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SHE vs. FPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHE vs. FPX

Last updated Jul 14, 2026
Documentation

SHE (SPDR SSGA Gender Diversity Index ETF) and FPX (First Trust US Equity Opportunities ETF) are both Large Cap Growth Equities funds - SHE tracks the SSGA Gender Diversity (TR) while FPX tracks the IPOX-100 U.S. Index. Both are passively managed. Over the past 10 years, SHE returned 12.13%/yr vs 14.31%/yr for FPX. Their correlation of 0.80 suggests significant overlap in exposure. SHE charges 0.20%/yr vs 0.57%/yr for FPX.

Performance

SHE vs. FPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and First Trust US Equity Opportunities ETF (FPX). 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 16.82% return, which is significantly higher than FPX's 15.77% return. Over the past 10 years, SHE has underperformed FPX with an annualized return of 12.13%, while FPX has yielded a comparatively higher 14.31% annualized return.

SHE

1D
-0.83%
1M
-0.76%
6M
14.14%
YTD
16.82%
1Y
25.12%
3Y*
21.32%
5Y*
9.68%
10Y*
12.13%

FPX

1D
-3.28%
1M
-1.62%
6M
11.78%
YTD
15.77%
1Y
33.20%
3Y*
27.83%
5Y*
9.54%
10Y*
14.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHE vs. FPX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHE
SPDR SSGA Gender Diversity Index ETF		16.82%15.50%23.35%22.37%-21.73%15.17%17.93%23.63%-3.48%19.56%
FPX
First Trust US Equity Opportunities ETF		15.77%37.62%24.75%22.26%-35.11%3.69%47.89%30.37%-8.35%27.03%

Correlation

The correlation between SHE and FPX is 0.75, 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

0.75

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

0.76

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

0.83

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

0.80

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2016

0.80

The correlation between SHE and FPX has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

SHE vs. FPX - Sectors Allocation Comparison

Sectors
SHE
FPX

Technology

36.7%
22.5%

Financial Services

12.1%
8.8%

Consumer Cyclical

10.2%
6.9%

Healthcare

9.3%
22.5%

Communication Services

8.9%
6.9%

Industrials

8.0%
12.7%

Consumer Defensive

4.5%
3.9%

Utilities

3.1%
2.0%

Basic Materials

2.1%
2.9%

Real Estate

1.8%
3.9%

Energy

1.7%
4.9%

Technology

SHE
36.7%
FPX
22.5%

Financial Services

SHE
12.1%
FPX
8.8%

Consumer Cyclical

SHE
10.2%
FPX
6.9%

Healthcare

SHE
9.3%
FPX
22.5%

Communication Services

SHE
8.9%
FPX
6.9%

Industrials

SHE
8.0%
FPX
12.7%

Consumer Defensive

SHE
4.5%
FPX
3.9%

Utilities

SHE
3.1%
FPX
2.0%

Basic Materials

SHE
2.1%
FPX
2.9%

Real Estate

SHE
1.8%
FPX
3.9%

Energy

SHE
1.7%
FPX
4.9%

Compare stocks, funds, or ETFs

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SPDR SSGA Gender Diversity Index ETF

First Trust US Equity Opportunities ETF

Often compared with SHE:
SHE vs. SPYSHE vs. VOOSHE vs. VEGNSHE vs. SCHXSHE vs. VTISHE vs. ESGVSHE vs. BDGS
Often compared with FPX:
FPX vs. IPOFPX vs. SPYFPX vs. MSOSFPX vs. IBUYFPX vs. MJFPX vs. VOOFPX vs. IUSG

Return for Risk

SHE vs. FPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHE
SHE Risk / Return Rank: 7373
Overall Rank
SHE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SHE Sortino Ratio Rank: 7474
Sortino Ratio Rank
SHE Omega Ratio Rank: 6969
Omega Ratio Rank
SHE Calmar Ratio Rank: 7373
Calmar Ratio Rank
SHE Martin Ratio Rank: 7575
Martin Ratio Rank
FPX
FPX Risk / Return Rank: 5252
Overall Rank
FPX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FPX Sortino Ratio Rank: 4343
Sortino Ratio Rank
FPX Omega Ratio Rank: 4343
Omega Ratio Rank
FPX Calmar Ratio Rank: 6868
Calmar Ratio Rank
FPX Martin Ratio Rank: 6060
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. FPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and First Trust US Equity Opportunities ETF (FPX). 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.

SHEFPXDifference
Sharpe ratioReturn per unit of total volatility
1.88
1.32

+0.56

Sortino ratioReturn per unit of downside risk
2.65
1.80

+0.84

Omega ratioGain probability vs. loss probability

1.32

1.23

+0.10

Calmar ratioReturn relative to maximum drawdown

2.95

2.72

+0.24

Martin ratioReturn relative to average drawdown

11.19

8.33

+2.86

SHE vs. FPX - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 1.88, which is higher than the FPX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SHE and FPX, 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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Drawdowns

SHE vs. FPX - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, smaller than the maximum FPX drawdown of -56.29%. Use the drawdown chart below to compare losses from any high point for SHE and FPX.

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Drawdown Indicators

SHEFPXDifference

Max Drawdown

Largest peak-to-trough decline

-35.80%

-56.29%

+20.49%

Max Drawdown (1Y)

Largest decline over 1 year

-8.54%

-12.28%

+3.74%

Max Drawdown (3Y)

Largest decline over 3 years

-17.07%

-30.88%

+13.81%

Max Drawdown (5Y)

Largest decline over 5 years

-31.69%

-43.14%

+11.45%

Max Drawdown (10Y)

Largest decline over 10 years

-35.80%

-43.14%

+7.34%

Current Drawdown

Current decline from peak

-2.86%

-8.19%

+5.33%

Average Drawdown

Average peak-to-trough decline

-6.27%

-11.29%

+5.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

4.00%

-1.75%

Volatility

SHE vs. FPX - Volatility Comparison

The current volatility for SPDR SSGA Gender Diversity Index ETF (SHE) is 3.76%, while First Trust US Equity Opportunities ETF (FPX) has a volatility of 11.19%. This indicates that SHE experiences smaller price fluctuations and is considered to be less risky than FPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHEFPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.76%

11.19%

-7.43%

Volatility (6M)

Calculated over the trailing 6-month period

10.99%

19.50%

-8.51%

Volatility (1Y)

Calculated over the trailing 1-year period

13.46%

25.40%

-11.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.30%

26.97%

-9.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

24.48%

-6.47%

SHE vs. FPX - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is lower than FPX's 0.57% expense ratio.

Dividends

SHE vs. FPX - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, more than FPX's 0.45% yield.

PositionTTM20252024202320222021202020192018201720162015
FPX
First Trust US Equity Opportunities ETF		0.45%0.53%0.09%0.27%1.08%0.14%0.28%0.67%0.88%0.68%0.77%0.62%
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%0.00%

Frequently Asked Questions

SHE and FPX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FPX has higher volatility (11.19%) compared to SHE (3.76%). In terms of maximum drawdown, SHE dropped -35.80% vs FPX's -56.29%.

On 10-year performance, FPX leads with 14.31% vs 12.13% for SHE. On fees, SHE is cheaper at 0.20% per year. On volatility, SHE has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FPX has performed better with a 14.31% return vs 12.13%. 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 0.57% for FPX.

SHE has the higher dividend yield at 1.09%, compared with 0.45% for FPX.

SHE tracks SSGA Gender Diversity (TR), while FPX tracks IPOX-100 U.S. Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.20% for SHE and 0.57% for FPX.

SHE currently has the higher Sharpe Ratio (1.88 vs 1.32), 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.

Portfolio Optimizer

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