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SMIN vs. EWH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMIN vs. EWH

Last updated Jun 5, 2026

SMIN (iShares MSCI India Small-Cap ETF) and EWH (iShares MSCI Hong Kong ETF) are both Asia Pacific Equities funds from iShares - SMIN tracks the MSCI India Small Cap Index while EWH tracks the MSCI Hong Kong Index. Both are passively managed. Over the past 10 years, SMIN returned 9.63%/yr vs 4.68%/yr for EWH. At a 0.36 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.49%/yr for EWH.

Performance

SMIN vs. EWH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and iShares MSCI Hong Kong ETF (EWH). 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 -3.98% return, which is significantly lower than EWH's 5.98% return. Over the past 10 years, SMIN has outperformed EWH with an annualized return of 9.63%, while EWH has yielded a comparatively lower 4.68% annualized return.

SMIN

1D
2.05%
1M
0.58%
YTD
-3.98%
6M
-3.28%
1Y
-7.97%
3Y*
10.06%
5Y*
6.49%
10Y*
9.63%

EWH

1D
-1.27%
1M
-5.02%
YTD
5.98%
6M
5.27%
1Y
22.22%
3Y*
9.34%
5Y*
-0.21%
10Y*
4.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMIN vs. EWH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMIN
iShares MSCI India Small-Cap ETF		-3.98%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%
EWH
iShares MSCI Hong Kong ETF		5.98%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%

Correlation

The correlation between SMIN and EWH 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

0.21

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

0.24

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

0.34

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2012

0.36

The correlation between SMIN and EWH shifts across timeframes, from 0.21 (3 years) to 0.36 (all time), reflecting how their relationship changes across market environments.

SMIN vs. EWH - Sectors Allocation Comparison

Sectors
SMIN
EWH

Industrials

21.1%
16.6%

Financial Services

18.9%
45.4%

Healthcare

13.7%

-

Consumer Cyclical

13.5%
3.7%

Basic Materials

12.2%

-

Technology

7.8%

-

Consumer Defensive

4.0%
2.7%

Real Estate

3.6%
18.7%

Utilities

2.7%
11.2%

Communication Services

1.6%
1.7%

Energy

0.9%

-

Industrials

SMIN
21.1%
EWH
16.6%

Financial Services

SMIN
18.9%
EWH
45.4%

Healthcare

SMIN
13.7%
EWH

-

Consumer Cyclical

SMIN
13.5%
EWH
3.7%

Basic Materials

SMIN
12.2%
EWH

-

Technology

SMIN
7.8%
EWH

-

Consumer Defensive

SMIN
4.0%
EWH
2.7%

Real Estate

SMIN
3.6%
EWH
18.7%

Utilities

SMIN
2.7%
EWH
11.2%

Communication Services

SMIN
1.6%
EWH
1.7%

Energy

SMIN
0.9%
EWH

-

Compare stocks, funds, or ETFs

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iShares MSCI India Small-Cap ETF

iShares MSCI Hong Kong ETF

Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. NFTYSMIN vs. INCOSMIN vs. EWSSMIN vs. VOO
Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP

Return for Risk

SMIN vs. EWH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMIN
SMIN Risk / Return Rank: 55
Overall Rank
SMIN Sharpe Ratio Rank: 55
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 55
Sortino Ratio Rank
SMIN Omega Ratio Rank: 55
Omega Ratio Rank
SMIN Calmar Ratio Rank: 66
Calmar Ratio Rank
SMIN Martin Ratio Rank: 66
Martin Ratio Rank
EWH
EWH Risk / Return Rank: 4343
Overall Rank
EWH Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 3939
Sortino Ratio Rank
EWH Omega Ratio Rank: 3737
Omega Ratio Rank
EWH Calmar Ratio Rank: 5656
Calmar Ratio Rank
EWH Martin Ratio Rank: 4444
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. EWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and iShares MSCI Hong Kong ETF (EWH). 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.

SMINEWHDifference
Sharpe ratioReturn per unit of total volatility
-0.43
1.37

-1.80

Sortino ratioReturn per unit of downside risk
-0.52
1.97

-2.49

Omega ratioGain probability vs. loss probability

0.94

1.24

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.33

2.70

-3.02

Martin ratioReturn relative to average drawdown

-0.74

7.10

-7.84

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. EWH - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.43, which is lower than the EWH Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SMIN and EWH, 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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Sharpe Ratios by Period

SMINEWHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.43

1.37

-1.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

-0.01

+0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.24

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.18

+0.18

Drawdowns

SMIN vs. EWH - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum EWH drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for SMIN and EWH.

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Drawdown Indicators

SMINEWHDifference

Max Drawdown

Largest peak-to-trough decline

-60.50%

-66.44%

+5.94%

Max Drawdown (1Y)

Largest decline over 1 year

-24.54%

-8.27%

-16.27%

Max Drawdown (3Y)

Largest decline over 3 years

-27.58%

-24.93%

-2.65%

Max Drawdown (5Y)

Largest decline over 5 years

-27.58%

-41.46%

+13.88%

Max Drawdown (10Y)

Largest decline over 10 years

-60.50%

-42.71%

-17.79%

Current Drawdown

Current decline from peak

-16.02%

-8.27%

-7.75%

Average Drawdown

Average peak-to-trough decline

-14.62%

-19.48%

+4.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.82%

3.14%

+7.68%

Volatility

SMIN vs. EWH - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 6.11% compared to iShares MSCI Hong Kong ETF (EWH) at 4.94%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than EWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMINEWHDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.11%

4.94%

+1.17%

Volatility (6M)

Calculated over the trailing 6-month period

15.65%

11.78%

+3.87%

Volatility (1Y)

Calculated over the trailing 1-year period

18.54%

16.29%

+2.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.86%

20.00%

-1.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.83%

19.56%

+3.27%

SMIN vs. EWH - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is higher than EWH's 0.49% expense ratio.

Dividends

SMIN vs. EWH - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.10%, less than EWH's 4.90% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		4.90%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
SMIN
iShares MSCI India Small-Cap ETF		2.10%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 EWH 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.

SMIN has higher volatility (6.11%) compared to EWH (4.94%). In terms of maximum drawdown, SMIN dropped -60.50% vs EWH's -66.44%.

On 10-year performance, SMIN leads with 9.63% vs 4.68% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWH has been the lower-risk option at 4.94%. 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 9.63% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.49% expense ratio, compared with 0.76% for SMIN.

EWH has the higher dividend yield at 4.90%, compared with 2.10% for SMIN.

SMIN tracks MSCI India Small Cap Index, while EWH tracks MSCI Hong Kong Index. Their fees differ too: 0.76% for SMIN and 0.49% for EWH.

EWH currently has the higher Sharpe Ratio (1.37 vs -0.43), 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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