ESGU vs SHE: Grades, Fees and Holdings Compared

iShares ESG Aware MSCI USA ETF

ESGUANasdaq

State Street SPDR MSCI USA Gender Diversity ETF

SHEBNYSE Arca

Overlap

40.9%by weight

Expense ratio

ESGU −0.05pt a year

ESGU0.15%SHE0.20%

Avg volume · 30D

ESGU 98.6×the volume

ESGU389KSHE3.95K

5Y return · a year

ESGU +2.0pt

ESGU+10.8%SHE+8.8%

ESGU vs SHE Performance

Oct 29, 2021 – Oct 30, 2026

+67.1%ESGU+52.3%SHE

Expense ratio: ESGU 0.15%, better; SHE 0.20%
Fund size: ESGU $17.8B; SHE $349M
1Y total return: ESGU +11.5%; SHE +17.8%, better
Yield (12M): ESGU 0.94%; SHE 1.15%, better
Holdings: ESGU 271; SHE 233
Avg volume (30D): ESGU 389K sh, better; SHE 3.95K sh
NAV per share: ESGU $165.22; SHE $157.03
52W range

ETF.net Grade

Pillar letters and Scores for ESGU, SHE, with each pillar’s weight
Pillar	ESGU	SHE
Cost30% weight	B68Higher	C53
Mission25% weight	A97Higher	A87
Risk15% weight	C50	B67Higher
Tradability15% weight	A92Higher	C44
Holdings10% weight	B59	B64Higher
Durability5% weight	A95Higher	A76

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. ESGU and SHE are both graded against the same 47 US ESG & Values Index funds, so their Grades compare head to head.

US ESG & Values Index⁠

Category · 47 funds

See all 47 ›

ESGU ranks 4th and SHE 18th of 47 funds in the US ESG & Values Index Category.

Rank 1AKLMNInvesco MSCI North America Climate ETFScore 82
Rank 2AEFIVState Street SPDR S&P 500 ESG ETFScore 79
Rank 3ASNPEXtrackers S&P 500 Scored & Screened ETFScore 78
Rank 4AESGUiShares ESG Aware MSCI USA ETFScore 76
Rank 5ADFSUDimensional US Sustainability Core 1 ETFScore 74
Rank 18BRSPEInvesco ESG S&P 500 Equal Weight ETFScore 64
Rank 18BSHEState Street SPDR MSCI USA Gender Diversity ETFScore 64
Rank 21BCVMCCalvert US Mid-Cap Core Responsible Index ETFScore 63

Our read on each fund

ETF.net Research

ESGUAiShares ESG Aware MSCI USA ETF

SHEBState Street SPDR MSCI USA Gender Diversity ETF

In short

ESGU Screening out companies is easy; keeping the market's shape while you do it is the hard part. ESGU's index optimizes toward stronger ESG characteristics while targeting risk and return similar to the broad MSCI USA Index.

SHE The ticker is the pitch. SHE tracks an MSCI index that scores US large and mid caps on women in the boardroom, in senior management and across the workforce, then weights holdings by market cap and that score. One issue, blue-chip portfolio.

Stated mandate

ESGU Seeks to track an index of large- and mid-cap U.S. companies selected for favorable environmental, social and governance (ESG) characteristics while seeking risk/return similar to the MSCI USA Index.

SHE The fund seeks to track the total return of the MSCI USA Gender Diversity Select Index and provide exposure to US companies demonstrating leadership in promoting and supporting gender diversity.

Why people hold it

ESGU Not a screen-and-drop portfolio: the index optimizes toward better ESG characteristics while targeting risk and return similar to the broad MSCI USA Index.ishares.com
0.15% a year, below the typical fund in its US ESG group, spread across roughly 300 large- and mid-cap names rather than a narrow shortlist.
Running since 2016, a multi-billion-dollar iShares fund that pays quarterly and sits in the top quartile of a crowded US ESG peer group.

SHE The screen is specific, not a broad ESG catch-all: the index targets companies committed to gender diversity at every level, from the corporate board through executive and senior management to the workforce.ssga.com
The tilt shows up in position sizes, not just the guest list. Companies are weighted by market cap combined with a Gender Diversity Score covering women's representation and diversity management.ssga.com
0.20% a year, below the median for its ESG-and-values peer group. Unusual for a single-theme screen, which normally carries a premium.
Trading since 2016 under State Street's SPDR banner, making it one of the longer-running US funds built on a single diversity metric. Roughly 230 stocks, distributions quarterly.

Worth knowing

ESGU Cheaper seats in the same row: XVV at 0.08%, ESGV at 0.09%, SNPE and EFIV at 0.10%, against 0.15% here.
Market-like risk is the stated goal, so exclusions are lighter than a purist ESG fund and the holdings end up looking a lot like the broad US market.ishares.com
MSCI's ratings decide who makes the cut, so the portfolio reflects one provider's definition of ESG, not an industry standard.ishares.com

SHE Thinly traded next to the giant ESG index funds. Spreads tend to be wider and sizeable orders need more patience at the screen.
Broad ESG index funds cost less: ESGV and XVV both sit under a tenth of a percent. The narrower screen here is what you're paying the difference for.
Membership rides on MSCI's diversity data. When a company's Gender Diversity Score shifts, its place and weight in the index shift at the next reconstitution.ssga.com

Full ESGU profile⁠

Full SHE profile⁠

ESGU vs SHE Holdings

How ESGU and SHE differ

Overlap by weight

40.9%

Shared holdings make up 86.5% of SHE and 49.4% of ESGU.

Level by level

Holdings139 in both40.9%
Sector11 Sectors98.1%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in ESGU and SHE, widest gap first
Sector	More in ESGUMore in SHE	ESGU	SHE
Consumer Discretionary	SHE +0.7 points	8.1%	8.8%
Health Care	ESGU +0.7 points	10.6%	9.9%
Financials	ESGU +0.6 points	11.9%	11.3%
Real Estate	ESGU +0.4 points	2.1%	1.7%
Technology	SHE +0.4 points	38.4%	38.8%
Consumer Staples	SHE +0.3 points	4.6%	4.9%
Utilities	SHE +0.2 points	1.8%	2.0%
Communication	ESGU +0.1 points	8.5%	8.4%
Materials	ESGU +0.1 points	1.9%	1.8%
Industrials	SHE +0.1 points	8.2%	8.3%
Energy	SHE +0.1 points	4.0%	4.1%

Country, concentration and asset class

Country by domicile

Country weights in ESGU and SHE, widest gap first
Country	More in ESGUMore in SHE	ESGU	SHE
United States	ESGU +0.8 points	99.8%	99.0%
Other countries (4)	SHE +0.8 points	0.2%	1.0%

Concentration

Weight in the 10 largest Holdings

ESGU36.2%
SHE35.4%

Securities held

ESGU268
SHE231

Asset class

ESGU: Equity
SHE: Equity

Holdings

Only in ESGU129
In both139
Only in SHE92

Only in ESGU

129 securities, 50.4% of ESGU by weight

Apple7.66%
Amazon.com Inc3.49%
Alphabet Class C2.89%
Broadcom Inc2.29%
Meta Platforms Class A1.91%
Tesla Inc1.73%
Eli Lilly1.70%
Alphabet Class A1.58%
Visa Class A1.33%
Mastercard Class A0.74%
Cisco Systems Inc0.69%
Applied Material Inc0.58%
Lam Research0.56%
Palo Alto Networks0.55%
Verizon Communications Inc0.55%
Merck & Co Inc0.53%
Goldman Sachs Group0.52%
Palantir Technologies Class A0.50%
UnitedHealth Group0.46%
Ge Aerospace0.46%
Berkshire Hathaway Inc Class B0.46%
Gilead Sciences0.43%
Texas Instrument0.42%
Nextera Energy0.41%
International Business Machines Co0.40%
American Tower Reit0.39%
Honeywell International Inc0.36%
Williams0.36%
Ge Vernova0.35%
Conocophillips0.33%
Church and Dwight Inc0.32%
Union Pacific0.32%
Cheniere Energy0.32%
Crowdstrike Holdings Class A0.29%
Colgate-Palmolive0.29%
L3HARRIS Technologies0.29%
Kinder Morgan0.28%
Marvell Technology0.28%
Servicenow0.27%
Diamondback Energy0.27%
Cadence Design Systems0.26%
3M0.26%
Kla0.26%
Synopsys0.26%
Pfizer0.25%
Western Digital Corp0.25%
Targa Resources0.24%
Progressive0.24%
Sysco0.23%
Sandisk0.23%

Only in SHE

92 securities, 13.4% of SHE by weight

Philip Morris International0.92%
Tjx Companies Inc0.69%
Marriott International Class A0.45%
Cvs Health Corp0.34%
Ross Stores Inc0.34%
O Reilly Automotive Inc0.32%
Medtronic PLC0.31%
Freeport Mcmoran Inc0.30%
Boeing Co/The0.29%
Southern Co/The0.29%
Autozone Inc0.29%
Ford Motor Co0.28%
Duke Energy Corp0.27%
Take Two Interactive Softwre0.26%
Cognizant Tech Solutions A0.25%
Jabil Inc0.23%
Boston Scientific Corp0.22%
Ebay Inc0.22%
Nike Inc Class B0.21%
Aon PLC Class A0.21%
Hp Inc0.20%
Arthur J Gallagher & Co0.20%
Waste Management Inc0.20%
Ulta Beauty Inc0.19%
Truist Financial Corp0.18%
Waste Connections Inc0.17%
Public Storage0.17%
Tapestry Inc0.17%
Verisign Inc0.17%
Paccar Inc0.16%
Vistra Corp0.16%
News Corp Class A0.16%
American International Group0.16%
Xcel Energy Inc0.15%
Expedia Group Inc0.15%
Charter Communications Inc A0.14%
Ameriprise Financial Inc0.14%
Apollo Global Management Inc0.14%
Gen Digital Inc0.12%
Paychex Inc0.12%
Burlington Stores Inc0.11%
Centene Corp0.11%
Otis Worldwide Corp0.11%
Revolution Medicines Inc0.11%
American Water Works Co Inc0.10%
Darden Restaurants Inc0.10%
Carnival Corp Ltd0.10%
P G & E Corp0.10%
Fabrinet0.09%
Nvent Electric PLC0.09%

Weight gaps

The 100 widest of 139 Holdings in both funds.

Holding weights in ESGU and SHE, widest gap first
Holding	More in ESGUMore in SHE	ESGU	SHE
Advanced Micro DevicesAMD	SHE +4.22 points	1.29%	5.51%
NetflixNFLX	SHE +3.19 points	0.32%	3.51%
Micron TechnologyMU	SHE +3.03 points	1.50%	4.53%
NVIDIANVDA	ESGU +2.79 points	7.25%	4.46%
Intel CorporationINTC	SHE +2.68 points	0.45%	3.13%
JPMorgan Chase & CoJPM	SHE +2.00 points	1.34%	3.34%
Walt DisneyDIS	SHE +1.84 points	0.27%	2.11%
Amphenol Corp Class AAPH	SHE +1.44 points	0.17%	1.61%
AT&TT	SHE +1.36 points	0.23%	1.59%
OracleORCL	SHE +1.27 points	0.35%	1.62%
Analog DevicesADI	SHE +1.24 points	0.33%	1.57%
ChevronCVX	SHE +1.24 points	0.12%	1.36%
Arista NetworksANET	SHE +1.19 points	0.28%	1.47%
Exxonmobil Holdings CorpXOM	SHE +1.16 points	0.82%	1.98%
QualcommQCOM	SHE +1.06 points	0.25%	1.31%
Johnson & JohnsonJNJ	SHE +1.03 points	0.81%	1.84%
SalesforceCRM	SHE +0.91 points	0.34%	1.25%
Costco Wholesale CorpCOST	SHE +0.80 points	0.65%	1.45%
MicrosoftMSFT	ESGU +0.74 points	5.71%	4.97%
AbbVieABBV	SHE +0.67 points	0.89%	1.56%
Thermo Fisher ScientificTMO	SHE +0.64 points	0.23%	0.87%
Wells FargoWFC	SHE +0.62 points	0.17%	0.79%
Bank of AmericaBAC	SHE +0.62 points	0.36%	0.98%
CorningGLW	SHE +0.60 points	0.16%	0.76%
Accenture PLC Class AACN	SHE +0.60 points	0.35%	0.95%
Home DepotHD	SHE +0.58 points	0.66%	1.24%
IntuitINTU	SHE +0.56 points	0.19%	0.75%
Caterpillar IncCAT	SHE +0.54 points	0.48%	1.02%
Hartford Insurance GroupHIG	ESGU +0.51 points	0.60%	0.09%
Procter & GamblePG	SHE +0.51 points	0.66%	1.17%
Abbott LaboratoriesABT	SHE +0.50 points	0.13%	0.63%
Booking HoldingsBKNG	SHE +0.50 points	0.17%	0.67%
FortinetFTNT	SHE +0.45 points	0.12%	0.57%
Starbucks CorpSBUX	SHE +0.45 points	0.19%	0.64%
Adobe IncADBE	SHE +0.41 points	0.26%	0.67%
NisourceNI	ESGU +0.40 points	0.47%	0.07%
Amgen IncAMGN	SHE +0.39 points	0.36%	0.75%
Coca-ColaKO	SHE +0.37 points	0.61%	0.98%
CitigroupC	SHE +0.37 points	0.34%	0.71%
Applovin Class AAPP	SHE +0.34 points	0.07%	0.41%
Monolithic Power Systems IncMPWR	SHE +0.29 points	0.09%	0.38%
Te Connectivity PLCTEL	SHE +0.28 points	0.11%	0.39%
Lowes Companies IncLOW	SHE +0.28 points	0.38%	0.66%
SterisSTE	ESGU +0.29 points	0.35%	0.06%
Marathon PetroleumMPC	SHE +0.28 points	0.13%	0.41%
CoherentCOHR	SHE +0.28 points	0.07%	0.35%
Keysight TechnologiesKEYS	SHE +0.28 points	0.16%	0.44%
Eaton PLCETN	SHE +0.27 points	0.21%	0.48%
MercadolibreMELI	SHE +0.26 points	0.13%	0.39%
Parker-HannifinPH	SHE +0.26 points	0.14%	0.40%
Hilton Worldwide HoldingsHLT	SHE +0.24 points	0.12%	0.36%
Linde PLCLIN	SHE +0.24 points	0.40%	0.64%
MetlifeMET	ESGU +0.22 points	0.36%	0.14%
Morgan StanleyMS	SHE +0.21 points	0.44%	0.65%
Uber TechnologiesUBER	SHE +0.21 points	0.17%	0.38%
Johnson Controls International PLCJCI	SHE +0.21 points	0.13%	0.34%
Exelon CorpEXC	ESGU +0.20 points	0.36%	0.16%
Twilio Class ATWLO	SHE +0.19 points	0.09%	0.28%
MarshMRSH	SHE +0.18 points	0.11%	0.29%
General MotorsGM	SHE +0.19 points	0.10%	0.29%
Vertex PharmaceuticalsVRTX	SHE +0.17 points	0.28%	0.45%
NewmontNEM	SHE +0.18 points	0.15%	0.33%
Netapp IncNTAP	SHE +0.16 points	0.13%	0.29%
EcolabECL	ESGU +0.15 points	0.43%	0.28%
Crh Public Limited PLCCRH	ESGU +0.15 points	0.32%	0.17%
Idexx LaboratoriesIDXX	ESGU +0.15 points	0.30%	0.15%
Raymond JamesRJF	ESGU +0.15 points	0.22%	0.07%
AutodeskADSK	SHE +0.14 points	0.25%	0.39%
Regeneron PharmaceuticalsREGN	SHE +0.15 points	0.11%	0.26%
WelltowerWELL	SHE +0.14 points	0.23%	0.37%
Kimberly ClarkKMB	ESGU +0.13 points	0.26%	0.13%
Arch Capital GroupACGL	ESGU +0.13 points	0.23%	0.10%
Mettler ToledoMTD	ESGU +0.13 points	0.22%	0.09%
Prudential Financial IncPRU	ESGU +0.12 points	0.26%	0.14%
Automatic Data Processing IncADP	ESGU +0.12 points	0.40%	0.28%
Caseys General Stores IncCASY	ESGU +0.11 points	0.20%	0.09%
Cardinal HealthCAH	ESGU +0.11 points	0.28%	0.17%
Jacobs Solutions IncJ	ESGU +0.11 points	0.16%	0.05%
DeereDE	SHE +0.10 points	0.23%	0.33%
S&P GlobalSPGI	ESGU +0.11 points	0.40%	0.29%
Bank of New York Mellon CorpBNY	ESGU +0.10 points	0.43%	0.33%
Sba Communications Reit Corp ClassSBAC	ESGU +0.10 points	0.15%	0.05%
RtxRTX	SHE +0.10 points	0.48%	0.58%
BlackRockBLK	SHE +0.11 points	0.27%	0.38%
Cummins IncCMI	ESGU +0.10 points	0.34%	0.24%
Broadridge Financial Solutions IncBR	ESGU +0.10 points	0.17%	0.07%
Citizens Financial Group IncCFG	ESGU +0.09 points	0.14%	0.05%
Howmet AerospaceHWM	SHE +0.09 points	0.16%	0.25%
Prologis ReitPLD	SHE +0.09 points	0.28%	0.37%
CencoraCOR	ESGU +0.08 points	0.24%	0.16%
VeraltoVLTO	ESGU +0.08 points	0.16%	0.08%
State StreetSTT	ESGU +0.08 points	0.24%	0.16%
Eversource EnergyES	ESGU +0.08 points	0.16%	0.08%
Yum BrandsYUM	SHE +0.08 points	0.11%	0.19%
Xylem IncXYL	ESGU +0.07 points	0.15%	0.08%
HumanaHUM	SHE +0.07 points	0.11%	0.18%
Nasdaq IncNDAQ	ESGU +0.06 points	0.20%	0.14%
Veeva Systems Class AVEEV	ESGU +0.06 points	0.18%	0.12%
PayPal HoldingsPYPL	SHE +0.07 points	0.09%	0.16%
United RentalsURI	SHE +0.07 points	0.11%	0.18%

All 268 ESGU holdings⁠All 230 SHE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ESGU vs SHE Cost

Overpaying SHE vs ESGU

$1,018

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ESGU 0.15%
$3,137
SHE 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

ESGU 0.15%
SHE 0.20%
Overpaying

Year by year

Year	ESGU	SHE	Overpaying
10	$274	$365	$91
20	$1,071	$1,421	$350
30	$3,137	$4,155	$1,018

Expense ratio

0.15%ESGU, cheaper
0.20%SHE

ESGU0.15%SHE0.20%

0.08%0.95%

Middle half of US ESG & Values Index funds
Median 0.25%

ESGU 13th cheapest of 47 funds

SHE 21st cheapest of 47 funds

ESGU vs SHE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ESGU 0.94%; SHE 1.15%, better
Payout (12M): ESGU $1.55; SHE $1.75
Last payment: ESGU $0.38; SHE $0.49
Ex-dividend: ESGU Sep 15, 2026; SHE Sep 1, 2026
Paid on: ESGU Sep 18, 2026; SHE Sep 3, 2026
Frequency: ESGU Quarterly; SHE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ESGUQuarterly · 41 paymentsAll ESGU payments⁠

SHEQuarterly · 39 paymentsAll SHE payments⁠

ESGU vs SHE Risk

Fall from peak · 5 years

ESGU
SHE

Risk facts

VolatilityStd dev, 3 years: ESGU 12.8%, betterSHE 13.6%
Return per unit of riskSharpe ratio, 3 years: ESGU 1.35, betterSHE 1.30
Worst fallMax drawdown, 5 years: ESGU −26.1%, betterSHE −31.7%
Market sensitivityBeta, 5 years: ESGU 1.04SHE 1.01; Market = 1

ESGU and SHE in the news

All news⁠

ETF Filings
iShares files for a screened MSCI USA ETF that omits ESG from the name
Sep 4, 2026ESGU

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ESGU vs SHE

In short

Stated mandate

Why people hold it

Worth knowing

How ESGU and SHE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ESGU

Only in SHE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

iShares files for a screened MSCI USA ETF that omits ESG from the name

How ESGU and SHE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ESGU

Only in SHE

Weight gaps