SMIN vs. CNEQ

Last updated Jul 14, 2026

SMIN (iShares MSCI India Small-Cap ETF) and CNEQ (Alger Concentrated Equity ETF) are both exchange-traded funds - SMIN is a India Equities fund tracking the MSCI India Small Cap Index, while CNEQ is a Large Cap Growth Equities fund actively managed by Alger. SMIN is passively managed, while CNEQ is actively managed. Over the past year, SMIN returned -6.48% vs 35.85% for CNEQ. At a 0.29 correlation, their price movements are largely independent. SMIN charges 0.74%/yr vs 0.55%/yr for CNEQ.

Performance

SMIN vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and Alger Concentrated Equity ETF (CNEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIN achieves a 0.30% return, which is significantly lower than CNEQ's 15.18% return.

SMIN

• 1D: -1.21%
• 1M: 4.52%
• 6M: 3.12%
• YTD: 0.30%
• 1Y: -6.48%
• 3Y*: 8.99%
• 5Y*: 6.72%
• 10Y*: 9.48%

CNEQ

• 1D: -2.39%
• 1M: 1.54%
• 6M: 11.55%
• YTD: 15.18%
• 1Y: 35.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMIN vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	11.91%
CNEQ Alger Concentrated Equity ETF	15.18%	33.61%	29.82%

Correlation

The correlation between SMIN and CNEQ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	0.29

SMIN vs. CNEQ - Sectors Allocation Comparison

Sectors	SMIN	CNEQ
Industrials	22.4%	6.1%
Financial Services	16.3%	1.6%
Healthcare	14.3%	4.3%
Consumer Cyclical	14.0%	14.1%
Basic Materials	10.7%	-
Technology	7.9%	47.4%
Consumer Defensive	3.9%	-
Real Estate	3.2%	-
Utilities	2.8%	6.6%
Communication Services	1.4%	16.8%
Energy	0.8%	-

Return for Risk

SMIN vs. CNEQ — Risk / Return Rank

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

SMIN

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

CNEQ

CNEQ Risk / Return Rank: 49
CNEQ Sharpe Ratio Rank: 54
CNEQ Sortino Ratio Rank: 51
CNEQ Omega Ratio Rank: 51
CNEQ Calmar Ratio Rank: 46
CNEQ Martin Ratio Rank: 44

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. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Alger Concentrated Equity ETF (CNEQ). 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.

	SMIN	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	1.47	-1.81
Sortino ratio: Return per unit of downside risk	-0.38	2.01	-2.39
Omega ratio: Gain probability vs. loss probability	0.96	1.26	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.27	1.87	-2.13
Martin ratio: Return relative to average drawdown	-0.58	5.73	-6.30

SMIN vs. CNEQ - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.34, which is lower than the CNEQ Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SMIN and CNEQ, 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

SMIN vs. CNEQ - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for SMIN and CNEQ.

Drawdown Indicators

	SMIN	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-27.58%	-32.92%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-19.30%	-5.24%
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	-12.28%	-5.33%	-6.95%
Average Drawdown Average peak-to-trough decline	-14.61%	-4.84%	-9.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.27%	6.28%	+4.99%

Volatility

SMIN vs. CNEQ - Volatility Comparison

The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 5.69%, while Alger Concentrated Equity ETF (CNEQ) has a volatility of 9.46%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	9.46%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	19.45%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	24.53%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	27.00%	-8.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	27.00%	-4.16%

SMIN vs. CNEQ - Expense Ratio Comparison

SMIN has a 0.74% expense ratio, which is higher than CNEQ's 0.55% expense ratio.

Dividends

SMIN vs. CNEQ - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.01%, more than CNEQ's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNEQ Alger Concentrated Equity ETF	0.45%	0.52%	0.16%	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	2.01%	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 SMIN and CNEQ in my portfolio?

SMIN and CNEQ have a correlation of 0.32, 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 CNEQ?

CNEQ has higher volatility (9.46%) compared to SMIN (5.69%). In terms of maximum drawdown, SMIN dropped -60.50% vs CNEQ's -27.58%.

Which ETF is better, SMIN or CNEQ?

On 1-year performance, CNEQ leads with 35.85% vs -6.48% for SMIN. On fees, CNEQ is cheaper at 0.55% per year. On volatility, SMIN has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or CNEQ?

Over the 1-year period, CNEQ has performed better with a 35.85% return vs -6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or CNEQ?

CNEQ is cheaper with a 0.55% expense ratio, compared with 0.74% for SMIN.

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

SMIN has the higher dividend yield at 2.01%, compared with 0.45% for CNEQ.

What is the main difference between SMIN and CNEQ?

SMIN is categorized as India Equities, while CNEQ is Large Cap Growth Equities. They also come from different issuers: iShares and Alger. Their fees differ too: 0.74% for SMIN and 0.55% for CNEQ.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.47 vs -0.34), 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.