SPDR S&P Bank ETF
ALTAR
Score™
14.7% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
7.4x P/Sales
ratio
1.9x
P/BV
ratio
0.7x Div.
yield
4.8%


  • 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 15, 2005
Assets (mns) $958
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 91
Wgt avg mkt cap (mns) $20,053
Large cap (>$10bn) 24.0%
Mid cap ($2-10bn) 60.6%
Small cap (<$2bn) 15.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NEW YORK COMMUNITY BANCORP 2.4 %
FIRST REPUBLIC BANK/CA 2.2 %
VOYA FINANCIAL INC 2.2 %
NORTHERN TRUST CORP 2.1 %
BANK OF NEW YORK MELLON CORP 2.1 %
PEOPLE'S UNITED FINANCIAL 2.0 %
JPMORGAN CHASE & CO 2.0 %
PROSPERITY BANCSHARES INC 1.9 %
BANK OF AMERICA CORP 1.9 %
M & T BANK CORP 1.9 %
Total 20.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.7 %
PUERTO RICO 1.9 %
BERMUDA 1.0 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-42.7% -33.8% -2.4% 2.2% -2.3%

Market Correlations
versus... Beta R-squared
S&P500 1.63 78%
MSCI EAFE 1.56 69%
MSCI Emg. Mkts. 1.19 59%

Technical Indicators
Recent close $26.96
30d moving avg. $34.29
Annualized volatility 28.1%
Short interest (ETF) 11.6%
Short interest (Underlying) 4.4%
Relative strength (RSI) 33

Liquidity measures
Avg. volume (thou.) 4,091
Turnover 11.5%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $5,330

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 14.7%


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 73.2 35 0 14.9 +0.2
IAT iShares U.S. Regional Banks ETF 53.1 42 -7 14.3 -0.4
FTXO First Trust Nasdaq Bank ETF 47.9 60 -25 14.2 -0.5
KBWR Invesco KBW Regional Banking ETF 43.6 35 0 14.2 -0.5
KBWB Invesco KBW Bank ETF 37.1 35 0 13.4 -1.3
QABA First Trust NASDAQ ABA Community Bank Index Fund 29.0 60 -25 13.1 -1.7
FXO First Trust Financials AlphaDEX Fund 26.3 63 -28 13.1 -1.6
RYF Invesco S&P 500 Equal Weight Financials ETF 25.9 40 -5 11.4 -3.4
IEFN iShares Evolved U.S. Financials ETF 24.7 18 17 11.6 -3.1
IYG iShares US Financial Services ETF 23.8 42 -7 9.4 -5.3
JHMF John Hancock Multifactor Financials ETF 23.3 40 -5 10.3 -4.5
VFH Vanguard Financials Index Fund 22.9 10 25 11.2 -3.5
FNCL Fidelity MSCI Financials Index ETF 22.5 8 27 11.2 -3.5
XLF Financial Select Sector SPDR Fund 18.4 13 22 10.4 -4.3
FOVL iShares Focused Value Factor ETF 18.2 25 10 13.3 -1.4
IYF iShares U.S. Financials ETF 16.8 42 -7 8.9 -5.8
CLRG IQ Chaikin U.S. Large Cap ETF 15.3 25 10 11.0 -3.7
JKL iShares Morningstar Small Cap Value ETF 14.6 30 5 14.0 -0.7
FNK First Trust Mid Cap Value AlphaDEX Fund 14.5 70 -35 14.9 +0.2
CVY Invesco Zacks Multi-Asset Income ETF 14.1 97 -62 17.5 +2.8
PY Principal Shareholder Yield Index ETF 13.5 29 6 11.9 -2.8
EZM WisdomTree U.S. MidCap Earnings Fund 13.3 38 -3 13.0 -1.7
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 12.8 60 -25 12.2 -2.5
IXG iShares Global Financials ETF 12.8 46 -11 12.0 -2.8
MDYV SPDR S&P 400 Mid Cap Value ETF 12.5 15 20 11.4 -3.3
IJJ iShares S&P Mid-Cap 400 Value ETF 12.5 25 10 11.3 -3.4
IVOV Vanguard S&P Mid-Cap 400 Value ETF 12.4 15 20 11.5 -3.2
QVM Arrow QVM Equity Factor ETF 12.4 65 -30 13.7 -1.0
PKW Invesco Buyback Achievers ETF 12.3 62 -27 9.1 -5.6
PXMV Invesco S&P MidCap Value with Momentum ETF 12.3 39 -4 13.0 -1.8
AUSF Global X Adaptive U.S. Factor ETF 11.9 27 8 10.0 -4.7
DFNL Davis Select Financial ETF 11.2 64 -29 10.7 -4.0
USDY Pacific Global US Equity Income ETF 11.1 29 6 10.2 -4.5
SLT Salt TruBeta High Exposure ETF 11.0 29 6 11.5 -3.2
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 10.9 35 0 11.0 -3.7
DGRO iShares Core Dividend Growth ETF 10.6 8 27 8.2 -6.5
DIVB iShares U.S. Dividend & Buyback ETF 10.5 25 10 8.5 -6.2
PSCF Invesco S&P SmallCap Financials ETF 10.3 29 6 14.1 -0.7
JKJ iShares Morningstar Small-Cap ETF 9.9 25 10 8.6 -6.1
RDVY First Trust Rising Dividend Achievers ETF 9.8 50 -15 9.6 -5.1
SPYB SPDR S&P 500 Buyback ETF 9.8 35 0 11.0 -3.7
VTWV Vanguard Russell 2000 Value Index Fund 9.7 15 20 9.8 -4.9
DON WisdomTree U.S. MidCap Dividend Fund 9.7 38 -3 10.4 -4.3
FDVV Fidelity Core Dividend ETF 9.6 29 6 9.5 -5.2
FNX First Trust Mid Cap Core AlphaDEX Fund 9.5 61 -26 9.5 -5.2
IWN iShares Russell 2000 Value ETF 9.5 24 11 9.7 -5.0
JHSC John Hancock Multifactor Small Cap ETF 9.5 50 -15 8.2 -6.5
VBR Vanguard Small Cap Value Index Fund 9.5 7 28 11.4 -3.4
VFMF Vanguard U.S. Multifactor ETF 9.4 18 17 10.4 -4.3
DUSA Davis Select U.S. Equity ETF 9.3 63 -28 7.5 -7.3
FAB First Trust Multi Cap Value AlphaDEX Fund 9.2 71 -36 12.7 -2.1
SPVU Invesco S&P 500 Enhanced Value ETF 9.2 13 22 15.1 +0.4
CZA Invesco Zacks Mid-Cap ETF 9.1 76 -41 8.8 -5.9
VONV Vanguard Russell 1000 Value Index Fund 9.1 8 27 9.0 -5.7
VFVA Vanguard U.S. Value Factor ETF 9.0 13 22 15.5 +0.8
FMK First Trust Mega Cap AlphaDEX Fund 9.0 70 -35 6.9 -7.9
IWX iShares Russell Top 200 Value ETF 8.8 20 15 8.6 -6.1
RAFE PIMCO RAFI ESG U.S. ETF 8.8 29 6 10.0 -4.7
IWD iShares Russell 1000 Value ETF 8.8 19 16 8.9 -5.8
EQRR ProShares Equities for Rising Rates ETF 8.8 35 0 11.3 -3.4
PVAL Principal Contrarian Value Index ETF 8.7 29 6 10.1 -4.7
JKF iShares Morningstar Large Cap Value ETF 8.7 25 10 9.4 -5.3
WBIY WBI Power Factor High Dividend ETF 8.6 70 -35 20.1 +5.4
IUSV iShares Core S&P U.S. Value ETF 8.6 4 31 9.2 -5.6
PWV Invesco Dynamic Large Cap Value ETF 8.5 55 -20 10.3 -4.4
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 8.5 15 20 8.6 -6.2
VOOV Vanguard S&P 500 Value ETF 8.4 15 20 9.0 -5.8
RPV Invesco S&P 500 Pure Value ETF 8.3 35 0 16.5 +1.8
SPYV SPDR Portfolio S&P 500 Value ETF 8.3 4 31 9.0 -5.7
RNMC Mid Cap US Equity Select ETF 8.3 60 -25 9.4 -5.3
QSY WisdomTree U.S. LargeCap Value Fund 8.3 38 -3 9.2 -5.5
IVE iShares S&P 500 Value ETF 8.3 18 17 8.9 -5.8
FTA First Trust Large Cap Value AlphaDEX Fund 8.3 60 -25 11.6 -3.1
MGV Vanguard Mega Cap Value ETF 8.3 7 28 8.7 -6.0
VTV Vanguard Value Index Fund 8.2 4 31 9.0 -5.8
SCHV Schwab U.S. Large-Cap Value ETF 8.2 4 31 8.8 -5.9
RFV Invesco S&P Midcap 400 Pure Value ETF 8.0 35 0 15.5 +0.8
FTHI First Trust High Income ETF 8.0 85 -50 7.5 -7.2
AVUV Avantis U.S. Small Cap Value ETF 8.0 25 10 13.0 -1.7
EPS WisdomTree U.S. Earnings 500 Fund 7.9 8 27 8.3 -6.5
XSLV Invesco S&P SmallCap Low Volatility ETF 7.9 25 10 10.8 -3.9
LSAF LeaderShares AlphaFactor US Core Equity ETF 7.8 75 -40 8.5 -6.2
DTD WisdomTree U.S.Total Dividend Fund 7.7 28 7 8.3 -6.4
VYM Vanguard High Dividend Yield Index ETF 7.7 6 29 8.8 -5.9
VLU SPDR S&P 1500 Value Tilt ETF 7.7 12 23 9.3 -5.4
SLYV SPDR S&P 600 Small Cap Value ETF 7.4 15 20 11.5 -3.2
VIOV Vanguard S&P Small-Cap 600 Value ETF 7.4 15 20 11.6 -3.2
PRF Invesco FTSE RAFI US 1000 ETF 7.4 39 -4 8.9 -5.8
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 7.3 39 -4 8.2 -6.6
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 7.3 40 -5 7.6 -7.1
VETS Pacer Military Times Best Employers ETF 7.2 60 -25 8.0 -6.7
JKI iShares Morningstar Mid-Cap Value ETF 7.2 30 5 12.8 -2.0
IJS iShares S&P Small-cap 600 Value ETF 7.2 25 10 11.4 -3.3
AFMC First Trust Active Factor Mid Cap ETF 7.1 65 -30 9.1 -5.6
HOMZ Hoya Capital Housing ETF 7.1 45 -10 10.3 -4.4
DLN WisdomTree U.S. LargeCap Dividend Fund 7.1 28 7 7.9 -6.8
DVLU First Trust Dorsey Wright Momentum & Value ETF 7.1 60 -25 13.5 -1.2
CSA Victory CEMP US Small Cap Volatility Weighted Index ETF 7.0 35 0 10.9 -3.8
EWMC Invesco S&P MidCap 400 Equal Weight ETF 7.0 40 -5 9.2 -5.5
SYLD Cambria Shareholder Yield ETF 7.0 59 -24 14.3 -0.4

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 9.8 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 14.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 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.