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SHE vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHE vs. BNO

Last updated Jun 4, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, SHE returned 12.83%/yr vs 13.60%/yr for BNO. At a 0.18 correlation, their price movements are largely independent. SHE charges 0.20%/yr vs 0.90%/yr for BNO.

Performance

SHE vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SHE achieves a 19.56% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, SHE has underperformed BNO with an annualized return of 12.83%, while BNO has yielded a comparatively higher 13.60% annualized return.

SHE

1D
-0.58%
1M
10.08%
YTD
19.56%
6M
21.08%
1Y
31.32%
3Y*
24.28%
5Y*
10.89%
10Y*
12.83%

BNO

1D
1.99%
1M
-10.29%
YTD
90.47%
6M
86.00%
1Y
91.89%
3Y*
27.93%
5Y*
24.16%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHE vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHE
SPDR SSGA Gender Diversity Index ETF		19.56%15.50%23.35%22.37%-21.73%15.17%17.93%23.63%-3.48%19.56%
BNO
United States Brent Oil Fund LP		90.47%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between SHE and BNO is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.25

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

-0.06

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

0.08

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

0.18

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2016

0.18

The correlation between SHE and BNO shifts across timeframes, from -0.25 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

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SPDR SSGA Gender Diversity Index ETF

United States Brent Oil Fund LP

Often compared with SHE:
SHE vs. SPYSHE vs. VOOSHE vs. VEGNSHE vs. SCHXSHE vs. VTISHE vs. ESGVSHE vs. ^GSPC
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. XOM

Return for Risk

SHE vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHE
SHE Risk / Return Rank: 7474
Overall Rank
SHE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SHE Sortino Ratio Rank: 7575
Sortino Ratio Rank
SHE Omega Ratio Rank: 7070
Omega Ratio Rank
SHE Calmar Ratio Rank: 7373
Calmar Ratio Rank
SHE Martin Ratio Rank: 7777
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5656
Sortino Ratio Rank
BNO Omega Ratio Rank: 6060
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
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.

SHE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and United States Brent Oil Fund LP (BNO). 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.

SHEBNODifference

Sharpe ratio

Return per unit of total volatility

2.43

2.23

+0.21

Sortino ratio

Return per unit of downside risk

3.43

2.73

+0.70

Omega ratio

Gain probability vs. loss probability

1.43

1.38

+0.05

Calmar ratio

Return relative to maximum drawdown

3.68

5.17

-1.49

Martin ratio

Return relative to average drawdown

14.98

9.76

+5.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHE vs. BNO - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.43, which is comparable to the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SHE and BNO, 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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Sharpe Ratios by Period

SHEBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

2.23

+0.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.69

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.37

+0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

0.14

+0.60

Drawdowns

SHE vs. BNO - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for SHE and BNO.

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Drawdown Indicators

SHEBNODifference

Max Drawdown

Largest peak-to-trough decline

-35.80%

-87.06%

+51.26%

Max Drawdown (1Y)

Largest decline over 1 year

-8.54%

-17.87%

+9.33%

Max Drawdown (3Y)

Largest decline over 3 years

-17.07%

-23.75%

+6.68%

Max Drawdown (5Y)

Largest decline over 5 years

-31.69%

-33.70%

+2.01%

Max Drawdown (10Y)

Largest decline over 10 years

-35.80%

-75.18%

+39.38%

Current Drawdown

Current decline from peak

-0.58%

-10.29%

+9.71%

Average Drawdown

Average peak-to-trough decline

-6.30%

-40.17%

+33.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

9.45%

-7.35%

Volatility

SHE vs. BNO - Volatility Comparison

The current volatility for SPDR SSGA Gender Diversity Index ETF (SHE) is 5.06%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that SHE experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHEBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.06%

14.22%

-9.16%

Volatility (6M)

Calculated over the trailing 6-month period

10.29%

36.10%

-25.81%

Volatility (1Y)

Calculated over the trailing 1-year period

12.94%

41.46%

-28.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.22%

35.38%

-18.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

36.68%

-18.64%

SHE vs. BNO - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is lower than BNO's 0.90% expense ratio.

Dividends

SHE vs. BNO - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.06%, while BNO has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
BNO
United States Brent Oil Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SHE
SPDR SSGA Gender Diversity Index ETF		1.06%1.18%1.14%1.37%1.54%0.99%1.24%1.91%7.39%5.37%6.41%

Frequently Asked Questions

SHE and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.22%) compared to SHE (5.06%). In terms of maximum drawdown, SHE dropped -35.80% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.60% vs 12.83% for SHE. On fees, SHE is cheaper at 0.20% per year. On volatility, SHE has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.60% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHE is cheaper with a 0.20% expense ratio, compared with 0.90% for BNO.

SHE has the higher dividend yield at 1.06%, compared with 0.00% for BNO.

SHE is categorized as Large Cap Growth Equities, while BNO is Oil & Gas. SHE tracks SSGA Gender Diversity (TR), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: State Street and Concierge Technologies. Their fees differ too: 0.20% for SHE and 0.90% for BNO.

SHE currently has the higher Sharpe Ratio (2.43 vs 2.23), 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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