According to the National Institute for Mental Health,
twice as many women as men experience depression. However, this difference does not appear until puberty. In fact,
Hankin et al. (1998, pdf) suggest that preadolescent boys are more likely to experience depression than preadolescent girls.
Nolen-Hoeksema and Girgus (1994) suspect that girls are more likely to carry risk factors for depression than boys, and that these risk factors are only activated into depression with the challenges that increase with age.
Avison and McAlpine (1992) suspect that the main contributor may be differences in self-esteem. Hankin et al. found that gender differentiation in depression rates began to emerge between the ages of 11-13, and approached adult levels (twice as many women as men) between ages 15-18. However,
Kling et al. (1999) found that the gender difference in self-esteem, although it did increase through adolescence, was small.
If the difference in self-esteem is small, why is the difference in depression rates so severe? The difference may be hormonal.
Seidman, Miyazaki, and Roose (2005) found that testosterone injections were associated with mood improvement in men who had resisted other anti-depression treatments, although
Seidman and Orr (2006) did not find evidence that exogenous androgens were antidepressant. However, in women, both high and low levels of testosterone
may be associated with depression.
In talking to other female-to-male (FTM) transsexuals about their reactions to testosterone therapy, mood is nearly always mentioned. I personally found testosterone incredibly stabilizing, but it's hard to tell whether that is an effect of the hormone itself or of my greater satisfaction with life in general post-transition. Other FTMs have mentioned to me that they felt less than before hormones. They have felt cut off from emotional responses that they would have had otherwise. It is difficult to compare mood changes because dosing for FTMs can vary so widely. Every FTM works out a dosing plan that works for them with their doctor. Some FTMs dose daily with a topical cream or gel. Others inject every 7, 10, or 14 days. I myself dose every 7 days, because the mood swings on a 2-week cycle are too severe for me to cope with. When my testosterone levels get too low, I feel fatigued, depressed, and easily upset. However, the physical effects that I have experienced (voice change, hair growth, and fat redistribution) could easily be a source of major distress to a woman, and they are irreversible. Still, I often find myself disappointed at the narrow scope of research relating to depression and testosterone.