SMIN vs. WAINX
SMIN (iShares MSCI India Small-Cap ETF) and WAINX (Wasatch Emerging India Fund) are both Asia Pacific Equities funds. Over the past 10 years, SMIN returned 10.18%/yr vs 10.39%/yr for WAINX. A 0.65 correlation means they provide meaningful diversification when combined. SMIN charges 0.76%/yr vs 1.51%/yr for WAINX.
Performance
SMIN vs. WAINX - Performance Comparison
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Returns By Period
In the year-to-date period, SMIN achieves a -0.32% return, which is significantly higher than WAINX's -0.96% return. Both investments have delivered pretty close results over the past 10 years, with SMIN having a 10.18% annualized return and WAINX not far ahead at 10.39%.
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%
WAINX
- 1D
- 1.48%
- 1M
- 9.87%
- YTD
- -0.96%
- 6M
- -1.67%
- 1Y
- -10.34%
- 3Y*
- 5.02%
- 5Y*
- 3.40%
- 10Y*
- 10.39%
SMIN vs. WAINX - 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% |
WAINX Wasatch Emerging India Fund | -0.96% | -5.33% | 9.23% | 20.90% | -21.77% | 37.56% | 17.63% | 13.78% | -5.45% | 53.39% |
Correlation
The correlation between SMIN and WAINX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012 | 0.65 |
The correlation between SMIN and WAINX has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
SMIN vs. WAINX — Risk / Return Rank
SMIN
WAINX
SMIN vs. WAINX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India Small-Cap ETF (SMIN) and Wasatch Emerging India Fund (WAINX). 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 | WAINX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.92 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | -0.34 | +0.08 |
| Martin ratioReturn relative to average drawdown | -0.57 | -0.68 | +0.11 |
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Drawdowns
SMIN vs. WAINX - Drawdown Comparison
The maximum SMIN drawdown since its inception was -60.50%, which is greater than WAINX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for SMIN and WAINX.
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Drawdown Indicators
| SMIN | WAINX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.50% | -41.34% | -19.16% |
Max Drawdown (1Y)Largest decline over 1 year | -24.54% | -28.83% | +4.29% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -31.01% | +3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -31.01% | +3.43% |
Max Drawdown (10Y)Largest decline over 10 years | -60.50% | -41.34% | -19.16% |
Current DrawdownCurrent decline from peak | -12.83% | -14.38% | +1.55% |
Average DrawdownAverage peak-to-trough decline | -14.62% | -9.34% | -5.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.14% | 14.24% | -3.10% |
Volatility
SMIN vs. WAINX - Volatility Comparison
iShares MSCI India Small-Cap ETF (SMIN) has a higher volatility of 5.79% compared to Wasatch Emerging India Fund (WAINX) at 4.66%. This indicates that SMIN's price experiences larger fluctuations and is considered to be riskier than WAINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMIN | WAINX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 4.66% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 15.84% | 14.15% | +1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.84% | 16.93% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 17.32% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.84% | 19.05% | +3.79% |
SMIN vs. WAINX - Expense Ratio Comparison
SMIN has a 0.76% expense ratio, which is lower than WAINX's 1.51% expense ratio.
Dividends
SMIN vs. WAINX - Dividend Comparison
SMIN's dividend yield for the trailing twelve months is around 2.02%, less than WAINX's 29.46% 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% |
WAINX Wasatch Emerging India Fund | 29.46% | 29.17% | 20.19% | 4.23% | 1.15% | 4.29% | 0.00% | 0.32% | 6.95% | 2.91% | 1.06% | 1.40% |
Frequently Asked Questions
SMIN and WAINX have a correlation of 0.67, 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 WAINX (4.66%). In terms of maximum drawdown, SMIN dropped -60.50% vs WAINX's -41.34%.
SMIN currently has the higher Sharpe Ratio (-0.34 vs -0.58), 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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