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SMIN vs. EPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMIN vs. EPI

Last updated Jun 24, 2026

SMIN (iShares MSCI India Small-Cap ETF) and EPI (WisdomTree India Earnings Fund) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while EPI is a Emerging Markets Equities fund tracking the WisdomTree India Earnings Index. Both are passively managed. Over the past 10 years, SMIN returned 10.28%/yr vs 9.68%/yr for EPI. Their correlation of 0.82 suggests significant overlap in exposure. SMIN charges 0.76%/yr vs 0.84%/yr for EPI.

Performance

SMIN vs. EPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and WisdomTree India Earnings Fund (EPI). 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 -0.23% return, which is significantly higher than EPI's -7.84% return. Over the past 10 years, SMIN has outperformed EPI with an annualized return of 10.28%, while EPI has yielded a comparatively lower 9.68% annualized return.

SMIN

1D
-1.48%
1M
4.98%
YTD
-0.23%
6M
-1.01%
1Y
-4.08%
3Y*
10.32%
5Y*
7.50%
10Y*
10.28%

EPI

1D
-1.80%
1M
0.68%
YTD
-7.84%
6M
-8.06%
1Y
-7.64%
3Y*
7.99%
5Y*
6.29%
10Y*
9.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMIN vs. EPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMIN
iShares MSCI India Small-Cap ETF		-0.23%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%
EPI
WisdomTree India Earnings Fund		-7.84%2.25%10.70%26.03%-4.74%26.41%18.55%1.53%-9.88%39.14%

Correlation

The correlation between SMIN and EPI is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2012

0.82

The correlation between SMIN and EPI has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

SMIN vs. EPI - Sectors Allocation Comparison

Sectors
SMIN
EPI

Financial Services

21.3%
23.2%

Industrials

19.5%
9.9%

Healthcare

16.5%
5.8%

Consumer Cyclical

11.4%
7.6%

Technology

9.3%
8.3%

Basic Materials

8.4%
14.2%

Real Estate

4.3%
0.9%

Utilities

2.1%
8.3%

Consumer Defensive

1.4%
3.5%

Energy

1.3%
16.4%

Communication Services

0.9%
2.0%

Financial Services

SMIN
21.3%
EPI
23.2%

Industrials

SMIN
19.5%
EPI
9.9%

Healthcare

SMIN
16.5%
EPI
5.8%

Consumer Cyclical

SMIN
11.4%
EPI
7.6%

Technology

SMIN
9.3%
EPI
8.3%

Basic Materials

SMIN
8.4%
EPI
14.2%

Real Estate

SMIN
4.3%
EPI
0.9%

Utilities

SMIN
2.1%
EPI
8.3%

Consumer Defensive

SMIN
1.4%
EPI
3.5%

Energy

SMIN
1.3%
EPI
16.4%

Communication Services

SMIN
0.9%
EPI
2.0%

Compare stocks, funds, or ETFs

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iShares MSCI India Small-Cap ETF

WisdomTree India Earnings Fund

Often compared with SMIN:
SMIN vs. INDASMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. VOOSMIN vs. INDF
Often compared with EPI:
EPI vs. INDAEPI vs. FLINEPI vs. INDYEPI vs. NFTYEPI vs. GLINEPI vs. INCOEPI vs. SPY

Return for Risk

SMIN vs. EPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMIN
SMIN Risk / Return Rank: 77
Overall Rank
SMIN Sharpe Ratio Rank: 77
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 66
Sortino Ratio Rank
SMIN Omega Ratio Rank: 66
Omega Ratio Rank
SMIN Calmar Ratio Rank: 77
Calmar Ratio Rank
SMIN Martin Ratio Rank: 77
Martin Ratio Rank
EPI
EPI Risk / Return Rank: 55
Overall Rank
EPI Sharpe Ratio Rank: 55
Sharpe Ratio Rank
EPI Sortino Ratio Rank: 44
Sortino Ratio Rank
EPI Omega Ratio Rank: 55
Omega Ratio Rank
EPI Calmar Ratio Rank: 55
Calmar Ratio Rank
EPI Martin Ratio Rank: 44
Martin Ratio Rank
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. EPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and WisdomTree India Earnings Fund (EPI). 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.

SMINEPIDifference
Sharpe ratioReturn per unit of total volatility
-0.22
-0.50

+0.29

Sortino ratioReturn per unit of downside risk
-0.19
-0.63

+0.44

Omega ratioGain probability vs. loss probability

0.98

0.93

+0.05

Calmar ratioReturn relative to maximum drawdown

-0.17

-0.45

+0.29

Martin ratioReturn relative to average drawdown

-0.37

-1.05

+0.68

SMIN vs. EPI - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.22, which is higher than the EPI Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of SMIN and EPI, 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. EPI - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum EPI drawdown of -66.21%. Use the drawdown chart below to compare losses from any high point for SMIN and EPI.

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Drawdown Indicators

SMINEPIDifference

Max Drawdown

Largest peak-to-trough decline

-60.50%

-66.21%

+5.71%

Max Drawdown (1Y)

Largest decline over 1 year

-24.54%

-16.88%

-7.66%

Max Drawdown (3Y)

Largest decline over 3 years

-27.58%

-21.89%

-5.69%

Max Drawdown (5Y)

Largest decline over 5 years

-27.58%

-21.89%

-5.69%

Max Drawdown (10Y)

Largest decline over 10 years

-60.50%

-50.29%

-10.21%

Current Drawdown

Current decline from peak

-12.74%

-15.84%

+3.10%

Average Drawdown

Average peak-to-trough decline

-14.62%

-18.64%

+4.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.11%

7.33%

+3.78%

Volatility

SMIN vs. EPI - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.74% compared to WisdomTree India Earnings Fund (EPI) at 4.49%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than EPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMINEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.74%

4.49%

+1.25%

Volatility (6M)

Calculated over the trailing 6-month period

15.96%

13.15%

+2.81%

Volatility (1Y)

Calculated over the trailing 1-year period

18.89%

15.21%

+3.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.93%

16.26%

+2.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.85%

20.30%

+2.55%

SMIN vs. EPI - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is lower than EPI's 0.84% expense ratio.

Dividends

SMIN vs. EPI - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.02%, while EPI has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EPI
WisdomTree India Earnings Fund		0.00%0.00%0.27%0.15%6.01%1.18%0.78%1.17%1.18%0.85%1.05%1.20%
SMIN
iShares MSCI India Small-Cap ETF		2.02%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 EPI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMIN has higher volatility (5.74%) compared to EPI (4.49%). In terms of maximum drawdown, SMIN dropped -60.50% vs EPI's -66.21%.

On 10-year performance, SMIN leads with 10.28% vs 9.68% for EPI. On fees, SMIN is cheaper at 0.76% per year. On volatility, EPI has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMIN has performed better with a 10.28% return vs 9.68%. 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 0.84% for EPI.

SMIN has the higher dividend yield at 2.02%, compared with 0.00% for EPI.

SMIN is categorized as Asia Pacific Equities, while EPI is Emerging Markets Equities. SMIN tracks MSCI India Small Cap Index, while EPI tracks WisdomTree India Earnings Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.76% for SMIN and 0.84% for EPI.

SMIN currently has the higher Sharpe Ratio (-0.22 vs -0.50), 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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