12.79%
- 6M
- -12.67%
- 1Y
- -12.65%
- 3Y*
- 5.71%
- 5Y*
- 4.18%
- 10Y*
- 8.29%
SMIN vs. ^BSE200 - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | -5.34% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
^BSE200 S&P BSE-200 | -12.79% | 2.88% | 10.29% | 22.13% | -6.24% | 25.07% | 13.79% | 6.39% | -8.86% | 41.87% |
Correlation
The correlation between SMIN and ^BSE200 is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2012 | 0.59 |
The correlation between SMIN and ^BSE200 has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
SMIN vs. ^BSE200 — Risk / Return Rank
SMIN
^BSE200
SMIN vs. ^BSE200 - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and S&P BSE-200 (^BSE200). 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.
| SMIN | ^BSE200 | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.88 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | -0.60 | +0.20 |
| Martin ratioReturn relative to average drawdown | -0.91 | -1.48 | +0.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMIN | ^BSE200 | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.53 | -0.80 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.27 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.47 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.30 | +0.06 |
Drawdowns
SMIN vs. ^BSE200 - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, which is greater than ^BSE200's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for SMIN and ^BSE200.
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Drawdown Indicators
| SMIN | ^BSE200 | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -45.14% | -15.36% |
Max Drawdown (1Y)Largest decline over 1 year | -24.54% | -20.74% | -3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -25.36% | -2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -25.36% | -2.22% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -45.14% | -15.36% |
Current DrawdownCurrent decline from peak | -17.21% | -20.59% | +3.38% |
Average DrawdownAverage peak-to-trough decline | -14.62% | -12.02% | -2.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.85% | 8.29% | +2.56% |
Volatility
SMIN vs. ^BSE200 - Volatility Comparison
iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.71% compared to S&P BSE-200 (^BSE200) at 5.23%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than ^BSE200 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | ^BSE200 | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.71% | 5.23% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 15.67% | 13.59% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.59% | 15.61% | +2.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.86% | 15.73% | +3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.83% | 18.16% | +4.67% |
Frequently Asked Questions
SMIN and ^BSE200 have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMIN has higher volatility (5.71%) compared to ^BSE200 (5.23%). In terms of maximum drawdown, SMIN dropped -60.50% vs ^BSE200's -45.14%.
SMIN currently has the higher Sharpe Ratio (-0.53 vs -0.80), 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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