SHE vs. DARP

Last updated Jun 24, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and DARP (Grizzle Growth ETF) are both Large Cap Growth Equities funds. SHE is passively managed, while DARP is actively managed. Over the past year, SHE returned 28.00% vs 68.50% for DARP. A 0.73 correlation means they provide meaningful diversification when combined. SHE charges 0.20%/yr vs 0.75%/yr for DARP.

Performance

SHE vs. DARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and Grizzle Growth ETF (DARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHE achieves a 16.68% return, which is significantly lower than DARP's 26.21% return.

SHE

• 1D: -1.22%
• 1M: 1.20%
• YTD: 16.68%
• 6M: 16.31%
• 1Y: 28.00%
• 3Y*: 22.78%
• 5Y*: 10.14%
• 10Y*: 12.78%

DARP

• 1D: -4.47%
• 1M: -1.76%
• YTD: 26.21%
• 6M: 25.50%
• 1Y: 68.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SHE vs. DARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHE SPDR SSGA Gender Diversity Index ETF	16.68%	15.50%	23.35%	9.23%
DARP Grizzle Growth ETF	26.21%	40.19%	24.63%	6.25%

Correlation

The correlation between SHE and DARP is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023	0.73

The correlation between SHE and DARP has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

SHE vs. DARP - Sectors Allocation Comparison

Sectors	SHE	DARP
Technology	36.5%	49.5%
Financial Services	11.6%	-
Consumer Cyclical	10.3%	5.6%
Communication Services	10.1%	17.2%
Healthcare	8.8%	1.4%
Industrials	8.0%	7.7%
Consumer Defensive	4.6%	-
Energy	3.3%	8.2%
Utilities	2.9%	4.6%
Real Estate	1.9%	-
Basic Materials	1.8%	3.2%

Return for Risk

SHE vs. DARP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHE

SHE Risk / Return Rank: 69
SHE Sharpe Ratio Rank: 68
SHE Sortino Ratio Rank: 68
SHE Omega Ratio Rank: 64
SHE Calmar Ratio Rank: 70
SHE Martin Ratio Rank: 73

DARP

DARP Risk / Return Rank: 85
DARP Sharpe Ratio Rank: 89
DARP Sortino Ratio Rank: 76
DARP Omega Ratio Rank: 78
DARP Calmar Ratio Rank: 92
DARP Martin Ratio Rank: 91

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. DARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and Grizzle Growth ETF (DARP). 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.

	SHE	DARP	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.77	-0.68
Sortino ratio: Return per unit of downside risk	2.92	3.19	-0.26
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	3.29	5.83	-2.53
Martin ratio: Return relative to average drawdown	12.91	20.69	-7.78

SHE vs. DARP - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.09, which is comparable to the DARP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of SHE and DARP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SHE vs. DARP - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, which is greater than DARP's maximum drawdown of -30.27%. Use the drawdown chart below to compare losses from any high point for SHE and DARP.

Drawdown Indicators

	SHE	DARP	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-30.27%	-5.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-11.82%	+3.28%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	—	—
Current Drawdown Current decline from peak	-2.98%	-5.59%	+2.61%
Average Drawdown Average peak-to-trough decline	-6.28%	-4.64%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	3.32%	-1.15%

Volatility

SHE vs. DARP - Volatility Comparison

The current volatility for SPDR SSGA Gender Diversity Index ETF (SHE) is 5.16%, while Grizzle Growth ETF (DARP) has a volatility of 10.71%. This indicates that SHE experiences smaller price fluctuations and is considered to be less risky than DARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	DARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	10.71%	-5.55%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	19.20%	-8.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	24.83%	-11.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	26.48%	-9.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	26.48%	-8.42%

SHE vs. DARP - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is lower than DARP's 0.75% expense ratio.

Dividends

SHE vs. DARP - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, more than DARP's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DARP Grizzle Growth ETF	0.34%	0.43%	1.93%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHE SPDR SSGA Gender Diversity Index ETF	1.09%	1.18%	1.14%	1.37%	1.54%	0.99%	1.24%	1.91%	7.39%	5.37%	6.41%

Frequently Asked Questions

Can I hold both SHE and DARP in my portfolio?

SHE and DARP have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHE or DARP?

DARP has higher volatility (10.71%) compared to SHE (5.16%). In terms of maximum drawdown, SHE dropped -35.80% vs DARP's -30.27%.

Which ETF is better, SHE or DARP?

On 1-year performance, DARP leads with 68.50% vs 28.00% for SHE. On fees, SHE is cheaper at 0.20% per year. On volatility, SHE has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or DARP?

Over the 1-year period, DARP has performed better with a 68.50% return vs 28.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or DARP?

SHE is cheaper with a 0.20% expense ratio, compared with 0.75% for DARP.

Which ETF pays a higher dividend yield, SHE or DARP?

SHE has the higher dividend yield at 1.09%, compared with 0.34% for DARP.

What is the main difference between SHE and DARP?

They also come from different issuers: State Street and Grizzle. Their fees differ too: 0.20% for SHE and 0.75% for DARP.

Which has better risk-adjusted returns?

DARP currently has the higher Sharpe Ratio (2.77 vs 2.09), 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.