SPDR S&P International Dividend ETF
ALTAR
Score™
7.0% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.7x P/Sales
ratio
1.6x
P/BV
ratio
1.5x Div.
yield
4.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P International Dividend ETF objective is to provide investment results that correspond generally to the price and yield performance of the S&P International Dividend Opportunities Inde

FUND BASICS
Category International Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Feb 19, 2008
Assets (mns) $810
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Dividend
Index replication Derivative
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $36,500
Large cap (>$10bn) 61.7%
Mid cap ($2-10bn) 37.6%
Small cap (<$2bn) 0.8%
Developed mkts 87.6%
Emerging mkts 12.4%

TOP TEN HOLDINGS
EDP-ENERGIAS DE PORTUGAL SA 2.1 %
ENAGAS 2.0 %
ENI SPA 1.9 %
BCE INC. 1.9 %
ORANGE SA 1.9 %
GLAXOSMITHKLINE PLC 1.8 %
TOTAL SA 1.8 %
A2A SPA 1.7 %
LEGAL & GENERAL GROUP PLC 1.6 %
SHAW COMMUNICATIONS INC-B 1.6 %
Total 18.3 %

TOP COUNTRY EXPOSURE
CANADA 18.9 %
JAPAN 10.6 %
SWITZERLAND 9.6 %
AUSTRALIA 8.6 %
BRITAIN 6.2 %
SPAIN 6.1 %
FRANCE 5.3 %
ITALY 5.0 %
HONG KONG 3.5 %
THAILAND 3.4 %

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.
17.8% 17.2% 1.9% 2.7% -0.1%

Market Correlations
versus... Beta R-squared
S&P500 0.53 50%
MSCI EAFE 0.74 83%
MSCI Emg. Mkts. 0.55 74%

Technical Indicators
Recent close $40.22
30d moving avg. $39.83
Annualized volatility 9.1%
Short interest (ETF) 0.4%
Relative strength (RSI) 75

Liquidity measures
Avg. volume (thou.) 78
Turnover 0.4%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $5,504

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P International Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with DWX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DWX Expense: 45 bp ALTAR Score™: 7.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DWX
Ticker Fund
Name
Overlap1
vs DWX
(%)
Expense
ratio
(bp)
Savings
vs DWX
(bp)
ALTAR
Score™
(%)
ALTAR
vs DWX
(%)
LVL Invesco S&P Global Dividend Opportunities 40.9 64 -19 6.8 -0.2
IDLV Invesco S&P Int'l Developed Low Volatility 25.7 25 20 6.3 -0.6
FID First Trust S&P International Dividend Aristocrats 21.7 60 -15 7.2 +0.3
LVHI Legg Mason International Low Volatility High Dividend 20.0 40 5 9.1 +2.1
IDV iShares DJ Int'l Select Dividend 19.8 49 -4 8.5 +1.5
IDHD Invesco S&P Intl Developed High Div Low Volatility 18.5 30 15 6.4 -0.5
WDIV SPDR S&P Global Dividend 18.1 40 5 7.5 +0.5
VYMI Vanguard Int'l High Dividend Yield 17.4 32 13 9.3 +2.3
HDMV First Trust Horizon Managed Volatility Developed Int'l 17.4 80 -35 6.0 -0.9
QLVD FlexShares Developed Mkts ex-US Quality Low Volatility 17.2 32 13 6.6 -0.3
CID Victory CEMP International High Div Volatility Wtd 16.4 45 0 8.9 +2.0
EUMV iShares MSCI Europe Min Volatility 16.2 25 20 5.2 -1.8
FDEV Fidelity Targeted International Factor 16.0 39 6 6.9 -0.1
IQDE FlexShares Int'l Quality Dividend Defensive 15.9 47 -2 9.7 +2.7
RNDM First Trust Developed International Equity Select 15.7 65 -20 6.4 -0.6
EFAV iShares MSCI EAFE Minimum Volatility 15.2 20 25 5.8 -1.2
EFV iShares MSCI EAFE Value 14.9 38 7 9.0 +2.0
IFGL iShares FTSE EPRA/NARIET Developed REIT 14.4 48 -3 6.5 -0.4
FGD First Trust DJ Global Select Dividend 14.2 58 -13 9.2 +2.3
OEUR O'Shares FTSE Europe Quality Dividend 14.0 48 -3 6.4 -0.6

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:
SPDR S&P International Dividend ETF
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 10.7 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 7.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.73 CATEGORY
AVERAGE
1.63
 
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.