SMIN vs. MMYT
SMIN (iShares MSCI India Small-Cap ETF) is India Equities fund tracking the MSCI India Small Cap Index, while MMYT (MakeMyTrip Limited) is a stock. Over the past 10 years, SMIN returned 9.48%/yr vs 12.94%/yr for MMYT. At a 0.25 correlation, their price movements are largely independent.
Performance
SMIN vs. MMYT - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a 0.30% return, which is significantly higher than MMYT's -30.49% return. Over the past 10 years, SMIN has underperformed MMYT with an annualized return of 9.48%, while MMYT has yielded a comparatively higher 12.94% annualized 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%
MMYT
- 1D
- -2.63%
- 1M
- 32.28%
- 6M
- -27.41%
- YTD
- -30.49%
- 1Y
- -37.18%
- 3Y*
- 24.48%
- 5Y*
- 13.50%
- 10Y*
- 12.94%
SMIN vs. MMYT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | 0.30% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
MMYT MakeMyTrip Limited | -30.49% | -26.86% | 139.00% | 70.40% | -0.51% | -6.16% | 28.95% | -5.88% | -18.49% | 34.46% |
Correlation
The correlation between SMIN and MMYT is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.25 |
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Return for Risk
SMIN vs. MMYT — Risk / Return Rank
SMIN
MMYT
SMIN vs. MMYT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and MakeMyTrip Limited (MMYT). 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 | MMYT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.89 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | -0.58 | +0.31 |
| Martin ratioReturn relative to average drawdown | -0.58 | -0.97 | +0.40 |
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Drawdowns
SMIN vs. MMYT - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum MMYT drawdown of -73.45%. Use the drawdown chart below to compare losses from any high point for SMIN and MMYT.
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Drawdown Indicators
| SMIN | MMYT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -73.45% | +12.95% |
Max Drawdown (1Y)Largest decline over 1 year | -24.54% | -64.83% | +40.29% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -69.87% | +42.29% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -69.87% | +42.29% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -73.45% | +12.95% |
Current DrawdownCurrent decline from peak | -12.28% | -52.61% | +40.33% |
Average DrawdownAverage peak-to-trough decline | -14.61% | -36.48% | +21.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.27% | 38.27% | -27.00% |
Volatility
SMIN vs. MMYT - Volatility Comparison
The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 5.69%, while MakeMyTrip Limited (MMYT) has a volatility of 16.12%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than MMYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | MMYT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.69% | 16.12% | -10.43% |
Volatility (6M)Calculated over the trailing 6-month period | 15.96% | 45.00% | -29.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.09% | 51.53% | -32.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 49.62% | -30.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 53.64% | -30.80% |
Dividends
SMIN vs. MMYT - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.01%, while MMYT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMYT MakeMyTrip Limited | 0.00% | 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
SMIN and MMYT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMYT has higher volatility (16.12%) compared to SMIN (5.69%). In terms of maximum drawdown, SMIN dropped -60.50% vs MMYT's -73.45%.
SMIN currently has the higher Sharpe Ratio (-0.34 vs -0.73), 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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