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XJR vs. SHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XJR vs. SHE

Last updated Aug 2, 2026
Documentation

XJR (iShares ESG Screened S&P Small-Cap ETF) and SHE (SPDR SSGA Gender Diversity Index ETF) are both exchange-traded funds - XJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Sustainability Screened Index, while SHE is a Large Cap Growth Equities fund tracking the SSGA Gender Diversity (TR). Both are passively managed. Over the past 5 years, XJR returned 7.17%/yr vs 9.79%/yr for SHE. Their 0.77 correlation means they have sometimes moved together and sometimes differently. XJR charges 0.12%/yr vs 0.20%/yr for SHE.

Performance

XJR vs. SHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Screened S&P Small-Cap ETF (XJR) and SPDR SSGA Gender Diversity Index ETF (SHE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XJR achieves a 21.53% return, which is significantly higher than SHE's 17.65% return.

XJR

1D
-0.12%
1M
-0.71%
6M
15.81%
YTD
21.53%
1Y
33.14%
3Y*
13.33%
5Y*
7.17%
10Y*
—
ALL TIME*
15.09%

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

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SHE

SPDR SSGA Gender Diversity Index ETF
$460.23K$379.38K$467.51K

XJR

iShares ESG Screened S&P Small-Cap ETF
$397.40K$346.04K$432.61K

XJR vs. SHE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XJR
iShares ESG Screened S&P Small-Cap ETF		21.53%4.73%9.59%16.39%-17.30%24.96%35.61%
SHE
SPDR SSGA Gender Diversity Index ETF		17.65%15.50%23.35%22.37%-21.73%15.17%22.01%

Correlation

The correlation between XJR and SHE is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.73

Correlation (3Y)
Balances recent behavior with more history.

0.73

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (All Time)
Calculated using the full available price history since Sep 24, 2020

0.77

The correlation between XJR and SHE has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

XJR vs. SHE - Sectors Allocation Comparison

Sectors
XJR
SHE

Financial Services

17.7%
11.7%

Technology

16.2%
37.3%

Industrials

15.8%
9.2%

Consumer Cyclical

13.9%
10.2%

Healthcare

12.6%
9.2%

Real Estate

7.7%
1.8%

Basic Materials

4.5%
1.8%

Consumer Defensive

3.6%
4.5%

Communication Services

3.3%
9.1%

Energy

3.1%
3.0%

Utilities

1.5%
2.2%

Financial Services

XJR
17.7%
SHE
11.7%

Technology

XJR
16.2%
SHE
37.3%

Industrials

XJR
15.8%
SHE
9.2%

Consumer Cyclical

XJR
13.9%
SHE
10.2%

Healthcare

XJR
12.6%
SHE
9.2%

Real Estate

XJR
7.7%
SHE
1.8%

Basic Materials

XJR
4.5%
SHE
1.8%

Consumer Defensive

XJR
3.6%
SHE
4.5%

Communication Services

XJR
3.3%
SHE
9.1%

Energy

XJR
3.1%
SHE
3.0%

Utilities

XJR
1.5%
SHE
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares ESG Screened S&P Small-Cap ETF

SPDR SSGA Gender Diversity Index ETF

Often compared with XJR:
XJR vs. XJHXJR vs. ESMLXJR vs. SMMDXJR vs. VLUXJR vs. ESIXXJR vs. IJRXJR vs. VBR
Often compared with SHE:
SHE vs. SPYSHE vs. VOOSHE vs. VEGNSHE vs. SCHXSHE vs. VTISHE vs. ESGVSHE vs. BDGS

Return for Risk

XJR vs. SHE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XJR
XJR Risk / Return Rank: 8080
Overall Rank
XJR Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
XJR Sortino Ratio Rank: 8181
Sortino Ratio Rank
XJR Omega Ratio Rank: 7474
Omega Ratio Rank
XJR Calmar Ratio Rank: 8686
Calmar Ratio Rank
XJR Martin Ratio Rank: 8282
Martin Ratio Rank
SHE
SHE Risk / Return Rank: 8181
Overall Rank
SHE Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
SHE Sortino Ratio Rank: 8282
Sortino Ratio Rank
SHE Omega Ratio Rank: 7979
Omega Ratio Rank
SHE Calmar Ratio Rank: 8282
Calmar Ratio Rank
SHE Martin Ratio Rank: 8383
Martin Ratio Rank
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.

XJR vs. SHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Screened S&P Small-Cap ETF (XJR) and SPDR SSGA Gender Diversity Index ETF (SHE). 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.

XJRSHEDifference
Sharpe ratioReturn per unit of total volatility
1.77
1.90

-0.12

Sortino ratioReturn per unit of downside risk
2.64
2.67

-0.03

Omega ratioGain probability vs. loss probability

1.31

1.33

-0.02

Calmar ratioReturn relative to maximum drawdown

3.33

3.03

+0.30

Martin ratioReturn relative to average drawdown

10.84

11.21

-0.36

XJR vs. SHE - Sharpe Ratio Comparison

The current XJR Sharpe Ratio is 1.77, which is comparable to the SHE Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of XJR and SHE, 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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Drawdowns

XJR vs. SHE - Drawdown Comparison

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

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Drawdown Indicators

XJRSHEDifference

Max Drawdown

Largest peak-to-trough decline

-27.14%

-35.80%

+8.66%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-8.54%

-0.89%

Max Drawdown (3Y)

Largest decline over 3 years

-27.14%

-17.07%

-10.07%

Max Drawdown (5Y)

Largest decline over 5 years

-27.14%

-31.69%

+4.55%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.80%

—

Current Drawdown

Current decline from peak

-2.18%

-2.17%

-0.01%

Average Drawdown

Average peak-to-trough decline

-9.25%

-6.25%

-3.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

2.31%

+0.58%

Volatility

XJR vs. SHE - Volatility Comparison

iShares ESG Screened S&P Small-Cap ETF (XJR) has a higher volatility of 3.74% compared to SPDR SSGA Gender Diversity Index ETF (SHE) at 3.55%. This indicates that XJR's price experiences larger fluctuations and is considered to be riskier than SHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XJRSHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

3.55%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

12.25%

11.07%

+1.18%

Volatility (1Y)

Calculated over the trailing 1-year period

17.74%

13.70%

+4.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.30%

17.30%

+4.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.57%

18.02%

+3.55%

XJR vs. SHE - Expense Ratio Comparison

XJR has a 0.12% expense ratio, which is lower than SHE's 0.20% 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

XJR vs. SHE - Dividend Comparison

XJR's dividend yield for the trailing twelve months is around 0.94%, less than SHE's 1.08% yield.

PositionTTM2025202420232022202120202019201820172016
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%
XJR
iShares ESG Screened S&P Small-Cap ETF		0.94%1.14%1.96%0.92%1.29%2.00%0.58%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XJR and SHE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XJR has higher volatility (3.74%) compared to SHE (3.55%). In terms of maximum drawdown, XJR dropped -27.14% vs SHE's -35.80%.

On 5-year performance, SHE leads with 9.79% vs 7.17% for XJR. On fees, XJR is cheaper at 0.12% per year. On volatility, SHE has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SHE has performed better with a 9.79% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SHE has the higher dividend yield at 1.08%, compared with 0.94% for XJR.

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

SHE currently has the higher Sharpe Ratio (1.90 vs 1.77), 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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