SMIN vs. INDF

Last updated Jun 3, 2026

SMIN (iShares MSCI India Small-Cap ETF) and INDF (Nifty India Financials ETF) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index. Both are passively managed. A 0.64 correlation means they provide meaningful diversification when combined. SMIN charges 0.76%/yr vs 0.75%/yr for INDF.

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.

Returns By Period

SMIN

• 1D: 0.39%
• 1M: 0.75%
• YTD: -4.45%
• 6M: -4.60%
• 1Y: -9.35%
• 3Y*: 9.79%
• 5Y*: 6.60%
• 10Y*: 9.72%

INDF

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

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

SMIN vs. INDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMIN iShares MSCI India Small-Cap ETF	-4.45%	-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%

Correlation

The correlation between SMIN and INDF is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Oct 22, 2020	0.64

Over the past year, the correlation between SMIN and INDF has dropped to 0.21 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

SMIN vs. INDF - Sectors Allocation Comparison

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

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: 4
SMIN Omega Ratio Rank: 4
SMIN Calmar Ratio Rank: 5
SMIN Martin Ratio Rank: 5

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	-0.51	—	—
Sortino ratio Return per unit of downside risk	-0.64	—	—
Omega ratio Gain probability vs. loss probability	0.93	—	—
Calmar ratio Return relative to maximum drawdown	-0.35	—	—
Martin ratio Return relative to average drawdown	-0.81	—	—
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	-0.51	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	—	—

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 (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	-16.44%	—	—
Average Drawdown Average peak-to-trough decline	-14.62%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	10.75%	—	—

Volatility

Volatility by Period

	SMIN	INDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.83%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.82%	—	—

SMIN vs. INDF - Expense Ratio Comparison

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

Dividends

SMIN vs. INDF - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.11%, less than INDF's 21.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SMIN iShares MSCI India Small-Cap ETF	2.11%	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 INDF in my portfolio?

SMIN and INDF have a correlation of 0.21, 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 INDF?

On fees, INDF is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMIN or INDF?

INDF is cheaper with a 0.75% expense ratio, compared with 0.76% for SMIN.

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

INDF has the higher dividend yield at 21.29%, compared with 2.11% for SMIN.

What is the main difference between SMIN and INDF?

SMIN is categorized as Asia Pacific Equities, while INDF is Financials Equities. SMIN tracks MSCI India Small Cap Index, while INDF tracks Nifty Financial Services 25/50 Index. They also come from different issuers: iShares and Exchange Traded Concepts. Their fees differ too: 0.76% for SMIN and 0.75% for INDF.