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SMIN vs. EMM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMIN vs. EMM

Last updated Aug 2, 2026
Documentation

SMIN (iShares MSCI India Small-Cap ETF) and EMM (Global X Emerging Markets ex-China ETF) are both exchange-traded funds - SMIN is a India Equities fund tracking the MSCI India Small Cap Index, while EMM is a Emerging Markets Equities fund actively managed by Global X. SMIN is passively managed, while EMM is actively managed. Over the past 3 years, SMIN returned 7.81%/yr vs 16.45%/yr for EMM. Their 0.48 correlation means their historical movements had little consistent relationship. SMIN charges 0.74%/yr vs 0.75%/yr for EMM.

Performance

SMIN vs. EMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and Global X Emerging Markets ex-China ETF (EMM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMIN achieves a 0.14% return, which is significantly lower than EMM's 20.39% return.

SMIN

1D
0.36%
1M
-1.13%
6M
6.30%
YTD
0.14%
1Y
-2.16%
3Y*
7.81%
5Y*
6.28%
10Y*
9.04%
ALL TIME*
8.80%

EMM

1D
0.69%
1M
-5.50%
6M
12.37%
YTD
20.39%
1Y
39.26%
3Y*
16.45%
5Y*
—
10Y*
—
ALL TIME*
16.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EMM

Global X Emerging Markets ex-China ETF
$252.31K$295.99K$449.48K

SMIN

iShares MSCI India Small-Cap ETF
$9.23M$9.44M$11.13M

SMIN vs. EMM - Yearly Performance Comparison

2026 (YTD)202520242023
SMIN
iShares MSCI India Small-Cap ETF		0.14%-6.68%16.78%31.47%
EMM
Global X Emerging Markets ex-China ETF		20.39%30.21%2.34%2.99%

Correlation

The correlation between SMIN and EMM is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.51

Correlation (3Y)
Balances recent behavior with more history.

0.49

Correlation (All Time)
Calculated using the full available price history since May 15, 2023

0.48

The correlation between SMIN and EMM has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

SMIN vs. EMM - Sectors Allocation Comparison

Sectors
SMIN
EMM

Industrials

21.7%
9.9%

Financial Services

17.0%
20.9%

Healthcare

15.0%
1.4%

Consumer Cyclical

14.5%
2.6%

Basic Materials

11.0%
3.8%

Technology

8.5%
48.1%

Consumer Defensive

4.0%
4.3%

Real Estate

3.4%
1.6%

Utilities

2.6%
1.2%

Communication Services

1.5%
1.7%

Energy

1.0%
4.5%

Industrials

SMIN
21.7%
EMM
9.9%

Financial Services

SMIN
17.0%
EMM
20.9%

Healthcare

SMIN
15.0%
EMM
1.4%

Consumer Cyclical

SMIN
14.5%
EMM
2.6%

Basic Materials

SMIN
11.0%
EMM
3.8%

Technology

SMIN
8.5%
EMM
48.1%

Consumer Defensive

SMIN
4.0%
EMM
4.3%

Real Estate

SMIN
3.4%
EMM
1.6%

Utilities

SMIN
2.6%
EMM
1.2%

Communication Services

SMIN
1.5%
EMM
1.7%

Energy

SMIN
1.0%
EMM
4.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI India Small-Cap ETF

Global X Emerging Markets ex-China ETF

Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. INDF
Often compared with EMM:
EMM vs. EMXCEMM vs. EIMI.LEMM vs. ISEU.LEMM vs. ASEAEMM vs. AVEMEMM vs. VWOEMM vs. VWCE.DE

Return for Risk

SMIN vs. EMM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SMIN
SMIN Risk / Return Rank: 99
Overall Rank
SMIN Sharpe Ratio Rank: 99
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 88
Sortino Ratio Rank
SMIN Omega Ratio Rank: 88
Omega Ratio Rank
SMIN Calmar Ratio Rank: 99
Calmar Ratio Rank
SMIN Martin Ratio Rank: 99
Martin Ratio Rank
EMM
EMM Risk / Return Rank: 6262
Overall Rank
EMM Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EMM Sortino Ratio Rank: 5858
Sortino Ratio Rank
EMM Omega Ratio Rank: 6464
Omega Ratio Rank
EMM Calmar Ratio Rank: 6262
Calmar Ratio Rank
EMM Martin Ratio Rank: 6363
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMIN vs. EMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Global X Emerging Markets ex-China ETF (EMM). 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.

SMINEMMDifference
Sharpe ratioReturn per unit of total volatility
-0.13
1.44

-1.58

Sortino ratioReturn per unit of downside risk
-0.06
1.99

-2.05

Omega ratioGain probability vs. loss probability

0.99

1.27

-0.28

Calmar ratioReturn relative to maximum drawdown

-0.11

2.19

-2.30

Martin ratioReturn relative to average drawdown

-0.29

7.68

-7.97

SMIN vs. EMM - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.13, which is lower than the EMM Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of SMIN and EMM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMIN vs. EMM - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than EMM's maximum drawdown of -21.99%. Use the drawdown chart below to compare losses from any high point for SMIN and EMM.

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Drawdown Indicators

SMINEMMDifference

Max Drawdown

Largest peak-to-trough decline

-60.50%

-21.99%

-38.51%

Max Drawdown (1Y)

Largest decline over 1 year

-21.99%

-17.62%

-4.37%

Max Drawdown (3Y)

Largest decline over 3 years

-27.58%

-21.99%

-5.59%

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

-12.42%

-12.87%

+0.45%

Average Drawdown

Average peak-to-trough decline

-14.60%

-4.84%

-9.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.75%

5.00%

+3.75%

Volatility

SMIN vs. EMM - Volatility Comparison

The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 4.91%, while Global X Emerging Markets ex-China ETF (EMM) has a volatility of 10.56%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than EMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMINEMMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.91%

10.56%

-5.65%

Volatility (6M)

Calculated over the trailing 6-month period

15.74%

24.68%

-8.94%

Volatility (1Y)

Calculated over the trailing 1-year period

19.05%

26.65%

-7.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.99%

20.48%

-1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.84%

20.48%

+2.36%

SMIN vs. EMM - Expense Ratio Comparison

SMIN has a 0.74% expense ratio, which is lower than EMM's 0.75% expense ratio.

Dividends

SMIN vs. EMM - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.01%, more than EMM's 0.79% yield.

PositionTTM20252024202320222021202020192018201720162015
EMM
Global X Emerging Markets ex-China ETF		0.79%0.90%0.80%0.66%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

SMIN and EMM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMM has higher volatility (10.56%) compared to SMIN (4.91%). In terms of maximum drawdown, SMIN dropped -60.50% vs EMM's -21.99%.

On 3-year performance, EMM leads with 16.45% vs 7.81% for SMIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, SMIN has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, EMM has performed better with a 16.45% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMIN is cheaper with a 0.74% expense ratio, compared with 0.75% for EMM.

SMIN has the higher dividend yield at 2.01%, compared with 0.79% for EMM.

SMIN is categorized as India Equities, while EMM is Emerging Markets Equities. They also come from different issuers: iShares and Global X. Their fees differ too: 0.74% for SMIN and 0.75% for EMM.

EMM currently has the higher Sharpe Ratio (1.44 vs -0.13), 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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