SPGM vs. SHEH

Last updated Aug 2, 2026

SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and SHEH (Shell plc ADRhedged ETF) are both exchange-traded funds - SPGM is a Global Equities fund tracking the MSCI ACWI IMI Index, while SHEH is a Energy Equities fund tracking the Shell plc - Benchmark Price Return. Both are passively managed. Over the past year, SPGM returned 25.45% vs 28.64% for SHEH. Their -0.05 correlation means they have often moved in opposite directions in the past. SPGM charges 0.09%/yr vs 0.19%/yr for SHEH.

Performance

SPGM vs. SHEH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and Shell plc ADRhedged ETF (SHEH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGM achieves a 11.77% return, which is significantly lower than SHEH's 25.94% return.

SPGM

• 1D: 0.22%
• 1M: -0.02%
• 6M: 8.38%
• YTD: 11.77%
• 1Y: 25.45%
• 3Y*: 18.71%
• 5Y*: 11.13%
• 10Y*: 12.68%
• ALL TIME*: 11.23%

SHEH

• 1D: 1.60%
• 1M: 16.32%
• 6M: 22.14%
• YTD: 25.94%
• 1Y: 28.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.67%

*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)
SHEH Shell plc ADRhedged ETF	$787.46K	$653.61K	$317.20K
SPGM SPDR Portfolio MSCI Global Stock Market ETF	$10.27M	$14.25M	$20.66M

SPGM vs. SHEH - Yearly Performance Comparison

	2026 (YTD)	2025
SPGM SPDR Portfolio MSCI Global Stock Market ETF	11.77%	30.37%
SHEH Shell plc ADRhedged ETF	25.94%	12.63%

Correlation

The correlation between SPGM and SHEH is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	-0.05

SPGM vs. SHEH - Sectors Allocation Comparison

Sectors	SPGM	SHEH
Technology	30.7%	-
Financial Services	16.4%	-
Industrials	12.7%	-
Consumer Cyclical	8.7%	-
Healthcare	8.4%	-
Communication Services	7.7%	-
Consumer Defensive	4.5%	-
Energy	3.7%	96.5%
Basic Materials	3.5%	-
Utilities	2.0%	-
Real Estate	1.8%	-

Return for Risk

SPGM vs. SHEH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPGM

SPGM Risk / Return Rank: 76
SPGM Sharpe Ratio Rank: 76
SPGM Sortino Ratio Rank: 75
SPGM Omega Ratio Rank: 75
SPGM Calmar Ratio Rank: 73
SPGM Martin Ratio Rank: 81

SHEH

SHEH Risk / Return Rank: 48
SHEH Sharpe Ratio Rank: 55
SHEH Sortino Ratio Rank: 52
SHEH Omega Ratio Rank: 51
SHEH Calmar Ratio Rank: 44
SHEH Martin Ratio Rank: 40

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.

SPGM vs. SHEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and Shell plc ADRhedged ETF (SHEH). 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.

	SPGM	SHEH	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.34	+0.38
Sortino ratio: Return per unit of downside risk	2.38	1.87	+0.52
Omega ratio: Gain probability vs. loss probability	1.31	1.23	+0.08
Calmar ratio: Return relative to maximum drawdown	2.54	1.60	+0.94
Martin ratio: Return relative to average drawdown	10.70	4.36	+6.34

SPGM vs. SHEH - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 1.72, which is comparable to the SHEH Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SPGM and SHEH, 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

SPGM vs. SHEH - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, which is greater than SHEH's maximum drawdown of -17.53%. Use the drawdown chart below to compare losses from any high point for SPGM and SHEH.

Drawdown Indicators

	SPGM	SHEH	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-17.53%	-16.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-17.53%	+8.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	—	—
Current Drawdown Current decline from peak	-1.83%	-2.90%	+1.07%
Average Drawdown Average peak-to-trough decline	-4.77%	-4.14%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	6.41%	-4.16%

Volatility

SPGM vs. SHEH - Volatility Comparison

The current volatility for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) is 3.94%, while Shell plc ADRhedged ETF (SHEH) has a volatility of 6.72%. This indicates that SPGM experiences smaller price fluctuations and is considered to be less risky than SHEH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGM	SHEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	6.72%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	11.76%	17.32%	-5.56%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	20.97%	-6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	20.55%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	20.55%	-3.20%

SPGM vs. SHEH - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is lower than SHEH's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPGM vs. SHEH - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.81%, less than SHEH's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHEH Shell plc ADRhedged ETF	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.81%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%

Frequently Asked Questions

Can I hold both SPGM and SHEH in my portfolio?

SPGM and SHEH have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGM or SHEH?

SHEH has higher volatility (6.72%) compared to SPGM (3.94%). In terms of maximum drawdown, SPGM dropped -33.97% vs SHEH's -17.53%.

Which ETF is better, SPGM or SHEH?

On 1-year performance, SHEH leads with 28.64% vs 25.45% for SPGM. On fees, SPGM is cheaper at 0.09% per year. On volatility, SPGM has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGM or SHEH?

Over the 1-year period, SHEH has performed better with a 28.64% return vs 25.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGM or SHEH?

SPGM is cheaper with a 0.09% expense ratio, compared with 0.19% for SHEH.

Which ETF pays a higher dividend yield, SPGM or SHEH?

SHEH has the higher dividend yield at 1.84%, compared with 1.81% for SPGM.

What is the main difference between SPGM and SHEH?

SPGM is categorized as Global Equities, while SHEH is Energy Equities. SPGM tracks MSCI ACWI IMI Index, while SHEH tracks Shell plc - Benchmark Price Return. They also come from different issuers: State Street and ADRhedged. Their fees differ too: 0.09% for SPGM and 0.19% for SHEH.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (1.72 vs 1.34), 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.