SMIN vs. BRZU

Last updated Jun 6, 2026

SMIN (iShares MSCI India Small-Cap ETF) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, SMIN returned 9.45%/yr vs -16.87%/yr for BRZU. At a 0.35 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 1.29%/yr for BRZU.

Performance

SMIN vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIN achieves a -5.34% return, which is significantly lower than BRZU's 7.61% return. Over the past 10 years, SMIN has outperformed BRZU with an annualized return of 9.45%, while BRZU has yielded a comparatively lower -16.87% 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%

BRZU

• 1D: -4.72%
• 1M: -28.18%
• YTD: 7.61%
• 6M: 9.43%
• 1Y: 49.58%
• 3Y*: 6.28%
• 5Y*: -4.76%
• 10Y*: -16.87%

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

SMIN vs. BRZU - 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%
BRZU Direxion Daily Brazil Bull 2X Shares	7.61%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Correlation

The correlation between SMIN and BRZU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 11, 2013	0.35

The correlation between SMIN and BRZU shifts across timeframes, from 0.26 (3 years) to 0.36 (10 years), reflecting how their relationship changes across market environments.

SMIN vs. BRZU - Sectors Allocation Comparison

Sectors	SMIN	BRZU
Industrials	21.1%	10.9%
Financial Services	18.9%	32.7%
Healthcare	13.7%	2.4%
Consumer Cyclical	13.5%	1.5%
Basic Materials	12.2%	13.7%
Technology	7.8%	0.9%
Consumer Defensive	4.0%	4.2%
Real Estate	3.6%	-
Utilities	2.7%	12.8%
Communication Services	1.6%	2.2%
Energy	0.9%	18.7%

Return for Risk

SMIN vs. BRZU — Risk / Return Rank

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

SMIN

SMIN Risk / Return Rank: 5
SMIN Sharpe Ratio Rank: 5
SMIN Sortino Ratio Rank: 4
SMIN Omega Ratio Rank: 4
SMIN Calmar Ratio Rank: 6
SMIN Martin Ratio Rank: 5

BRZU

BRZU Risk / Return Rank: 30
BRZU Sharpe Ratio Rank: 29
BRZU Sortino Ratio Rank: 29
BRZU Omega Ratio Rank: 30
BRZU Calmar Ratio Rank: 30
BRZU Martin Ratio Rank: 32

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.

SMIN vs. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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	BRZU	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	1.00	-1.53
Sortino ratio: Return per unit of downside risk	-0.67	1.52	-2.20
Omega ratio: Gain probability vs. loss probability	0.93	1.19	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.40	1.43	-1.83
Martin ratio: Return relative to average drawdown	-0.91	4.49	-5.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMIN vs. BRZU - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.53, which is lower than the BRZU Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of SMIN and BRZU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMIN	BRZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	1.00	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	-0.09	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	-0.20	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.35	+0.71

Drawdowns

SMIN vs. BRZU - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for SMIN and BRZU.

Drawdown Indicators

	SMIN	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-99.71%	+39.21%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-34.90%	+10.36%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-58.25%	+30.67%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-65.00%	+37.42%
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	-98.11%	+37.61%
Current Drawdown Current decline from peak	-17.21%	-99.23%	+82.02%
Average Drawdown Average peak-to-trough decline	-14.62%	-89.56%	+74.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.85%	11.07%	-0.22%

Volatility

SMIN vs. BRZU - Volatility Comparison

The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 5.71%, while Direxion Daily Brazil Bull 2X Shares (BRZU) has a volatility of 15.42%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than BRZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	15.42%	-9.71%
Volatility (6M) Calculated over the trailing 6-month period	15.67%	41.78%	-26.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	49.79%	-31.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	55.39%	-36.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	83.15%	-60.32%

SMIN vs. BRZU - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

SMIN vs. BRZU - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.13%, less than BRZU's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRZU Direxion Daily Brazil Bull 2X Shares	2.48%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%	0.00%	0.00%
SMIN iShares MSCI India Small-Cap ETF	2.13%	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 SMIN and BRZU in my portfolio?

SMIN and BRZU have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIN or BRZU?

BRZU has higher volatility (15.42%) compared to SMIN (5.71%). In terms of maximum drawdown, SMIN dropped -60.50% vs BRZU's -99.71%.

Which ETF is better, SMIN or BRZU?

On 10-year performance, SMIN leads with 9.45% vs -16.87% for BRZU. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or BRZU?

Over the 10-year period, SMIN has performed better with a 9.45% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or BRZU?

SMIN is cheaper with a 0.76% expense ratio, compared with 1.29% for BRZU.

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

BRZU has the higher dividend yield at 2.48%, compared with 2.13% for SMIN.

What is the main difference between SMIN and BRZU?

SMIN is categorized as Asia Pacific Equities, while BRZU is Leveraged Equities. SMIN tracks MSCI India Small Cap Index, while BRZU tracks MSCI Brazil 25/50 Index. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.76% for SMIN and 1.29% for BRZU.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.00 vs -0.53), 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.