SHE vs. XLV

Last updated Jul 17, 2026

SHE (SPDR SSGA Gender Diversity Index ETF) and XLV (State Street Health Care Select Sector SPDR ETF) are both exchange-traded funds - SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR), while XLV is a Health & Biotech Equities fund tracking the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, SHE returned 12.10%/yr vs 9.95%/yr for XLV. A 0.63 correlation means they provide meaningful diversification when combined. SHE charges 0.20%/yr vs 0.08%/yr for XLV.

Performance

SHE vs. XLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA Gender Diversity Index ETF (SHE) and State Street Health Care Select Sector SPDR ETF (XLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHE achieves a 16.45% return, which is significantly higher than XLV's 5.41% return. Over the past 10 years, SHE has outperformed XLV with an annualized return of 12.10%, while XLV has yielded a comparatively lower 9.95% annualized return.

SHE

• 1D: -0.27%
• 1M: -1.23%
• 6M: 14.35%
• YTD: 16.45%
• 1Y: 24.76%
• 3Y*: 21.05%
• 5Y*: 9.85%
• 10Y*: 12.10%

XLV

• 1D: 2.22%
• 1M: 6.26%
• 6M: 3.96%
• YTD: 5.41%
• 1Y: 22.63%
• 3Y*: 9.08%
• 5Y*: 6.41%
• 10Y*: 9.95%

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

SHE vs. XLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHE SPDR SSGA Gender Diversity Index ETF	16.45%	15.50%	23.35%	22.37%	-21.73%	15.17%	17.93%	23.63%	-3.48%	19.56%
XLV State Street Health Care Select Sector SPDR ETF	5.41%	14.50%	2.47%	2.07%	-2.08%	26.04%	13.30%	20.45%	6.28%	21.77%

Correlation

The correlation between SHE and XLV is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 8, 2016	0.63

Over the past year, the correlation between SHE and XLV has dropped to 0.25 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

SHE vs. XLV - Sectors Allocation Comparison

Sectors	SHE	XLV
Technology	36.7%	-
Financial Services	12.1%	-
Consumer Cyclical	10.2%	-
Healthcare	9.3%	100.0%
Communication Services	8.9%	-
Industrials	8.0%	-
Consumer Defensive	4.5%	-
Utilities	3.1%	-
Basic Materials	2.1%	-
Real Estate	1.8%	-
Energy	1.7%	-

Return for Risk

SHE vs. XLV — Risk / Return Rank

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

SHE

SHE Risk / Return Rank: 72
SHE Sharpe Ratio Rank: 72
SHE Sortino Ratio Rank: 73
SHE Omega Ratio Rank: 68
SHE Calmar Ratio Rank: 72
SHE Martin Ratio Rank: 75

XLV

XLV Risk / Return Rank: 50
XLV Sharpe Ratio Rank: 51
XLV Sortino Ratio Rank: 59
XLV Omega Ratio Rank: 48
XLV Calmar Ratio Rank: 53
XLV Martin Ratio Rank: 40

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. XLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Gender Diversity Index ETF (SHE) and State Street Health Care Select Sector SPDR ETF (XLV). 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	XLV	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.43	+0.42
Sortino ratio: Return per unit of downside risk	2.62	2.26	+0.36
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	2.91	2.17	+0.74
Martin ratio: Return relative to average drawdown	10.92	5.14	+5.79

SHE vs. XLV - Sharpe Ratio Comparison

The current SHE Sharpe Ratio is 1.85, which is comparable to the XLV Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SHE and XLV, 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. XLV - Drawdown Comparison

The maximum SHE drawdown since its inception was -35.80%, smaller than the maximum XLV drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for SHE and XLV.

Drawdown Indicators

	SHE	XLV	Difference
Max Drawdown Largest peak-to-trough decline	-35.80%	-39.17%	+3.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-10.47%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-17.11%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-17.11%	-14.58%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	-28.40%	-7.40%
Current Drawdown Current decline from peak	-3.17%	-1.61%	-1.56%
Average Drawdown Average peak-to-trough decline	-6.26%	-7.10%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	4.42%	-2.15%

Volatility

SHE vs. XLV - Volatility Comparison

The current volatility for SPDR SSGA Gender Diversity Index ETF (SHE) is 3.07%, while State Street Health Care Select Sector SPDR ETF (XLV) has a volatility of 6.40%. This indicates that SHE experiences smaller price fluctuations and is considered to be less risky than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHE	XLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	6.40%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	11.88%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.41%	15.88%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	14.99%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	16.62%	+1.37%

SHE vs. XLV - Expense Ratio Comparison

SHE has a 0.20% expense ratio, which is higher than XLV's 0.08% 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. XLV - Dividend Comparison

SHE's dividend yield for the trailing twelve months is around 1.09%, less than XLV's 1.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHE SPDR SSGA Gender Diversity Index ETF	1.09%	1.18%	1.14%	1.37%	1.54%	0.99%	1.24%	1.91%	7.39%	5.37%	6.41%	0.00%
XLV State Street Health Care Select Sector SPDR ETF	1.57%	1.60%	1.67%	1.59%	1.47%	1.33%	1.49%	2.17%	1.57%	1.47%	1.60%	1.43%

Frequently Asked Questions

Can I hold both SHE and XLV in my portfolio?

SHE and XLV have a correlation of 0.25, 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 XLV?

XLV has higher volatility (6.40%) compared to SHE (3.07%). In terms of maximum drawdown, SHE dropped -35.80% vs XLV's -39.17%.

Which ETF is better, SHE or XLV?

On 10-year performance, SHE leads with 12.10% vs 9.95% for XLV. On fees, XLV is cheaper at 0.08% per year. On volatility, SHE has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHE or XLV?

Over the 10-year period, SHE has performed better with a 12.10% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHE or XLV?

XLV is cheaper with a 0.08% expense ratio, compared with 0.20% for SHE.

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

XLV has the higher dividend yield at 1.57%, compared with 1.09% for SHE.

What is the main difference between SHE and XLV?

SHE is categorized as Large Cap Growth Equities, while XLV is Health & Biotech Equities. SHE tracks SSGA Gender Diversity (TR), while XLV tracks Health Care Select Sector Index. Their fees differ too: 0.20% for SHE and 0.08% for XLV.

Which has better risk-adjusted returns?

SHE currently has the higher Sharpe Ratio (1.85 vs 1.43), 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.