SHE vs. VFIAX

Last updated Jun 4, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both funds - SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR), while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SHE returned 12.83%/yr vs 15.63%/yr for VFIAX. Their correlation of 0.92 suggests significant overlap in exposure. SHE charges 0.20%/yr vs 0.04%/yr for VFIAX.

Performance

SHE vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHE achieves a 19.56% return, which is significantly higher than VFIAX's 11.69% return. Over the past 10 years, SHE has underperformed VFIAX with an annualized return of 12.83%, while VFIAX has yielded a comparatively higher 15.63% annualized return.

SHE

• 1D: -0.58%
• 1M: 10.08%
• YTD: 19.56%
• 6M: 21.08%
• 1Y: 31.32%
• 3Y*: 24.28%
• 5Y*: 10.89%
• 10Y*: 12.83%

VFIAX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.69%
• 6M: 11.73%
• 1Y: 28.95%
• 3Y*: 22.72%
• 5Y*: 14.24%
• 10Y*: 15.63%

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

SHE vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHE SPDR SSGA Gender Diversity Index ETF	19.56%	15.50%	23.35%	22.37%	-21.73%	15.17%	17.93%	23.63%	-3.48%	19.56%
VFIAX Vanguard 500 Index Fund Admiral Shares	11.69%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	31.46%	-4.45%	21.78%

Correlation

The correlation between SHE and VFIAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 9, 2016	0.92

The correlation between SHE and VFIAX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

SHE vs. VFIAX - Sectors Allocation Comparison

Sectors	SHE	VFIAX
Technology	38.0%	35.7%
Financial Services	11.9%	11.6%
Communication Services	9.5%	11.3%
Industrials	8.9%	8.3%
Consumer Cyclical	8.9%	10.2%
Healthcare	8.7%	8.5%
Consumer Defensive	4.6%	4.9%
Energy	3.4%	3.5%
Utilities	2.2%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.9%	1.8%

Return for Risk

SHE vs. VFIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHE

SHE Risk / Return Rank: 74
SHE Sharpe Ratio Rank: 74
SHE Sortino Ratio Rank: 75
SHE Omega Ratio Rank: 70
SHE Calmar Ratio Rank: 73
SHE Martin Ratio Rank: 77

VFIAX

VFIAX Risk / Return Rank: 73
VFIAX Sharpe Ratio Rank: 75
VFIAX Sortino Ratio Rank: 67
VFIAX Omega Ratio Rank: 67
VFIAX Calmar Ratio Rank: 74
VFIAX Martin Ratio Rank: 83

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. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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.

	SHE	VFIAX	Difference
Sharpe ratio Return per unit of total volatility	2.43	2.52	-0.08
Sortino ratio Return per unit of downside risk	3.43	3.42	+0.01
Omega ratio Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio Return relative to maximum drawdown	3.68	3.35	+0.33
Martin ratio Return relative to average drawdown	14.98	15.66	-0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHE vs. VFIAX - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.43, which is comparable to the VFIAX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SHE and VFIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHE	VFIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.52	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.85	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.87	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.47	+0.27

Drawdowns

SHE vs. VFIAX - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for SHE and VFIAX.

Drawdown Indicators

	SHE	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-55.20%	+19.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-8.90%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-18.75%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-24.53%	-7.16%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	-33.83%	-1.97%
Current Drawdown Current decline from peak	-0.58%	0.00%	-0.58%
Average Drawdown Average peak-to-trough decline	-6.30%	-9.40%	+3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.90%	+0.20%

Volatility

SHE vs. VFIAX - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) has a higher volatility of 5.06% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 2.82%. This indicates that SHE's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	2.82%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	8.98%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	11.86%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	16.90%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	18.07%	-0.03%

SHE vs. VFIAX - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is higher than VFIAX'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. VFIAX - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.06%, more than VFIAX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHE SPDR SSGA Gender Diversity Index ETF	1.06%	1.18%	1.14%	1.37%	1.54%	0.99%	1.24%	1.91%	7.39%	5.37%	6.41%	0.00%
VFIAX Vanguard 500 Index Fund Admiral Shares	1.01%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SHE and VFIAX in my portfolio?

SHE and VFIAX 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 VFIAX?

SHE has higher volatility (5.06%) compared to VFIAX (2.82%). In terms of maximum drawdown, SHE dropped -35.80% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

VFIAX currently has the higher Sharpe Ratio (2.52 vs 2.43), 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.