SPDR S&P Insurance ETF
ALTAR
Score™
11.8% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
8.2x P/Sales
ratio
0.8x
P/BV
ratio
0.7x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR S&P Insurance ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Insurance Select Industry Index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Nov 15, 2005
Assets (mns) $580
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 51
Wgt avg mkt cap (mns) $13,334
Large cap (>$10bn) 41.1%
Mid cap ($2-10bn) 54.1%
Small cap (<$2bn) 4.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PROGRESSIVE CORP 3.2 %
BROWN & BROWN INC 2.9 %
KEMPER CORP 2.8 %
ERIE INDEMNITY COMPANY-CL A 2.8 %
ARTHUR J GALLAGHER & CO 2.7 %
WILLIS TOWERS WATSON PUBLIC LIMITE 2.7 %
ALLSTATE CORP 2.6 %
MARKEL CORP 2.6 %
AON PLC 2.5 %
ASSURANT INC 2.5 %
Total 27.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 79.6 %
BERMUDA 12.7 %
BRITAIN 5.2 %
SWITZERLAND 2.3 %







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.
-29.2% -17.7% 4.0% 8.0% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 1.05 75%
MSCI EAFE 1.05 73%
MSCI Emg. Mkts. 0.77 57%

Technical Indicators
Recent close $23.73
30d moving avg. $28.48
Annualized volatility 18.5%
Short interest (ETF) 1.9%
Short interest (Underlying) 2.3%
Relative strength (RSI) 33

Liquidity measures
Avg. volume (thou.) 560
Turnover 2.3%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $4,668

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR S&P Insurance ETF ETF based on the alternatives' overlap in portfolio holdings with KIE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KIE Expense: 35 bp ALTAR Score™: 11.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KIE
Ticker Fund
Name
Overlap1
vs KIE
(%)
Expense
ratio
(bp)
Savings
vs KIE
(bp)
ALTAR
Score™
(%)
ALTAR
vs KIE
(%)
IAK iShares U.S. Insurance ETF 56.9 43 -8 12.0 +0.2
KBWP Invesco KBW Property & Casualty Insurance ETF 41.8 35 0 8.5 -3.3
RYF Invesco S&P 500 Equal Weight Financials ETF 34.4 40 -5 11.9 +0.1
FXO First Trust Financials AlphaDEX Fund 24.9 63 -28 13.9 +2.1
JHMF John Hancock Multifactor Financials ETF 23.2 40 -5 10.7 -1.1
IEFN iShares Evolved U.S. Financials ETF 21.5 18 17 12.1 +0.3
VFH Vanguard Financials Index Fund 20.6 10 25 11.7 -0.1
FNCL Fidelity MSCI Financials Index ETF 20.0 8 27 11.7 -0.1
LGLV SPDR Russell 1000 Low Volatility ETF 19.4 12 23 7.1 -4.7
XLF Financial Select Sector SPDR Fund 18.6 13 22 10.8 -1.0
PFI Invesco DWA Financial Momentum ETF 17.7 60 -25 8.1 -3.7
DVLU First Trust Dorsey Wright Momentum & Value ETF 17.5 60 -25 14.1 +2.3
RPV Invesco S&P 500 Pure Value ETF 16.3 35 0 17.6 +5.8
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 15.8 25 10 7.7 -4.1
IYF iShares U.S. Financials ETF 13.4 42 -7 9.3 -2.5
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 12.7 35 0 7.9 -3.9
PXMV Invesco S&P MidCap Value with Momentum ETF 12.2 39 -4 13.7 +1.9
XMLV Invesco S&P MidCap Low Volatility ETF 12.1 25 10 8.1 -3.7
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 12.1 60 -25 6.3 -5.6
SPVU Invesco S&P 500 Enhanced Value ETF 11.5 13 22 15.9 +4.1
SPLV Invesco S&P 500 Low Volatility ETF 11.1 25 10 6.7 -5.1
FOVL iShares Focused Value Factor ETF 10.5 25 10 14.1 +2.3
DFNL Davis Select Financial ETF 10.4 64 -29 11.2 -0.6
USMV iShares Edge MSCI Min Vol USA ETF 10.1 15 20 6.8 -5.0
VOE Vanguard Mid-Cap Value Index Fund 9.0 7 28 10.8 -1.0
NUMV Nuveen ESG Mid-Cap Value ETF 8.9 40 -5 11.9 +0.1
IXG iShares Global Financials ETF 8.8 46 -11 12.5 +0.7
RFV Invesco S&P Midcap 400 Pure Value ETF 8.8 35 0 16.6 +4.8
STLV iShares Factors US Value Style ETF 8.4 25 10 10.1 -1.8
CZA Invesco Zacks Mid-Cap ETF 8.3 76 -41 9.4 -2.4
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 8.2 40 -5 7.9 -3.9
FVD First Trust Value Line Dividend Index Fund 8.1 70 -35 8.0 -3.8
NULV Nuveen ESG Large-Cap Value ETF 8.1 35 0 9.3 -2.5
QDIV Global X S&P 500 Quality Dividend ETF 7.9 20 15 10.8 -1.0
VETS Pacer Military Times Best Employers ETF 7.9 60 -25 8.5 -3.3
FTA First Trust Large Cap Value AlphaDEX Fund 7.9 60 -25 12.1 +0.3
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 7.8 20 15 10.4 -1.4
MDYV SPDR S&P 400 Mid Cap Value ETF 7.6 15 20 12.1 +0.3
IJJ iShares S&P Mid-Cap 400 Value ETF 7.6 25 10 12.0 +0.2
IVOV Vanguard S&P Mid-Cap 400 Value ETF 7.6 15 20 12.2 +0.4
CLRG IQ Chaikin U.S. Large Cap ETF 7.5 25 10 11.5 -0.3
VFLQ Vanguard U.S. Liquidity Factor ETF 7.4 13 22 5.5 -6.3
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 7.3 35 0 7.6 -4.2
ALFA AlphaClone Alternative Alpha ETF 7.3 65 -30 5.6 -6.2
ACWF iShares FactorSelect MSCI Global ETF 7.3 35 0 10.1 -1.7
USMF WisdomTree U.S. Multifactor Fund 7.2 28 7 8.1 -3.7
VUSE Vident Core US Equity Fund 7.0 48 -13 11.0 -0.8
VAMO Cambria Value & Momentum ETF 6.9 64 -29 8.8 -3.1
RBUS Nationwide Risk-Based U.S. Equity ETF 6.9 30 5 7.2 -4.6
FCTR First Trust Lunt U.S. Factor Rotation ETF 6.8 65 -30 4.4 -7.4
FDLO Fidelity Low Volatility Factor ETF 6.8 29 6 6.5 -5.3
QLV FlexShares US Quality Low Volatility Index Fund 6.8 22 13 6.4 -5.4
VSL Volshares Large Capital ETF 6.7 65 -30 8.7 -3.1
FLLV Franklin Liberty U.S. Low Volatility ETF 6.5 29 6 7.1 -4.7
VFVA Vanguard U.S. Value Factor ETF 6.5 13 22 16.5 +4.7
FNK First Trust Mid Cap Value AlphaDEX Fund 6.5 70 -35 15.9 +4.1
JKG iShares Morningstar Mid-Cap ETF 6.4 25 10 8.2 -3.7
FLAG FLAG-Forensic Accounting Long Short ETF 6.4 152 -117 11.1 -0.7
RWK Invesco S&P MidCap 400 Revenue ETF 6.3 39 -4 11.7 -0.1
JMIN JPMorgan U.S. Minimum Volatility ETF 6.3 12 23 7.2 -4.7
ROUS Hartford Multifactor US Equity ETF 6.3 19 16 9.2 -2.6
FAB First Trust Multi Cap Value AlphaDEX Fund 6.2 71 -36 13.3 +1.5
TPHD Timothy Plan High Dividend Stock ETF 6.2 52 -17 9.4 -2.4
IWS iShares Russell Mid-Cap Value ETF 6.1 24 11 10.0 -1.8
PY Principal Shareholder Yield Index ETF 5.9 29 6 12.6 +0.8
KLCD KFA Large Cap Quality Dividend Index ETF 5.8 41 -6 6.6 -5.2
ONEV SPDR Russell 1000 Low Volatility Focus ETF 5.8 20 15 9.5 -2.3
XMMO Invesco S&P MidCap Momentum ETF 5.8 39 -4 5.2 -6.6
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 5.7 29 6 9.2 -2.6
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 5.7 30 5 11.9 +0.1
GBDV Global Beta Smart Income ETF 5.7 29 6 16.2 +4.4
PEY Invesco High Yield Equity Dividend Achievers ETF 5.7 53 -18 9.8 -2.0
VBR Vanguard Small Cap Value Index Fund 5.6 7 28 12.0 +0.2
FTCS First Trust Capital Strength ETF 5.6 60 -25 6.1 -5.7
TMDV ProShares Russell US Dividend Growers ETF 5.6 35 0 6.5 -5.3
ACWV iShares Edge MSCI Min Vol Global ETF 5.5 20 15 6.7 -5.1
MDY SPDR S&P Midcap 400 ETF Trust 5.3 23 12 8.9 -2.9
SPMD SPDR Portfolio Mid Cap ETF 5.3 5 30 9.1 -2.7
IJH iShares Core S&P Mid-Cap ETF 5.3 6 29 9.1 -2.7
IVOO Vanguard S&P Mid-Cap 400 ETF 5.3 10 25 9.0 -2.8
JKI iShares Morningstar Mid-Cap Value ETF 5.3 30 5 13.5 +1.7
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 5.2 17 18 8.9 -2.9
SMDY Syntax Stratified MidCap ETF 5.2 30 5 9.1 -2.7
SYLD Cambria Shareholder Yield ETF 5.2 59 -24 15.3 +3.5
SCIU Global X Scientific Beta US ETF 5.2 19 16 7.6 -4.2
FEX First Trust Large Cap Core AlphaDEX Fund 5.2 60 -25 8.1 -3.7
AUSF Global X Adaptive U.S. Factor ETF 5.2 27 8 10.5 -1.3
CVY Invesco Zacks Multi-Asset Income ETF 5.1 97 -62 18.3 +6.5
PWV Invesco Dynamic Large Cap Value ETF 5.1 55 -20 10.6 -1.2
JHMM John Hancock Multifactor Mid Cap ETF 5.1 44 -9 8.3 -3.5
HUSV First Trust Horizon Managed Volatility Domestic ETF 5.1 70 -35 6.6 -5.2
EQWM Invesco S&P MidCap Quality ETF 4.9 25 10 6.8 -5.0
LSAF LeaderShares AlphaFactor US Core Equity ETF 4.9 75 -40 8.9 -2.9
JQUA JPMorgan U.S. Quality Factor ETF 4.9 12 23 6.6 -5.2
VALX Validea Market Legends ETF 4.8 79 -44 19.3 +7.5
LSLT Salt Low truBeta US Market ETF 4.8 0 35 8.5 -3.3
SIZE iShares Edge MSCI USA Size Factor ETF 4.7 15 20 8.3 -3.5
EUSA iShares MSCI USA Equal Weighted ETF 4.7 15 20 8.4 -3.4
VO Vanguard Mid-Cap Index Fund 4.6 4 31 7.7 -4.1
SPMV Invesco S&P 500 Minimum Variance ETF 4.6 10 25 7.3 -4.5

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.4 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 11.8 %
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.