Themes Copper Miners ETF
ALTAR
Score™		 9.0% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 10.2x P/Sales
ratio		 0.6x
P/BV
ratio		 1.2x Div.
yield		 2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Themes Copper Miners ETF seeks to provide investors with exposure to companies that are engaged in the mining, production, and distribution of copper, capitalizing on the growing demand for the metal in various industries.

FUND BASICS
Category International Equities
Fund Sponsor Themes
Website themesetfs.com/etfs/COPA/
Inception date Sep 23, 2024
Assets (mns) $0
Currency USD
Expense ratio 35 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 37
Wgt avg mkt cap (mns) $20,047
Large cap (>$10bn) 38.3%
Mid cap ($2-10bn) 38.9%
Small cap (<$2bn) 21.1%
Developed mkts 86.7%
Emerging mkts 13.3%

TOP TEN HOLDINGS
FREEPORT-MCMORAN COPPER 9.4 %
FIRST QUANTUM MINERALS LTD 5.3 %
ANTOFAGASTA PLC 4.5 %
SOUTHERN COPPER CORP 4.2 %
JIUJIANG DEFU TECHNOLOGY CO LTD 4.1 %
BHP BILLITON LTD 4.1 %
GLENCORE INTERNATIONAL PLC 4.0 %
CHINA NONFERROUS MINING CORP. LTD. 4.0 %
CAPSTONE MINING CORP 3.7 %
JIANGXI COPPER CO LTD-A 3.5 %
Total 46.8 %

TOP COUNTRY EXPOSURE
CANADA 29.9 %
UNITED STATES 14.1 %
AUSTRALIA 12.1 %
CHINA 8.8 %
HONG KONG 5.2 %
BRITAIN 4.9 %
SWITZERLAND 3.7 %
JAPAN 3.7 %
GERMANY 2.7 %
PERU 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.5% -- -- -- -16.1%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $23.22
30d moving avg. $23.85
Annualized volatility 0.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.00%
ADV underlying (mns) $702

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 440 potential alternatives to the Themes Copper Miners ETF ETF based on the alternatives' overlap in portfolio holdings with COPA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: COPA Expense: 35 bp ALTAR Score™: 9.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH COPA
Ticker Fund
Name		 Overlap1
vs COPA
(%)		 Expense
ratio
(bp)		 Savings
vs COPA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs COPA
(%)
COPX Global X Copper Miners ETF 60.4 65 -30 8.9 -0.2
ICOP iShares Copper and Metals Mining ETF 46.8 47 -12 10.0 +0.9
GMET VanEck Green Metals ETF 35.0 63 -28 10.8 +1.8
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 30.4 85 -50 8.0 -1.0
DMAT Global X Disruptive Materials ETF 25.2 59 -24 9.2 +0.1
PICK iShares MSCI Global Metals & Mining Producers ETF 23.0 39 -4 14.1 +5.1
BATT Amplify Lithium & Battery Technology ETF 23.0 59 -24 3.8 -5.2
SETM Sprott Energy Transition Materials ETF 17.7 65 -30 4.7 -4.3
ION ProShares S&P Global Core Battery Metals ETF 12.7 58 -23 11.2 +2.2
COPJ Sprott Junior Copper Miners ETF 12.4 75 -40 4.1 -5.0
EV Mast Global Battery Recycling & Production ETF 12.0 65 -30 11.6 +2.6
GNR SPDR S&P Global Natural Resources ETF 11.0 40 -5 11.4 +2.4
MXI iShares Global Materials ETF 10.6 41 -6 8.0 -1.0
EPU iShares MSCI Peru and Global Exposure ETF 9.6 59 -24 7.7 -1.3
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 9.3 46 -11 10.4 +1.4
FTRI First Trust Indxx Global Natural Resources Income ETF 9.0 70 -35 8.6 -0.4
IYM iShares U.S. Basic Materials ETF 8.1 40 -5 6.7 -2.3
NANR SPDR S&P North American Natural Resources ETF 7.5 35 0 8.4 -0.6
AGMI Themes Silver Miners ETF 7.2 35 0 3.1 -6.0
CGXU Capital Group International Focus Equity ETF 6.4 54 -19 5.9 -3.2
XLB Materials Select Sector SPDR Fund 5.7 8 27 6.2 -2.9
CCNR ALPS CoreCommodity Natural Resources ETF 5.4 39 -4 11.0 +2.0
XME SPDR S&P Metals & Mining ETF 5.4 35 0 10.3 +1.3
AFK VanEck Africa Index ETF 5.0 98 -63 12.6 +3.6
FTWO Strive FAANG 2.0 ETF 4.8 49 -14 5.1 -3.9
SILJ ETFMG Prime Junior Silver Miners ETF 4.6 69 -34 2.7 -6.3
QVAL Alpha Architect US Quantitative Value ETF 4.5 39 -4 10.3 +1.2
CCSO Carbon Collective Climate Solutions US Equity ETF 4.4 35 0 1.9 -7.1
TEKX SPDR Galaxy Transformative Tech Accelerators ETF 4.4 65 -30 -3.8 -12.8
VAW Vanguard Materials ETF 4.3 10 25 6.4 -2.6
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 4.1 19 16 6.3 -2.7
FLAU Franklin FTSE Australia ETF 4.1 9 26 6.4 -2.7
DVYA iShares Asia/Pacific Dividend ETF 4.1 49 -14 8.9 -0.1
EPP iShares MSCI Pacific ex-Japan ETF 4.1 47 -12 5.7 -3.3
EWA iShares MSCI Australia ETF 4.1 50 -15 6.1 -2.9
FMAT Fidelity MSCI Materials Index ETF 4.0 8 27 6.5 -2.6
FXZ First Trust Materials AlphaDEX Fund 3.9 61 -26 11.0 +1.9
RSPM Invesco S&P 500 Equal Weight Materials ETF 3.6 40 -5 7.8 -1.2
SCHY Schwab International Dividend Equity ETF 3.5 14 21 9.8 +0.8
HAP VanEck Natural Resources ETF 3.5 50 -15 10.0 +1.0
ICOW Pacer Developed Markets International Cash Cows 100 ETF 3.4 65 -30 12.2 +3.2
LIVR Intelligent Livermore ETF 2.9 69 -34 8.2 -0.8
SIL Global X Silver Miners ETF 2.9 65 -30 3.4 -5.6
BRAZ Global X Brazil Active ETF 2.7 75 -40 13.1 +4.0
IDV iShares International Select Dividend ETF 2.7 51 -16 11.6 +2.6
PPIE Putnam PanAgora ESG International Equity ETF 2.5 49 -14 7.8 -1.2
KNO AXS Knowledge Leaders ETF 2.5 78 -43 6.1 -2.9
TTAI FCF International Quality ETF 2.3 59 -24 6.9 -2.1
WBAT WisdomTree Battery Value Chain and Innovation Fund 2.3 45 -10 0.0 -9.0
IQDF FlexShares International Quality Dividend Index Fund 2.3 47 -12 9.5 +0.5
URA Global X Uranium ETF 2.3 69 -34 3.5 -5.6
LIMI Themes Lithium & Battery Metal Miners ETF 2.2 35 0 0.0 -9.0
INFL Horizon Kinetics Inflation Beneficiaries ETF 2.2 85 -50 3.9 -5.1
FIVA Fidelity International Value Factor ETF 2.2 18 17 10.5 +1.5
FTIF First Trust Bloomberg Inflation Sensitive Equity ETF 2.1 60 -25 8.8 -0.3
EWC iShares MSCI Canada ETF 2.1 50 -15 6.6 -2.4
IGE iShares North American Natural Resources ETF 2.1 41 -6 7.7 -1.4
GOAU U.S. Global GO GOLD and Precious Metal Miners ETF 2.1 60 -25 4.2 -4.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 2.1 42 -7 6.8 -2.3
EWU iShares MSCI United Kingdom ETF 2.0 50 -15 8.6 -0.5
ILF iShares Latin America 40 ETF 2.0 48 -13 13.5 +4.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 2.0 47 -12 9.0 -0.1
FLGB Franklin FTSE United Kingdom ETF 2.0 9 26 8.0 -1.0
DINT Davis Select International ETF 2.0 55 -20 8.3 -0.7
DWLD Davis Select Worldwide ETF 2.0 63 -28 7.8 -1.2
EFV iShares MSCI EAFE Value ETF 2.0 34 1 9.4 +0.4
BBCA JPMorgan BetaBuilders Canada ETF 1.9 19 16 6.9 -2.2
IVAL Alpha Architect International Quantitative Value ETF 1.9 49 -14 10.6 +1.6
PYZ Invesco Dorsey Wright Basic Materials Momentum ETF 1.9 60 -25 6.4 -2.6
IPAC iShares Core MSCI Pacific ETF 1.9 9 26 7.1 -1.9
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 1.8 58 -23 7.1 -2.0
IDHQ Invesco S&P International Developed High Quality ETF 1.8 29 6 6.7 -2.4
FNDF Schwab Fundamental International Large Co. Index ETF 1.8 25 10 10.1 +1.1
FPAG FPA Global Equity ETF 1.8 49 -14 6.3 -2.7
SAGP Strategas Global Policy Opportunities ETF 1.8 65 -30 5.3 -3.8
IQDG WisdomTree International Quality Dividend Growth Fund 1.8 42 -7 7.2 -1.9
LVHI Franklin International Low Volatility High Dividend Index ET 1.8 40 -5 11.0 +2.0
FICS First Trust International Developed Capital Strength ETF 1.7 70 -35 5.7 -3.3
IDOG ALPS International Sector Dividend Dogs ETF 1.7 50 -15 12.2 +3.2
ECML Euclidean Fundamental Value ETF 1.7 95 -60 13.1 +4.1
VPL Vanguard FTSE Pacific ETF 1.6 8 27 7.7 -1.4
SLVP iShares MSCI Global Silver Miners ETF 1.6 39 -4 5.8 -3.2
GDXJ VanEck Junior Gold Miners ETF 1.6 52 -17 4.9 -4.1
SCHC Schwab International Small-Cap Equity ETF 1.6 11 24 7.1 -1.9
IQLT iShares MSCI Intl Quality Factor ETF 1.6 30 5 6.3 -2.7
UMMA Wahed Dow Jones Islamic World ETF 1.5 65 -30 5.3 -3.8
DIVI Franklin International Core Dividend Tilt Index ETF 1.5 9 26 8.2 -0.8
EWD iShares MSCI Sweden ETF 1.5 54 -19 5.6 -3.5
BIBL Inspire 100 ETF 1.5 35 0 4.7 -4.4
DTH WisdomTree International High Dividend Fund 1.5 58 -23 9.1 +0.0
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 1.4 45 -10 9.3 +0.3
DISV Dimensional International Small Cap Value ETF 1.4 42 -7 9.7 +0.6
OAIM OneAscent International Equity ETF 1.4 95 -60 6.2 -2.9
DUSA Davis Select U.S. Equity ETF 1.4 61 -26 8.2 -0.8
DOL WisdomTree International LargeCap Dividend Fund 1.4 48 -13 7.5 -1.5
IVLU iShares MSCI Intl Value Factor ETF 1.4 30 5 11.1 +2.1
VYMI Vanguard International High Dividend Yield ETF 1.3 22 13 10.0 +1.0
HAPY Harbor Human Capital Factor Unconstrained ETF 1.3 50 -15 3.4 -5.7
CRTC Xtrackers US National Critical Technologies ETF 1.3 35 0 5.3 -3.7
EUDG WisdomTree Europe Quality Dividend Growth Fund 1.2 58 -23 6.5 -2.5
EMM Global X Emerging Markets ex-China ETF 1.2 75 -40 5.0 -4.0
QEFA SPDR MSCI EAFE StrategicFactors ETF 1.2 30 5 7.3 -1.8
RFFC ALPS Active Equity Opportunity ETF 1.2 48 -13 4.5 -4.5
CEFA Global X S&P Catholic Values Developed ex-US ETF 1.2 35 0 5.9 -3.2
RING iShares MSCI Global Gold Miners ETF 1.2 39 -4 5.8 -3.2
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 1.1 7 28 7.0 -2.0
VWID Virtus WMC International Dividend ETF 1.1 49 -14 8.8 -0.2
STXI Strive International Developed Markets ETF 1.1 29 6 5.9 -3.1
IDEV iShares Core MSCI International Developed Markets ETF 1.1 4 31 7.4 -1.7
GDX VanEck Gold Miners ETF 1.1 51 -16 4.5 -4.5
BKIE BNY Mellon International Equity ETF 1.1 4 31 7.3 -1.7
DFIV Dimensional International Value ETF 1.1 27 8 10.4 +1.4
NUDM Nuveen ESG International Developed Markets Equity ETF 1.1 31 4 6.6 -2.4
EFA iShares MSCI EAFE ETF 1.1 35 0 7.0 -2.0
YLDE ClearBridge Dividend Strategy ESG ETF 1.1 60 -25 5.4 -3.6
VEA Vanguard FTSE Developed Markets ETF 1.1 5 30 7.6 -1.5
DWM WisdomTree International Equity Fund 1.1 48 -13 7.7 -1.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.1 20 15 11.3 +2.3
FLCA Franklin FTSE Canada ETF 1.1 9 26 7.0 -2.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 1.0 36 -1 6.9 -2.1
HFXI IQ FTSE International Equity Currency Neutral ETF 1.0 20 15 7.4 -1.6
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 1.0 80 -45 11.8 +2.7
WWJD Inspire International ETF 1.0 80 -45 7.6 -1.5
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 1.0 40 -5 7.5 -1.5
PEXL Pacer US Export Leaders ETF 1.0 60 -25 5.4 -3.6
DARP Grizzle Growth ETF 1.0 75 -40 4.7 -4.3
DSTL Distillate US Fundamental Stability & Value ETF 1.0 39 -4 8.3 -0.7
SCHF Schwab International Equity ETF 1.0 6 29 7.7 -1.3
RBLD First Trust Alerian US NextGen Infrastructure ETF 1.0 65 -30 5.9 -3.1
BLES Inspire Global Hope ETF 1.0 61 -26 6.8 -2.2
GSID Goldman Sachs MarketBeta International Equity ETF 1.0 20 15 7.1 -1.9
VIDI Vident International Equity Strategy ETF 1.0 61 -26 12.0 +3.0
SPDW SPDR Portfolio Developed World ex-US ETF 1.0 3 32 7.5 -1.5
IEFA iShares Core MSCI EAFE ETF 1.0 7 28 7.4 -1.7
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 1.0 12 23 6.2 -2.9
JPIN J.P. Morgan Diversified Return International Equity ETF 1.0 37 -2 8.9 -0.1
LQPE PEO AlphaQuest Thematic PE ETF 1.0 125 -90 6.9 -2.1
GVLU Gotham 1000 Value ETF 1.0 50 -15 9.1 +0.0
INTF iShares International Equity Factor ETF 0.9 15 20 8.1 -0.9
DFAI Dimensional International Core Equity Market ETF 0.9 18 17 7.6 -1.5
DIHP Dimensional International High Profitability ETF 0.9 29 6 7.4 -1.6
EMC Global X Emerging Markets Great Consumer ETF 0.9 75 -40 8.5 -0.6
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 0.9 20 15 6.7 -2.3
AVDV Avantis International Small Cap Value ETF 0.9 36 -1 10.9 +1.9
ACWX iShares MSCI ACWI ex U.S. ETF 0.9 34 1 8.1 -0.9
RFDI First Trust Riverfront Dynamic Developed International ETF 0.9 83 -48 10.0 +1.0
SPHB Invesco S&P 500 High Beta ETF 0.9 25 10 5.3 -3.7
JIRE JPMorgan International Research Enhanced Equity ETF 0.9 24 11 7.4 -1.6
JHMD John Hancock Multifactor Developed International ETF 0.9 39 -4 7.8 -1.2
ECNS iShares MSCI China Small-Cap ETF 0.8 59 -24 10.8 +1.8
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 0.8 60 -25 5.3 -3.7
PTL Inspire 500 ETF 0.8 9 26 5.4 -3.6
PRAY FIS Christian Stock Fund 0.8 69 -34 5.5 -3.6
IXUS iShares Core MSCI Total International Stock ETF 0.8 7 28 8.3 -0.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.8 41 -6 7.1 -1.9
CWI SPDR MSCI ACWI ex-US ETF 0.8 30 5 8.2 -0.8
FYLD Cambria Foreign Shareholder Yield ETF 0.8 59 -24 12.5 +3.5
DFIC Dimensional International Core Equity 2 ETF 0.8 23 12 7.9 -1.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.8 39 -4 8.3 -0.7
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.8 18 17 8.1 -0.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.7 8 27 8.5 -0.6
KOCG FIS Knights of Columbus Global Belief ETF 0.7 75 -40 5.4 -3.7
COPY Tweedy, Browne Insider + Value ETF 0.7 80 -45 12.6 +3.6
BRIF FIS Bright Portfolios Focused Equity ETF 0.7 65 -30 4.9 -4.1
FEP First Trust Europe AlphaDEX Fund 0.7 80 -45 9.3 +0.3
ISCF iShares International SmallCap Equity Factor ETF 0.7 23 12 8.6 -0.4
AVDE Avantis International Equity ETF 0.7 23 12 8.0 -1.1
LEGR First Trust Indxx Innovative Transaction & Process ETF 0.6 65 -30 8.6 -0.5
IVRA Invesco Real Assets ESG ETF 0.6 59 -24 3.5 -5.5
DFLV Dimensional US Large Cap Value ETF 0.6 22 13 8.2 -0.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.6 30 5 8.6 -0.4
VXUS Vanguard Total International Stock ETF 0.6 7 28 8.3 -0.7
GSIE Goldman Sachs ActiveBeta International Equity ETF 0.6 25 10 7.5 -1.5
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 0.6 90 -55 8.4 -0.6
CGDV Capital Group Dividend Value ETF 0.6 33 2 4.9 -4.1
RODE Hartford Multifactor Diversified International ETF 0.6 29 6 9.9 +0.9
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.6 18 17 7.2 -1.8
AVSD Avantis Responsible International Equity ETF 0.6 23 12 6.8 -2.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.6 20 15 6.0 -3.0
WCEO Hypatia Women CEO ETF 0.6 85 -50 -1.3 -10.4
DFIS Dimensional International Small Cap ETF 0.6 39 -4 7.9 -1.2
DGT SPDR Global Dow ETF 0.6 50 -15 7.5 -1.6
DEW WisdomTree Global High Dividend Fund 0.6 58 -23 7.7 -1.3
FFLC Fidelity Fundamental Large Cap Core ETF 0.6 38 -3 4.9 -4.1
FLEE Franklin FTSE Europe ETF 0.6 9 26 7.0 -2.0
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.6 39 -4 7.0 -2.1
RSPE Invesco ESG S&P 500 Equal Weight ETF 0.5 20 15 7.8 -1.3
VGK Vanguard FTSE Europe ETF 0.5 11 24 7.5 -1.5
TEMP JPMorgan Climate Change Solutions ETF 0.5 49 -14 5.9 -3.2
EQAL Invesco Russell 1000 Equal Weight ETF 0.5 20 15 6.6 -2.5
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.5 49 -14 7.3 -1.7
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.5 46 -11 6.8 -2.3
IEV iShares Europe ETF 0.5 67 -32 6.9 -2.1
FKU First Trust United Kingdom AlphaDEX Fund 0.5 80 -45 7.9 -1.1
BBEU JPMorgan BetaBuilders Europe ETF 0.5 9 26 7.2 -1.8
IEUR iShares Core MSCI Europe ETF 0.5 11 24 7.4 -1.6
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.5 24 11 8.3 -0.7
GWX SPDR S&P International Small Cap ETF 0.5 40 -5 6.7 -2.3
MCH Matthews China Active ETF 0.5 79 -44 15.3 +6.3
ESGG FlexShares STOXX Global ESG Select Index Fund 0.5 42 -7 5.4 -3.6
ESGD iShares ESG Aware MSCI EAFE ETF 0.5 20 15 7.1 -1.9
SPEU SPDR Portfolio Europe ETF 0.5 7 28 7.5 -1.6
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 0.5 65 -30 4.1 -4.9
QWLD SPDR MSCI World StrategicFactors ETF 0.5 30 5 5.9 -3.1
TPIF Timothy Plan International ETF 0.4 62 -27 6.5 -2.5
IOO iShares Global 100 ETF 0.4 41 -6 5.4 -3.7
TOK iShares MSCI Kokusai ETF 0.4 26 9 5.2 -3.9
KOKU Xtrackers MSCI Kokusai Equity ETF 0.4 9 26 5.5 -3.6
DWMF WisdomTree International Multifactor Fund 0.4 38 -3 6.9 -2.1
DFJ WisdomTree Japan SmallCap Dividend Fund 0.4 58 -23 8.3 -0.7
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.4 58 -23 7.7 -1.3
URTH iShares MSCI World ETF 0.4 24 11 5.5 -3.5
SCZ iShares MSCI EAFE Small-Cap ETF 0.4 40 -5 7.4 -1.6
GLBL Pacer MSCI World Industry Advantage ETF 0.4 65 -30 5.0 -4.1
KLMT Invesco MSCI Global Climate 500 ETF 0.4 10 25 6.1 -3.0
COWG Pacer US Large Cap Cash Cows Growth Leaders ETF 0.4 49 -14 4.7 -4.3
SNPV Xtrackers S&P 500 Value ESG ETF 0.4 15 20 5.4 -3.6
ACWI iShares MSCI ACWI ETF 0.4 32 3 6.0 -3.1
QINT American Century Quality Diversified International ETF 0.4 39 -4 7.6 -1.4
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 0.4 25 10 7.2 -1.8
VT Vanguard Total World Stock ETF 0.4 7 28 6.3 -2.7
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 0.4 9 26 9.2 +0.2
CIL VictoryShares International Volatility Wtd ETF 0.4 45 -10 7.0 -2.1
IWX iShares Russell Top 200 Value ETF 0.3 20 15 6.4 -2.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 0.3 29 6 8.2 -0.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.3 30 5 9.3 +0.3
DFSI Dimensional International Sustainability Core 1 ETF 0.3 24 11 6.6 -2.4
DFUV Dimensional US Marketwide Value ETF 0.3 22 13 8.1 -0.9
MGV Vanguard Mega Cap Value ETF 0.3 7 28 6.7 -2.3
HAPI Harbor Human Capital Factor US Large Cap ETF 0.3 36 -1 5.1 -3.9
VFVA Vanguard U.S. Value Factor ETF 0.3 13 22 11.7 +2.6
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.3 24 11 6.4 -2.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.3 25 10 6.5 -2.6
RVRB Reverb ETF 0.3 30 5 3.7 -5.3
FLHK Franklin FTSE Hong Kong ETF 0.3 9 26 6.8 -2.2
GLOF iShares Global Equity Factor ETF 0.3 20 15 6.8 -2.2
IEUS iShares MSCI Europe Small-Cap ETF 0.3 42 -7 7.2 -1.9
XMAG Defiance Large Cap ex-Mag 7 ETF 0.3 35 0 4.6 -4.4
AVES Avantis Emerging Markets Value ETF 0.3 36 -1 12.2 +3.2
FDEV Fidelity International Multifactor ETF 0.3 18 17 7.7 -1.3
XCNY SPDR S&P Emerging Markets ex-China ETF 0.3 15 20 0.0 -9.0
FSST Fidelity Sustainable U.S. Equity ETF 0.3 59 -24 4.4 -4.7
VFMF Vanguard U.S. Multifactor ETF 0.3 18 17 8.5 -0.5
CGGO Capital Group Global Growth Equity ETF 0.3 47 -12 5.0 -4.0
FNDC Schwab Fundamental International Small Co. Index ETF 0.3 39 -4 6.3 -2.7
AVIV Avantis International Large Cap Value ETF 0.3 25 10 9.3 +0.3
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 23 5.1 -3.9
DLS WisdomTree International SmallCap Dividend Fund 0.3 58 -23 8.9 -0.1
DFVX Dimensional US Large Cap Vector ETF 0.3 22 13 6.6 -2.5
VTV Vanguard Value ETF 0.3 4 31 6.9 -2.1
SCJ iShares MSCI Japan Small-Cap ETF 0.3 50 -15 6.8 -2.2
AVEM Avantis Emerging Markets Equity ETF 0.3 33 2 9.7 +0.6
FVAL Fidelity Value Factor ETF 0.3 15 20 7.3 -1.7
FENI Fidelity Enhanced International ETF 0.3 28 7 7.0 -2.0
KLMN Invesco MSCI North America Climate ETF 0.2 9 26 5.3 -3.8
BFOR ALPS Barron's 400 ETF 0.2 65 -30 6.2 -2.8
VSGX Vanguard ESG International Stock ETF 0.2 12 23 8.2 -0.9
FQAL Fidelity Quality Factor ETF 0.2 15 20 5.9 -3.1
SSPY Syntax Stratified LargeCap ETF 0.2 30 5 6.6 -2.5
SCHV Schwab U.S. Large-Cap Value ETF 0.2 4 31 6.8 -2.2
VOOV Vanguard S&P 500 Value ETF 0.2 10 25 6.3 -2.7
IVE iShares S&P 500 Value ETF 0.2 18 17 6.2 -2.8
DMXF iShares ESG Advanced MSCI EAFE ETF 0.2 12 23 5.8 -3.3
SPYV SPDR Portfolio S&P 500 Value ETF 0.2 4 31 6.4 -2.7
SHUS Syntax Stratified U.S. Total Market Hedged ETF 0.2 65 -30 5.4 -3.7
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.2 80 -45 10.0 +1.0
IWD iShares Russell 1000 Value ETF 0.2 19 16 6.5 -2.6
VONV Vanguard Russell 1000 Value ETF 0.2 8 27 6.6 -2.4
IUSV iShares Core S&P US Value ETF 0.2 4 31 6.5 -2.5
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 0.2 14 21 6.0 -3.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 26 6.1 -3.0
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 0.2 58 -23 9.0 -0.1
FNDA Schwab Fundamental US Small Co. Index ETF 0.2 25 10 6.6 -2.5
NACP Impact Shares NAACP Minority Empowerment ETF 0.2 49 -14 4.9 -4.1
DIM WisdomTree International MidCap Dividend Fund 0.2 58 -23 7.7 -1.3
IQSU IQ Candriam U.S. Large Cap Equity ETF 0.2 9 26 5.0 -4.1
GVUS Marketbeta Russell 1000 Value Equity ETF 0.2 12 23 6.5 -2.5
STXE Strive Emerging Markets Ex-China ETF 0.2 32 3 8.2 -0.9
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 0.2 9 26 6.1 -2.9
JMOM JPMorgan U.S. Momentum Factor ETF 0.2 12 23 4.8 -4.2
SGDM Sprott Gold Miners ETF 0.2 50 -15 4.7 -4.4
EMXC iShares MSCI Emerging Markets ex China ETF 0.2 25 10 8.0 -1.1
RSP Invesco S&P 500 Equal Weight ETF 0.2 20 15 6.3 -2.7
TPLC Timothy Plan Fund Timothy Plan US Large/Mid Cap Core Fund 0.2 52 -17 5.6 -3.4
TPLE Timothy Plan Us Large/Mid Cap Core Enhanced ETF 0.2 58 -23 5.6 -3.4
JQUA JPMorgan U.S. Quality Factor ETF 0.2 12 23 6.0 -3.1
SPEM SPDR Portfolio Emerging Markets ETF 0.2 7 28 10.9 +1.9
STXV Strive 1000 Value ETF 0.2 18 17 7.5 -1.6
FEX First Trust Large Cap Core AlphaDEX Fund 0.2 59 -24 6.5 -2.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 0.2 45 -10 4.9 -4.1
EUSA iShares MSCI USA Equal Weighted ETF 0.2 9 26 6.0 -3.1
IMTM iShares MSCI Intl Momentum Factor ETF 0.2 30 5 5.6 -3.4
FTA First Trust Large Cap Value AlphaDEX Fund 0.2 59 -24 9.4 +0.4
KRUZ Unusual Whales Subversive Republican Trading ETF 0.2 75 -40 6.0 -3.0
VFQY Vanguard U.S. Quality Factor ETF 0.2 13 22 6.6 -2.4
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.2 65 -30 4.4 -4.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.2 30 5 10.6 +1.5
SIZE iShares MSCI USA Size Factor ETF 0.2 15 20 5.8 -3.2
DFAC Dimensional U.S. Core Equity 2 ETF 0.2 17 18 6.0 -3.0
USCL iShares Climate Conscious & Transition MSCI USA ETF 0.2 8 27 5.3 -3.8
ACVF American Conservative Values ETF 0.2 75 -40 4.5 -4.5
AVLV Avantis U.S. Large Cap Value ETF 0.2 15 20 8.1 -0.9
AVUS Avantis U.S. Equity ETF 0.2 15 20 6.3 -2.7
SNPE Xtrackers S&P 500 ESG ETF 0.2 10 25 5.4 -3.7
SPXT ProShares S&P 500 Ex-Technology ETF 0.2 9 26 5.6 -3.5
IQSI IQ Candriam International Equity ETF 0.2 15 20 6.7 -2.4
DFAU Dimensional US Core Equity Market ETF 0.2 12 23 5.5 -3.5
IWL iShares Russell Top 200 ETF 0.2 15 20 5.1 -4.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.2 80 -45 13.6 +4.6
IMFL Invesco International Developed Dynamic Multifactor ETF 0.2 34 1 6.2 -2.8
ILCV iShares Morningstar Value ETF 0.2 4 31 6.7 -2.4
APUE ActivePassive U.S. Equity ETF 0.2 45 -10 4.9 -4.1
PRF Invesco FTSE RAFI US 1000 ETF 0.2 39 -4 7.0 -2.1
EEM iShares MSCI Emerging Markets ETF 0.2 69 -34 10.7 +1.7
IEMG iShares Core MSCI Emerging Markets ETF 0.2 9 26 10.9 +1.9
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.2 20 15 5.3 -3.7
USCA Xtrackers MSCI USA Climate Action Equity ETF 0.2 7 28 5.2 -3.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 -23 10.1 +1.1
JHML John Hancock Multifactor Large Cap ETF 0.2 29 6 5.6 -3.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.2 66 -31 10.2 +1.1
DCOR Dimensional US Core Equity 1 ETF 0.2 14 21 5.8 -3.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.2 45 -10 11.0 +2.0
QVML Invesco S&P 500 QVM Multi-factor ETF 0.1 11 24 5.4 -3.7
MGC Vanguard Mega Cap ETF 0.1 7 28 5.1 -3.9
IWC iShares Micro-Cap ETF 0.1 60 -25 -1.1 -10.1
FNDB Schwab Fundamental US Broad Market Index ETF 0.1 25 10 7.3 -1.8
RWL Invesco S&P 500 Revenue ETF 0.1 39 -4 7.0 -2.0
EWUS iShares MSCI United Kingdom Small Cap ETF 0.1 59 -24 7.4 -1.6
FNDX Schwab Fundamental US Large Co. Index ETF 0.1 25 10 7.4 -1.6
ILCB iShares Morningstar U.S. Equity ETF 0.1 3 32 5.2 -3.8
SPXN ProShares S&P 500 Ex-Financials ETF 0.1 9 26 5.0 -4.0
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 0.1 10 25 5.4 -3.7
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 0.1 65 -30 7.9 -1.2
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.1 7 28 5.2 -3.8
VOTE TCW Transform 500 ETF 0.1 5 30 5.2 -3.8
XVV iShares ESG Screened S&P 500 ETF 0.1 8 27 5.1 -3.9
DFUS Dimensional U.S. Equity ETF 0.1 9 26 5.3 -3.7
IWB iShares Russell 1000 ETF 0.1 15 20 5.2 -3.8
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 -35 7.8 -1.2
VONE Vanguard Russell 1000 ETF 0.1 8 27 5.3 -3.8
CFA VictoryShares US 500 Volatility Wtd ETF 0.1 35 0 6.1 -3.0
CFO VictoryShares US 500 Enhanced Volatility Wtd ETF 0.1 40 -5 6.0 -3.0
SPXV ProShares S&P 500 Ex-Health Care ETF 0.1 9 26 4.4 -4.6
CATH Global X S&P 500 Catholic Values Custom ETF 0.1 29 6 5.1 -3.9
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.1 20 15 5.0 -4.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.1 2 33 5.3 -3.7
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.1 11 24 5.2 -3.8
BKLC BNY Mellon US Large Cap Core Equity ETF 0.1 0 35 5.3 -3.8
IWV iShares Russell 3000 ETF 0.1 20 15 5.0 -4.0
VTHR Vanguard Russell 3000 ETF 0.1 10 25 5.2 -3.9
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 0.1 20 15 6.6 -2.4
IVV iShares Core S&P 500 ETF 0.1 3 32 5.3 -3.7
VOO Vanguard S&P 500 ETF 0.1 3 32 5.3 -3.7
VV Vanguard Large-Cap ETF 0.1 4 31 5.2 -3.8
IUS Invesco RAFI Strategic US ETF 0.1 19 16 7.1 -2.0
PBUS Invesco MSCI USA ETF 0.1 4 31 5.2 -3.8
SPLG SPDR Portfolio S&P 500 ETF 0.1 2 33 5.3 -3.7
SPY SPDR S&P 500 ETF Trust 0.1 9 26 5.2 -3.8
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.1 41 -6 9.4 +0.3
STRV Strive 500 ETF 0.1 5 30 5.2 -3.9
EFG iShares MSCI EAFE Growth ETF 0.1 36 -1 4.5 -4.5
SPXE ProShares S&P 500 Ex-Energy ETF 0.1 9 26 4.7 -4.3
VSLU Applied Finance Valuation Large Cap ETF 0.1 49 -14 5.9 -3.2
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF 0.1 3 32 5.5 -3.6
SCHX Schwab U.S. Large-Cap ETF 0.1 3 32 5.3 -3.7
ESGE iShares ESG Aware MSCI EM ETF 0.1 25 10 10.7 +1.7
SCHK Schwab 1000 Index ETF 0.1 5 30 5.3 -3.7
IYY iShares Dow Jones U.S. ETF 0.1 20 15 5.1 -3.9
ILCG iShares Morningstar Growth ETF 0.1 4 31 4.1 -4.9
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.1 3 32 5.2 -3.8
VTI Vanguard Total Stock Market ETF 0.1 3 32 5.2 -3.9
SCHB Schwab U.S. Broad Market ETF 0.1 3 32 5.3 -3.7
SFY SoFi Select 500 ETF 0.1 0 35 4.8 -4.2
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 -13 8.4 -0.6
GXC SPDR S&P China ETF 0.1 59 -24 16.7 +7.7
SGDJ Sprott Junior Gold Miners ETF 0.1 50 -15 5.5 -3.5
GOEX Global X Gold Explorers ETF 0.1 65 -30 4.6 -4.4
AUMI Themes Gold Miners ETF 0.1 35 0 5.8 -3.3
FAB First Trust Multi Cap Value AlphaDEX Fund 0.1 67 -32 10.1 +1.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.1 38 -3 9.9 +0.9
ESG FlexShares Trust FlexShares STOXX US ESG Select Index Fund 0.1 32 3 5.2 -3.8
FLQL Franklin LibertyQ U.S. Equity ETF 0.1 15 20 5.7 -3.3
EMGF iShares Emerging Markets Equity Factor ETF 0.1 25 10 12.4 +3.4
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.1 25 10 5.9 -3.1
STXG Strive 1000 Growth ETF 0.1 18 17 4.2 -4.8
ONEO SPDR Russell 1000 Momentum Focus ETF 0.1 20 15 6.8 -2.3
VLU SPDR S&P 1500 Value Tilt ETF 0.1 12 23 7.2 -1.9
DFEV Dimensional Emerging Markets Value ETF 0.1 43 -8 14.5 +5.4
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 15 5.9 -3.2
MCHI iShares MSCI China ETF 0.1 59 -24 17.8 +8.8
QUS SPDR MSCI USA StrategicFactors ETF 0.1 15 20 5.8 -3.2
AFLG First Trust Active Factor Large Cap ETF 0.1 55 -20 6.2 -2.8
CCMG CCM Global Equity ETF 0.1 34 1 8.5 -0.5
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 0.1 45 -10 6.6 -2.4
FLJH Franklin FTSE Japan Hedged ETF 0.1 9 26 6.7 -2.4
FLJP Franklin FTSE Japan ETF 0.1 9 26 7.0 -2.0
VYM Vanguard High Dividend Yield Index ETF 0.0 6 29 7.3 -1.7
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 0 10.2 +1.2
IWO iShares Russell 2000 Growth ETF 0.0 24 11 1.5 -7.6
VTWG Vanguard Russell 2000 Growth ETF 0.0 15 20 1.5 -7.5
DEUS Xtrackers Russell US Multifactor ETF 0.0 17 18 6.9 -2.1
GGUS Marketbeta Russell 1000 Growth Equity ETF 0.0 12 23 4.8 -4.2
BKEM BNY Mellon Emerging Markets Equity ETF 0.0 11 24 11.8 +2.8
GSPY Gotham Enhanced 500 ETF 0.0 50 -15 5.5 -3.5
BKF iShares MSCI BIC ETF 0.0 69 -34 13.0 +4.0
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.0 35 0 21.6 +12.5
IWY iShares Russell Top 200 Growth ETF 0.0 20 15 4.9 -4.1
HLAL Wahed FTSE USA Shariah ETF 0.0 50 -15 5.2 -3.9
INRO iShares U.S. Industry Rotation Active ETF 0.0 42 -7 4.1 -4.9
DUHP Dimensional US High Profitability ETF 0.0 21 14 6.6 -2.5
IWF iShares Russell 1000 Growth ETF 0.0 19 16 4.8 -4.2
VONG Vanguard Russell 1000 Growth ETF 0.0 8 27 4.9 -4.1
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.0 9 26 5.6 -3.5
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 0.0 19 16 6.5 -2.5
JGRO JPMorgan Active Growth ETF 0.0 44 -9 3.9 -5.1
JCTR JPMorgan Carbon Transition U.S. Equity ETF 0.0 15 20 4.3 -4.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.0 33 2 10.6 +1.6
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.0 9 26 4.0 -5.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.0 36 -1 11.2 +2.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.0 59 -24 13.7 +4.7
FLCH Franklin FTSE China ETF 0.0 19 16 17.2 +8.2
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.0 12 23 4.5 -4.5
DIVB iShares Core Dividend ETF 0.0 5 30 7.7 -1.4
IWM iShares Russell 2000 ETF 0.0 19 16 3.6 -5.4
VTWO Vanguard Russell 2000 ETF 0.0 10 25 3.8 -5.2
FLAX Franklin FTSE Asia Ex Japan ETF 0.0 19 16 10.8 +1.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.0 70 -35 9.8 +0.8
EEMA iShares MSCI Emerging Markets Asia ETF 0.0 49 -14 10.7 +1.7
RSSL Global X Russell 2000 ETF 0.0 8 27 3.6 -5.4
VWO Vanguard FTSE Emerging Markets ETF 0.0 8 27 10.9 +1.9
ISCG iShares Morningstar Small-Cap Growth ETF 0.0 6 29 2.7 -6.3
QDF FlexShares Quality Dividend Index Fund 0.0 37 -2 6.2 -2.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.0 15 20 10.8 +1.7
ISCB iShares Morningstar Small-Cap ETF 0.0 4 31 5.6 -3.4
ISCV iShares Morningstar Small Cap Value ETF 0.0 6 29 8.4 -0.6
VXF Vanguard Extended Market ETF 0.0 6 29 4.5 -4.5
DFSU Dimensional US Sustainability Core 1 ETF 0.0 18 17 5.8 -3.2
DFAS Dimensional U.S. Small Cap ETF 0.0 26 9 6.9 -2.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.0 29 6 6.4 -2.6
QDEF FlexShares Quality Dividend Defensive Index Fund 0.0 37 -2 5.9 -3.1

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Themes Copper Miners ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.1 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 9.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.58 CATEGORY
AVERAGE		 1.60
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.