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SMIN vs. IVV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMIN vs. IVV

Last updated Jun 5, 2026

SMIN (iShares MSCI India Small-Cap ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SMIN returned 9.63%/yr vs 15.53%/yr for IVV. At a 0.44 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.03%/yr for IVV.

Performance

SMIN vs. IVV - Performance Comparison

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

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Returns By Period

In the year-to-date period, SMIN achieves a -3.98% return, which is significantly lower than IVV's 11.38% return. Over the past 10 years, SMIN has underperformed IVV with an annualized return of 9.63%, while IVV has yielded a comparatively higher 15.53% 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%

IVV

1D
0.47%
1M
4.66%
YTD
11.38%
6M
11.30%
1Y
28.64%
3Y*
22.69%
5Y*
13.99%
10Y*
15.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMIN vs. IVV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IVV
iShares Core S&P 500 ETF		11.38%17.85%24.93%26.31%-18.16%28.76%18.40%31.07%-4.49%21.75%

Correlation

The correlation between SMIN and IVV is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.44

Correlation (10Y)
Calculated over the trailing 10-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Feb 10, 2012

0.44

SMIN vs. IVV - Sectors Allocation Comparison

Sectors
SMIN
IVV

Industrials

21.1%
8.3%

Financial Services

18.9%
11.8%

Healthcare

13.7%
8.5%

Consumer Cyclical

13.5%
10.1%

Basic Materials

12.2%
1.8%

Technology

7.8%
35.6%

Consumer Defensive

4.0%
4.9%

Real Estate

3.6%
1.9%

Utilities

2.7%
2.4%

Communication Services

1.6%
11.2%

Energy

0.9%
3.5%

Industrials

SMIN
21.1%
IVV
8.3%

Financial Services

SMIN
18.9%
IVV
11.8%

Healthcare

SMIN
13.7%
IVV
8.5%

Consumer Cyclical

SMIN
13.5%
IVV
10.1%

Basic Materials

SMIN
12.2%
IVV
1.8%

Technology

SMIN
7.8%
IVV
35.6%

Consumer Defensive

SMIN
4.0%
IVV
4.9%

Real Estate

SMIN
3.6%
IVV
1.9%

Utilities

SMIN
2.7%
IVV
2.4%

Communication Services

SMIN
1.6%
IVV
11.2%

Energy

SMIN
0.9%
IVV
3.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI India Small-Cap ETF

iShares Core S&P 500 ETF

Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. NFTYSMIN vs. INCOSMIN vs. EWSSMIN vs. VOO
Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L

Return for Risk

SMIN vs. IVV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMIN
SMIN Risk / Return Rank: 55
Overall Rank
SMIN Sharpe Ratio Rank: 55
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 55
Sortino Ratio Rank
SMIN Omega Ratio Rank: 55
Omega Ratio Rank
SMIN Calmar Ratio Rank: 66
Calmar Ratio Rank
SMIN Martin Ratio Rank: 66
Martin Ratio Rank
IVV
IVV Risk / Return Rank: 7474
Overall Rank
IVV Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 7575
Sortino Ratio Rank
IVV Omega Ratio Rank: 7575
Omega Ratio Rank
IVV Calmar Ratio Rank: 6666
Calmar Ratio Rank
IVV Martin Ratio Rank: 7979
Martin Ratio Rank
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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and iShares Core S&P 500 ETF (IVV). 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.

SMINIVVDifference
Sharpe ratioReturn per unit of total volatility
-0.43
2.44

-2.87

Sortino ratioReturn per unit of downside risk
-0.52
3.31

-3.83

Omega ratioGain probability vs. loss probability

0.94

1.44

-0.50

Calmar ratioReturn relative to maximum drawdown

-0.33

3.24

-3.56

Martin ratioReturn relative to average drawdown

-0.74

15.05

-15.78

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. IVV - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.43, which is lower than the IVV Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SMIN and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SMINIVVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.43

2.44

-2.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.83

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

0.86

-0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.45

-0.10

Drawdowns

SMIN vs. IVV - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for SMIN and IVV.

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Drawdown Indicators

SMINIVVDifference

Max Drawdown

Largest peak-to-trough decline

-60.50%

-55.25%

-5.25%

Max Drawdown (1Y)

Largest decline over 1 year

-24.54%

-8.89%

-15.65%

Max Drawdown (3Y)

Largest decline over 3 years

-27.58%

-18.75%

-8.83%

Max Drawdown (5Y)

Largest decline over 5 years

-27.58%

-24.53%

-3.05%

Max Drawdown (10Y)

Largest decline over 10 years

-60.50%

-33.90%

-26.60%

Current Drawdown

Current decline from peak

-16.02%

-0.29%

-15.73%

Average Drawdown

Average peak-to-trough decline

-14.62%

-10.78%

-3.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.82%

1.91%

+8.91%

Volatility

SMIN vs. IVV - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 6.11% compared to iShares Core S&P 500 ETF (IVV) at 2.83%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMINIVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.11%

2.83%

+3.28%

Volatility (6M)

Calculated over the trailing 6-month period

15.65%

8.90%

+6.75%

Volatility (1Y)

Calculated over the trailing 1-year period

18.54%

11.80%

+6.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.86%

16.88%

+1.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.83%

18.05%

+4.78%

SMIN vs. IVV - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

SMIN vs. IVV - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.10%, more than IVV's 1.06% yield.

PositionTTM20252024202320222021202020192018201720162015
IVV
iShares Core S&P 500 ETF		1.06%1.17%1.30%1.44%1.66%1.20%1.57%1.85%2.21%1.75%2.01%2.27%
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

SMIN and IVV have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMIN has higher volatility (6.11%) compared to IVV (2.83%). In terms of maximum drawdown, SMIN dropped -60.50% vs IVV's -55.25%.

On 10-year performance, IVV leads with 15.53% vs 9.63% for SMIN. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IVV has performed better with a 15.53% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVV is cheaper with a 0.03% expense ratio, compared with 0.76% for SMIN.

SMIN has the higher dividend yield at 2.10%, compared with 1.06% for IVV.

SMIN is categorized as Asia Pacific Equities, while IVV is S&P 500. SMIN tracks MSCI India Small Cap Index, while IVV tracks S&P 500 Index. Their fees differ too: 0.76% for SMIN and 0.03% for IVV.

IVV currently has the higher Sharpe Ratio (2.44 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.

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