SHE vs. MMKT

Last updated Jun 25, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR), while MMKT is a Money Market fund actively managed by Texas Capital. SHE is passively managed, while MMKT is actively managed. Over the past year, SHE returned 26.39% vs 3.79% for MMKT. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

SHE vs. MMKT - Performance Comparison

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

Returns By Period

In the year-to-date period, SHE achieves a 16.43% return, which is significantly higher than MMKT's 1.65% return.

SHE

• 1D: -0.21%
• 1M: 0.99%
• YTD: 16.43%
• 6M: 15.39%
• 1Y: 26.39%
• 3Y*: 22.69%
• 5Y*: 9.86%
• 10Y*: 12.76%

MMKT

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.65%
• 6M: 1.74%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHE vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SHE SPDR SSGA Gender Diversity Index ETF	16.43%	15.50%	2.12%
MMKT Texas Capital Government Money Market ETF	1.65%	4.13%	1.22%

Correlation

The correlation between SHE and MMKT is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	0.01

The correlation between SHE and MMKT shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SHE vs. MMKT — 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: 69
SHE Sortino Ratio Rank: 69
SHE Omega Ratio Rank: 64
SHE Calmar Ratio Rank: 70
SHE Martin Ratio Rank: 73

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	1.98	16.88	-14.90
Sortino ratio: Return per unit of downside risk	2.78	63.16	-60.38
Omega ratio: Gain probability vs. loss probability	1.34	15.82	-14.47
Calmar ratio: Return relative to maximum drawdown	3.10	152.75	-149.65
Martin ratio: Return relative to average drawdown	12.12	916.29	-904.17

SHE vs. MMKT - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 1.98, which is lower than the MMKT Sharpe Ratio of 16.88. The chart below compares the historical Sharpe Ratios of SHE and MMKT, 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. MMKT - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for SHE and MMKT.

Drawdown Indicators

	SHE	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-0.04%	-35.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-0.02%	-8.52%
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	-3.18%	0.00%	-3.18%
Average Drawdown Average peak-to-trough decline	-6.28%	-0.00%	-6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	0.00%	+2.18%

Volatility

SHE vs. MMKT - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) has a higher volatility of 5.13% compared to Texas Capital Government Money Market ETF (MMKT) at 0.04%. This indicates that SHE's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	0.04%	+5.09%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	0.13%	+10.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	0.23%	+13.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	0.23%	+17.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	0.23%	+17.83%

SHE vs. MMKT - Expense Ratio Comparison

Both SHE and MMKT have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SHE vs. MMKT - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, less than MMKT's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%	0.00%	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 MMKT in my portfolio?

SHE and MMKT have a correlation of -0.10, 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 MMKT?

SHE has higher volatility (5.13%) compared to MMKT (0.04%). In terms of maximum drawdown, SHE dropped -35.80% vs MMKT's -0.04%.

Which ETF is better, SHE or MMKT?

On 1-year performance, SHE leads with 26.39% vs 3.79% for MMKT. Both ETFs have the same 0.20% expense ratio. On volatility, MMKT has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or MMKT?

Over the 1-year period, SHE has performed better with a 26.39% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or MMKT?

SHE and MMKT have the same expense ratio: 0.20% per year.

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

MMKT has the higher dividend yield at 3.71%, compared with 1.09% for SHE.

What is the main difference between SHE and MMKT?

SHE is categorized as Large Cap Growth Equities, while MMKT is Money Market. They also come from different issuers: State Street and Texas Capital.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.88 vs 1.98), 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.