PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SHE vs. PFM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHE vs. PFM

Last updated Jun 25, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and PFM (Invesco Dividend Achievers™ ETF) are both Large Cap Growth Equities funds - SHE tracks the SSGA Gender Diversity (TR) while PFM tracks the NASDAQ US Broad Dividend Achievers Index. Both are passively managed. Over the past 10 years, SHE returned 12.76%/yr vs 11.75%/yr for PFM. Their correlation of 0.85 suggests significant overlap in exposure. SHE charges 0.20%/yr vs 0.53%/yr for PFM.

Performance

SHE vs. PFM - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, SHE achieves a 16.43% return, which is significantly higher than PFM's 7.31% return. Over the past 10 years, SHE has outperformed PFM with an annualized return of 12.76%, while PFM has yielded a comparatively lower 11.75% annualized 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%

PFM

1D
-0.11%
1M
0.00%
YTD
7.31%
6M
6.16%
1Y
16.73%
3Y*
15.60%
5Y*
10.57%
10Y*
11.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHE vs. PFM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHE
SPDR SSGA Gender Diversity Index ETF		16.43%15.50%23.35%22.37%-21.73%15.17%17.93%23.63%-3.48%19.56%
PFM
Invesco Dividend Achievers™ ETF		7.31%14.00%16.87%11.40%-6.22%23.08%9.53%26.88%-4.58%17.65%

Correlation

The correlation between SHE and PFM is 0.77, 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

0.77

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

0.82

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

0.85

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

0.86

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

0.85

The correlation between SHE and PFM has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

SHE vs. PFM - Sectors Allocation Comparison

Sectors
SHE
PFM

Technology

36.5%
27.6%

Financial Services

11.6%
17.9%

Consumer Cyclical

10.3%
3.7%

Communication Services

10.1%
1.1%

Healthcare

8.8%
15.1%

Industrials

8.0%
10.7%

Consumer Defensive

4.6%
11.1%

Energy

3.3%
4.3%

Utilities

2.9%
3.9%

Real Estate

1.9%
2.0%

Basic Materials

1.8%
2.8%

Technology

SHE
36.5%
PFM
27.6%

Financial Services

SHE
11.6%
PFM
17.9%

Consumer Cyclical

SHE
10.3%
PFM
3.7%

Communication Services

SHE
10.1%
PFM
1.1%

Healthcare

SHE
8.8%
PFM
15.1%

Industrials

SHE
8.0%
PFM
10.7%

Consumer Defensive

SHE
4.6%
PFM
11.1%

Energy

SHE
3.3%
PFM
4.3%

Utilities

SHE
2.9%
PFM
3.9%

Real Estate

SHE
1.9%
PFM
2.0%

Basic Materials

SHE
1.8%
PFM
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR SSGA Gender Diversity Index ETF

Invesco Dividend Achievers™ ETF

Often compared with SHE:
SHE vs. SPYSHE vs. VOOSHE vs. VEGNSHE vs. SCHXSHE vs. VTISHE vs. ESGVSHE vs. ^GSPC
Often compared with PFM:
PFM vs. PRFPFM vs. PHOPFM vs. VBMFXPFM vs. EDIVPFM vs. SCHDPFM vs. VIGPFM vs. VYM

Return for Risk

SHE vs. PFM — 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: 6969
Sharpe Ratio Rank
SHE Sortino Ratio Rank: 6969
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
PFM
PFM Risk / Return Rank: 5959
Overall Rank
PFM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
PFM Sortino Ratio Rank: 6464
Sortino Ratio Rank
PFM Omega Ratio Rank: 5959
Omega Ratio Rank
PFM Calmar Ratio Rank: 5454
Calmar Ratio Rank
PFM 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. PFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and Invesco Dividend Achievers™ ETF (PFM). 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.

SHEPFMDifference
Sharpe ratioReturn per unit of total volatility
1.98
1.78

+0.20

Sortino ratioReturn per unit of downside risk
2.78
2.61

+0.17

Omega ratioGain probability vs. loss probability

1.34

1.32

+0.02

Calmar ratioReturn relative to maximum drawdown

3.10

2.37

+0.73

Martin ratioReturn relative to average drawdown

12.12

9.58

+2.53

SHE vs. PFM - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 1.98, which is comparable to the PFM Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SHE and PFM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SHE vs. PFM - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, smaller than the maximum PFM drawdown of -53.21%. Use the drawdown chart below to compare losses from any high point for SHE and PFM.

Loading charts...

Drawdown Indicators

SHEPFMDifference

Max Drawdown

Largest peak-to-trough decline

-35.80%

-53.21%

+17.41%

Max Drawdown (1Y)

Largest decline over 1 year

-8.54%

-7.09%

-1.45%

Max Drawdown (3Y)

Largest decline over 3 years

-17.07%

-14.50%

-2.57%

Max Drawdown (5Y)

Largest decline over 5 years

-31.69%

-17.81%

-13.88%

Max Drawdown (10Y)

Largest decline over 10 years

-35.80%

-32.22%

-3.58%

Current Drawdown

Current decline from peak

-3.18%

-1.12%

-2.06%

Average Drawdown

Average peak-to-trough decline

-6.28%

-6.93%

+0.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.18%

1.75%

+0.43%

Volatility

SHE vs. PFM - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) has a higher volatility of 5.13% compared to Invesco Dividend Achievers™ ETF (PFM) at 2.35%. This indicates that SHE's price experiences larger fluctuations and is considered to be riskier than PFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SHEPFMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.13%

2.35%

+2.78%

Volatility (6M)

Calculated over the trailing 6-month period

11.00%

7.19%

+3.81%

Volatility (1Y)

Calculated over the trailing 1-year period

13.44%

9.49%

+3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.31%

13.51%

+3.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.06%

15.20%

+2.86%

SHE vs. PFM - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is lower than PFM's 0.53% expense ratio.

Dividends

SHE vs. PFM - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, less than PFM's 1.36% yield.

PositionTTM20252024202320222021202020192018201720162015
PFM
Invesco Dividend Achievers™ ETF		1.36%1.41%1.58%1.86%1.95%1.69%1.92%1.94%2.27%1.70%2.56%2.36%
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 PFM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SHE has higher volatility (5.13%) compared to PFM (2.35%). In terms of maximum drawdown, SHE dropped -35.80% vs PFM's -53.21%.

On 10-year performance, SHE leads with 12.76% vs 11.75% for PFM. On fees, SHE is cheaper at 0.20% per year. On volatility, PFM has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SHE has performed better with a 12.76% return vs 11.75%. 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 0.53% for PFM.

PFM has the higher dividend yield at 1.36%, compared with 1.09% for SHE.

SHE tracks SSGA Gender Diversity (TR), while PFM tracks NASDAQ US Broad Dividend Achievers Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for SHE and 0.53% for PFM.

SHE currently has the higher Sharpe Ratio (1.98 vs 1.78), 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

Find the right allocation for SHE and PFM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer