SPDR S&P Bank ETF
ALTAR
Score™
10.6% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
18.7x P/Sales
ratio
2.2x
P/BV
ratio
0.8x Div.
yield
3.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KBW Bank ETF, before expenses, seeks to closely match the returns and characteristics of the KBW Bank Index. The index is a float adjusted modified-market capitalization weighted index of geographically diverse companies representing national money center banks and regional banking institutions listed on U.S. stock markets.

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.ssgafunds.com
Inception date Nov 08, 2005
Assets (mns) $1,302
Currency USD
Expense ratio 35 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 89
Wgt avg mkt cap (mns) $21,715
Large cap (>$10bn) 33.4%
Mid cap ($2-10bn) 50.5%
Small cap (<$2bn) 16.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CIT GROUP INC 2.9 %
FIRST REPUBLIC BANK/CA 2.1 %
SVB FINANCIAL GROUP 2.1 %
REGIONS FINANCIAL CORP 2.0 %
BB&T CORP 2.0 %
FIFTH THIRD BANCORP 2.0 %
COMERICA INC 2.0 %
FIRST HORIZON NATIONAL CORP 2.0 %
ESSENT GROUP LTD 1.9 %
PEOPLE'S UNITED FINANCIAL 1.9 %
Total 20.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.1 %
BERMUDA 1.9 %
PUERTO RICO 1.7 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-36.2% -29.6% -0.3% 4.5% -1.5%

Market Correlations
versus... Beta R-squared
S&P500 1.47 79%
MSCI EAFE 1.57 75%
MSCI Emg. Mkts. 1.16 64%

Technical Indicators
Recent close $32.68
30d moving avg. $31.47
Annualized volatility 29.2%
Short interest (ETF) 12.1%
Short interest (Underlying) 4.4%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 2,308
Turnover 5.8%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $8,629

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KBE Expense: 35 bp ALTAR Score™: 10.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBE
Ticker Fund
Name
Overlap1
vs KBE
(%)
Expense
ratio
(bp)
Savings
vs KBE
(bp)
ALTAR
Score™
(%)
ALTAR
vs KBE
(%)
KRE SPDR S&P Regional Banking ETF 70.9 35 0 10.0 -0.6
IAT iShares U.S. Regional Banks ETF 51.9 42 -7 10.4 -0.2
FTXO First Trust Nasdaq Bank ETF 45.1 60 -25 9.0 -1.6
FXO First Trust Financials AlphaDEX Fund 39.1 63 -28 12.2 +1.6
KBWR Invesco KBW Regional Banking ETF 38.9 35 0 10.7 +0.1
KBWB Invesco KBW Bank ETF 38.1 35 0 10.3 -0.3
RYF Invesco S&P 500 Equal Weight Financials ETF 31.1 40 -5 9.8 -0.8
IEFN iShares Evolved U.S. Financials ETF 24.6 18 17 9.4 -1.1
QABA First Trust NASDAQ ABA Community Bank Index Fund 24.3 60 -25 9.9 -0.7
IYG iShares US Financial Services ETF 23.0 42 -7 7.2 -3.3
IJJ iShares S&P Mid-Cap 400 Value ETF 22.8 25 10 8.4 -2.2
FNCL Fidelity MSCI Financials Index ETF 22.3 8 27 8.9 -1.7
JHMF John Hancock Multifactor Financials ETF 21.3 40 -5 7.9 -2.6
VFH Vanguard Financials Index Fund 21.0 10 25 8.9 -1.7
XLF Financial Select Sector SPDR Fund 18.5 13 22 8.4 -2.2
AUSF Global X Adaptive U.S. Factor ETF 17.9 27 8 9.4 -1.1
FOVL iShares Focused Value Factor ETF 17.1 25 10 10.2 -0.4
FNK First Trust Mid Cap Value AlphaDEX Fund 16.9 70 -35 11.0 +0.4
IYF iShares U.S. Financials ETF 16.2 42 -7 7.2 -3.4
DVY iShares Select Dividend ETF 15.6 39 -4 9.6 -1.0
SPYD SPDR S&P 500 High Dividend ETF 15.0 7 28 11.4 +0.9
FYT First Trust Small Cap Value AlphaDEX Fund 14.7 72 -37 9.7 -0.9
DFNL Davis Select Financial ETF 14.2 64 -29 8.7 -1.9
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 14.0 60 -25 8.0 -2.6
FAB First Trust Multi Cap Value AlphaDEX Fund 13.9 71 -36 9.8 -0.8
IXG iShares Global Financials ETF 12.5 46 -11 10.5 -0.1
FDL First Trust Morningstar Dividend Leaders Index Fund 12.3 45 -10 10.6 +0.0
EZM WisdomTree U.S. MidCap Earnings Fund 12.2 38 -3 8.9 -1.7
WBIY WBI Power Factor High Dividend ETF 12.1 70 -35 11.5 +0.9
SPHB Invesco S&P 500 High Beta ETF 12.0 25 10 8.9 -1.6
SPVU Invesco S&P 500 Enhanced Value ETF 11.8 13 22 12.1 +1.5
MDYV SPDR S&P 400 Mid Cap Value ETF 11.8 15 20 8.6 -2.0
ESGS Columbia Sustainable U.S. Equity Income ETF 11.7 35 0 9.0 -1.6
RDVY First Trust Rising Dividend Achievers ETF 11.5 50 -15 8.1 -2.5
JKL iShares Morningstar Small Cap Value ETF 11.5 30 5 10.2 -0.4
PKW Invesco Buyback Achievers ETF 11.5 62 -27 7.0 -3.6
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 11.4 35 0 9.0 -1.5
RDIV Invesco S&P Ultra Dividend Revenue ETF 11.1 39 -4 11.0 +0.4
AVUV Avantis U.S. Small Cap Value ETF 11.0 25 10 8.1 -2.4
FTA First Trust Large Cap Value AlphaDEX Fund 10.7 60 -25 9.3 -1.2
PSCF Invesco S&P SmallCap Financials ETF 10.6 29 6 11.2 +0.7
PY Principal Shareholder Yield Index ETF 10.6 15 20 9.6 -1.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 10.5 15 20 8.4 -2.1
EQRR ProShares Equities for Rising Rates ETF 10.5 35 0 7.3 -3.2
JKJ iShares Morningstar Small-Cap ETF 10.4 25 10 6.4 -4.1
DON WisdomTree U.S. MidCap Dividend Fund 10.3 38 -3 7.7 -2.8
DIVB iShares U.S. Dividend & Buyback ETF 10.2 25 10 7.0 -3.6
VFVA Vanguard U.S. Value Factor ETF 9.8 14 21 11.2 +0.6
FLV American Century Focused Large Cap Value ETF 9.7 42 -7 6.6 -4.0
DGRO iShares Core Dividend Growth ETF 9.7 8 27 6.9 -3.7
FUNL CornerCap Fundametrics Large-Cap ETF 9.6 50 -15 8.4 -2.1
CVY Invesco Zacks Multi-Asset Income ETF 9.6 94 -59 10.8 +0.2
RAFE PIMCO RAFI ESG U.S. ETF 9.6 29 6 7.9 -2.7
VYM Vanguard High Dividend Yield Index ETF 9.4 6 29 7.7 -2.9
JKF iShares Morningstar Large Cap Value ETF 9.3 25 10 7.9 -2.6
NIFE Direxion Fallen Knives ETF 9.3 50 -15 5.4 -5.1
FYX First Trust Small Cap Core AlphaDEX Fund 9.3 63 -28 6.2 -4.4
FNX First Trust Mid Cap Core AlphaDEX Fund 9.0 61 -26 6.5 -4.1
EWMC Invesco S&P MidCap 400 Equal Weight ETF 8.9 40 -5 7.4 -3.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 8.8 35 0 9.1 -1.5
IWN iShares Russell 2000 Value ETF 8.7 24 11 6.9 -3.7
DUSA Davis Select U.S. Equity ETF 8.6 63 -28 6.1 -4.5
VLU SPDR S&P 1500 Value Tilt ETF 8.5 12 23 7.5 -3.1
PSC Principal U.S. Small Cap Index ETF 8.5 38 -3 6.9 -3.6
SPGP Invesco S&P 500 GARP ETF 8.5 34 1 7.0 -3.6
SCHD Schwab U.S. Dividend Equity ETF 8.4 6 29 8.2 -2.4
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 8.3 29 6 9.5 -1.0
BFOR Barron's 400 ETF 8.3 65 -30 6.6 -4.0
SPVM Invesco S&P 500 Value with Momentum ETF 8.2 39 -4 9.0 -1.6
VBR Vanguard Small Cap Value Index Fund 8.2 7 28 8.2 -2.4
RPV Invesco S&P 500 Pure Value ETF 8.2 35 0 11.0 +0.5
FDVV Fidelity Core Dividend ETF 8.1 29 6 7.2 -3.3
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 8.1 15 20 6.9 -3.7
VOOV Vanguard S&P 500 Value ETF 8.0 10 25 7.5 -3.1
QSY WisdomTree U.S. LargeCap Value Fund 8.0 38 -3 6.8 -3.8
IUSV iShares Core S&P U.S. Value ETF 7.9 4 31 7.6 -2.9
TPSC Timothy Plan US Small Cap Core ETF 7.9 52 -17 8.1 -2.5
PXMV Invesco S&P MidCap Value with Momentum ETF 7.8 39 -4 9.8 -0.7
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 7.7 20 15 9.5 -1.1
VETS Pacer Military Times Best Employers ETF 7.6 60 -25 7.2 -3.4
SPYV SPDR Portfolio S&P 500 Value ETF 7.6 4 31 7.5 -3.0
PWV Invesco Dynamic Large Cap Value ETF 7.6 56 -21 8.6 -2.0
SYV SPDR MFS Systematic Value Equity ETF 7.6 60 -25 7.6 -3.0
IVE iShares S&P 500 Value ETF 7.6 18 17 7.4 -3.2
FGD First Trust Dow Jones Global Select Dividend Index Fund 7.5 59 -24 12.8 +2.2
RFV Invesco S&P Midcap 400 Pure Value ETF 7.4 35 0 9.5 -1.0
DTD WisdomTree U.S.Total Dividend Fund 7.3 28 7 6.9 -3.7
HOMZ Hoya Capital Housing ETF 7.3 30 5 7.6 -3.0
JVAL JPMorgan U.S. Value Factor ETF 7.2 12 23 8.6 -2.0
QDIV Global X S&P 500 Quality Dividend ETF 7.2 20 15 7.8 -2.8
IWX iShares Russell Top 200 Value ETF 7.1 20 15 7.0 -3.6
MGV Vanguard Mega Cap Value ETF 7.1 7 28 7.5 -3.1
GBDV Global Beta Smart Income ETF 7.1 29 6 10.6 +0.0
TTFS AdvisorShares Wilshire Buyback ETF 7.0 91 -56 6.4 -4.2
VONV Vanguard Russell 1000 Value Index Fund 7.0 8 27 7.2 -3.4
IWD iShares Russell 1000 Value ETF 7.0 19 16 7.1 -3.5
MAGA Point Bridge GOP Stock Tracker ETF 7.0 72 -37 6.6 -4.0
VTV Vanguard Value Index Fund 7.0 4 31 7.6 -3.0
NUMV Nuveen ESG Mid-Cap Value ETF 7.0 40 -5 7.2 -3.4

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 S&P Bank ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.6 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 10.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 CATEGORY
AVERAGE
1.51
 
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.