SHE vs. VEGN

Last updated Aug 2, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and VEGN (US Vegan Climate ETF) are both Large Cap Growth Equities funds - SHE tracks the SSGA Gender Diversity (TR) while VEGN tracks the US Vegan Climate Index. Both are passively managed. Over the past 5 years, SHE returned 9.79%/yr vs 13.97%/yr for VEGN. Their correlation of 0.91 means they have usually moved in the same direction. SHE charges 0.20%/yr vs 0.60%/yr for VEGN.

Performance

SHE vs. VEGN - Performance Comparison

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

Returns By Period

In the year-to-date period, SHE achieves a 17.65% return, which is significantly lower than VEGN's 23.72% return.

SHE

• 1D: 0.37%
• 1M: 0.64%
• 6M: 14.53%
• YTD: 17.65%
• 1Y: 27.23%
• 3Y*: 20.92%
• 5Y*: 9.79%
• 10Y*: 12.27%
• ALL TIME*: 12.72%

VEGN

• 1D: 0.28%
• 1M: -3.86%
• 6M: 22.47%
• YTD: 23.72%
• 1Y: 37.13%
• 3Y*: 23.68%
• 5Y*: 13.97%
• 10Y*: —
• ALL TIME*: 18.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHE SPDR SSGA Gender Diversity Index ETF	$460.23K	$379.38K	$467.51K
VEGN US Vegan Climate ETF	$398.12K	$577.59K	$470.77K

SHE vs. VEGN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SHE SPDR SSGA Gender Diversity Index ETF	17.65%	15.50%	23.35%	22.37%	-21.73%	15.17%	17.93%	5.35%
VEGN US Vegan Climate ETF	23.72%	13.71%	25.42%	38.10%	-26.87%	26.01%	27.72%	9.45%

Correlation

The correlation between SHE and VEGN is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019	0.91

The correlation between SHE and VEGN has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

SHE vs. VEGN - Sectors Allocation Comparison

Sectors	SHE	VEGN
Technology	37.3%	63.6%
Financial Services	11.7%	13.1%
Consumer Cyclical	10.2%	1.8%
Industrials	9.2%	4.8%
Healthcare	9.2%	3.9%
Communication Services	9.1%	7.8%
Consumer Defensive	4.5%	0.0%
Energy	3.0%	0.0%
Utilities	2.2%	0.1%
Real Estate	1.8%	3.9%
Basic Materials	1.8%	0.5%

Return for Risk

SHE vs. VEGN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHE

SHE Risk / Return Rank: 81
SHE Sharpe Ratio Rank: 82
SHE Sortino Ratio Rank: 82
SHE Omega Ratio Rank: 79
SHE Calmar Ratio Rank: 82
SHE Martin Ratio Rank: 83

VEGN

VEGN Risk / Return Rank: 75
VEGN Sharpe Ratio Rank: 75
VEGN Sortino Ratio Rank: 72
VEGN Omega Ratio Rank: 70
VEGN Calmar Ratio Rank: 79
VEGN Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHE vs. VEGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and US Vegan Climate ETF (VEGN). 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	VEGN	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.71	+0.18
Sortino ratio: Return per unit of downside risk	2.67	2.32	+0.35
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	3.03	2.84	+0.19
Martin ratio: Return relative to average drawdown	11.21	9.45	+1.76

SHE vs. VEGN - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 1.90, which is comparable to the VEGN Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SHE and VEGN, 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. VEGN - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, roughly equal to the maximum VEGN drawdown of -34.14%. Use the drawdown chart below to compare losses from any high point for SHE and VEGN.

Drawdown Indicators

	SHE	VEGN	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-34.14%	-1.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-12.25%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-20.91%	+3.84%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-33.40%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	—	—
Current Drawdown Current decline from peak	-2.17%	-8.77%	+6.60%
Average Drawdown Average peak-to-trough decline	-6.25%	-7.52%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.68%	-1.37%

Volatility

SHE vs. VEGN - Volatility Comparison

The current volatility for SPDR SSGA Gender Diversity Index ETF (SHE) is 3.55%, while US Vegan Climate ETF (VEGN) has a volatility of 7.86%. This indicates that SHE experiences smaller price fluctuations and is considered to be less risky than VEGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	VEGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	7.86%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	17.87%	-6.80%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	20.38%	-6.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	20.97%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	23.03%	-5.01%

SHE vs. VEGN - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is lower than VEGN's 0.60% expense ratio.

Dividends

SHE vs. VEGN - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.08%, more than VEGN's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SHE SPDR SSGA Gender Diversity Index ETF	1.08%	1.18%	1.14%	1.37%	1.54%	0.99%	1.24%	1.91%	7.39%	5.37%	6.41%
VEGN US Vegan Climate ETF	0.52%	0.51%	0.51%	0.67%	0.81%	0.41%	0.71%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHE and VEGN in my portfolio?

SHE and VEGN have a correlation of 0.89, 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 VEGN?

VEGN has higher volatility (7.86%) compared to SHE (3.55%). In terms of maximum drawdown, SHE dropped -35.80% vs VEGN's -34.14%.

Which ETF is better, SHE or VEGN?

On 5-year performance, VEGN leads with 13.97% vs 9.79% for SHE. On fees, SHE is cheaper at 0.20% per year. On volatility, SHE has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or VEGN?

Over the 5-year period, VEGN has performed better with a 13.97% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or VEGN?

SHE is cheaper with a 0.20% expense ratio, compared with 0.60% for VEGN.

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

SHE has the higher dividend yield at 1.08%, compared with 0.52% for VEGN.

What is the main difference between SHE and VEGN?

SHE tracks SSGA Gender Diversity (TR), while VEGN tracks US Vegan Climate Index. They also come from different issuers: State Street and Beyond Investing. Their fees differ too: 0.20% for SHE and 0.60% for VEGN.

Which has better risk-adjusted returns?

SHE currently has the higher Sharpe Ratio (1.90 vs 1.71), 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.