SMIN vs SPY
iShares MSCI India Small-Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMIN or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SMIN is less concentrated, with 11.9% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SMIN | SPY |
|---|---|---|
| Expense Ratio | 0.74% | 0.09%Best |
| AUM | $777M | $814.4B |
| Dividend Yield | 0.00% | 1.01% |
| Holdings | 467 | 505 |
| YTD Return | +3.41% | +13.34%Best |
| 1Y Return | +0.83% | +19.97%Best |
| 3Y Return (annualized) | +7.22% | +21.20%Best |
| 5Y Return (annualized) | +6.20% | +12.81%Best |
| Volatility (annualized) | 26.3% | 14.0%Best |
| Max Drawdown | -60.5% | -34.1%Best |
| $10,000 over 5 years | $13,509 | $18,270Best |
| Top 10 Weight | 11.9%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Feb 8, 2012 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 9, 2012 to Sep 4, 2026 (14.6 years).
SMIN vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 14.6 years both funds cover.
SMIN vs SPY Performance
iShares MSCI India Small-Cap ETF (SMIN) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMIN returned +0.83% while SPY returned +19.97%. Year to date, SMIN is up 3.41% versus a gain of 13.34% for SPY.
Over three years, SMIN compounded at +7.22% per year against +21.20% for SPY; over five years the annualized figures are +6.20% and +12.81% respectively. Across the full 15-year window we track, SPY has the edge at +13.25% annualized vs +8.99%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMIN has been the more volatile fund, with annualized monthly volatility of 26.3% compared with 14.0% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -60.5% for SMIN and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.41. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SMIN charges 0.74% per year while SPY charges 0.09%. On a $10,000 position that is $74 vs $9 annually, a gap of $65 per year that compounds over a long holding period. On income, SMIN currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 459 holdings in SMIN and 504 in SPY, totalling 101.6% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 459 positions we hold weights for in SMIN and 504 in SPY, against full books of 467 and 505.
What only one of them owns
Our book lists 496 positions for SPY that do not appear in our book for SMIN (99.5% of the fund), and 3 for SMIN that do not appear in SPY (2.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of SMIN and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SMIN or SPY?
SMIN has an expense ratio of 0.74% while SPY charges 0.09%. SPY is the cheaper option, by $65 a year on a $10,000 investment.
Which performed better, SMIN or SPY?
Over the past year SMIN returned +0.83% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SMIN annualized +8.99% vs +13.25% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMIN or SPY?
SMIN has been the more volatile fund at 26.3% annualized versus 14.0% for SPY. Worst drawdown: SMIN -60.5% vs SPY -34.1%.
Should I hold both SMIN and SPY?
SMIN and SPY have a monthly-return correlation of 0.41, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SMIN or SPY?
SMIN yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than SMIN?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SMIN is less concentrated, with 11.9% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.