White matter in the brain is structurally anisotropic, consisting largely of bundles of aligned, myelin-sheathed axonal fibers. White matter is believed to be mechanically anisotropic as well. Specifically, transverse isotropy is expected locally, with the plane of isotropy normal to the local mean fiber direction. Suitable material models involve strain energy density functions that depend on the I4 and I5 pseudo-invariants of the Cauchy-Green strain tensor to account for the effects of relatively stiff fibers. The pseudo-invariant I4 is the square of the stretch ratio in the fiber direction;​ I5 contains contributions of shear strain in planes parallel to the fiber axis. Most, if not all, published models of white matter depend on I4 but not on I5. Here, we explore the small strain limits of these models in the context of experimental measurements that probe these dependencies. Models in which strain energy depends on I4 but not I5 can capture differences in Young’s (tensile) moduli, but will not exhibit differences in shear moduli for loading parallel and normal to the mean direction of axons. We show experimentally, using a combination of shear and asymmetric indentation tests, that white matter does exhibit such differences in both tensile and shear moduli. Results highlight that:​ (1) hyperelastic models of transversely isotropic tissues such as white matter should include contributions of both the I4 and I5 strain pseudo-invariants;​ and (2) behavior in the small strain regime can usefully guide the choice and initial parameterization of more general material models of white matter.