SHE vs. XJR

Last updated Jun 4, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and XJR (iShares ESG Screened S&P Small-Cap ETF) are both exchange-traded funds - SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR), while XJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Sustainability Screened Index. Both are passively managed. Over the past 5 years, SHE returned 10.89%/yr vs 5.38%/yr for XJR. A 0.78 correlation means they provide meaningful diversification when combined. SHE charges 0.20%/yr vs 0.12%/yr for XJR.

Performance

SHE vs. XJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and iShares ESG Screened S&P Small-Cap ETF (XJR). 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 XJR's 14.91% 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%

XJR

• 1D: -0.96%
• 1M: 2.16%
• YTD: 14.91%
• 6M: 13.91%
• 1Y: 28.36%
• 3Y*: 14.13%
• 5Y*: 5.38%
• 10Y*: —

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

SHE vs. XJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SHE SPDR SSGA Gender Diversity Index ETF	19.56%	15.50%	23.35%	22.37%	-21.73%	15.17%	21.77%
XJR iShares ESG Screened S&P Small-Cap ETF	14.91%	4.73%	9.59%	16.39%	-17.30%	24.96%	35.61%

Correlation

The correlation between SHE and XJR is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020	0.78

The correlation between SHE and XJR has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

SHE vs. XJR - Sectors Allocation Comparison

Sectors	SHE	XJR
Technology	38.0%	16.8%
Financial Services	11.9%	18.2%
Communication Services	9.5%	2.5%
Industrials	8.9%	15.5%
Consumer Cyclical	8.9%	13.5%
Healthcare	8.7%	10.7%
Consumer Defensive	4.6%	2.7%
Energy	3.4%	4.7%
Utilities	2.2%	2.0%
Real Estate	1.9%	7.6%
Basic Materials	1.9%	4.5%

Return for Risk

SHE vs. XJR — 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

XJR

XJR Risk / Return Rank: 51
XJR Sharpe Ratio Rank: 46
XJR Sortino Ratio Rank: 48
XJR Omega Ratio Rank: 43
XJR Calmar Ratio Rank: 60
XJR Martin Ratio Rank: 56

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. XJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and iShares ESG Screened S&P Small-Cap ETF (XJR). 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	XJR	Difference
Sharpe ratio Return per unit of total volatility	2.43	1.60	+0.83
Sortino ratio Return per unit of downside risk	3.43	2.36	+1.06
Omega ratio Gain probability vs. loss probability	1.43	1.28	+0.15
Calmar ratio Return relative to maximum drawdown	3.68	3.02	+0.66
Martin ratio Return relative to average drawdown	14.98	9.70	+5.28
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. XJR - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 2.43, which is higher than the XJR Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of SHE and XJR, 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	XJR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.60	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.25	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.67	+0.07

Drawdowns

SHE vs. XJR - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, which is greater than XJR's maximum drawdown of -27.14%. Use the drawdown chart below to compare losses from any high point for SHE and XJR.

Drawdown Indicators

	SHE	XJR	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-27.14%	-8.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-9.43%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-27.14%	+10.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-27.14%	-4.55%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	—	—
Current Drawdown Current decline from peak	-0.58%	-0.96%	+0.38%
Average Drawdown Average peak-to-trough decline	-6.30%	-9.48%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.93%	-0.83%

Volatility

SHE vs. XJR - Volatility Comparison

SPDR SSGA Gender Diversity Index ETF (SHE) has a higher volatility of 5.06% compared to iShares ESG Screened S&P Small-Cap ETF (XJR) at 4.77%. This indicates that SHE's price experiences larger fluctuations and is considered to be riskier than XJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	XJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	4.77%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	12.22%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	17.85%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	21.43%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	21.73%	-3.69%

SHE vs. XJR - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is higher than XJR's 0.12% 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. XJR - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.06%, more than XJR's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
XJR iShares ESG Screened S&P Small-Cap ETF	0.99%	1.14%	1.96%	0.92%	1.29%	2.00%	0.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHE and XJR in my portfolio?

SHE and XJR have a correlation of 0.74, 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 XJR?

SHE has higher volatility (5.06%) compared to XJR (4.77%). In terms of maximum drawdown, SHE dropped -35.80% vs XJR's -27.14%.

Which ETF is better, SHE or XJR?

On 5-year performance, SHE leads with 10.89% vs 5.38% for XJR. On fees, XJR is cheaper at 0.12% per year. On volatility, XJR has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or XJR?

Over the 5-year period, SHE has performed better with a 10.89% return vs 5.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or XJR?

XJR is cheaper with a 0.12% expense ratio, compared with 0.20% for SHE.

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

SHE has the higher dividend yield at 1.06%, compared with 0.99% for XJR.

What is the main difference between SHE and XJR?

SHE is categorized as Large Cap Growth Equities, while XJR is Small Cap Blend Equities. SHE tracks SSGA Gender Diversity (TR), while XJR tracks S&P SmallCap 600 Sustainability Screened Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SHE and 0.12% for XJR.

Which has better risk-adjusted returns?

SHE currently has the higher Sharpe Ratio (2.43 vs 1.60), 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.