SMIN vs. IAU

Last updated Jun 5, 2026

SMIN (iShares MSCI India Small-Cap ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, SMIN returned 9.63%/yr vs 13.38%/yr for IAU. At a 0.09 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.25%/yr for IAU.

Performance

SMIN vs. IAU - Performance Comparison

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

Returns By Period

In the year-to-date period, SMIN achieves a -3.98% return, which is significantly lower than IAU's 3.83% return. Over the past 10 years, SMIN has underperformed IAU with an annualized return of 9.63%, while IAU has yielded a comparatively higher 13.38% 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%

IAU

• 1D: 0.83%
• 1M: -1.65%
• YTD: 3.83%
• 6M: 6.31%
• 1Y: 32.47%
• 3Y*: 31.39%
• 5Y*: 18.52%
• 10Y*: 13.38%

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

SMIN vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IAU iShares Gold Trust	3.83%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between SMIN and IAU is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 10, 2012	0.09

SMIN vs. IAU - Sectors Allocation Comparison

Sectors	SMIN	IAU
Industrials	21.1%	-
Financial Services	18.9%	-
Healthcare	13.7%	-
Consumer Cyclical	13.5%	-
Basic Materials	12.2%	-
Technology	7.8%	-
Consumer Defensive	4.0%	-
Real Estate	3.6%	100.0%
Utilities	2.7%	-
Communication Services	1.6%	-
Energy	0.9%	-

Return for Risk

SMIN vs. IAU — Risk / Return Rank

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

SMIN

SMIN Risk / Return Rank: 5
SMIN Sharpe Ratio Rank: 5
SMIN Sortino Ratio Rank: 5
SMIN Omega Ratio Rank: 5
SMIN Calmar Ratio Rank: 6
SMIN Martin Ratio Rank: 6

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 32
IAU Omega Ratio Rank: 39
IAU Calmar Ratio Rank: 35
IAU Martin Ratio Rank: 29

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and iShares Gold Trust (IAU). 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.

	SMIN	IAU	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.24	-1.67
Sortino ratio: Return per unit of downside risk	-0.52	1.63	-2.15
Omega ratio: Gain probability vs. loss probability	0.94	1.25	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.33	1.70	-2.03
Martin ratio: Return relative to average drawdown	-0.74	4.18	-4.92
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. IAU - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.43, which is lower than the IAU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SMIN and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMIN	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	1.24	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	1.04	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.84	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.63	-0.27

Drawdowns

SMIN vs. IAU - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for SMIN and IAU.

Drawdown Indicators

	SMIN	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-45.14%	-15.36%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-19.18%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-19.18%	-8.40%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-20.93%	-6.65%
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	-21.82%	-38.68%
Current Drawdown Current decline from peak	-16.02%	-17.02%	+1.00%
Average Drawdown Average peak-to-trough decline	-14.62%	-15.96%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.82%	7.79%	+3.03%

Volatility

SMIN vs. IAU - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 6.11% compared to iShares Gold Trust (IAU) at 5.50%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	5.50%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	15.65%	23.03%	-7.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	26.41%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	17.94%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.83%	15.90%	+6.93%

SMIN vs. IAU - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

SMIN vs. IAU - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.10%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SMIN and IAU in my portfolio?

SMIN and IAU have a correlation of 0.16, 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 IAU?

SMIN has higher volatility (6.11%) compared to IAU (5.50%). In terms of maximum drawdown, SMIN dropped -60.50% vs IAU's -45.14%.

Which ETF is better, SMIN or IAU?

On 10-year performance, IAU leads with 13.38% vs 9.63% for SMIN. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or IAU?

Over the 10-year period, IAU has performed better with a 13.38% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.76% for SMIN.

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

SMIN has the higher dividend yield at 2.10%, compared with 0.00% for IAU.

What is the main difference between SMIN and IAU?

SMIN is categorized as Asia Pacific Equities, while IAU is Gold. SMIN tracks MSCI India Small Cap Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.76% for SMIN and 0.25% for IAU.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.24 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.