iShares U.S. Real Estate
ALTAR
Score™
5.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.0x P/Sales
ratio
6.0x
P/BV
ratio
2.5x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares U.S. Real Estate Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, to the performance of the real estate sector of the U.S. equity market, as represented by the Dow Jones U.S. Real Estate Index.

FUND BASICS
Category US Equities
Fund Sponsor Barclays Global Investors
Website www.ishares.com
Inception date Jun 19, 2000
Assets (mns) $4,618
Currency USD
Expense ratio 42 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 114
Wgt avg mkt cap (mns) $26,254
Large cap (>$10bn) 64.5%
Mid cap ($2-10bn) 34.5%
Small cap (<$2bn) 1.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AMERICAN TOWER CORP-CL A 7.6 %
PROLOGIS INC 4.5 %
CROWN CASTLE INTL CORP 4.5 %
SIMON PROPERTY GROUP INC 3.8 %
EQUINIX INC 3.7 %
WELLTOWER, INC. 2.7 %
PUBLIC STORAGE 2.6 %
EQUITY RESIDENTIAL 2.4 %
AVALONBAY COMMUNITIES INC 2.4 %
SBA COMMUNICATIONS CORP. CLASS A 2.2 %
Total 36.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.7 %










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.
28.6% 24.1% 8.7% 13.0% 11.6%

Market Correlations
versus... Beta R-squared
S&P500 0.51 28%
MSCI EAFE 0.37 12%
MSCI Emg. Mkts. 0.23 8%

Technical Indicators
Recent close $93.29
30d moving avg. $93.28
Annualized volatility 11.7%
Short interest (ETF) 32.2%
Short interest (Underlying) 2.9%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 6,974
Turnover 14.1%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $7,325

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the iShares U.S. Real Estate ETF based on the alternatives' overlap in portfolio holdings with IYR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IYR Expense: 42 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IYR
Ticker Fund
Name
Overlap1
vs IYR
(%)
Expense
ratio
(bp)
Savings
vs IYR
(bp)
ALTAR
Score™
(%)
ALTAR
vs IYR
(%)
FREL Fidelity MSCI Real Estate 92.1 8 34 6.0 +0.3
VNQ Vanguard REIT ETF 81.2 12 30 6.0 +0.3
PSR Invesco Active US Real Estate 75.9 35 7 5.4 -0.4
USRT iShares Core. U.S. REIT 74.1 8 34 6.4 +0.7
BBRE JPMorgan BetaBuilders MSCI U.S. REIT 73.7 11 31 6.3 +0.6
FRI First Trust S&P REIT 73.7 50 -8 6.0 +0.2
XLRE Real Estate Select Sector SPDR 62.4 13 29 5.3 -0.5
REET iShares Global REIT 61.4 14 28 6.1 +0.4
SCHH Schwab US REIT 55.4 7 35 6.4 +0.6
RWR SPDR Dow Jones REIT ETF 55.4 25 17 6.2 +0.5
RWO SPDR DJ Global Real Estate 54.8 50 -8 5.9 +0.2
ICF iShares Cohen & Steers Realty Majors 54.8 34 8 5.2 -0.6
PPTY PPTY-U.S. Diversified Real Estate 54.2 53 -11 5.2 -0.5
EWRE Invesco S&P 500 Equal Weight Real Estate 54.0 40 2 5.5 -0.3
FFR First Trust FTSE EPRA/NAREIT Global Real Estate 51.8 60 -18 6.1 +0.4
GRI Cohen & Steers Global Realty 51.0 55 -13 5.7 -0.0
GQRE FlexShares Global Quality Real Estate 35.3 45 -3 6.3 +0.6
REZ iShares Residential Real Estate Capped 28.5 48 -6 5.0 -0.7
RORE Hartford Multifactor REIT 26.0 45 -3 12.9 +7.1

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

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 U.S. Real Estate
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 14.5 %
Divided by: Fwd. P/BV 2.4 x
Less: Expense ratio 42 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 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.