EPI vs SMIN: Grades, Fees and Holdings Compared

WisdomTree India Earnings Fund

EPIBNYSE Arca

iShares MSCI India Small-Cap ETF

SMINACboe

Overlap

3.4%by weight

Expense ratio

SMIN −0.10pt a year

EPI0.84%SMIN0.74%

Avg volume · 30D

EPI 3.3×the volume

EPI381KSMIN116K

10Y return · a year

EPI +0.2pt

EPI+7.9%SMIN+7.7%

EPI vs SMIN Performance

Oct 29, 2021 – Oct 30, 2026

+17.6%EPI+23.0%SMIN

Expense ratio: EPI 0.84%; SMIN 0.74%, better
Fund size: EPI $1.78B; SMIN $669M
1Y total return: EPI −11.3%; SMIN −7.5%, better
Yield (12M): EPI 0.00%; SMIN 2.11%, better
Holdings: EPI 569; SMIN 456
Avg volume (30D): EPI 381K sh, better; SMIN 116K sh
NAV per share: EPI $40.82; SMIN $66.28
52W range

ETF.net Grade

Pillar letters and Scores for EPI, SMIN, with each pillar’s weight
Pillar	EPI	SMIN
Cost30% weight	F11	B56Higher
Mission25% weight	A100Higher	A95
Risk15% weight	B55Higher	D32
Tradability15% weight	A77	A79Higher
Holdings10% weight	A72	A89Higher
Durability5% weight	A81	A87Higher

Rank among India funds

How we build Categories ›

Same Category. EPI and SMIN are both graded against the same 19 India funds, so their Grades compare head to head.

India⁠

Category · 19 funds

See all 19 ›

SMIN ranks 4th and EPI 10th of 19 funds in the India Category.

Rank 1AFLINFranklin FTSE India ETFScore 86
Rank 1AINDAiShares MSCI India ETFScore 86
Rank 3AINDYiShares India 50 ETFScore 75
Rank 4ASMINiShares MSCI India Small-Cap ETFScore 70
Rank 5BIOPPSimplify Tara India Opportunities ETFScore 66
Rank 9BNDIAGlobal X India Active ETFScore 60
Rank 10BEPIWisdomTree India Earnings FundScore 59
Rank 10BGINDGoldman Sachs India Equity ETFScore 59

Our read on each fund

ETF.net Research

EPIBWisdomTree India Earnings Fund

SMINAiShares MSCI India Small-Cap ETF

In short

EPI Most India funds buy the market. EPI buys the profits: it tracks an index of Indian companies that actually earn money, and it has been running that playbook since 2008.

SMIN Most US-listed India funds stop at the blue chips. SMIN keeps going down-cap, tracking an MSCI index of roughly 500 smaller Indian companies, and it has been doing that job since 2012.

Stated mandate

EPI The fund seeks to track the investment results of profitable companies in India's equity market.

SMIN The fund seeks to track the investment results of an index representing small-capitalization equity securities in India.

Why people hold it

EPI Profitability is the filter. The index (WisdomTree India Earnings Index) is built from companies making money in India's market, not simply the largest tickers on the exchange.wisdomtree.com
Roughly 400 holdings, so the fund reaches well past the handful of Indian megacaps that dominate narrower country baskets.
A multi-billion-dollar fund that trades actively, which keeps buying and selling straightforward on ordinary days.
Tracking is one of the tightest in the India group: the portfolio stays close to the index it promises, and it has been doing this since a 2008 launch.

SMIN Owns the slice of India the headline funds skip: roughly 500 small caps, versus the 50-name blue-chip lineup at INDY.ishares.com
At 0.74%, the fee lands right around the middle of the US India-fund pack, which is unusual for a specialist small-cap sleeve.
One of the stronger implementations among US-listed India funds: tight tracking of its stated index, iShares plumbing, and a live record back to 2012.

Worth knowing

EPI At 0.84% a year, it sits at the pricier end of the India shelf. Plain cap-weighted trackers such as FLIN and INDA charge less for market exposure.
One country, one currency. Indian policy shifts and rupee swings hit the price directly, with no other market to cushion them.
Earnings weighting means the portfolio can look meaningfully different from a standard India benchmark, and payouts are irregular rather than a scheduled income stream.

SMIN Small caps inside one emerging market swing hard in both directions, and rupee moves stack on top of the stock moves.
Reasonable for the niche, pricey next to broad India trackers: FLIN charges 0.19% for the large-cap version of the trade.
Moderately traded rather than a top-of-book giant, so size your orders with care. Cash comes back once or twice a year, not monthly.

Full EPI profile⁠

Full SMIN profile⁠

EPI vs SMIN Holdings

How EPI and SMIN differ

Overlap by weight

3.4%

Shared holdings make up 21.2% of SMIN and 3.4% of EPI.

Level by level

Holdings88 in both3.4%
Sector11 Sectors69.9%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in EPI and SMIN, widest gap first
Sector	More in EPIMore in SMIN	EPI	SMIN
Energy	EPI +15.2 points	16.6%	1.4%
Industrials	SMIN +9.9 points	9.9%	19.8%
Consumer Discretionary	SMIN +8.9 points	7.5%	16.4%
Health Care	SMIN +7.4 points	6.6%	14.0%
Financials	EPI +6.0 points	22.0%	16.0%
Utilities	EPI +5.0 points	7.3%	2.3%
Materials	EPI +2.7 points	14.4%	11.7%
Real Estate	SMIN +2.6 points	1.0%	3.6%
Technology	EPI +1.1 points	9.7%	8.6%
Consumer Staples	SMIN +1.0 points	3.0%	4.0%
Communication	SMIN +0.3 points	1.9%	2.2%

Country, concentration and asset class

Country by domicile

Country weights in EPI and SMIN, widest gap first
Country	More in EPIMore in SMIN	EPI	SMIN
India	Same weight	100.0%	100.0%

Outside the US: EPI 0% developed, 100% emerging. SMIN 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EPI33.6%
SMIN11.0%

Securities held

EPI567
SMIN453

Asset class

EPI: Equity
SMIN: Equity

Holdings

Only in EPI479
In both88
Only in SMIN365

Only in EPI

479 securities, 96.5% of EPI by weight

Reliance Industries Ltd6.28%
ICICI Bank Ltd5.71%
Hdfc Bank Limited4.51%
State Bank of India Ltd2.93%
Infosys Ltd2.78%
Oil & Natural Gas Corp Ltd2.63%
Coal India Ltd2.55%
Hindalco Industries Ltd2.28%
NTPC Ltd2.02%
Power Grid Corp of India Ltd1.94%
Kotak Mahindra Bank Ltd1.66%
Bharti Airtel Ltd1.56%
Axis Bank Ltd1.56%
Tata Steel Ltd1.45%
Mahindra & Mahindra Ltd1.44%
Oil India Ltd1.33%
Larsen & Toubro Ltd1.27%
Grasim Industries Ltd1.22%
Tata Consultancy Services Ltd1.20%
Sun Pharmaceutical Industries1.11%
Tech Mahindra Ltd1.02%
HCL Technologies Ltd0.99%
Adani Power Ltd0.97%
Federal Bank Ltd0.92%
Vedanta Aluminium Metal Ltd0.89%
Maruti Suzuki India Ltd0.76%
Dr. Reddy'S Laboratories0.76%
Adani Ports and Special Economic Zone0.75%
Bharat Electronics Ltd0.71%
Indian Oil Corp Ltd0.71%
Hindustan Aeronautics Ltd0.65%
Great Eastern Shipping Co Ltd/0.65%
IDFC Bank Ltd0.64%
Eicher Motors Ltd0.64%
Laurus Labs Ltd0.64%
NMDC Ltd0.62%
Canara Bank0.60%
Hindustan Unilever Ltd0.59%
Bank of Baroda Ltd0.59%
Vedanta Ltd0.59%
Hero Motocorp Ltd0.58%
Gail India Ltd0.56%
Hindustan Petroleum Corp Ltd0.56%
Union Bank Of India0.55%
Bajaj Auto Ltd0.54%
Divi's Laboratories Ltd0.51%
JSW Steel Ltd0.50%
UltraTech Cement Ltd0.48%
Suzlon Energy Ltd0.48%
National Aluminium Co Ltd0.45%

Only in SMIN

365 securities, 78.8% of SMIN by weight

Embassy Office Parks Reit Units1.13%
Glenmark Pharmaceuticals1.03%
Max Financial Services Ltd0.99%
Radico Khaitan0.96%
Navin Fluorine International Ltd0.92%
Ather Energy Ltd0.91%
Ipca Laboratories Ltd0.86%
Apar Industries Ltd0.86%
Kei Industries Ltd0.74%
Delhivery0.71%
Welspun Corp Ltd0.69%
Biocon0.68%
Hfcl Ltd0.65%
Blue Star Ltd0.64%
Anand Rathi Wealth Ltd0.63%
Acutaas Chemicals Ltd0.63%
Pnb Housing Finance Ltd0.61%
Piramal Finance Ltd0.59%
Redington Ltd0.59%
Kalyan Jewellers India0.57%
Karur Vysya Bank Ltd0.54%
J.k. Cement Ltd0.53%
Brookfield India Real Estate Trust0.52%
Jubilant Foodworks Ltd0.51%
Td Power Systems Ltd0.50%
Ajanta Pharma0.49%
Great Eastern Shipping Company0.49%
Neuland Laboratories0.48%
Balkrishna Industries Ltd0.48%
Lic Housing Finance Ltd0.47%
Manappuram Finance Ltd0.47%
Kalpataru Projects International0.47%
Craftsman Automation Ltd0.47%
Mtar Technologies0.47%
Piramal Pharma Ltd0.46%
Dr Lal Pathlabs Ltd0.46%
Kirloskar Oil Engines Ltd0.46%
Poonawalla Fincorp Ltd0.46%
Aia Engineering Ltd0.45%
Motilal Oswal Financial Services0.45%
Wockhardt0.44%
Aegis Logistics Ltd0.43%
Astral0.43%
Central Depository Services (India0.41%
Mahindra and Mahindra Financial SE0.41%
Nexus Select Trust Reit Units0.40%
Cholamandalam Financial Holdings L0.40%
Nuvama Wealth Management Ltd0.40%
Star Health and Allied Insurance C0.40%
Kpr Mill0.40%

Weight gaps

All 88 Holdings in both funds, largest gap first.

Holding weights in EPI and SMIN, widest gap first
Holding	More in EPIMore in SMIN	EPI	SMIN
Coforge Limited	SMIN +1.81 points	0.28%	2.09%
Sona BLW Precision Forgings	SMIN +1.19 points	0.05%	1.24%
360 One Wam Ltd	SMIN +0.67 points	0.07%	0.74%
Sai Life Sciences Ltd	SMIN +0.64 points	0.02%	0.66%
Aster DM Healthcare Ltd	SMIN +0.60 points	0.06%	0.66%
UNO Minda Ltd	SMIN +0.54 points	0.06%	0.60%
Krishna Institute Of Medical	SMIN +0.53 points	0.03%	0.56%
Sansera Engineering Ltd	SMIN +0.50 points	0.05%	0.55%
Syrma Sgs Technology Ltd	SMIN +0.39 points	<0.01%	0.40%
Amber Enterprises India Ltd	SMIN +0.37 points	0.02%	0.39%
Crompton Greaves Consumer Electricals Ltd	SMIN +0.35 points	0.03%	0.38%
Computer Age Management Serv	SMIN +0.35 points	0.10%	0.45%
Premier Energies Ltd	SMIN +0.34 points	0.07%	0.41%
Itc Hotels Limited	SMIN +0.33 points	<0.01%	0.33%
Angel One Ltd	SMIN +0.33 points	0.08%	0.41%
Global Health Ltd/India	SMIN +0.32 points	0.01%	0.33%
Gland Pharma Ltd	SMIN +0.28 points	0.09%	0.37%
Sagility Ltd	SMIN +0.28 points	0.02%	0.30%
Cartrade Tech Ltd	SMIN +0.27 points	0.01%	0.28%
Kaynes Technology India Ltd	SMIN +0.27 points	0.03%	0.30%
Tata Technologies Co	SMIN +0.27 points	0.07%	0.34%
Mindspace Business Parks Reit	SMIN +0.26 points	0.04%	0.30%
Kfin Technologies Ltd	SMIN +0.26 points	0.01%	0.27%
Vijaya Diagnostic Centre Pvt	SMIN +0.22 points	0.01%	0.23%
L&T Technology Services Ltd	SMIN +0.21 points	0.06%	0.27%
Aarti Industries Ltd	SMIN +0.20 points	0.05%	0.25%
Jyoti Cnc Automation Ltd	SMIN +0.21 points	0.01%	0.22%
Affle India Ltd	SMIN +0.20 points	0.05%	0.25%
Inventurus Knowledge Solutio	SMIN +0.20 points	0.05%	0.25%
Rr Kabel Ltd	SMIN +0.18 points	0.04%	0.22%
Rainbow Children'S Medicare	SMIN +0.19 points	<0.01%	0.19%
Chalet Hotels Ltd	SMIN +0.18 points	<0.01%	0.19%
Tamilnad Mercantile Bank	SMIN +0.17 points	0.03%	0.20%
Irb Infrastructure Developer	SMIN +0.17 points	<0.01%	0.17%
Titagarh Rail System Ltd	SMIN +0.16 points	<0.01%	0.16%
Aether Industries Ltd	SMIN +0.16 points	<0.01%	0.16%
Garden Reach Shipbuilders &	SMIN +0.15 points	0.02%	0.17%
Aditya Birla Sun Life Amc Ltd	SMIN +0.15 points	0.01%	0.16%
Balrampur Chini Mills Ltd	SMIN +0.15 points	0.06%	0.21%
Indraprastha Gas Ltd	SMIN +0.15 points	0.10%	0.25%
Tbo Tek Ltd	SMIN +0.14 points	0.02%	0.16%
NBCC India Ltd	SMIN +0.15 points	0.05%	0.20%
Paradeep Phosphates Ltd	SMIN +0.14 points	0.03%	0.17%
Ramkrishna Forgings Ltd	SMIN +0.13 points	0.02%	0.15%
Birlasoft Ltd	SMIN +0.13 points	0.04%	0.17%
Indian Energy Exchange Ltd	SMIN +0.13 points	0.01%	0.14%
Doms Industries Ltd	SMIN +0.12 points	<0.01%	0.13%
Indegene Ltd	SMIN +0.13 points	0.02%	0.15%
Techno Electric & Engineering	SMIN +0.12 points	<0.01%	0.13%
Medplus Health Services Ltd	SMIN +0.12 points	<0.01%	0.13%
Blackbuck Ltd	SMIN +0.12 points	0.06%	0.18%
Sobha Ltd	SMIN +0.11 points	0.04%	0.15%
Aadhar Housing Finance Ltd	SMIN +0.12 points	0.01%	0.13%
Olectra Greentech Ltd	SMIN +0.11 points	<0.01%	0.11%
Sumitomo Chemical India Ltd	SMIN +0.10 points	<0.01%	0.11%
Rategain Travel Technologies	SMIN +0.10 points	0.03%	0.13%
Nuvoco Vistas Corp Ltd	SMIN +0.10 points	<0.01%	0.11%
Transformers & Rectifiers In	SMIN +0.09 points	0.01%	0.10%
Clean Science & Technology L	SMIN +0.09 points	0.02%	0.11%
Jsw Dulux Ltd	SMIN +0.08 points	0.05%	0.13%
Bikaji Foods International L	SMIN +0.09 points	<0.01%	0.09%
Sbfc Finance Ltd	SMIN +0.08 points	0.02%	0.10%
Tips Music Ltd	SMIN +0.08 points	0.01%	0.10%
Sjvn Ltd	SMIN +0.08 points	0.02%	0.10%
International Gemmological I	SMIN +0.07 points	0.05%	0.12%
Tega Industries Ltd	SMIN +0.07 points	<0.01%	0.08%
Archean Chemical Industries	SMIN +0.07 points	<0.01%	0.08%
Kpi Green Energy Ltd	SMIN +0.07 points	0.01%	0.08%
Jupiter Life Line Hospitals	SMIN +0.07 points	0.01%	0.08%
Newgen Software Technologies	SMIN +0.06 points	0.03%	0.09%
JBM Auto Ltd	SMIN +0.06 points	<0.01%	0.06%
Railtel Corp of India Ltd	SMIN +0.05 points	<0.01%	0.06%
Dodla Dairy Ltd	SMIN +0.06 points	0.01%	0.07%
Mishra Dhatu Nigam Ltd	SMIN +0.05 points	<0.01%	0.05%
Varroc Engineering Ltd	SMIN +0.05 points	0.04%	0.09%
Bombay Burmah Trading Corp Ltd	SMIN +0.04 points	0.02%	0.06%
Avenuesai Ltd	SMIN +0.04 points	0.01%	0.05%
Senco Gold Ltd	SMIN +0.04 points	0.01%	0.05%
CESC Ltd	SMIN +0.04 points	0.17%	0.21%
Shipping Corp Of India Ltd	SMIN +0.04 points	0.09%	0.13%
Tanla Platforms Ltd	SMIN +0.03 points	0.09%	0.12%
Campus Activewear Ltd	SMIN +0.02 points	0.03%	0.05%
Anupam Rasayan India Ltd	SMIN +0.02 points	0.05%	0.07%
Gujarat Narmada Valley Fertilizers and Chemicals Ltd	SMIN +0.02 points	0.10%	0.12%
Sandur Manganese & Iron Ores Ltd	SMIN +0.02 points	0.04%	0.06%
CSB Bank Ltd	SMIN +0.02 points	0.02%	0.04%
JK Paper Ltd	EPI +0.01 points	0.09%	0.08%
Nava Ltd	Same weight	0.21%	0.21%

All 413 EPI holdings⁠All 453 SMIN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EPI vs SMIN Cost

Overpaying EPI vs SMIN

$1,722

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EPI 0.84%
$16,029
SMIN 0.74%
$14,307

Amount$10,000

Years30 years

Cost over time

EPI 0.84%
SMIN 0.74%
Overpaying

Year by year

Year	EPI	SMIN	Overpaying
10	$1,491	$1,319	$172
20	$5,643	$5,015	$628
30	$16,029	$14,307	$1,722

Expense ratio

0.84%EPI
0.74%SMIN, cheaper

SMIN0.74%EPI0.84%

0.19%0.88%

Middle half of India funds
Median 0.75%

SMIN 9th cheapest of 19 funds

EPI 17th cheapest of 19 funds

EPI vs SMIN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EPI 0.00%; SMIN 2.11%, better
Payout (12M): EPI None; SMIN $1.41
Last payment: EPI No data; SMIN $1.41
Ex-dividend: EPI No data; SMIN Dec 16, 2025
Paid on: EPI No data; SMIN Dec 19, 2025
Frequency: EPI No data; SMIN Annual

Distribution history

Per share, 2017 to 2026, same scale for both

EPI25 paymentsAll EPI payments⁠

SMINAnnual · 12 paymentsAll SMIN payments⁠

EPI vs SMIN Risk

Fall from peak · 5 years

EPI
SMIN

Risk facts

VolatilityStd dev, 3 years: EPI 14.6%, betterSMIN 18.1%
Return per unit of riskSharpe ratio, 3 years: EPI 0.08SMIN 0.15, better
Worst fallMax drawdown, 5 years: EPI −22.0%, betterSMIN −27.5%
Market sensitivityBeta, 5 years: EPI 0.59SMIN 0.48; Market = 1

EPI and SMIN in the news

All news⁠

Deep Dive
The iShares India fund is down 15.7% this year. The small-company fund is down 4.6%
Oct 9, 2026EPISMIN

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EPI vs SMIN

In short

Stated mandate

Why people hold it

Worth knowing

How EPI and SMIN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EPI

Only in SMIN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The iShares India fund is down 15.7% this year. The small-company fund is down 4.6%

How EPI and SMIN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EPI

Only in SMIN

Weight gaps