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SHE vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHE vs. VOO

Last updated Jun 4, 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 12.83%/yr vs 15.56%/yr for VOO. Their correlation of 0.92 suggests significant overlap in exposure. 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.

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Returns By Period

In the year-to-date period, SHE achieves a 19.56% return, which is significantly higher than VOO's 10.91% return. Over the past 10 years, SHE has underperformed VOO with an annualized return of 12.83%, while VOO has yielded a comparatively higher 15.56% 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%

VOO

1D
-0.70%
1M
5.04%
YTD
10.91%
6M
10.93%
1Y
28.04%
3Y*
22.44%
5Y*
13.90%
10Y*
15.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHE vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VOO
Vanguard S&P 500 ETF		10.91%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, 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 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

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%

Technology

SHE
38.0%
VOO
35.7%

Financial Services

SHE
11.9%
VOO
11.6%

Communication Services

SHE
9.5%
VOO
11.3%

Industrials

SHE
8.9%
VOO
8.3%

Consumer Cyclical

SHE
8.9%
VOO
10.2%

Healthcare

SHE
8.7%
VOO
8.5%

Consumer Defensive

SHE
4.6%
VOO
4.9%

Energy

SHE
3.4%
VOO
3.5%

Utilities

SHE
2.2%
VOO
2.4%

Real Estate

SHE
1.9%
VOO
1.9%

Basic Materials

SHE
1.9%
VOO
1.8%

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

Vanguard S&P 500 ETF

Often compared with SHE:
SHE vs. SPYSHE vs. VEGNSHE vs. SCHXSHE vs. VTISHE vs. ESGVSHE vs. ^GSPCSHE vs. VFIAX
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

SHE vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHE
SHE Risk / Return Rank: 7474
Overall Rank
SHE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SHE Sortino Ratio Rank: 7575
Sortino Ratio Rank
SHE Omega Ratio Rank: 7070
Omega Ratio Rank
SHE Calmar Ratio Rank: 7373
Calmar Ratio Rank
SHE Martin Ratio Rank: 7777
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7070
Sortino Ratio Rank
VOO Omega Ratio Rank: 7070
Omega Ratio Rank
VOO Calmar Ratio Rank: 6262
Calmar Ratio Rank
VOO Martin Ratio Rank: 7575
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. 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.

SHEVOODifference
Sharpe ratioReturn per unit of total volatility
2.43
2.39

+0.05

Sortino ratioReturn per unit of downside risk
3.43
3.25

+0.17

Omega ratioGain probability vs. loss probability

1.43

1.43

-0.01

Calmar ratioReturn relative to maximum drawdown

3.68

3.16

+0.52

Martin ratioReturn relative to average drawdown

14.98

14.73

+0.26

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. VOO - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.43, which is comparable to the VOO Sharpe Ratio of 2.39. 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.

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Sharpe Ratios by Period

SHEVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

2.39

+0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.83

-0.20

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

0.89

-0.15

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.

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Drawdown Indicators

SHEVOODifference

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

-0.58%

-0.70%

+0.12%

Average Drawdown

Average peak-to-trough decline

-6.30%

-3.69%

-2.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

1.91%

+0.19%

Volatility

SHE vs. VOO - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) has a higher volatility of 5.06% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that SHE's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHEVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.06%

2.84%

+2.22%

Volatility (6M)

Calculated over the trailing 6-month period

10.29%

8.90%

+1.39%

Volatility (1Y)

Calculated over the trailing 1-year period

12.94%

11.80%

+1.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.22%

16.81%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

18.01%

+0.03%

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 1.06%, more than VOO's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VOO
Vanguard S&P 500 ETF		1.03%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

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.

SHE has higher volatility (5.06%) compared to VOO (2.84%). In terms of maximum drawdown, SHE dropped -35.80% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.56% vs 12.83% for SHE. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.56% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SHE has the higher dividend yield at 1.06%, compared with 1.03% for 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.

SHE currently has the higher Sharpe Ratio (2.43 vs 2.39), 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.

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