iShares Currency Hedged MSCI Germany
ALTAR
Score™
7.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.5x P/Sales
ratio
0.9x
P/BV
ratio
1.6x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
iShares Currency Hedged MSCI Germany ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar.

FUND BASICS
Category International Equities
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Feb 04, 2014
Assets (mns) $166
Currency USD
Expense ratio 53 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian State Street Bank & Trust Co
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 2
Wgt avg mkt cap (mns) $64,990
Large cap (>$10bn) 93.3%
Mid cap ($2-10bn) 7.7%
Small cap (<$2bn) 0.5%
Developed mkts 101.7%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ISHARES MSCI GERMANY 99.3 %
Total 99.3 %

TOP COUNTRY EXPOSURE
0.0 %











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.
22.0% 12.8% 7.2% -- 5.9%

Market Correlations
versus... Beta R-squared
S&P500 0.78 53%
MSCI EAFE 0.97 69%
MSCI Emg. Mkts. 0.56 38%

Technical Indicators
Recent close $28.90
30d moving avg. $28.15
Annualized volatility 12.9%
Short interest (ETF) 1.5%
Relative strength (RSI) 78

Liquidity measures
Avg. volume (thou.) 54
Turnover 0.9%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $3,882

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the iShares Currency Hedged MSCI Germany ETF based on the alternatives' overlap in portfolio holdings with HEWG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HEWG Expense: 53 bp ALTAR Score™: 7.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HEWG
Ticker Fund
Name
Overlap1
vs HEWG
(%)
Expense
ratio
(bp)
Savings
vs HEWG
(bp)
ALTAR
Score™
(%)
ALTAR
vs HEWG
(%)
DBGR Xtrackers MSCI Germany Hedged 0.2 45 8 7.8 +0.2

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:
iShares Currency Hedged MSCI Germany
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 12.0 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 53 bp
Equals: ALTAR Score 7.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 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.