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 India 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 9.43%/yr vs -2.13%/yr for TLT. At a correlation of -0.08, they often move in opposite directions. SMIN charges 0.74%/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 -0.09% return, which is significantly higher than TLT's -1.19% return. Over the past 10 years, SMIN has outperformed TLT with an annualized return of 9.43%, while TLT has yielded a comparatively lower -2.13% 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%
TLT
- 1D
- -0.04%
- 1M
- -1.94%
- 6M
- -2.48%
- YTD
- -1.19%
- 1Y
- 3.43%
- 3Y*
- -1.99%
- 5Y*
- -7.58%
- 10Y*
- -2.13%
SMIN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMIN iShares MSCI India Small-Cap ETF | -0.09% | -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 | -1.19% | 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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
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 0.22 (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 | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.07 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.45 | -0.83 |
| Martin ratioReturn relative to average drawdown | -0.82 | 1.04 | -1.86 |
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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 | -24.13% | -7.58% | -16.55% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -18.88% | -8.70% |
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 | -12.62% | -40.99% | +28.37% |
Average DrawdownAverage peak-to-trough decline | -14.61% | -13.94% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 3.31% | +8.01% |
Volatility
SMIN vs. TLT - Volatility Comparison
iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 4.99% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.59%. 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 | 4.99% | 2.59% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | 6.79% | +9.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.02% | 9.35% | +9.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 15.78% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.82% | 14.83% | +7.99% |
SMIN vs. TLT - Expense Ratio Comparison
SMIN has a 0.74% 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 2.01%, less than TLT's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.64% | 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 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMIN has higher volatility (4.99%) compared to TLT (2.59%). In terms of maximum drawdown, SMIN dropped -60.50% vs TLT's -48.35%.
On 10-year performance, SMIN leads with 9.43% vs -2.13% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.59%. 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 9.43% return vs -2.13%. 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 0.74% for SMIN.
TLT has the higher dividend yield at 4.64%, compared with 2.01% for SMIN.
SMIN is categorized as India 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: 0.74% for SMIN and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.37 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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