SHE vs. VOO

Last updated Aug 2, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SHE returned 12.27%/yr vs 15.14%/yr for VOO. Their correlation of 0.92 means they have usually moved in the same direction. SHE charges 0.20%/yr vs 0.03%/yr for VOO.

Performance

SHE vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and Vanguard S&P 500 ETF (VOO). 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 higher than VOO's 10.16% return. Over the past 10 years, SHE has underperformed VOO with an annualized return of 12.27%, while VOO has yielded a comparatively higher 15.14% annualized 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%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

SHE vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHE SPDR SSGA Gender Diversity Index ETF	17.65%	15.50%	23.35%	22.37%	-21.73%	15.17%	17.93%	23.63%	-3.48%	19.56%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between SHE and VOO 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.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Mar 8, 2016	0.92

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

SHE vs. VOO - Sectors Allocation Comparison

Sectors	SHE	VOO
Technology	37.3%	38.6%
Financial Services	11.7%	11.4%
Consumer Cyclical	10.2%	9.5%
Industrials	9.2%	8.5%
Healthcare	9.2%	8.9%
Communication Services	9.1%	9.9%
Consumer Defensive	4.5%	4.5%
Energy	3.0%	3.0%
Utilities	2.2%	2.2%
Real Estate	1.8%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

SHE vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO 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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.53	+0.36
Sortino ratio: Return per unit of downside risk	2.67	2.13	+0.54
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	3.03	2.21	+0.82
Martin ratio: Return relative to average drawdown	11.21	9.44	+1.77

SHE vs. VOO - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 1.90, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SHE and VOO, 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. VOO - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SHE and VOO.

Drawdown Indicators

	SHE	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-33.99%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-8.90%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-18.69%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-24.52%	-7.17%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	-33.99%	-1.81%
Current Drawdown Current decline from peak	-2.17%	-1.38%	-0.79%
Average Drawdown Average peak-to-trough decline	-6.25%	-3.67%	-2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.08%	+0.23%

Volatility

SHE vs. VOO - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.55% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	3.54%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	10.10%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	12.82%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	16.93%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	18.01%	+0.01%

SHE vs. VOO - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.08%, which matches VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SHE and VOO in my portfolio?

SHE and VOO 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 VOO?

SHE has higher volatility (3.55%) compared to VOO (3.54%). In terms of maximum drawdown, SHE dropped -35.80% vs VOO's -33.99%.

Which ETF is better, SHE or VOO?

On 10-year performance, VOO leads with 15.14% vs 12.27% for SHE. On fees, VOO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.20% for SHE.

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

SHE has the higher dividend yield at 1.08%, compared with 1.07% for VOO.

What is the main difference between SHE and VOO?

SHE is categorized as Large Cap Growth Equities, while VOO is S&P 500. SHE tracks SSGA Gender Diversity (TR), while VOO tracks S&P 500 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.20% for SHE and 0.03% for VOO.

Which has better risk-adjusted returns?

SHE currently has the higher Sharpe Ratio (1.90 vs 1.53), 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.