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TSM vs. SMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TSM vs. SMIN

Last updated Jun 13, 2026

TSM (Taiwan Semiconductor Manufacturing Company Limited) is a stock, while SMIN (iShares MSCI India Small-Cap ETF) is Asia Pacific Equities fund tracking the MSCI India Small Cap Index. Over the past 10 years, TSM returned 35.80%/yr vs 9.73%/yr for SMIN. At a 0.33 correlation, their price movements are largely independent.

Performance

TSM vs. SMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Taiwan Semiconductor Manufacturing Company Limited (TSM) and iShares MSCI India Small-Cap ETF (SMIN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TSM achieves a 40.22% return, which is significantly higher than SMIN's -4.03% return. Over the past 10 years, TSM has outperformed SMIN with an annualized return of 35.80%, while SMIN has yielded a comparatively lower 9.73% annualized return.

TSM

1D
0.68%
1M
1.72%
YTD
40.22%
6M
45.91%
1Y
103.01%
3Y*
60.80%
5Y*
31.30%
10Y*
35.80%

SMIN

1D
1.44%
1M
0.72%
YTD
-4.03%
6M
-1.54%
1Y
-8.33%
3Y*
8.94%
5Y*
6.19%
10Y*
9.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TSM vs. SMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TSM
Taiwan Semiconductor Manufacturing Company Limited		40.22%55.91%92.58%42.33%-36.75%12.09%92.67%64.85%-3.50%41.46%
SMIN
iShares MSCI India Small-Cap ETF		-4.03%-6.68%16.78%35.41%-14.23%44.43%19.59%-5.21%-25.55%62.36%

Correlation

The correlation between TSM and SMIN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.30

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2012

0.33

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Taiwan Semiconductor Manufacturing Company Limited

iShares MSCI India Small-Cap ETF

Often compared with TSM:
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Often compared with SMIN:
SMIN vs. INDASMIN vs. EPISMIN vs. FLINSMIN vs. NFTYSMIN vs. INCOSMIN vs. EWSSMIN vs. VOO

Return for Risk

TSM vs. SMIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TSM
TSM Risk / Return Rank: 9393
Overall Rank
TSM Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
TSM Sortino Ratio Rank: 9292
Sortino Ratio Rank
TSM Omega Ratio Rank: 9090
Omega Ratio Rank
TSM Calmar Ratio Rank: 9494
Calmar Ratio Rank
TSM Martin Ratio Rank: 9696
Martin Ratio Rank
SMIN
SMIN Risk / Return Rank: 55
Overall Rank
SMIN Sharpe Ratio Rank: 55
Sharpe Ratio Rank
SMIN Sortino Ratio Rank: 55
Sortino Ratio Rank
SMIN Omega Ratio Rank: 55
Omega Ratio Rank
SMIN Calmar Ratio Rank: 66
Calmar Ratio Rank
SMIN Martin Ratio Rank: 66
Martin Ratio Rank
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.

TSM vs. SMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Taiwan Semiconductor Manufacturing Company Limited (TSM) and iShares MSCI India Small-Cap ETF (SMIN). 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.

TSMSMINDifference
Sharpe ratioReturn per unit of total volatility
2.71
-0.51

+3.22

Sortino ratioReturn per unit of downside risk
3.30
-0.64

+3.95

Omega ratioGain probability vs. loss probability

1.40

0.93

+0.47

Calmar ratioReturn relative to maximum drawdown

5.48

-0.39

+5.87

Martin ratioReturn relative to average drawdown

19.42

-0.87

+20.29

TSM vs. SMIN - Sharpe Ratio Comparison

The current TSM Sharpe Ratio is 2.71, which is higher than the SMIN Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of TSM and SMIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TSM vs. SMIN - Drawdown Comparison

The maximum TSM drawdown since its inception was -89.08%, which is greater than SMIN's maximum drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for TSM and SMIN.

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Drawdown Indicators

TSMSMINDifference

Max Drawdown

Largest peak-to-trough decline

-89.08%

-60.50%

-28.58%

Max Drawdown (1Y)

Largest decline over 1 year

-18.14%

-24.54%

+6.40%

Max Drawdown (3Y)

Largest decline over 3 years

-36.82%

-27.58%

-9.24%

Max Drawdown (5Y)

Largest decline over 5 years

-56.47%

-27.58%

-28.89%

Max Drawdown (10Y)

Largest decline over 10 years

-56.47%

-60.50%

+4.03%

Current Drawdown

Current decline from peak

-4.87%

-16.07%

+11.20%

Average Drawdown

Average peak-to-trough decline

-42.85%

-14.62%

-28.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.11%

11.01%

-5.90%

Volatility

TSM vs. SMIN - Volatility Comparison

Taiwan Semiconductor Manufacturing Company Limited (TSM) has a higher volatility of 13.42% compared to iShares MSCI India Small-Cap ETF (SMIN) at 4.86%. This indicates that TSM's price experiences larger fluctuations and is considered to be riskier than SMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TSMSMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.42%

4.86%

+8.56%

Volatility (6M)

Calculated over the trailing 6-month period

28.65%

15.58%

+13.07%

Volatility (1Y)

Calculated over the trailing 1-year period

36.69%

18.67%

+18.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.46%

18.88%

+18.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.23%

22.83%

+11.40%

Dividends

TSM vs. SMIN - Dividend Comparison

TSM's dividend yield for the trailing twelve months is around 0.83%, less than SMIN's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
SMIN
iShares MSCI India Small-Cap ETF		2.10%2.01%6.84%0.41%0.01%1.27%1.06%1.75%1.68%0.89%2.30%0.93%
TSM
Taiwan Semiconductor Manufacturing Company Limited		0.83%1.00%1.18%1.78%2.49%1.57%1.56%3.46%3.64%2.32%2.61%2.54%

Frequently Asked Questions

TSM and SMIN have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TSM has higher volatility (13.42%) compared to SMIN (4.86%). In terms of maximum drawdown, TSM dropped -89.08% vs SMIN's -60.50%.

TSM currently has the higher Sharpe Ratio (2.71 vs -0.51), 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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