SMIN vs. INDF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI India Small-Cap ETF (SMIN) and Nifty India Financials ETF (INDF).

SMIN and INDF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMIN is a passively managed fund by iShares that tracks the performance of the MSCI India Small Cap Index. It was launched on Feb 8, 2012. INDF is a passively managed fund by Exchange Traded Concepts that tracks the performance of the Nifty Financial Services 25/50 Index. It was launched on Oct 20, 2020. Both SMIN and INDF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SMIN vs. INDF - Performance Comparison

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

SMIN vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMIN iShares MSCI India Small-Cap ETF	-14.23%	-6.68%	16.78%	35.41%	-14.23%	44.43%	18.69%
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	23.97%

Returns By Period

SMIN

• 1D: 3.58%
• 1M: -9.81%
• YTD: -14.23%
• 6M: -14.68%
• 1Y: -10.13%
• 3Y*: 9.62%
• 5Y*: 5.94%
• 10Y*: 8.88%

INDF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMIN vs. INDF - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is higher than INDF's 0.75% expense ratio.

SMIN

iShares MSCI India Small-Cap ETF

INDF

Nifty India Financials ETF

Return for Risk

SMIN vs. INDF — Risk / Return Rank

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

SMIN

SMIN Risk / Return Rank: 4
SMIN Sharpe Ratio Rank: 4
SMIN Sortino Ratio Rank: 3
SMIN Omega Ratio Rank: 4
SMIN Calmar Ratio Rank: 6
SMIN Martin Ratio Rank: 4

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. INDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Nifty India Financials ETF (INDF). 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	INDF	Difference
Sharpe ratio Return per unit of total volatility	-0.52	—	—
Sortino ratio Return per unit of downside risk	-0.62	—	—
Omega ratio Gain probability vs. loss probability	0.93	—	—
Calmar ratio Return relative to maximum drawdown	-0.41	—	—
Martin ratio Return relative to average drawdown	-1.10	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMIN	INDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	—	—

Correlation

The correlation between SMIN and INDF is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SMIN vs. INDF - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.35%, less than INDF's 21.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMIN iShares MSCI India Small-Cap ETF	2.35%	2.01%	6.84%	0.41%	0.01%	1.27%	1.06%	1.75%	1.68%	0.89%	2.30%	0.93%
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	SMIN	INDF	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	—	—
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	-24.99%	—	—
Average Drawdown Average peak-to-trough decline	-14.58%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.07%	—	—

Volatility

Volatility by Period

	SMIN	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.61%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	—	—