SMIN vs. INDE

Last updated Jul 14, 2026

SMIN (iShares MSCI India Small-Cap ETF) and INDE (Matthews India Active ETF) are both India Equities funds. SMIN is passively managed, while INDE is actively managed. Over the past year, SMIN returned -6.48% vs -0.81% for INDE. Their correlation of 0.82 suggests significant overlap in exposure. SMIN charges 0.74%/yr vs 0.79%/yr for INDE.

Performance

SMIN vs. INDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and Matthews India Active ETF (INDE). 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 INDE's -2.65% 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%

INDE

• 1D: -1.35%
• 1M: 4.23%
• 6M: -1.11%
• YTD: -2.65%
• 1Y: -0.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMIN vs. INDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMIN iShares MSCI India Small-Cap ETF	0.30%	-6.68%	16.78%	12.09%
INDE Matthews India Active ETF	-2.65%	2.39%	10.95%	7.84%

Correlation

The correlation between SMIN and INDE is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.82

The correlation between SMIN and INDE has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

SMIN vs. INDE - Sectors Allocation Comparison

Sectors	SMIN	INDE
Industrials	22.4%	7.1%
Financial Services	16.3%	33.4%
Healthcare	14.3%	8.1%
Consumer Cyclical	14.0%	23.6%
Basic Materials	10.7%	2.9%
Technology	7.9%	9.6%
Consumer Defensive	3.9%	8.3%
Real Estate	3.2%	-
Utilities	2.8%	-
Communication Services	1.4%	3.3%
Energy	0.8%	3.7%

Return for Risk

SMIN vs. INDE — 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

INDE

INDE Risk / Return Rank: 9
INDE Sharpe Ratio Rank: 9
INDE Sortino Ratio Rank: 8
INDE Omega Ratio Rank: 8
INDE Calmar Ratio Rank: 9
INDE Martin Ratio Rank: 9

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. INDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Matthews India Active ETF (INDE). 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	INDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	-0.05	-0.29
Sortino ratio: Return per unit of downside risk	-0.38	0.06	-0.44
Omega ratio: Gain probability vs. loss probability	0.96	1.01	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.27	-0.04	-0.22
Martin ratio: Return relative to average drawdown	-0.58	-0.11	-0.47

SMIN vs. INDE - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.34, which is lower than the INDE Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of SMIN and INDE, 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. INDE - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than INDE's maximum drawdown of -22.89%. Use the drawdown chart below to compare losses from any high point for SMIN and INDE.

Drawdown Indicators

	SMIN	INDE	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-22.89%	-37.61%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-19.10%	-5.44%
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%	-9.85%	-2.43%
Average Drawdown Average peak-to-trough decline	-14.61%	-7.65%	-6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.27%	7.48%	+3.79%

Volatility

SMIN vs. INDE - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.69% compared to Matthews India Active ETF (INDE) at 4.60%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than INDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	INDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	4.60%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	14.82%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	17.25%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	16.55%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	16.55%	+6.29%

SMIN vs. INDE - Expense Ratio Comparison

SMIN has a 0.74% expense ratio, which is lower than INDE's 0.79% expense ratio.

Dividends

SMIN vs. INDE - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.01%, more than INDE's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDE Matthews India Active ETF	1.80%	1.75%	0.56%	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 INDE in my portfolio?

SMIN and INDE have a correlation of 0.85, 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 INDE?

SMIN has higher volatility (5.69%) compared to INDE (4.60%). In terms of maximum drawdown, SMIN dropped -60.50% vs INDE's -22.89%.

Which ETF is better, SMIN or INDE?

On 1-year performance, INDE leads with -0.81% vs -6.48% for SMIN. On fees, SMIN is cheaper at 0.74% per year. On volatility, INDE has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or INDE?

Over the 1-year period, INDE has performed better with a -0.81% return vs -6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or INDE?

SMIN is cheaper with a 0.74% expense ratio, compared with 0.79% for INDE.

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

SMIN has the higher dividend yield at 2.01%, compared with 1.80% for INDE.

What is the main difference between SMIN and INDE?

They also come from different issuers: iShares and Matthews. Their fees differ too: 0.74% for SMIN and 0.79% for INDE.

Which has better risk-adjusted returns?

INDE currently has the higher Sharpe Ratio (-0.05 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.