VanEck Vectors Oil Refiners
ALTAR
Score™
12.8% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
12.8x P/Sales
ratio
0.3x
P/BV
ratio
1.3x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The VanEck Vectors Oil Refiners ETF tracks an index of global stocks issued by firms that earn at least 50% of their revenue from oil refining. The index is market-cap-weighted.

FUND BASICS
Category US Equities
Fund Sponsor Van Eck
Website www.vaneck.com
Inception date Aug 18, 2015
Assets (mns) $36
Currency USD
Expense ratio 60 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $28,338
Large cap (>$10bn) 59.6%
Mid cap ($2-10bn) 39.3%
Small cap (<$2bn) 1.1%
Developed mkts 62.0%
Emerging mkts 38.0%

TOP TEN HOLDINGS
RELIANCE INDS-SPONS GDR 144A 8.8 %
PHILLIPS 66 8.5 %
MARATHON PETROLEUM 7.7 %
VALERO ENERGY CORP 7.3 %
NESTE OIL OYJ 6.1 %
OMV AG 5.3 %
JX HOLDINGS INC 5.2 %
GALP ENERGIA SGPS SA-B SHRS 4.8 %
POLSKI KONCERN NAFTOWY SA 4.6 %
HOLLYFRONTIER CORP 4.2 %
Total 62.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 31.0 %
JAPAN 10.3 %
SOUTH KOREA 9.2 %
INDIA 8.8 %
POLAND 6.2 %
FINLAND 6.1 %
AUSTRIA 5.3 %
PORTUGAL 4.8 %
TAIWAN 4.2 %
HUNGARY 3.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
11.7% -3.1% -- -- 16.0%

Market Correlations
versus... Beta R-squared
S&P500 1.07 50%
MSCI EAFE 1.26 58%
MSCI Emg. Mkts. 0.84 43%

Technical Indicators
Recent close $29.88
30d moving avg. $29.62
Annualized volatility 18.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 28
Turnover 2.3%
Bid/Ask (% of price) 0.46%
ADV underlying (mns) $1,611

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the VanEck Vectors Oil Refiners ETF based on the alternatives' overlap in portfolio holdings with CRAK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CRAK Expense: 60 bp ALTAR Score™: 12.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CRAK
Ticker Fund
Name
Overlap1
vs CRAK
(%)
Expense
ratio
(bp)
Savings
vs CRAK
(bp)
ALTAR
Score™
(%)
ALTAR
vs CRAK
(%)
IEO iShares U.S. Oil & Gas Exploration & Production 25.0 42 18 3.3 -9.5
FTXN First Trust Nasdaq Oil & Gas 19.6 60 0 2.7 -10.1
PXI Invesco Dynamic Energy Sector 19.2 60 0 -0.7 -13.4
PXE Invesco Dynamic Energy Exploration & Production 18.5 63 -3 1.2 -11.5
JHME John Hancock Multifactor Energy 17.6 40 20 3.4 -9.3
RYE Invesco S&P Equal Weight Energy ETF 16.7 40 20 3.6 -9.1
XLEY Cushing Energy & MLP 16.0 65 -5 3.7 -9.0
FXN First Trust Energy Alphadex 15.1 63 -3 4.6 -8.2
XOP SPDR S&P Oil & Gas Exploration 14.3 35 25 3.6 -9.1
XLE Energy Select Sector SPDR 14.0 13 47 4.5 -8.3
IYE iShares DJ US Energy Sector 12.5 42 18 4.1 -8.7
VDE Vanguard Energy ETF 12.3 10 50 3.9 -8.8
FENY Fidelity MSCI Energy 12.1 8 52 4.1 -8.7
FILL iShares MSCI Global Energy Producers 10.4 39 21 5.6 -7.1
IGE iShares North American Natural Resources 9.5 46 14 4.1 -8.7
XLSY Cushing Energy Supply Chain & MLP 8.9 65 -5 5.6 -7.2
IXC iShares S&P Global Energy Sector 8.9 46 14 5.2 -7.6
SPVU Invesco S&P 500 Value 8.2 13 47 11.0 -1.7
SPDV AAM S&P 500 High Dividend Value 7.9 29 31 10.6 -2.1
EPOL iShares MSCI Poland Investable 6.2 63 -3 9.8 -2.9

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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
VanEck Vectors Oil Refiners
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.8 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 12.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.55
 
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.