SMIN vs. DBE
SMIN (iShares MSCI India Small-Cap ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SMIN returned 9.55%/yr vs 12.03%/yr for DBE. At a 0.13 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.78%/yr for DBE.
Performance
SMIN vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a -5.91% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, SMIN has underperformed DBE with an annualized return of 9.55%, while DBE has yielded a comparatively higher 12.03% annualized return.
SMIN
- 1D
- -1.53%
- 1M
- -0.14%
- YTD
- -5.91%
- 6M
- -4.92%
- 1Y
- -9.92%
- 3Y*
- 9.23%
- 5Y*
- 6.06%
- 10Y*
- 9.55%
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
SMIN vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | -5.91% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between SMIN and DBE is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2012 | 0.13 |
The correlation between SMIN and DBE shifts across timeframes, from -0.32 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMIN vs. DBE — Risk / Return Rank
SMIN
DBE
SMIN vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.64 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.40 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 5.89 | -6.30 |
| Martin ratioReturn relative to average drawdown | -0.92 | 11.53 | -12.45 |
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 | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.54 | 2.43 | -2.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.67 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.43 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.09 | +0.26 |
Drawdowns
SMIN vs. DBE - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SMIN and DBE.
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Drawdown Indicators
| SMIN | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -86.69% | +26.19% |
Max Drawdown (1Y)Largest decline over 1 year | -24.54% | -14.41% | -10.13% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -23.89% | -3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -38.74% | +11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -60.84% | +0.34% |
Current DrawdownCurrent decline from peak | -17.71% | -30.27% | +12.56% |
Average DrawdownAverage peak-to-trough decline | -14.62% | -57.31% | +42.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.79% | 7.35% | +3.44% |
Volatility
SMIN vs. DBE - Volatility Comparison
The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 5.90%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 12.95% | -7.05% |
Volatility (6M)Calculated over the trailing 6-month period | 15.54% | 30.86% | -15.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.44% | 34.97% | -16.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.84% | 29.39% | -10.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.82% | 28.33% | -5.51% |
SMIN vs. DBE - Expense Ratio Comparison
SMIN has a 0.76% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SMIN vs. DBE - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.14%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
SMIN iShares MSCI India Small-Cap ETF | 2.14% | 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
SMIN and DBE 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.
DBE has higher volatility (12.95%) compared to SMIN (5.90%). In terms of maximum drawdown, SMIN dropped -60.50% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 9.55% for SMIN. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 12.03% return vs 9.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMIN is cheaper with a 0.76% expense ratio, compared with 0.78% for DBE.
SMIN has the higher dividend yield at 2.14%, compared with 2.10% for DBE.
SMIN is categorized as Asia Pacific Equities, while DBE is Oil & Gas. SMIN tracks MSCI India Small Cap Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.76% for SMIN and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.54), 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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