SMIN vs. GLIN

Last updated Jun 23, 2026

SMIN (iShares MSCI India Small-Cap ETF) and GLIN (VanEck Vectors India Growth Leaders ETF) are both Asia Pacific Equities funds - SMIN tracks the MSCI India Small Cap Index while GLIN tracks the MarketGrader India All-Cap Growth Leaders Index. Both are passively managed. Over the past 10 years, SMIN returned 10.44%/yr vs 3.07%/yr for GLIN. Their correlation of 0.83 suggests significant overlap in exposure. SMIN charges 0.76%/yr vs 0.82%/yr for GLIN.

Performance

SMIN vs. GLIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and VanEck Vectors India Growth Leaders ETF (GLIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIN achieves a 1.27% return, which is significantly lower than GLIN's 3.97% return. Over the past 10 years, SMIN has outperformed GLIN with an annualized return of 10.44%, while GLIN has yielded a comparatively lower 3.07% annualized return.

SMIN

• 1D: 1.97%
• 1M: 6.56%
• YTD: 1.27%
• 6M: 1.49%
• 1Y: -1.36%
• 3Y*: 10.88%
• 5Y*: 7.85%
• 10Y*: 10.44%

GLIN

• 1D: 2.39%
• 1M: 7.11%
• YTD: 3.97%
• 6M: 3.68%
• 1Y: 4.17%
• 3Y*: 12.89%
• 5Y*: 6.27%
• 10Y*: 3.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMIN vs. GLIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMIN iShares MSCI India Small-Cap ETF	1.27%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%
GLIN VanEck Vectors India Growth Leaders ETF	3.97%	-5.47%	15.64%	36.13%	-21.46%	29.57%	-0.29%	-21.49%	-37.41%	66.53%

Correlation

The correlation between SMIN and GLIN is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
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	0.83

The correlation between SMIN and GLIN has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

SMIN vs. GLIN - Sectors Allocation Comparison

Sectors	SMIN	GLIN
Financial Services	21.3%	35.5%
Industrials	19.5%	20.5%
Healthcare	16.5%	8.2%
Consumer Cyclical	11.4%	14.5%
Technology	9.3%	2.0%
Basic Materials	8.4%	8.1%
Real Estate	4.3%	0.0%
Utilities	2.1%	3.6%
Consumer Defensive	1.4%	0.6%
Energy	1.3%	2.2%
Communication Services	0.9%	5.2%

Return for Risk

SMIN vs. GLIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMIN

SMIN Risk / Return Rank: 8
SMIN Sharpe Ratio Rank: 8
SMIN Sortino Ratio Rank: 7
SMIN Omega Ratio Rank: 7
SMIN Calmar Ratio Rank: 8
SMIN Martin Ratio Rank: 8

GLIN

GLIN Risk / Return Rank: 11
GLIN Sharpe Ratio Rank: 11
GLIN Sortino Ratio Rank: 11
GLIN Omega Ratio Rank: 11
GLIN Calmar Ratio Rank: 11
GLIN Martin Ratio Rank: 11

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. GLIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and VanEck Vectors India Growth Leaders ETF (GLIN). 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.

	SMIN	GLIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	0.23	-0.31
Sortino ratio: Return per unit of downside risk	0.03	0.47	-0.44
Omega ratio: Gain probability vs. loss probability	1.00	1.05	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.06	0.23	-0.28
Martin ratio: Return relative to average drawdown	-0.12	0.66	-0.78

SMIN vs. GLIN - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.07, which is lower than the GLIN Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of SMIN and GLIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMIN vs. GLIN - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum GLIN drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for SMIN and GLIN.

Drawdown Indicators

	SMIN	GLIN	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-79.36%	+18.86%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-18.56%	-5.98%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-26.77%	-0.81%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-30.97%	+3.39%
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	-74.80%	+14.30%
Current Drawdown Current decline from peak	-11.43%	-40.90%	+29.47%
Average Drawdown Average peak-to-trough decline	-14.62%	-50.93%	+36.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.09%	6.38%	+4.71%

Volatility

SMIN vs. GLIN - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) and VanEck Vectors India Growth Leaders ETF (GLIN) have volatilities of 5.45% and 5.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	GLIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	5.59%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	15.66%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.87%	17.94%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	18.29%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.85%	23.71%	-0.86%

SMIN vs. GLIN - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is lower than GLIN's 0.82% expense ratio.

Dividends

SMIN vs. GLIN - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 1.99%, more than GLIN's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLIN VanEck Vectors India Growth Leaders ETF	0.81%	0.84%	3.58%	0.96%	1.70%	0.00%	0.24%	1.42%	0.12%	0.10%	1.39%	3.11%
SMIN iShares MSCI India Small-Cap ETF	1.99%	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

Can I hold both SMIN and GLIN in my portfolio?

SMIN and GLIN have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIN or GLIN?

GLIN has higher volatility (5.59%) compared to SMIN (5.45%). In terms of maximum drawdown, SMIN dropped -60.50% vs GLIN's -79.36%.

Which ETF is better, SMIN or GLIN?

On 10-year performance, SMIN leads with 10.44% vs 3.07% for GLIN. On fees, SMIN is cheaper at 0.76% per year. On volatility, SMIN has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or GLIN?

Over the 10-year period, SMIN has performed better with a 10.44% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or GLIN?

SMIN is cheaper with a 0.76% expense ratio, compared with 0.82% for GLIN.

Which ETF pays a higher dividend yield, SMIN or GLIN?

SMIN has the higher dividend yield at 1.99%, compared with 0.81% for GLIN.

What is the main difference between SMIN and GLIN?

SMIN tracks MSCI India Small Cap Index, while GLIN tracks MarketGrader India All-Cap Growth Leaders Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.76% for SMIN and 0.82% for GLIN.

Which has better risk-adjusted returns?

GLIN currently has the higher Sharpe Ratio (0.23 vs -0.07), 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.