SHE vs. TDVG

Last updated Jun 24, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and TDVG (T. Rowe Price Dividend Growth ETF) are both Large Cap Growth Equities funds. SHE is passively managed, while TDVG is actively managed. Over the past 5 years, SHE returned 10.14%/yr vs 10.19%/yr for TDVG. Their correlation of 0.87 suggests significant overlap in exposure. SHE charges 0.20%/yr vs 0.50%/yr for TDVG.

Performance

SHE vs. TDVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and T. Rowe Price Dividend Growth ETF (TDVG). 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 higher than TDVG's 8.04% 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%

TDVG

• 1D: -0.55%
• 1M: 1.22%
• YTD: 8.04%
• 6M: 7.41%
• 1Y: 17.57%
• 3Y*: 15.55%
• 5Y*: 10.19%
• 10Y*: —

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

SHE vs. TDVG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SHE SPDR SSGA Gender Diversity Index ETF	16.68%	15.50%	23.35%	22.37%	-21.73%	15.17%	21.21%
TDVG T. Rowe Price Dividend Growth ETF	8.04%	14.80%	13.45%	13.95%	-10.15%	26.20%	12.97%

Correlation

The correlation between SHE and TDVG 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	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 5, 2020	0.87

The correlation between SHE and TDVG shifts across timeframes, from 0.77 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

SHE vs. TDVG - Sectors Allocation Comparison

Sectors	SHE	TDVG
Technology	36.5%	26.2%
Financial Services	11.6%	19.3%
Consumer Cyclical	10.3%	7.2%
Communication Services	10.1%	1.0%
Healthcare	8.8%	12.4%
Industrials	8.0%	13.6%
Consumer Defensive	4.6%	6.9%
Energy	3.3%	5.3%
Utilities	2.9%	3.8%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	2.8%

Return for Risk

SHE vs. TDVG — 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

TDVG

TDVG Risk / Return Rank: 56
TDVG Sharpe Ratio Rank: 56
TDVG Sortino Ratio Rank: 58
TDVG Omega Ratio Rank: 54
TDVG Calmar Ratio Rank: 52
TDVG Martin Ratio Rank: 59

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. TDVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and T. Rowe Price Dividend Growth ETF (TDVG). 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	TDVG	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.81	+0.28
Sortino ratio: Return per unit of downside risk	2.92	2.60	+0.32
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	3.29	2.44	+0.85
Martin ratio: Return relative to average drawdown	12.91	10.01	+2.90

SHE vs. TDVG - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.09, which is comparable to the TDVG Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SHE and TDVG, 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. TDVG - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, which is greater than TDVG's maximum drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for SHE and TDVG.

Drawdown Indicators

	SHE	TDVG	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-19.20%	-16.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-7.24%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-14.02%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-19.20%	-12.49%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	—	—
Current Drawdown Current decline from peak	-2.98%	-0.82%	-2.16%
Average Drawdown Average peak-to-trough decline	-6.28%	-3.73%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	1.76%	+0.41%

Volatility

SHE vs. TDVG - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) has a higher volatility of 5.16% compared to T. Rowe Price Dividend Growth ETF (TDVG) at 2.78%. This indicates that SHE's price experiences larger fluctuations and is considered to be riskier than TDVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	TDVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	2.78%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	7.61%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	9.79%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	13.92%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	13.90%	+4.16%

SHE vs. TDVG - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is lower than TDVG's 0.50% expense ratio.

Dividends

SHE vs. TDVG - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, more than TDVG's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
TDVG T. Rowe Price Dividend Growth ETF	0.98%	1.00%	1.06%	1.31%	1.15%	0.80%	0.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHE and TDVG in my portfolio?

SHE and TDVG 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.

Which is riskier, SHE or TDVG?

SHE has higher volatility (5.16%) compared to TDVG (2.78%). In terms of maximum drawdown, SHE dropped -35.80% vs TDVG's -19.20%.

Which ETF is better, SHE or TDVG?

On 5-year performance, TDVG leads with 10.19% vs 10.14% for SHE. On fees, SHE is cheaper at 0.20% per year. On volatility, TDVG has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or TDVG?

Over the 5-year period, TDVG has performed better with a 10.19% return vs 10.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or TDVG?

SHE is cheaper with a 0.20% expense ratio, compared with 0.50% for TDVG.

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

SHE has the higher dividend yield at 1.09%, compared with 0.98% for TDVG.

What is the main difference between SHE and TDVG?

They also come from different issuers: State Street and T. Rowe Price. Their fees differ too: 0.20% for SHE and 0.50% for TDVG.

Which has better risk-adjusted returns?

SHE currently has the higher Sharpe Ratio (2.09 vs 1.81), 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.