SMIN vs. IND

Last updated Jul 14, 2026

SMIN (iShares MSCI India Small-Cap ETF) and IND (Xtrackers Nifty 500 India ETF) are both India Equities funds - SMIN tracks the MSCI India Small Cap Index while IND tracks the Nifty 500 Index. Both are passively managed. A 0.75 correlation means they provide meaningful diversification when combined. SMIN charges 0.74%/yr vs 0.19%/yr for IND.

Performance

SMIN vs. IND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and Xtrackers Nifty 500 India ETF (IND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIN achieves a 0.30% return, which is significantly higher than IND's -8.13% return.

SMIN

• 1D: -1.21%
• 1M: 4.52%
• 6M: 3.12%
• YTD: 0.30%
• 1Y: -6.48%
• 3Y*: 8.99%
• 5Y*: 6.72%
• 10Y*: 9.48%

IND

• 1D: -0.09%
• 1M: 2.98%
• 6M: -6.90%
• YTD: -8.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMIN vs. IND - Yearly Performance Comparison

	2026 (YTD)	2025
SMIN iShares MSCI India Small-Cap ETF	0.30%	-0.90%
IND Xtrackers Nifty 500 India ETF	-8.13%	-0.34%

Correlation

The correlation between SMIN and IND is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.75

Return for Risk

SMIN vs. IND — Risk / Return Rank

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

SMIN

SMIN Risk / Return Rank: 6
SMIN Sharpe Ratio Rank: 6
SMIN Sortino Ratio Rank: 6
SMIN Omega Ratio Rank: 6
SMIN Calmar Ratio Rank: 7
SMIN Martin Ratio Rank: 6

IND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Xtrackers Nifty 500 India ETF (IND). 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	IND	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	—	—
Sortino ratio: Return per unit of downside risk	-0.38	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.27	—	—
Martin ratio: Return relative to average drawdown	-0.58	—	—

Drawdowns

SMIN vs. IND - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than IND's maximum drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for SMIN and IND.

Drawdown Indicators

	SMIN	IND	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-18.75%	-41.75%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	—	—
Current Drawdown Current decline from peak	-12.28%	-9.32%	-2.96%
Average Drawdown Average peak-to-trough decline	-14.61%	-7.86%	-6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.27%	—	—

Volatility

Volatility by Period

	SMIN	IND	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	19.29%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	19.29%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	19.29%	+3.55%

SMIN vs. IND - Expense Ratio Comparison

SMIN has a 0.74% expense ratio, which is higher than IND's 0.19% expense ratio.

Dividends

SMIN vs. IND - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.01%, more than IND's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IND Xtrackers Nifty 500 India ETF	0.34%	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	2.01%	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

Can I hold both SMIN and IND in my portfolio?

SMIN and IND have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMIN or IND?

On fees, IND is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMIN or IND?

IND is cheaper with a 0.19% expense ratio, compared with 0.74% for SMIN.

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

SMIN has the higher dividend yield at 2.01%, compared with 0.34% for IND.

What is the main difference between SMIN and IND?

SMIN tracks MSCI India Small Cap Index, while IND tracks Nifty 500 Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.74% for SMIN and 0.19% for IND.