SMIN vs. NORW
SMIN (iShares MSCI India Small-Cap ETF) and NORW (Global X MSCI Norway ETF) are both exchange-traded funds - SMIN is a India Equities fund tracking the MSCI India Small Cap Index, while NORW is a Europe Equities fund tracking the MSCI Norway IMI 25/50 Index. Both are passively managed. Over the past 10 years, SMIN returned 9.04%/yr vs 9.90%/yr for NORW. Their 0.37 correlation means their historical movements had little consistent relationship. SMIN charges 0.74%/yr vs 0.50%/yr for NORW.
Performance
SMIN vs. NORW - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a 0.14% return, which is significantly lower than NORW's 25.23% return. Over the past 10 years, SMIN has underperformed NORW with an annualized return of 9.04%, while NORW has yielded a comparatively higher 9.90% annualized return.
SMIN
- 1D
- 0.36%
- 1M
- -1.13%
- 6M
- 6.30%
- YTD
- 0.14%
- 1Y
- -2.16%
- 3Y*
- 7.81%
- 5Y*
- 6.28%
- 10Y*
- 9.04%
- ALL TIME*
- 8.80%
NORW
- 1D
- 0.86%
- 1M
- 8.72%
- 6M
- 15.41%
- YTD
- 25.23%
- 1Y
- 34.00%
- 3Y*
- 19.17%
- 5Y*
- 7.45%
- 10Y*
- 9.90%
- ALL TIME*
- 8.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $730.42K | $1.20M | $2.79M | |
| $9.23M | $9.44M | $11.13M |
SMIN vs. NORW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | 0.14% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
NORW Global X MSCI Norway ETF | 25.23% | 32.59% | -2.50% | 5.03% | -12.55% | 13.65% | 26.00% | 14.39% | -10.39% | 24.03% |
Correlation
The correlation between SMIN and NORW is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.37 |
Over the past year, the correlation between SMIN and NORW has dropped to 0.00 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.
SMIN vs. NORW - Sectors Allocation Comparison
Sectors
SMIN
NORW
Industrials
Financial Services
Healthcare
-
Consumer Cyclical
Basic Materials
Technology
Consumer Defensive
Real Estate
Utilities
Communication Services
Energy
Industrials
SMIN
NORW
Financial Services
SMIN
NORW
Healthcare
SMIN
NORW
-
Consumer Cyclical
SMIN
NORW
Basic Materials
SMIN
NORW
Technology
SMIN
NORW
Consumer Defensive
SMIN
NORW
Real Estate
SMIN
NORW
Utilities
SMIN
NORW
Communication Services
SMIN
NORW
Energy
SMIN
NORW
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Return for Risk
SMIN vs. NORW — Risk / Return Rank
SMIN
NORW
SMIN vs. NORW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Global X MSCI Norway ETF (NORW). 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 | NORW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.33 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.35 | -2.46 |
| Martin ratioReturn relative to average drawdown | -0.29 | 7.35 | -7.63 |
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Drawdowns
SMIN vs. NORW - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, which is greater than NORW's maximum drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for SMIN and NORW.
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Drawdown Indicators
| SMIN | NORW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -35.62% | -24.88% |
Max Drawdown (1Y)Largest decline over 1 year | -21.99% | -14.49% | -7.50% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -16.06% | -11.52% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -32.78% | +5.20% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -33.86% | -26.64% |
Current DrawdownCurrent decline from peak | -12.42% | -4.36% | -8.06% |
Average DrawdownAverage peak-to-trough decline | -14.60% | -10.12% | -4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.75% | 4.63% | +4.12% |
Volatility
SMIN vs. NORW - Volatility Comparison
iShares MSCI India Small-Cap ETF (SMIN) and Global X MSCI Norway ETF (NORW) have volatilities of 4.91% and 5.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | NORW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 5.02% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 15.74% | 14.10% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.05% | 17.33% | +1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.99% | 22.01% | -3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 20.56% | +2.28% |
SMIN vs. NORW - Expense Ratio Comparison
SMIN has a 0.74% expense ratio, which is higher than NORW's 0.50% expense ratio.
Dividends
SMIN vs. NORW - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.01%, less than NORW's 7.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NORW Global X MSCI Norway ETF | 7.19% | 3.44% | 6.02% | 5.27% | 4.01% | 1.51% | 1.13% | 2.47% | 3.53% | 3.64% | 3.79% | 2.95% |
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 NORW have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NORW has higher volatility (5.02%) compared to SMIN (4.91%). In terms of maximum drawdown, SMIN dropped -60.50% vs NORW's -35.62%.
On 10-year performance, NORW leads with 9.90% vs 9.04% for SMIN. On fees, NORW is cheaper at 0.50% per year. On volatility, SMIN has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NORW has performed better with a 9.90% return vs 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NORW is cheaper with a 0.50% expense ratio, compared with 0.74% for SMIN.
NORW has the higher dividend yield at 7.19%, compared with 2.01% for SMIN.
SMIN is categorized as India Equities, while NORW is Europe Equities. SMIN tracks MSCI India Small Cap Index, while NORW tracks MSCI Norway IMI 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.74% for SMIN and 0.50% for NORW.
NORW currently has the higher Sharpe Ratio (1.96 vs -0.13), 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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