SMIN vs. NFTY

Last updated Jun 24, 2026

SMIN (iShares MSCI India Small-Cap ETF) and NFTY (First Trust India NIFTY 50 Equal Weight ETF) are both Asia Pacific Equities funds - SMIN tracks the MSCI India Small Cap Index while NFTY tracks the NIFTY 50 Equal Weight Index. Both are passively managed. Over the past 10 years, SMIN returned 10.28%/yr vs 8.36%/yr for NFTY. At a 0.49 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.80%/yr for NFTY.

Performance

SMIN vs. NFTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIN achieves a -0.23% return, which is significantly higher than NFTY's -7.30% return. Over the past 10 years, SMIN has outperformed NFTY with an annualized return of 10.28%, while NFTY has yielded a comparatively lower 8.36% annualized return.

SMIN

• 1D: -1.48%
• 1M: 4.98%
• YTD: -0.23%
• 6M: -1.01%
• 1Y: -4.08%
• 3Y*: 10.32%
• 5Y*: 7.50%
• 10Y*: 10.28%

NFTY

• 1D: -1.31%
• 1M: 1.01%
• YTD: -7.30%
• 6M: -7.62%
• 1Y: -6.58%
• 3Y*: 6.30%
• 5Y*: 5.79%
• 10Y*: 8.36%

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

SMIN vs. NFTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMIN iShares MSCI India Small-Cap ETF	-0.23%	-6.68%	16.78%	35.41%	-14.23%	44.43%	19.59%	-5.21%	-25.55%	62.36%
NFTY First Trust India NIFTY 50 Equal Weight ETF	-7.30%	5.47%	5.18%	24.00%	-3.46%	26.83%	10.04%	0.58%	-1.51%	21.78%

Correlation

The correlation between SMIN and NFTY is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 28, 2012	0.49

Over the past year, SMIN and NFTY have become more correlated (0.84) than their long-term average of 0.49, meaning their price movements have been converging.

SMIN vs. NFTY - Sectors Allocation Comparison

Sectors	SMIN	NFTY
Financial Services	21.3%	20.9%
Industrials	19.5%	8.5%
Healthcare	16.5%	9.9%
Consumer Cyclical	11.4%	16.6%
Technology	9.3%	9.0%
Basic Materials	8.4%	13.1%
Real Estate	4.3%	-
Utilities	2.1%	3.7%
Consumer Defensive	1.4%	8.1%
Energy	1.3%	8.5%
Communication Services	0.9%	1.9%

Return for Risk

SMIN vs. NFTY — Risk / Return Rank

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

SMIN

SMIN Risk / Return Rank: 7
SMIN Sharpe Ratio Rank: 7
SMIN Sortino Ratio Rank: 6
SMIN Omega Ratio Rank: 6
SMIN Calmar Ratio Rank: 7
SMIN Martin Ratio Rank: 7

NFTY

NFTY Risk / Return Rank: 5
NFTY Sharpe Ratio Rank: 5
NFTY Sortino Ratio Rank: 5
NFTY Omega Ratio Rank: 5
NFTY Calmar Ratio Rank: 5
NFTY 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. NFTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and First Trust India NIFTY 50 Equal Weight ETF (NFTY). 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	NFTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	-0.45	+0.23
Sortino ratio: Return per unit of downside risk	-0.19	-0.58	+0.39
Omega ratio: Gain probability vs. loss probability	0.98	0.94	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.17	-0.41	+0.24
Martin ratio: Return relative to average drawdown	-0.37	-1.01	+0.64

SMIN vs. NFTY - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.22, which is higher than the NFTY Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of SMIN and NFTY, 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. NFTY - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, which is greater than NFTY's maximum drawdown of -47.67%. Use the drawdown chart below to compare losses from any high point for SMIN and NFTY.

Drawdown Indicators

	SMIN	NFTY	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-47.67%	-12.83%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-16.14%	-8.40%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-21.55%	-6.03%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-21.55%	-6.03%
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	-47.67%	-12.83%
Current Drawdown Current decline from peak	-12.74%	-15.26%	+2.52%
Average Drawdown Average peak-to-trough decline	-14.62%	-9.60%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.11%	6.56%	+4.55%

Volatility

SMIN vs. NFTY - Volatility Comparison

iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.74% compared to First Trust India NIFTY 50 Equal Weight ETF (NFTY) at 4.23%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than NFTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	NFTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	4.23%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	12.75%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	18.89%	14.75%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	17.41%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.85%	20.72%	+2.13%

SMIN vs. NFTY - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is lower than NFTY's 0.80% expense ratio.

Dividends

SMIN vs. NFTY - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.02%, more than NFTY's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFTY First Trust India NIFTY 50 Equal Weight ETF	1.91%	1.24%	1.61%	0.13%	5.89%	1.53%	0.61%	0.97%	0.00%	4.10%	3.28%	4.39%
SMIN iShares MSCI India Small-Cap ETF	2.02%	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 NFTY in my portfolio?

SMIN and NFTY have a correlation of 0.84, 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 NFTY?

SMIN has higher volatility (5.74%) compared to NFTY (4.23%). In terms of maximum drawdown, SMIN dropped -60.50% vs NFTY's -47.67%.

Which ETF is better, SMIN or NFTY?

On 10-year performance, SMIN leads with 10.28% vs 8.36% for NFTY. On fees, SMIN is cheaper at 0.76% per year. On volatility, NFTY has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or NFTY?

Over the 10-year period, SMIN has performed better with a 10.28% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or NFTY?

SMIN is cheaper with a 0.76% expense ratio, compared with 0.80% for NFTY.

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

SMIN has the higher dividend yield at 2.02%, compared with 1.91% for NFTY.

What is the main difference between SMIN and NFTY?

SMIN tracks MSCI India Small Cap Index, while NFTY tracks NIFTY 50 Equal Weight Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.76% for SMIN and 0.80% for NFTY.

Which has better risk-adjusted returns?

SMIN currently has the higher Sharpe Ratio (-0.22 vs -0.45), 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.