SMIN vs. SLV
SMIN (iShares MSCI India Small-Cap ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - SMIN is a India Equities fund tracking the MSCI India Small Cap Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, SMIN returned 9.43%/yr vs 10.19%/yr for SLV. At a 0.17 correlation, their price movements are largely independent. SMIN charges 0.74%/yr vs 0.50%/yr for SLV.
Performance
SMIN vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a -0.09% return, which is significantly higher than SLV's -21.78% return. Over the past 10 years, SMIN has underperformed SLV with an annualized return of 9.43%, while SLV has yielded a comparatively higher 10.19% annualized return.
SMIN
- 1D
- -0.37%
- 1M
- 1.69%
- 6M
- 2.75%
- YTD
- -0.09%
- 1Y
- -8.95%
- 3Y*
- 8.59%
- 5Y*
- 6.63%
- 10Y*
- 9.43%
SLV
- 1D
- -3.49%
- 1M
- -20.51%
- 6M
- -39.52%
- YTD
- -21.78%
- 1Y
- 46.44%
- 3Y*
- 30.28%
- 5Y*
- 16.22%
- 10Y*
- 10.19%
SMIN vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | -0.09% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
SLV iShares Silver Trust | -21.78% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between SMIN and SLV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.17 |
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Return for Risk
SMIN vs. SLV — Risk / Return Rank
SMIN
SLV
SMIN vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.19 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.89 | -1.26 |
| Martin ratioReturn relative to average drawdown | -0.82 | 1.85 | -2.67 |
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Drawdowns
SMIN vs. SLV - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for SMIN and SLV.
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Drawdown Indicators
| SMIN | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -76.28% | +15.78% |
Max Drawdown (1Y)Largest decline over 1 year | -24.13% | -52.28% | +28.15% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -52.28% | +24.70% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -52.28% | +24.70% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -52.28% | -8.22% |
Current DrawdownCurrent decline from peak | -12.62% | -52.28% | +39.66% |
Average DrawdownAverage peak-to-trough decline | -14.61% | -44.67% | +30.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 25.22% | -13.90% |
Volatility
SMIN vs. SLV - Volatility Comparison
The current volatility for iShares MSCI India Small-Cap ETF (SMIN) is 4.99%, while iShares Silver Trust (SLV) has a volatility of 12.88%. This indicates that SMIN experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 12.88% | -7.89% |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | 57.02% | -41.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.02% | 61.12% | -42.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 36.88% | -17.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.82% | 32.18% | -9.36% |
SMIN vs. SLV - Expense Ratio Comparison
SMIN has a 0.74% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
SMIN vs. SLV - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.01%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 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 SLV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.88%) compared to SMIN (4.99%). In terms of maximum drawdown, SMIN dropped -60.50% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.19% vs 9.43% for SMIN. On fees, SLV is cheaper at 0.50% per year. On volatility, SMIN has been the lower-risk option at 4.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 10.19% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.74% for SMIN.
SMIN has the higher dividend yield at 2.01%, compared with 0.00% for SLV.
SMIN is categorized as India Equities, while SLV is Silver. SMIN tracks MSCI India Small Cap Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.74% for SMIN and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (0.76 vs -0.47), 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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