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SMIN vs. FCA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMIN vs. FCA

Last updated Jun 26, 2026

SMIN (iShares MSCI India Small-Cap ETF) and FCA (First Trust China AlphaDEX Fund) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while FCA is a China Equities fund tracking the NASDAQ AlphaDEX China Index. Both are passively managed. Over the past 10 years, SMIN returned 10.18%/yr vs 9.19%/yr for FCA. At a 0.27 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.80%/yr for FCA.

Performance

SMIN vs. FCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and First Trust China AlphaDEX Fund (FCA). 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 -0.32% return, which is significantly lower than FCA's 3.07% return. Over the past 10 years, SMIN has outperformed FCA with an annualized return of 10.18%, while FCA has yielded a comparatively lower 9.19% annualized return.

SMIN

1D
-0.73%
1M
3.98%
YTD
-0.32%
6M
0.21%
1Y
-6.35%
3Y*
9.96%
5Y*
7.36%
10Y*
10.18%

FCA

1D
1.71%
1M
-8.34%
YTD
3.07%
6M
1.13%
1Y
24.20%
3Y*
18.28%
5Y*
2.82%
10Y*
9.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMIN vs. FCA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMIN
iShares MSCI India Small-Cap ETF		-0.32%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%
FCA
First Trust China AlphaDEX Fund		3.07%45.20%14.07%-8.28%-17.61%-0.65%11.80%18.72%-18.30%60.26%

Correlation

The correlation between SMIN and FCA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.18

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

0.17

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

0.20

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

0.27

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

0.27

The correlation between SMIN and FCA shifts across timeframes, from 0.17 (3 years) to 0.27 (10 years), reflecting how their relationship changes across market environments.

SMIN vs. FCA - Sectors Allocation Comparison

Sectors
SMIN
FCA

Financial Services

21.3%
20.2%

Industrials

19.5%
23.6%

Healthcare

16.5%
2.9%

Consumer Cyclical

11.4%
1.0%

Technology

9.3%
12.1%

Basic Materials

8.4%
18.7%

Real Estate

4.3%
1.2%

Utilities

2.1%
2.7%

Consumer Defensive

1.4%
0.5%

Energy

1.3%
14.4%

Communication Services

0.9%
2.7%

Financial Services

SMIN
21.3%
FCA
20.2%

Industrials

SMIN
19.5%
FCA
23.6%

Healthcare

SMIN
16.5%
FCA
2.9%

Consumer Cyclical

SMIN
11.4%
FCA
1.0%

Technology

SMIN
9.3%
FCA
12.1%

Basic Materials

SMIN
8.4%
FCA
18.7%

Real Estate

SMIN
4.3%
FCA
1.2%

Utilities

SMIN
2.1%
FCA
2.7%

Consumer Defensive

SMIN
1.4%
FCA
0.5%

Energy

SMIN
1.3%
FCA
14.4%

Communication Services

SMIN
0.9%
FCA
2.7%

Compare stocks, funds, or ETFs

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iShares MSCI India Small-Cap ETF

First Trust China AlphaDEX Fund

Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. INCOSMIN vs. NFTYSMIN vs. EWSSMIN vs. VOO
Often compared with FCA:
FCA vs. KGRNFCA vs. KLIPFCA vs. SPYFCA vs. YINNFCA vs. DIVOFCA vs. SCHDFCA vs. CNYA

Return for Risk

SMIN vs. FCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMIN
SMIN Risk / Return Rank: 66
Overall Rank
SMIN Sharpe Ratio Rank: 66
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
FCA
FCA Risk / Return Rank: 3131
Overall Rank
FCA Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
FCA Sortino Ratio Rank: 3030
Sortino Ratio Rank
FCA Omega Ratio Rank: 3030
Omega Ratio Rank
FCA Calmar Ratio Rank: 3131
Calmar Ratio Rank
FCA Martin Ratio Rank: 3535
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. FCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and First Trust China AlphaDEX Fund (FCA). 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.

SMINFCADifference
Sharpe ratioReturn per unit of total volatility
-0.34
1.06

-1.40

Sortino ratioReturn per unit of downside risk
-0.38
1.49

-1.87

Omega ratioGain probability vs. loss probability

0.96

1.19

-0.23

Calmar ratioReturn relative to maximum drawdown

-0.26

1.41

-1.67

Martin ratioReturn relative to average drawdown

-0.57

4.76

-5.33

SMIN vs. FCA - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.34, which is lower than the FCA Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of SMIN and FCA, 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. FCA - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than FCA's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SMIN and FCA.

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Drawdown Indicators

SMINFCADifference

Max Drawdown

Largest peak-to-trough decline

-60.50%

-45.56%

-14.94%

Max Drawdown (1Y)

Largest decline over 1 year

-24.54%

-17.20%

-7.34%

Max Drawdown (3Y)

Largest decline over 3 years

-27.58%

-26.13%

-1.45%

Max Drawdown (5Y)

Largest decline over 5 years

-27.58%

-42.47%

+14.89%

Max Drawdown (10Y)

Largest decline over 10 years

-60.50%

-42.47%

-18.03%

Current Drawdown

Current decline from peak

-12.83%

-15.78%

+2.95%

Average Drawdown

Average peak-to-trough decline

-14.62%

-21.61%

+6.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.14%

5.10%

+6.04%

Volatility

SMIN vs. FCA - Volatility Comparison

The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 5.79%, while First Trust China AlphaDEX Fund (FCA) has a volatility of 8.26%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than FCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMINFCADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.79%

8.26%

-2.47%

Volatility (6M)

Calculated over the trailing 6-month period

15.84%

17.78%

-1.94%

Volatility (1Y)

Calculated over the trailing 1-year period

18.84%

22.97%

-4.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.94%

27.75%

-8.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.84%

26.69%

-3.85%

SMIN vs. FCA - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is lower than FCA's 0.80% expense ratio.

Dividends

SMIN vs. FCA - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.02%, less than FCA's 3.93% yield.

PositionTTM20252024202320222021202020192018201720162015
FCA
First Trust China AlphaDEX Fund		3.93%2.67%5.17%5.70%6.00%4.91%4.12%3.73%3.10%2.30%2.51%4.13%
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 FCA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FCA has higher volatility (8.26%) compared to SMIN (5.79%). In terms of maximum drawdown, SMIN dropped -60.50% vs FCA's -45.56%.

On 10-year performance, SMIN leads with 10.18% vs 9.19% for FCA. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.79%. 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 10.18% return vs 9.19%. 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 0.80% for FCA.

FCA has the higher dividend yield at 3.93%, compared with 2.02% for SMIN.

SMIN is categorized as Asia Pacific Equities, while FCA is China Equities. SMIN tracks MSCI India Small Cap Index, while FCA tracks NASDAQ AlphaDEX China Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.76% for SMIN and 0.80% for FCA.

FCA currently has the higher Sharpe Ratio (1.06 vs -0.34), 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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