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INDY vs SMIN

iShares India 50 ETF

INDYANasdaq

iShares MSCI India Small-Cap ETF

SMINACboe

Overlap

0.6%by weight

Expense ratio

INDY −0.09pt a year

INDY0.65%SMIN0.74%

Avg volume · 30D

SMIN 1.03×the volume

INDY112KSMIN116K

10Y return · a year

SMIN +1.8pt

INDY+5.9%SMIN+7.7%

INDY vs SMIN Performance

Oct 29, 2021 – Oct 30, 2026

−0.1%INDY+23.0%SMIN

Oct 29, 2021 to Oct 30, 2026. INDY −0.1%. SMIN +23.0%. Use the arrow keys to read each point.−20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
INDY 0.65%, better
SMIN 0.74%
Fund size
INDY $507M
SMIN $669M
1Y total return
INDY −12.8%
SMIN −7.5%, better
Yield (12M)
INDY 9.63%, better
SMIN 2.11%
Holdings
INDY 54
SMIN 456
Avg volume (30D)
INDY 112K sh
SMIN 116K sh, better
NAV per share
INDY $42.41
SMIN $66.28
52W range

ETF.net Grade

INDY: Cost 78, Risk 49, Mission 100, Tradability 83, Holdings 35, Durability 84. SMIN: Cost 56, Risk 32, Mission 95, Tradability 79, Holdings 89, Durability 87.
Pillar letters and Scores for INDY, SMIN, with each pillar’s weight
PillarINDYSMIN
Cost30% weightA78HigherB56
Mission25% weightA100HigherA95
Risk15% weightC49HigherD32
Tradability15% weightA83HigherA79
Holdings10% weightD35A89Higher
Durability5% weightA84A87Higher

Rank among India funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. INDY 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 ›

INDY ranks 3rd and SMIN 4th of 19 funds in the India Category.

  1. Rank 1AFLINFranklin FTSE India ETFScore 86
  2. Rank 1AINDAiShares MSCI India ETFScore 86
  3. Rank 3AINDYiShares India 50 ETFScore 75
  4. Rank 4ASMINiShares MSCI India Small-Cap ETFScore 70
  5. Rank 5BIOPPSimplify Tara India Opportunities ETFScore 66

Our read on each fund

ETF.net Research

INDYAiShares India 50 ETF

SMINAiShares MSCI India Small-Cap ETF

In short

INDY India's headline index in a US wrapper. INDY tracks the Nifty 50, the National Stock Exchange benchmark quoted across Indian markets, holding about 50 of the country's largest listed companies and skipping the small-cap tail.

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

INDY The fund seeks to track the Nifty 50 Index, which represents 50 leading Indian companies, using an indexing approach rather than active security selection.

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

Why people hold it

  • INDY The Nifty 50 is the NSE's flagship index: 50 stocks spanning 13 sectors, used across India for benchmarking, derivatives and index funds. In its US peer group, INDY is the fund built on it.nseindia.com
  • 0.65% a year, below the 0.75% median for US single-country India funds.
  • Straight indexing, no stock picking, and the fund has stayed very close to its benchmark. One of the tighter implementations among US India funds.ishares.com
  • Trading since 2009 under the iShares roof, which makes it one of the longer-running US ways to own Indian large caps.ishares.com
  • 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

  • INDY About 50 names means the biggest Indian megacaps carry real weight here. Concentration is the design, not a bug, but it shows up in the ride.
  • Cheaper India exposure exists: FLIN charges 0.19%, and INDA, also large-cap focused, comes in a touch under INDY.
  • One country, one currency, one policy cycle. A single-market emerging equity fund moves harder than a global index fund, and INDY's swings run above its peer group's typical level.ishares.com
  • 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 INDY profile⁠

Full SMIN profile⁠

INDY vs SMIN Holdings

How INDY and SMIN differ

Overlap by weight

0.6%

Shared holdings make up 3.7% of INDY and 0.6% of SMIN.

Level by level

  • Holdings0 in both0.6%
  • Sector11 Sectors66.6%
  • Asset classEquity100%
  • Countryby domicile100%

Sector

Sector weights in INDY and SMIN, widest gap first
SectorMore in INDYMore in SMIN
FinancialsINDY +20.2 points
IndustrialsSMIN +11.1 points
Health CareSMIN +9.2 points
EnergyINDY +7.8 points
Consumer DiscretionarySMIN +4.9 points
MaterialsSMIN +4.6 points
Real EstateSMIN +3.6 points
CommunicationINDY +3.5 points
Consumer StaplesINDY +1.4 points
TechnologyINDY +0.2 points
UtilitiesINDY +0.2 points

Country, concentration and asset class

Country by domicile

Country weights in INDY and SMIN, widest gap first
CountryMore in INDYMore in SMIN
IndiaSame weight

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

Concentration

Weight in the 10 largest Holdings

  • INDY53.1%
  • SMIN11.0%

Securities held

  • INDY51
  • SMIN453

Asset class

INDY
Equity
SMIN
Equity

Holdings

  • Only in INDY51
  • In both0
  • Only in SMIN453

Only in INDY

51 securities, 98.5% of INDY by weight

  • Hdfc Bank9.84%
  • Icici Bank9.33%
  • Reliance Industries Ltd7.34%

Only in SMIN

453 securities, 100% of SMIN by weight

  • Coforge2.09%
  • Sona Blw Precision Forgings Ltd1.24%
  • Embassy Office Parks Reit Units1.13%

Weight gaps

INDY and SMIN share no securities.

All 50 INDY 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.

INDY vs SMIN Cost

Overpaying SMIN vs INDY

$1,590

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

  • INDY 0.65%

    $12,717

  • SMIN 0.74%

    $14,307

$10,000
30 years

Cost over time

  • INDY 0.65%
  • SMIN 0.74%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530SMIN $14,307INDY $12,717

Year by year

YearINDYSMINOverpaying
10$1,163$1,319$156
20$4,440$5,015$575
30$12,717$14,307$1,590

Expense ratio

  • 0.65%INDY, cheaper
  • 0.74%SMIN
  • Middle half of India funds
  • Median 0.75%

INDY 5th cheapest of 19 funds

SMIN 9th cheapest of 19 funds

INDY vs SMIN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
INDY 9.63%, better
SMIN 2.11%
Payout (12M)
INDY $4.09
SMIN $1.41
Last payment
INDY $0.10
SMIN $1.41
Ex-dividend
INDY Jun 15, 2026
SMIN Dec 16, 2025
Paid on
INDY Jun 18, 2026
SMIN Dec 19, 2025
Frequency
INDY Twice a year
SMIN Annual

Distribution history

Per share, 2017 to 2026, same scale for both

INDYTwice a year · 16 paymentsAll INDY payments⁠
One bar per payment. 16 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.04; Dec 21, 2017 $0.06; Jun 19, 2018 $0.07; Dec 18, 2018 $0.12; Dec 28, 2018 $0.02; Jun 17, 2019 $0.23; Jun 15, 2020 $0.03; Jun 10, 2021 $0.007; Dec 13, 2021 $3.36; Dec 13, 2022 $1.59; Jun 7, 2023 $0.07; Dec 20, 2023 $0.12; Jun 11, 2024 $0.04; Dec 17, 2024 $0.08; Dec 16, 2025 $4.00; Jun 15, 2026 $0.10. Use the arrow keys to read each point.$0$52017202020232026YTD
SMINAnnual · 12 paymentsAll SMIN payments⁠
One bar per payment. 12 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.47; Jun 19, 2018 $0.65; Jun 17, 2019 $0.21; Dec 16, 2019 $0.42; Jun 15, 2020 $0.40; Dec 14, 2020 $0.05; Dec 13, 2021 $0.77; Dec 13, 2022 $0.0038; Jun 7, 2023 $0.04; Dec 20, 2023 $0.24; Dec 17, 2024 $5.23; Dec 16, 2025 $1.41. Use the arrow keys to read each point.$0$52017202020232026YTD

INDY vs SMIN Risk

Fall from peak · 5 years

  • INDY
  • SMIN
Oct 29, 2021 to Oct 30, 2026. Worst fall: SMIN −27.5% · Mar 2026. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
INDY 13.0%, betterSMIN 18.1%
Return per unit of riskSharpe ratio, 3 years
INDY −0.15SMIN 0.15, better
Worst fallMax drawdown, 5 years
INDY −23.8%, betterSMIN −27.5%
Market sensitivityBeta, 5 years
INDY 0.52SMIN 0.48

INDY and SMIN in the news

All news⁠

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