SMIN vs. TLT
SMIN (iShares MSCI India Small-Cap ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SMIN is a Asia Pacific Equities fund tracking the MSCI India Small Cap Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SMIN returned 10.18%/yr vs -1.85%/yr for TLT. At a correlation of -0.08, they often move in opposite directions. SMIN charges 0.76%/yr vs 0.15%/yr for TLT.
Performance
SMIN vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a -0.32% return, which is significantly lower than TLT's 2.11% return. Over the past 10 years, SMIN has outperformed TLT with an annualized return of 10.18%, while TLT has yielded a comparatively lower -1.85% annualized return.
SMIN
- 1D
- -0.73%
- 1M
- 3.98%
- YTD
- -0.32%
- 6M
- 0.21%
- 1Y
- -6.35%
- 3Y*
- 9.96%
- 5Y*
- 7.36%
- 10Y*
- 10.18%
TLT
- 1D
- -0.03%
- 1M
- 3.05%
- YTD
- 2.11%
- 6M
- 1.10%
- 1Y
- 4.37%
- 3Y*
- -1.49%
- 5Y*
- -6.15%
- 10Y*
- -1.85%
SMIN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | -0.32% | -6.68% | 16.78% | 35.41% | -14.23% | 44.43% | 19.59% | -5.21% | -25.55% | 62.36% |
TLT iShares 20+ Year Treasury Bond ETF | 2.11% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between SMIN and TLT is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | -0.08 |
The correlation between SMIN and TLT shifts across timeframes, from -0.08 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMIN vs. TLT — Risk / Return Rank
SMIN
TLT
SMIN vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.08 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 0.58 | -0.84 |
| Martin ratioReturn relative to average drawdown | -0.57 | 1.37 | -1.94 |
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Drawdowns
SMIN vs. TLT - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SMIN and TLT.
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Drawdown Indicators
| SMIN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -48.35% | -12.15% |
Max Drawdown (1Y)Largest decline over 1 year | -24.54% | -7.58% | -16.96% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -19.18% | -8.40% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -43.70% | +16.12% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -48.35% | -12.15% |
Current DrawdownCurrent decline from peak | -12.83% | -39.01% | +26.18% |
Average DrawdownAverage peak-to-trough decline | -14.62% | -13.88% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.14% | 3.19% | +7.95% |
Volatility
SMIN vs. TLT - Volatility Comparison
iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.79% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.48%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 2.48% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 15.84% | 6.74% | +9.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.84% | 9.54% | +9.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 15.82% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 14.88% | +7.96% |
SMIN vs. TLT - Expense Ratio Comparison
SMIN has a 0.76% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
SMIN vs. TLT - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.02%, less than TLT's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.48% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
SMIN and TLT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMIN has higher volatility (5.79%) compared to TLT (2.48%). In terms of maximum drawdown, SMIN dropped -60.50% vs TLT's -48.35%.
On 10-year performance, SMIN leads with 10.18% vs -1.85% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMIN has performed better with a 10.18% return vs -1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.76% for SMIN.
TLT has the higher dividend yield at 4.48%, compared with 2.02% for SMIN.
SMIN is categorized as Asia Pacific Equities, while TLT is Government Bonds. SMIN tracks MSCI India Small Cap Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.76% for SMIN and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.46 vs -0.34), 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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