SPDR EURO STOXX 50 ETF
ALTAR
Score™
7.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
20.0x P/Sales
ratio
1.2x
P/BV
ratio
1.4x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
DJ EURO STOXX 50 Fund is an exchange-traded fund which represents a passive management strategy designed to track the performance of the Dow Jones EURO STOXX 50 Index. The Dow Jones STOXX 50 Index represents the performance of the 50 largest companies, across all components the 19 Dow Jones EURO STOXX 600 market sector indices.

FUND BASICS
Category International Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Oct 15, 2002
Assets (mns) $1,754
Currency USD
Expense ratio 29 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 51
Wgt avg mkt cap (mns) $89,029
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
SAP AG 6.1 %
ASML HOLDING NV 5.6 %
LVMH MOET HENNESSY LOUIS VUI 4.5 %
SANOFI-AVENTIS 4.1 %
SIEMENS AG-REG 3.4 %
TOTAL SA 3.2 %
UNILEVER NV 3.0 %
ALLIANZ SE-REG 2.9 %
L'OREAL 2.8 %
AIR LIQUIDE SA 2.7 %
Total 38.2 %

TOP COUNTRY EXPOSURE
FRANCE 33.1 %
GERMANY 29.5 %
NETHERLANDS 17.0 %
SPAIN 5.7 %
ITALY 4.3 %
FINLAND 2.0 %
BELGIUM 1.6 %
IRELAND 1.1 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.4% 5.7% 4.1% 4.9% 5.9%

Market Correlations
versus... Beta R-squared
S&P500 0.90 68%
MSCI EAFE 1.13 91%
MSCI Emg. Mkts. 0.80 73%

Technical Indicators
Recent close $36.54
30d moving avg. $37.86
Annualized volatility 19.0%
Short interest (ETF) 4.0%
Relative strength (RSI) 38

Liquidity measures
Avg. volume (thou.) 3,894
Turnover 8.1%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $6,756

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR EURO STOXX 50 ETF ETF based on the alternatives' overlap in portfolio holdings with FEZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FEZ Expense: 29 bp ALTAR Score™: 7.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FEZ
Ticker Fund
Name
Overlap1
vs FEZ
(%)
Expense
ratio
(bp)
Savings
vs FEZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs FEZ
(%)
EZU iShares MSCI Eurozone ETF 59.1 49 -20 6.6 -0.6
EURZ Xtrackers Eurozone Equity ETF 57.8 9 20 7.1 -0.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 51.3 45 -16 6.7 -0.5
HEDJ WisdomTree Europe Hedged Equity Fund 44.5 58 -29 6.7 -0.5
FLFR Franklin FTSE France ETF 34.6 9 20 6.8 -0.4
EWQ iShares MSCI France ETF 34.6 50 -21 6.4 -0.8
IEV iShares Europe ETF 31.8 59 -30 6.8 -0.4
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 30.2 30 -1 0.0 -7.2
QDEU SPDR MSCI Germany Quality Mix ETF 29.5 14 15 7.3 +0.1
DAX Global X DAX Germany ETF 29.5 21 8 7.3 +0.1
FLGR Franklin FTSE Germany ETF 29.5 9 20 7.1 -0.2
DBGR Xtrackers MSCI Germany Hedged Equity ETF 29.5 45 -16 6.8 -0.4
EWG iShares MSCI Germany ETF 29.5 49 -20 6.8 -0.5
FLEE Franklin FTSE Europe ETF 29.0 9 20 7.0 -0.2
DBEU Xtrackers MSCI Europe Hedged Equity ETF 29.0 45 -16 6.6 -0.6
BBEU JPMorgan BetaBuilders Europe ETF 28.3 9 20 7.4 +0.1
FLEH Franklin FTSE Europe Hedged ETF 27.9 9 20 7.2 -0.0
IEUR iShares Core MSCI Europe ETF 26.5 9 20 7.2 -0.0
FEU SPDR Portfolio Europe ETF 26.0 9 20 7.3 +0.1
VGK Vanguard FTSE Europe ETF 25.7 8 21 7.4 +0.2
DXGE WisdomTree Germany Hedged Equity Fund 24.5 48 -19 8.5 +1.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 23.8 58 -29 5.9 -1.3
DOL WisdomTree International LargeCap Dividend Fund 23.3 48 -19 8.7 +1.5
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 22.9 25 4 6.4 -0.8
OEUR O'shares FTSE Europe Quality Dividend ETF 22.7 48 -19 6.7 -0.5
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 22.3 35 -6 6.9 -0.4
IQSI IQ Candriam ESG International Equity ETF 21.4 15 14 7.3 +0.1
IGRO iShares International Dividend Growth ETF 21.3 22 7 8.0 +0.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 20.4 14 15 6.8 -0.4
EFV iShares MSCI EAFE Value ETF 20.4 39 -10 9.7 +2.5
EFA iShares MSCI EAFE ETF 18.8 32 -3 7.0 -0.3
DTH WisdomTree DEFA Equity Income Fund 18.8 58 -29 9.9 +2.7
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 18.7 20 9 7.0 -0.3
GSID Goldman Sachs MarketBeta International Equity ETF 18.4 20 9 7.3 +0.0
ESGD iShares MSCI EAFE ESG Optimized ETF 18.4 20 9 6.9 -0.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 18.1 35 -6 6.8 -0.4
IQIN IQ 500 International ETF 17.8 25 4 8.7 +1.4
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 17.8 45 -16 8.9 +1.7
BKIE BNY Mellon International Equity ETF 17.6 4 25 7.3 +0.1
EFG iShares MSCI EAFE Growth ETF 17.4 40 -11 4.4 -2.8
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 17.2 20 9 9.7 +2.5
FIVA Fidelity International Value Factor ETF 17.2 39 -10 9.7 +2.5
HFXI IQ 50 Percent Hedged FTSE International ETF 17.1 20 9 7.4 +0.2
IQLT iShares Edge MSCI Intl Quality Factor ETF 16.9 30 -1 5.9 -1.3
IDMO Invesco S&P International Developed Momentum ETF 16.8 26 3 4.5 -2.8
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 16.6 7 22 7.4 +0.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 16.6 20 9 11.5 +4.2
IVLU iShares Edge MSCI Intl Value Factor ETF 16.4 30 -1 11.5 +4.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 16.4 30 -1 4.3 -2.9
DWM WisdomTree International Equity Fund 16.1 48 -19 8.3 +1.1
IEFA iShares Core MSCI EAFE ETF 16.1 7 22 7.2 -0.0
IDY Pacific Global International Equity Income ETF 16.0 39 -10 8.0 +0.8
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 15.9 35 -6 8.6 +1.4
DOO WisdomTree International Dividend ex-Financials Fund 15.5 58 -29 8.9 +1.6
EWN iShares MSCI Netherlands ETF 15.5 50 -21 5.1 -2.1
SCHF Schwab International Equity ETF 15.3 6 23 7.3 +0.0
FNDF Schwab Fundamental International Large Co. Index ETF 15.2 25 4 8.8 +1.5
JHMD John Hancock Multifactor Developed International ETF 15.1 39 -10 7.3 +0.1
ISDX Invesco Strategic Developed ex-US ETF 14.8 23 6 7.4 +0.1
NUDM Nuveen ESG International Developed Markets Equity ETF 14.8 40 -11 6.7 -0.5
RFDI First Trust Riverfront Dynamic Developed International ETF 14.2 83 -54 5.6 -1.6
QEFA SPDR MSCI EAFE Quality Mix ETF 14.1 30 -1 6.8 -0.5
PDEV Principal International Multi-Factor Core Index ETF 13.9 25 4 7.9 +0.7
IDEV iShares Core MSCI International Developed Markets ETF 13.8 5 24 7.2 -0.1
CWI SPDR MSCI ACWI ex-US ETF 13.7 30 -1 7.2 -0.0
VYMI Vanguard International High Dividend Yield ETF 13.5 27 2 10.3 +3.1
IQDG WisdomTree International Quality Dividend Growth Fund 13.5 42 -13 6.2 -1.1
RFEU First Trust Riverfront Dynamic Europe ETF 13.5 83 -54 5.9 -1.4
SPDW SPDR Portfolio Developed World ex-US ETF 13.4 4 25 7.1 -0.2
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 13.2 58 -29 6.0 -1.2
VEA Vanguard FTSE Developed Markets ETF 13.2 5 24 7.3 +0.1
VIGI Vanguard International Dividend Appreciation ETF 13.1 20 9 5.5 -1.7
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 13.1 30 -1 0.0 -7.2
FEUZ First Trust Eurozone AlphaDEX ETF 12.8 80 -51 7.5 +0.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 12.6 16 13 6.9 -0.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 12.4 25 4 6.6 -0.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 12.2 47 -18 9.2 +2.0
ACWX iShares MSCI ACWI ex U.S. ETF 12.1 32 -3 7.3 +0.0
IDHQ Invesco S&P International Developed Quality ETF 11.8 29 0 5.0 -2.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 11.7 40 -11 7.1 -0.2
EUFN iShares MSCI Europe Financials ETF 11.6 48 -19 12.8 +5.6
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 11.4 61 -32 4.9 -2.4
VGFO Virtus WMC Global Factor Opportunities ETF 11.3 49 -20 8.0 +0.8
VEU Vanguard FTSE All-World ex-US Index Fund 11.1 8 21 7.6 +0.3
DWCR Arrow DWA Country Rotation ETF 11.1 95 -66 14.2 +6.9
RXI iShares Global Consumer Discretionary ETF 10.9 46 -17 4.8 -2.4
IXUS ishares Core MSCI Total International Stock ETF 10.5 9 20 7.4 +0.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 9.9 39 -10 6.5 -0.8
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 9.9 80 -51 6.5 -0.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 9.8 39 -10 8.3 +1.1
VXUS Vanguard Total International Stock Index Fund 9.6 8 21 7.5 +0.3
FDEV Fidelity Targeted International Factor ETF 9.5 39 -10 6.4 -0.9
FIDI Fidelity International High Dividend ETF 9.4 39 -10 11.5 +4.2
IDRV iShares Self-driving EV & Tech ETF 9.3 47 -18 6.8 -0.4
KXI iShares Global Consumer Staples ETF 9.3 46 -17 5.2 -2.0
RNDM Developed International Equity Select ETF 9.2 65 -36 6.3 -1.0
IDOG ALPS International Sector Dividend Dogs ETF 9.1 50 -21 11.1 +3.9
FDD First Trust Stoxx European Select Dividend Index Fund 8.7 58 -29 11.7 +4.5
SCID Global X Scientific Beta Europe ETF 8.5 39 -10 6.5 -0.8

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR EURO STOXX 50 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 10.5 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.48 CATEGORY
AVERAGE
1.57
 
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.