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SHE vs. ILCG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHE vs. ILCG

Last updated Jun 24, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and ILCG (iShares Morningstar Growth ETF) are both Large Cap Growth Equities funds - SHE tracks the SSGA Gender Diversity (TR) while ILCG tracks the Morningstar US Large-Mid Cap Broad Growth Index Gross. Both are passively managed. Over the past 10 years, SHE returned 12.78%/yr vs 18.10%/yr for ILCG. Their correlation of 0.85 suggests significant overlap in exposure. SHE charges 0.20%/yr vs 0.04%/yr for ILCG.

Performance

SHE vs. ILCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and iShares Morningstar Growth ETF (ILCG). 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 16.68% return, which is significantly higher than ILCG's 9.21% return. Over the past 10 years, SHE has underperformed ILCG with an annualized return of 12.78%, while ILCG has yielded a comparatively higher 18.10% annualized 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%

ILCG

1D
-2.86%
1M
-1.80%
YTD
9.21%
6M
7.82%
1Y
22.02%
3Y*
23.80%
5Y*
12.71%
10Y*
18.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHE vs. ILCG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHE
SPDR SSGA Gender Diversity Index ETF		16.68%15.50%23.35%22.37%-21.73%15.17%17.93%23.63%-3.48%19.56%
ILCG
iShares Morningstar Growth ETF		9.21%16.71%32.82%40.41%-31.75%24.33%38.56%33.22%2.06%30.57%

Correlation

The correlation between SHE and ILCG is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.81

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

0.84

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

0.88

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

0.85

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

0.85

The correlation between SHE and ILCG has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

SHE vs. ILCG - Sectors Allocation Comparison

Sectors
SHE
ILCG

Technology

36.5%
53.1%

Financial Services

11.6%
5.5%

Consumer Cyclical

10.3%
10.1%

Communication Services

10.1%
13.5%

Healthcare

8.8%
5.2%

Industrials

8.0%
7.7%

Consumer Defensive

4.6%
1.4%

Energy

3.3%
0.4%

Utilities

2.9%
0.7%

Real Estate

1.9%
1.3%

Basic Materials

1.8%
1.0%

Technology

SHE
36.5%
ILCG
53.1%

Financial Services

SHE
11.6%
ILCG
5.5%

Consumer Cyclical

SHE
10.3%
ILCG
10.1%

Communication Services

SHE
10.1%
ILCG
13.5%

Healthcare

SHE
8.8%
ILCG
5.2%

Industrials

SHE
8.0%
ILCG
7.7%

Consumer Defensive

SHE
4.6%
ILCG
1.4%

Energy

SHE
3.3%
ILCG
0.4%

Utilities

SHE
2.9%
ILCG
0.7%

Real Estate

SHE
1.9%
ILCG
1.3%

Basic Materials

SHE
1.8%
ILCG
1.0%

Compare stocks, funds, or ETFs

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SPDR SSGA Gender Diversity Index ETF

iShares Morningstar Growth ETF

Often compared with SHE:
SHE vs. SPYSHE vs. VOOSHE vs. VEGNSHE vs. SCHXSHE vs. VTISHE vs. ESGVSHE vs. ^GSPC
Often compared with ILCG:
ILCG vs. SCHGILCG vs. IUSGILCG vs. VUGILCG vs. QQQILCG vs. ILCBILCG vs. VOOILCG vs. MGK

Return for Risk

SHE vs. ILCG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHE
SHE Risk / Return Rank: 6969
Overall Rank
SHE Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
SHE Sortino Ratio Rank: 6868
Sortino Ratio Rank
SHE Omega Ratio Rank: 6464
Omega Ratio Rank
SHE Calmar Ratio Rank: 7070
Calmar Ratio Rank
SHE Martin Ratio Rank: 7373
Martin Ratio Rank
ILCG
ILCG Risk / Return Rank: 3434
Overall Rank
ILCG Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
ILCG Sortino Ratio Rank: 3434
Sortino Ratio Rank
ILCG Omega Ratio Rank: 3636
Omega Ratio Rank
ILCG Calmar Ratio Rank: 3030
Calmar Ratio Rank
ILCG Martin Ratio Rank: 3434
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. ILCG - Risk-Adjusted Trends Comparison

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

SHEILCGDifference
Sharpe ratioReturn per unit of total volatility
2.09
1.25

+0.84

Sortino ratioReturn per unit of downside risk
2.92
1.72

+1.20

Omega ratioGain probability vs. loss probability

1.36

1.23

+0.14

Calmar ratioReturn relative to maximum drawdown

3.29

1.41

+1.88

Martin ratioReturn relative to average drawdown

12.91

4.86

+8.05

SHE vs. ILCG - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.09, which is higher than the ILCG Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SHE and ILCG, 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. ILCG - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, smaller than the maximum ILCG drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for SHE and ILCG.

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Drawdown Indicators

SHEILCGDifference

Max Drawdown

Largest peak-to-trough decline

-35.80%

-52.98%

+17.18%

Max Drawdown (1Y)

Largest decline over 1 year

-8.54%

-15.65%

+7.11%

Max Drawdown (3Y)

Largest decline over 3 years

-17.07%

-23.10%

+6.03%

Max Drawdown (5Y)

Largest decline over 5 years

-31.69%

-35.38%

+3.69%

Max Drawdown (10Y)

Largest decline over 10 years

-35.80%

-35.38%

-0.42%

Current Drawdown

Current decline from peak

-2.98%

-5.58%

+2.60%

Average Drawdown

Average peak-to-trough decline

-6.28%

-8.21%

+1.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

4.54%

-2.37%

Volatility

SHE vs. ILCG - Volatility Comparison

The current volatility for SPDR SSGA Gender Diversity Index ETF (SHE) is 5.16%, while iShares Morningstar Growth ETF (ILCG) has a volatility of 7.83%. This indicates that SHE experiences smaller price fluctuations and is considered to be less risky than ILCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHEILCGDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.16%

7.83%

-2.67%

Volatility (6M)

Calculated over the trailing 6-month period

11.03%

14.51%

-3.48%

Volatility (1Y)

Calculated over the trailing 1-year period

13.46%

17.70%

-4.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.31%

22.22%

-4.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.06%

21.63%

-3.57%

SHE vs. ILCG - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is higher than ILCG's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SHE vs. ILCG - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, more than ILCG's 0.42% yield.

PositionTTM20252024202320222021202020192018201720162015
ILCG
iShares Morningstar Growth ETF		0.42%0.47%0.50%0.69%0.75%0.34%0.28%0.54%0.81%0.89%0.95%0.99%
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 ILCG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ILCG has higher volatility (7.83%) compared to SHE (5.16%). In terms of maximum drawdown, SHE dropped -35.80% vs ILCG's -52.98%.

On 10-year performance, ILCG leads with 18.10% vs 12.78% for SHE. On fees, ILCG is cheaper at 0.04% 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.

Over the 10-year period, ILCG has performed better with a 18.10% return vs 12.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILCG is cheaper with a 0.04% expense ratio, compared with 0.20% for SHE.

SHE has the higher dividend yield at 1.09%, compared with 0.42% for ILCG.

SHE tracks SSGA Gender Diversity (TR), while ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SHE and 0.04% for ILCG.

SHE currently has the higher Sharpe Ratio (2.09 vs 1.25), 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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