SPDR S&P Regional Banking ETF
ALTAR
Score™
10.0% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
22.0x P/Sales
ratio
2.3x
P/BV
ratio
0.8x Div.
yield
4.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR KBW Regional Banking ETF objective is to replicate as closely as possible the performance of the KBW Regional Banking Index, an equal-weighted index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Jun 19, 2006
Assets (mns) $1,287
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 127
Wgt avg mkt cap (mns) $8,297
Large cap (>$10bn) 32.3%
Mid cap ($2-10bn) 44.0%
Small cap (<$2bn) 23.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FIRST REPUBLIC BANK/CA 3.9 %
REGIONS FINANCIAL CORP 3.7 %
BB&T CORP 3.6 %
FIFTH THIRD BANCORP 3.6 %
SVB FINANCIAL GROUP 3.5 %
HUNTINGTON BANCSHARES INC 3.4 %
KEYCORP 3.3 %
PNC FINANCIAL SERVICES GROUP 3.3 %
CITIZENS FINANCIAL GROUP, INC. 3.2 %
M & T BANK CORP 3.2 %
Total 34.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.9 %
PUERTO RICO 1.9 %









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.
-36.9% -30.0% -0.7% 6.6% 0.2%

Market Correlations
versus... Beta R-squared
S&P500 1.49 77%
MSCI EAFE 1.60 74%
MSCI Emg. Mkts. 1.17 63%

Technical Indicators
Recent close $40.54
30d moving avg. $38.28
Annualized volatility 30.0%
Short interest (ETF) 90.9%
Short interest (Underlying) 4.6%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 8,280
Turnover 26.1%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $2,494

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KRE Expense: 35 bp ALTAR Score™: 10.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KRE
Ticker Fund
Name
Overlap1
vs KRE
(%)
Expense
ratio
(bp)
Savings
vs KRE
(bp)
ALTAR
Score™
(%)
ALTAR
vs KRE
(%)
KBE SPDR S&P Bank ETF 70.9 35 0 10.6 +0.6
IAT iShares U.S. Regional Banks ETF 61.9 42 -7 10.4 +0.4
FTXO First Trust Nasdaq Bank ETF 50.0 60 -25 9.0 -1.0
KBWB Invesco KBW Bank ETF 41.2 35 0 10.3 +0.3
KBWR Invesco KBW Regional Banking ETF 36.6 35 0 10.7 +0.7
QABA First Trust NASDAQ ABA Community Bank Index Fund 30.5 60 -25 9.9 -0.2
FXO First Trust Financials AlphaDEX Fund 29.8 63 -28 12.2 +2.1
IJJ iShares S&P Mid-Cap 400 Value ETF 22.2 25 10 8.4 -1.6
RYF Invesco S&P 500 Equal Weight Financials ETF 21.0 40 -5 9.8 -0.2
FYT First Trust Small Cap Value AlphaDEX Fund 17.3 72 -37 9.7 -0.3
FOVL iShares Focused Value Factor ETF 15.8 25 10 10.2 +0.2
IEFN iShares Evolved U.S. Financials ETF 15.3 18 17 9.4 -0.6
PSCF Invesco S&P SmallCap Financials ETF 15.2 29 6 11.2 +1.2
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 14.8 60 -25 8.0 -2.0
SPYD SPDR S&P 500 High Dividend ETF 13.7 7 28 11.4 +1.4
AUSF Global X Adaptive U.S. Factor ETF 13.3 27 8 9.4 -0.6
FNCL Fidelity MSCI Financials Index ETF 13.1 8 27 8.9 -1.1
WBIY WBI Power Factor High Dividend ETF 12.9 70 -35 11.5 +1.5
FNK First Trust Mid Cap Value AlphaDEX Fund 12.8 70 -35 11.0 +1.0
DVY iShares Select Dividend ETF 12.2 39 -4 9.6 -0.4
FYX First Trust Small Cap Core AlphaDEX Fund 12.1 63 -28 6.2 -3.8
VFH Vanguard Financials Index Fund 12.0 10 25 8.9 -1.1
IYG iShares US Financial Services ETF 12.0 42 -7 7.2 -2.8
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 12.0 35 0 7.9 -2.2
IWN iShares Russell 2000 Value ETF 12.0 24 11 6.9 -3.1
FAB First Trust Multi Cap Value AlphaDEX Fund 11.8 71 -36 9.8 -0.3
DES WisdomTree U.S. SmallCap Dividend Fund 11.7 38 -3 8.6 -1.4
MDYV SPDR S&P 400 Mid Cap Value ETF 11.7 15 20 8.6 -1.4
PSC Principal U.S. Small Cap Index ETF 11.5 38 -3 6.9 -3.1
JHMF John Hancock Multifactor Financials ETF 11.2 40 -5 7.9 -2.1
TPSC Timothy Plan US Small Cap Core ETF 10.9 52 -17 8.1 -2.0
IJS iShares S&P Small-cap 600 Value ETF 10.8 25 10 9.0 -1.0
SLYV SPDR S&P 600 Small Cap Value ETF 10.8 15 20 8.9 -1.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 10.8 15 20 8.9 -1.1
AVUV Avantis U.S. Small Cap Value ETF 10.7 25 10 8.1 -1.9
BFOR Barron's 400 ETF 10.6 65 -30 6.6 -3.4
EZM WisdomTree U.S. MidCap Earnings Fund 10.4 38 -3 8.9 -1.1
IVOV Vanguard S&P Mid-Cap 400 Value ETF 10.4 15 20 8.4 -1.6
JKL iShares Morningstar Small Cap Value ETF 10.4 30 5 10.2 +0.2
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 10.1 35 0 8.0 -2.1
VFVA Vanguard U.S. Value Factor ETF 9.8 14 21 11.2 +1.2
NIFE Direxion Fallen Knives ETF 9.8 50 -15 5.4 -4.6
JKJ iShares Morningstar Small-Cap ETF 9.8 25 10 6.4 -3.6
EQRR ProShares Equities for Rising Rates ETF 9.7 35 0 7.3 -2.7
RDIV Invesco S&P Ultra Dividend Revenue ETF 9.5 39 -4 11.0 +1.0
FDL First Trust Morningstar Dividend Leaders Index Fund 9.4 45 -10 10.6 +0.6
SPHB Invesco S&P 500 High Beta ETF 9.3 25 10 8.9 -1.1
SPGP Invesco S&P 500 GARP ETF 9.0 34 1 7.0 -3.1
DON WisdomTree U.S. MidCap Dividend Fund 8.8 38 -3 7.7 -2.3
VTWV Vanguard Russell 2000 Value Index Fund 8.7 15 20 7.1 -3.0
PY Principal Shareholder Yield Index ETF 8.5 15 20 9.6 -0.4
XLF Financial Select Sector SPDR Fund 8.5 13 22 8.4 -1.6
EWMC Invesco S&P MidCap 400 Equal Weight ETF 8.4 40 -5 7.4 -2.6
SLY SPDR S&P 600 Small Cap ETF 8.4 15 20 7.0 -3.0
SPSM SPDR Portfolio Small Cap ETF 8.4 5 30 7.1 -2.9
IJR iShares Core S&P Small Cap ETF 8.4 6 29 7.1 -2.9
VIOO Vanguard S&P Small-Cap 600 ETF 8.4 10 25 7.0 -3.0
ESGS Columbia Sustainable U.S. Equity Income ETF 8.1 35 0 9.0 -1.0
VBR Vanguard Small Cap Value Index Fund 8.0 7 28 8.2 -1.8
EES WisdomTree SmallCap Earnings Fund 7.9 38 -3 10.3 +0.3
RYJ Invesco Raymond James SB-1 Equity ETF 7.8 76 -41 3.4 -6.6
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 7.8 20 15 9.5 -0.5
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 7.7 29 6 9.5 -0.5
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 7.6 40 -5 7.3 -2.7
RFV Invesco S&P Midcap 400 Pure Value ETF 7.4 35 0 9.5 -0.5
VFLQ Vanguard U.S. Liquidity Factor ETF 7.3 14 21 4.2 -5.8
QDIV Global X S&P 500 Quality Dividend ETF 7.2 20 15 7.8 -2.2
SCHD Schwab U.S. Dividend Equity ETF 7.0 6 29 8.2 -1.9
RNSC Small Cap US Equity Select ETF 6.9 60 -25 7.1 -2.9
IYF iShares U.S. Financials ETF 6.8 42 -7 7.2 -2.8
VFQY Vanguard U.S. Quality Factor ETF 6.8 13 22 6.5 -3.5
GBDV Global Beta Smart Income ETF 6.8 29 6 10.6 +0.6
SDY SPDR S&P Dividend ETF 6.7 35 0 7.3 -2.7
BUY USCF SummerHaven SHPEI Index Fund 6.7 80 -45 8.6 -1.5
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 6.7 35 0 10.2 +0.2
FGD First Trust Dow Jones Global Select Dividend Index Fund 6.6 59 -24 12.8 +2.8
FNX First Trust Mid Cap Core AlphaDEX Fund 6.5 61 -26 6.5 -3.5
PXMV Invesco S&P MidCap Value with Momentum ETF 6.5 39 -4 9.8 -0.2
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 6.5 29 6 5.8 -4.2
PEY Invesco High Yield Equity Dividend Achievers ETF 6.5 52 -17 9.8 -0.2
SCHA Schwab U.S. Small-Cap ETF 6.5 4 31 4.8 -5.2
BKSE BNY Mellon US Small Cap Core Equity ETF 6.3 4 31 5.7 -4.3
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 6.3 35 0 9.0 -1.0
FNDA Schwab Fundamental U.S. Small Co. Index ETF 6.3 25 10 7.4 -2.6
FTA First Trust Large Cap Value AlphaDEX Fund 6.3 60 -25 9.3 -0.7
RNMC Mid Cap US Equity Select ETF 6.2 60 -25 7.7 -2.4
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 6.1 41 -6 6.2 -3.8
IWM iShares Russell 2000 ETF 6.0 19 16 3.4 -6.6
RPV Invesco S&P 500 Pure Value ETF 6.0 35 0 11.0 +1.0
VTWO Vanguard Russell 2000 Index Fund 6.0 10 25 3.6 -6.4
SPVU Invesco S&P 500 Enhanced Value ETF 5.9 13 22 12.1 +2.1
DFNL Davis Select Financial ETF 5.8 64 -29 8.7 -1.4
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 5.8 39 -4 4.6 -5.4
SPMD SPDR Portfolio Mid Cap ETF 5.8 5 30 6.6 -3.4
MDY SPDR S&P Midcap 400 ETF Trust 5.8 23 12 6.4 -3.6
IJH iShares Core S&P Mid-Cap ETF 5.7 5 30 6.6 -3.4
MAGA Point Bridge GOP Stock Tracker ETF 5.7 72 -37 6.6 -3.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 5.6 17 18 4.9 -5.2
NUSC Nuveen ESG Small-Cap ETF 5.6 40 -5 4.8 -5.2

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%.

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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 Regional Banking 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 8.3 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 10.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.