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SMIN vs. EWS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMIN vs. EWS

Last updated Aug 2, 2026
Documentation

SMIN (iShares MSCI India Small-Cap ETF) and EWS (iShares MSCI Singapore ETF) are both exchange-traded funds - SMIN is a India Equities fund tracking the MSCI India Small Cap Index, while EWS is a Asia Pacific Equities fund tracking the MSCI Singapore 25/50 Index. Both are passively managed. Over the past 10 years, SMIN returned 9.04%/yr vs 8.70%/yr for EWS. Their 0.42 correlation means their historical movements had little consistent relationship. SMIN charges 0.74%/yr vs 0.50%/yr for EWS.

Performance

SMIN vs. EWS - 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 Singapore ETF (EWS). 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 EWS's 19.46% return. Both investments have delivered pretty close results over the past 10 years, with SMIN having a 9.04% annualized return and EWS not far behind at 8.70%.

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%

EWS

1D
-0.40%
1M
7.03%
6M
16.49%
YTD
19.46%
1Y
26.92%
3Y*
22.85%
5Y*
11.82%
10Y*
8.70%
ALL TIME*
4.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWS

iShares MSCI Singapore ETF
$34.51M$34.58M$29.31M

SMIN

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

SMIN vs. EWS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMIN
iShares MSCI India Small-Cap ETF		0.14%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%
EWS
iShares MSCI Singapore ETF		19.46%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%

Correlation

The correlation between SMIN and EWS is 0.34, which is low. Their historical price movements had little consistent relationship.

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

0.34

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

0.33

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.39

Correlation (10Y)
Provides a long-term view across more market conditions.

0.43

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

0.42

SMIN vs. EWS - Sectors Allocation Comparison

Sectors
SMIN
EWS

Industrials

21.7%
17.4%

Financial Services

17.0%
52.5%

Healthcare

15.0%

-

Consumer Cyclical

14.5%
4.8%

Basic Materials

11.0%

-

Technology

8.5%
4.7%

Consumer Defensive

4.0%
4.0%

Real Estate

3.4%
8.7%

Utilities

2.6%
4.1%

Communication Services

1.5%
3.8%

Energy

1.0%

-

Industrials

SMIN
21.7%
EWS
17.4%

Financial Services

SMIN
17.0%
EWS
52.5%

Healthcare

SMIN
15.0%
EWS

-

Consumer Cyclical

SMIN
14.5%
EWS
4.8%

Basic Materials

SMIN
11.0%
EWS

-

Technology

SMIN
8.5%
EWS
4.7%

Consumer Defensive

SMIN
4.0%
EWS
4.0%

Real Estate

SMIN
3.4%
EWS
8.7%

Utilities

SMIN
2.6%
EWS
4.1%

Communication Services

SMIN
1.5%
EWS
3.8%

Energy

SMIN
1.0%
EWS

-

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

iShares MSCI Singapore ETF

Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. INDFSMIN vs. VOO
Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. EIDOEWS vs. FLGREWS vs. VOO

Return for Risk

SMIN vs. EWS — 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
EWS
EWS Risk / Return Rank: 7777
Overall Rank
EWS Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWS Omega Ratio Rank: 7575
Omega Ratio Rank
EWS Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWS Martin Ratio Rank: 7070
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. EWS - 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 Singapore ETF (EWS). 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.

SMINEWSDifference
Sharpe ratioReturn per unit of total volatility
-0.13
1.76

-1.89

Sortino ratioReturn per unit of downside risk
-0.06
2.47

-2.53

Omega ratioGain probability vs. loss probability

0.99

1.31

-0.32

Calmar ratioReturn relative to maximum drawdown

-0.11

3.50

-3.61

Martin ratioReturn relative to average drawdown

-0.29

8.50

-8.79

SMIN vs. EWS - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.13, which is lower than the EWS Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SMIN and EWS, 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. EWS - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum EWS drawdown of -75.13%. Use the drawdown chart below to compare losses from any high point for SMIN and EWS.

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Drawdown Indicators

SMINEWSDifference

Max Drawdown

Largest peak-to-trough decline

-60.50%

-75.13%

+14.63%

Max Drawdown (1Y)

Largest decline over 1 year

-21.99%

-7.82%

-14.17%

Max Drawdown (3Y)

Largest decline over 3 years

-27.58%

-16.34%

-11.24%

Max Drawdown (5Y)

Largest decline over 5 years

-27.58%

-29.06%

+1.48%

Max Drawdown (10Y)

Largest decline over 10 years

-60.50%

-40.84%

-19.66%

Current Drawdown

Current decline from peak

-12.42%

-0.40%

-12.02%

Average Drawdown

Average peak-to-trough decline

-14.60%

-21.89%

+7.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.75%

3.21%

+5.54%

Volatility

SMIN vs. EWS - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 4.91% compared to iShares MSCI Singapore ETF (EWS) at 4.19%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMINEWSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.91%

4.19%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

15.74%

12.07%

+3.67%

Volatility (1Y)

Calculated over the trailing 1-year period

19.05%

15.57%

+3.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.99%

17.27%

+1.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.84%

17.94%

+4.90%

SMIN vs. EWS - Expense Ratio Comparison

SMIN has a 0.74% expense ratio, which is higher than EWS's 0.50% expense ratio.

Dividends

SMIN vs. EWS - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.01%, less than EWS's 3.67% yield.

PositionTTM20252024202320222021202020192018201720162015
EWS
iShares MSCI Singapore ETF		3.67%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%
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 EWS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMIN has higher volatility (4.91%) compared to EWS (4.19%). In terms of maximum drawdown, SMIN dropped -60.50% vs EWS's -75.13%.

On 10-year performance, SMIN leads with 9.04% vs 8.70% for EWS. On fees, EWS is cheaper at 0.50% per year. On volatility, EWS has been the lower-risk option at 4.19%. 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 9.04% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWS is cheaper with a 0.50% expense ratio, compared with 0.74% for SMIN.

EWS has the higher dividend yield at 3.67%, compared with 2.01% for SMIN.

SMIN is categorized as India Equities, while EWS is Asia Pacific Equities. SMIN tracks MSCI India Small Cap Index, while EWS tracks MSCI Singapore 25/50 Index. Their fees differ too: 0.74% for SMIN and 0.50% for EWS.

EWS currently has the higher Sharpe Ratio (1.76 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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