SMIN vs. PSCE

Last updated Jun 24, 2026

SMIN (iShares MSCI India Small-Cap ETF) and PSCE (Invesco S&P SmallCap Energy ETF) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while PSCE is a Energy Equities fund tracking the S&P SmallCap 600 Energy Index. Both are passively managed. Over the past 10 years, SMIN returned 10.28%/yr vs -2.41%/yr for PSCE. At a 0.25 correlation, their price movements are largely independent. SMIN charges 0.76%/yr vs 0.29%/yr for PSCE.

Performance

SMIN vs. PSCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI India Small-Cap ETF (SMIN) and Invesco S&P SmallCap Energy ETF (PSCE). 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 lower than PSCE's 32.36% return. Over the past 10 years, SMIN has outperformed PSCE with an annualized return of 10.28%, while PSCE has yielded a comparatively lower -2.41% 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%

PSCE

• 1D: -0.07%
• 1M: -9.83%
• YTD: 32.36%
• 6M: 31.96%
• 1Y: 45.44%
• 3Y*: 10.31%
• 5Y*: 8.34%
• 10Y*: -2.41%

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

SMIN vs. PSCE - 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%
PSCE Invesco S&P SmallCap Energy ETF	32.36%	-9.00%	-5.47%	5.07%	48.45%	59.85%	-40.31%	-14.93%	-42.98%	-26.70%

Correlation

The correlation between SMIN and PSCE is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.25

The correlation between SMIN and PSCE shifts across timeframes, from -0.17 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

SMIN vs. PSCE - Sectors Allocation Comparison

Sectors	SMIN	PSCE
Financial Services	21.3%	0.2%
Industrials	19.5%	-
Healthcare	16.5%	-
Consumer Cyclical	11.4%	-
Technology	9.3%	-
Basic Materials	8.4%	1.4%
Real Estate	4.3%	-
Utilities	2.1%	-
Consumer Defensive	1.4%	-
Energy	1.3%	98.5%
Communication Services	0.9%	-

Return for Risk

SMIN vs. PSCE — 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

PSCE

PSCE Risk / Return Rank: 57
PSCE Sharpe Ratio Rank: 52
PSCE Sortino Ratio Rank: 47
PSCE Omega Ratio Rank: 45
PSCE Calmar Ratio Rank: 74
PSCE Martin Ratio Rank: 65

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. PSCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Invesco S&P SmallCap Energy ETF (PSCE). 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	PSCE	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	1.67	-1.89
Sortino ratio: Return per unit of downside risk	-0.19	2.23	-2.42
Omega ratio: Gain probability vs. loss probability	0.98	1.27	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.17	3.59	-3.76
Martin ratio: Return relative to average drawdown	-0.37	11.00	-11.37

SMIN vs. PSCE - Sharpe Ratio Comparison

The current SMIN Sharpe Ratio is -0.22, which is lower than the PSCE Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of SMIN and PSCE, 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. PSCE - Drawdown Comparison

The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum PSCE drawdown of -96.21%. Use the drawdown chart below to compare losses from any high point for SMIN and PSCE.

Drawdown Indicators

	SMIN	PSCE	Difference
Max Drawdown Largest peak-to-trough decline	-60.50%	-96.21%	+35.71%
Max Drawdown (1Y) Largest decline over 1 year	-24.54%	-12.70%	-11.84%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-44.57%	+16.99%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-45.42%	+17.84%
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	-90.70%	+30.20%
Current Drawdown Current decline from peak	-12.74%	-76.48%	+63.74%
Average Drawdown Average peak-to-trough decline	-14.62%	-58.87%	+44.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.11%	4.15%	+6.96%

Volatility

SMIN vs. PSCE - Volatility Comparison

The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 5.74%, while Invesco S&P SmallCap Energy ETF (PSCE) has a volatility of 8.83%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than PSCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIN	PSCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	8.83%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	18.94%	-2.98%
Volatility (1Y) Calculated over the trailing 1-year period	18.89%	27.51%	-8.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	37.39%	-18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.85%	43.20%	-20.35%

SMIN vs. PSCE - Expense Ratio Comparison

SMIN has a 0.76% expense ratio, which is higher than PSCE's 0.29% expense ratio.

Dividends

SMIN vs. PSCE - Dividend Comparison

SMIN's dividend yield for the trailing twelve months is around 2.02%, less than PSCE's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSCE Invesco S&P SmallCap Energy ETF	2.28%	2.39%	1.70%	2.57%	1.70%	0.46%	0.87%	0.14%	0.22%	0.04%	0.22%	0.82%
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 PSCE in my portfolio?

SMIN and PSCE have a correlation of -0.17, 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 PSCE?

PSCE has higher volatility (8.83%) compared to SMIN (5.74%). In terms of maximum drawdown, SMIN dropped -60.50% vs PSCE's -96.21%.

Which ETF is better, SMIN or PSCE?

On 10-year performance, SMIN leads with 10.28% vs -2.41% for PSCE. On fees, PSCE is cheaper at 0.29% per year. On volatility, SMIN has been the lower-risk option at 5.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIN or PSCE?

Over the 10-year period, SMIN has performed better with a 10.28% return vs -2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIN or PSCE?

PSCE is cheaper with a 0.29% expense ratio, compared with 0.76% for SMIN.

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

PSCE has the higher dividend yield at 2.28%, compared with 2.02% for SMIN.

What is the main difference between SMIN and PSCE?

SMIN is categorized as Asia Pacific Equities, while PSCE is Energy Equities. SMIN tracks MSCI India Small Cap Index, while PSCE tracks S&P SmallCap 600 Energy Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.76% for SMIN and 0.29% for PSCE.

Which has better risk-adjusted returns?

PSCE currently has the higher Sharpe Ratio (1.67 vs -0.22), 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.