SPDR Dow Jones Industrial Average
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.7x P/Sales
ratio
2.1x
P/BV
ratio
3.8x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR Dow Jones Industrial Average ETF Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Dow Jones Industrial Average, and index of 30 "blue chip" U.S. stocks.

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.spdrs.com
Inception date Jan 14, 1998
Assets (mns) $22,713
Currency USD
Expense ratio 17 bp
Distributions Monthly

FUND STRUCTURE
Regulation Unit Investment Trust
Custodian State Street Bank & Trust
Weighting Price
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 30
Wgt avg mkt cap (mns) $303,859
Large cap (>$10bn) 100.0%
Mid cap ($2-10bn) 0.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BOEING CO 9.0 %
UNITEDHEALTH GROUP INC 6.5 %
APPLE INC 6.4 %
HOME DEPOT INC 5.7 %
GOLDMAN SACHS GROUP INC 5.3 %
MCDONALD'S CORP 4.7 %
VISA INC-CLASS A SHARES 4.3 %
3M CO 4.2 %
MICROSOFT CORP 3.6 %
UNITED TECHNOLOGIES CORP 3.6 %
Total 53.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.9 %










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.
18.0% 10.1% 11.8% 13.5% 8.2%

Market Correlations
versus... Beta R-squared
S&P500 0.97 91%
MSCI EAFE 0.82 55%
MSCI Emg. Mkts. 0.55 41%

Technical Indicators
Recent close $278.20
30d moving avg. $272.84
Annualized volatility 12.3%
Short interest (ETF) 8.6%
Short interest (Underlying) 2.0%
Relative strength (RSI) 75

Liquidity measures
Avg. volume (thou.) 2,770
Turnover 3.4%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $28,821

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Dow Jones Industrial Average ETF based on the alternatives' overlap in portfolio holdings with DIA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DIA Expense: 17 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DIA
Ticker Fund
Name
Overlap1
vs DIA
(%)
Expense
ratio
(bp)
Savings
vs DIA
(bp)
ALTAR
Score™
(%)
ALTAR
vs DIA
(%)
EDOW First Trust Dow 30 Equal Weight 79.7 50 -33 6.2 +0.1
DJD Invesco Dow Jones Industrial Average Dividend 65.0 7 10 7.4 +1.3
DIVO Amplify YieldShares CWP Dividend & Option Income 62.0 49 -32 5.5 -0.6
USMC Principal U.S. Mega-Cap Multi-Factor Index 48.4 12 5 5.7 -0.4
XLG Invesco S&P Top 50 43.2 20 -3 5.2 -0.9
OEF iShares S&P 100 41.3 20 -3 5.5 -0.6
PRID InsightShares LGBT Employment Equality 37.5 65 -48 5.7 -0.4
OVOL Invesco Russell 1000 Low Volatility Factor ETF 36.9 19 -2 5.6 -0.5
OUSA O'Shares FTSE U.S. Quality Dividend 36.0 48 -31 5.9 -0.2
DGRO iShares Core Dividend Growth 35.6 8 9 6.4 +0.4
DLN WisdomTree Large Cap Dividend 35.0 28 -11 6.5 +0.4
FDRR Fidelity Dividend for Rising Rates 34.6 29 -12 7.8 +1.8
WOMN Impact Shares YWCA Women's Empowerment 34.5 75 -58 5.4 -0.6
IWL iShares Russell Top 200 34.5 15 2 5.7 -0.4
OQAL Invesco Russell 1000 Quality Factor ETF 33.8 19 -2 5.3 -0.8
IOO iShares S&P Global 100 33.6 40 -23 5.5 -0.6
SNPE Xtrackers S&P 500 ESG 32.9 11 6 5.8 -0.3
MGV Vanguard Mega Cap 300 Value 32.8 7 10 7.1 +1.0
SPHQ Invesco S&P High Quality Portfolio 32.3 15 2 5.6 -0.5
JUST Goldman Sachs JUST U.S. Large Cap Equity 32.1 20 -3 5.6 -0.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:
SPDR Dow Jones Industrial Average
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 21.0 %
Divided by: Fwd. P/BV 3.4 x
Less: Expense ratio 17 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 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.