Invesco Dorsey Wright Developed Markets Momentum ETF
ALTAR
Score™		 3.5% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 20.6x P/Sales
ratio		 2.5x
P/BV
ratio		 3.8x Div.
yield		 2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco DWA Developed Markets Technical Leaders Portfolio seeks investment results that correspond to the price and yield of the Dorsey Wright Developed Markets Technical Leaders Index.

FUND BASICS
Category International Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Dec 28, 2007
Assets (mns) $488
Currency USD
Expense ratio 80 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Momentum
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 98
Wgt avg mkt cap (mns) $44,120
Large cap (>$10bn) 64.8%
Mid cap ($2-10bn) 34.7%
Small cap (<$2bn) 0.5%
Developed mkts 96.6%
Emerging mkts 3.4%

TOP TEN HOLDINGS
TECHNOLOGY ONE LTD 3.0 %
ASML HOLDING NV 2.9 %
SAMSUNG TECHWIN CO LTD 2.7 %
BELIMO HOLDING AG 2.6 %
ABB LTD. 2.5 %
HYUNDAI ELECTRIC & ENERGY SYSTEMS 2.4 %
RHEINMETALL AG 2.3 %
FLUGHAFEN ZURICH AG 2.2 %
FUJIKURA LTD 2.2 %
SAMPO OYJ CLASS A 2.0 %
Total 24.9 %

TOP COUNTRY EXPOSURE
SWITZERLAND 13.9 %
CANADA 13.5 %
SOUTH KOREA 10.5 %
JAPAN 7.4 %
AUSTRALIA 7.2 %
BRITAIN 5.6 %
GERMANY 4.6 %
NETHERLANDS 4.2 %
ITALY 3.7 %
ISRAEL 3.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
37.2% 37.2% 9.5% 9.2% 5.5%

Market Correlations
versus... Beta R-squared
S&P500 0.74 55%
MSCI EAFE 1.04 78%
MSCI Emg. Mkts. 0.85 60%

Technical Indicators
Recent close $50.58
30d moving avg. $48.81
Annualized volatility 15.1%
Short interest (ETF) 0.3%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 49
Turnover 0.5%
Bid/Ask (% of price) 1.07%
ADV underlying (mns) $7,536

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 454 potential alternatives to the Invesco Dorsey Wright Developed Markets Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with PIZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PIZ Expense: 80 bp ALTAR Score™: 3.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PIZ
Ticker Fund
Name		 Overlap1
vs PIZ
(%)		 Expense
ratio
(bp)		 Savings
vs PIZ
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs PIZ
(%)
IMTM iShares MSCI Intl Momentum Factor ETF 22.7 30 50 4.7 +1.2
INTF iShares International Equity Factor ETF 17.8 15 65 6.6 +3.1
STXI Strive International Developed Markets ETF 16.1 29 51 5.7 +2.2
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 15.8 12 68 5.2 +1.7
IDMO Invesco S&P International Developed Momentum ETF 15.7 25 55 5.1 +1.7
JIVE JPMorgan International Value ETF 15.7 55 25 9.7 +6.2
IQLT iShares MSCI Intl Quality Factor ETF 15.4 30 50 5.3 +1.9
EFG iShares MSCI EAFE Growth ETF 14.9 36 44 3.6 +0.1
IEV iShares Europe ETF 14.5 67 13 5.8 +2.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 14.2 25 55 6.2 +2.7
VGK Vanguard FTSE Europe ETF 14.2 6 74 6.4 +2.9
IEUR iShares Core MSCI Europe ETF 14.2 11 69 6.3 +2.8
ESGD iShares ESG Aware MSCI EAFE ETF 14.1 20 60 5.7 +2.3
SPEU SPDR Portfolio Europe ETF 13.8 7 73 6.3 +2.9
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 13.8 20 60 5.4 +2.0
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 13.7 25 55 6.4 +2.9
EFA iShares MSCI EAFE ETF 13.5 35 45 5.8 +2.3
FLEE Franklin FTSE Europe ETF 13.5 9 71 6.3 +2.8
BBEU JPMorgan BetaBuilders Europe ETF 13.3 9 71 6.2 +2.8
DBEU Xtrackers MSCI Europe Hedged Equity ETF 13.2 46 34 5.9 +2.4
CEFA Global X S&P Catholic Values Developed ex-US ETF 13.0 35 45 5.8 +2.3
DMXF iShares ESG Advanced MSCI EAFE ETF 12.6 12 68 5.0 +1.5
IDEV iShares Core MSCI International Developed Markets ETF 12.6 4 76 6.1 +2.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 12.5 30 50 6.0 +2.6
FENI Fidelity Enhanced International ETF 12.2 28 52 5.6 +2.1
BKIE BNY Mellon International Equity ETF 12.2 4 76 6.0 +2.6
SPDW SPDR Portfolio Developed World ex-US ETF 12.2 3 77 6.0 +2.6
IEFA iShares Core MSCI EAFE ETF 12.1 7 73 6.1 +2.6
SCHF Schwab International Equity ETF 12.1 6 74 6.2 +2.7
VEA Vanguard FTSE Developed Markets ETF 12.0 3 77 6.1 +2.7
GSID Goldman Sachs MarketBeta International Equity ETF 11.9 20 60 5.8 +2.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 11.9 36 44 5.8 +2.3
EZU iShares MSCI Eurozone ETF 11.9 52 28 5.7 +2.2
JIRE JPMorgan International Research Enhanced Equity ETF 11.8 24 56 6.3 +2.8
HFXI IQ FTSE International Equity Currency Neutral ETF 11.8 20 60 6.0 +2.5
QINT American Century Quality Diversified International ETF 11.7 39 41 6.2 +2.7
UIVM VictoryShares International Value Momentum ETF 11.6 35 45 7.6 +4.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 11.5 45 35 6.0 +2.5
OEFA ALPS O’Shares International Developed Quality Dividend ETF 11.5 48 32 4.6 +1.2
TPIF Timothy Plan International ETF 11.4 62 18 5.4 +1.9
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 11.4 42 38 5.5 +2.0
FDEV Fidelity International Multifactor ETF 11.4 18 62 6.6 +3.1
FDT First Trust Developed Markets ex-US AlphaDEX Fund 11.3 80 0 7.4 +3.9
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 11.3 58 22 5.8 +2.4
DFSI Dimensional International Sustainability Core 1 ETF 11.3 24 56 5.5 +2.0
IDHQ Invesco S&P International Developed High Quality ETF 11.2 29 51 5.3 +1.9
IQSI IQ Candriam International Equity ETF 11.1 15 65 5.6 +2.2
IQDG WisdomTree International Quality Dividend Growth Fund 11.0 42 38 6.0 +2.5
JHMD John Hancock Multifactor Developed International ETF 11.0 39 41 6.5 +3.0
IMFL Invesco International Developed Dynamic Multifactor ETF 10.8 34 46 5.1 +1.6
CWI SPDR MSCI ACWI ex-US ETF 10.5 30 50 6.5 +3.0
FEP First Trust Europe AlphaDEX Fund 10.5 80 0 6.9 +3.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility In 10.5 32 48 5.5 +2.0
CGIE Capital Group International Equity ETF 10.4 54 26 4.2 +0.7
DOL WisdomTree International LargeCap Dividend Fund 10.4 48 32 6.1 +2.7
CIL VictoryShares International Volatility Wtd ETF 10.4 45 35 5.8 +2.3
LCTD BlackRock World ex U.S. Carbon Transition Readiness ETF 10.2 20 60 5.6 +2.1
DFAI Dimensional International Core Equity Market ETF 10.2 18 62 6.1 +2.6
DIVI Franklin International Core Dividend Tilt Index ETF 10.1 9 71 6.9 +3.5
ACWX iShares MSCI ACWI ex U.S. ETF 10.1 34 46 6.5 +3.0
FEUZ First Trust Eurozone AlphaDEX ETF 10.1 80 0 6.5 +3.1
TTAI FCF International Quality ETF 9.9 59 21 6.5 +3.0
EUFN iShares MSCI Europe Financials ETF 9.8 51 29 6.8 +3.4
DIHP Dimensional International High Profitability ETF 9.8 29 51 5.8 +2.3
DWM WisdomTree International Equity Fund 9.7 48 32 6.4 +2.9
FIVA Fidelity International Value Factor ETF 9.7 18 62 8.1 +4.6
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 9.7 14 66 5.5 +2.1
AVSD Avantis Responsible International Equity ETF 9.6 23 57 4.7 +1.2
EUDG WisdomTree Europe Quality Dividend Growth Fund 9.6 58 22 5.8 +2.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 9.6 40 40 6.4 +2.9
JIG JPMorgan International Growth ETF 9.5 55 25 4.0 +0.5
VEU Vanguard FTSE All-World ex-US Index Fund 9.4 4 76 6.9 +3.4
RFDI First Trust Riverfront Dynamic Developed International ETF 9.4 83 -3 8.0 +4.6
FICS First Trust International Developed Capital Strength ETF 9.2 70 10 6.4 +3.0
VSGX Vanguard ESG International Stock ETF 9.2 10 70 6.7 +3.2
IXUS iShares Core MSCI Total International Stock ETF 9.1 7 73 6.7 +3.3
AVIV Avantis International Large Cap Value ETF 9.1 25 55 7.5 +4.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 9.0 41 39 6.4 +3.0
DFIC Dimensional International Core Equity 2 ETF 9.0 23 57 6.4 +2.9
EUDV ProShares MSCI Europe Dividend Growers ETF 9.0 55 25 5.4 +1.9
VXUS Vanguard Total International Stock ETF 8.9 5 75 6.8 +3.4
EXI iShares Global Industrials ETF 8.9 42 38 3.7 +0.2
AVDE Avantis International Equity ETF 8.9 23 57 6.4 +2.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 8.9 29 51 6.9 +3.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 8.8 18 62 6.5 +3.0
JHID John Hancock International High Dividend ETF 8.6 46 34 8.5 +5.0
UMMA Wahed Dow Jones Islamic World ETF 8.6 65 15 3.9 +0.4
IMOM Alpha Architect International Quantitative Momentum ETF 8.6 49 31 3.9 +0.4
EFAD ProShares MSCI EAFE Dividend Growers ETF 8.6 50 30 5.4 +1.9
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 8.4 39 41 5.8 +2.3
FEZ SPDR EURO STOXX 50 ETF 8.4 29 51 5.6 +2.1
FSZ First Trust Switzerland AlphaDEX Fund 8.3 80 0 5.6 +2.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 8.1 39 41 6.8 +3.3
HEDJ WisdomTree Europe Hedged Equity Fund 7.9 58 22 5.6 +2.1
EFAV iShares MSCI EAFE Min Vol Factor ETF 7.8 22 58 5.6 +2.1
EFV iShares MSCI EAFE Value ETF 7.8 34 46 7.8 +4.4
EAFG Pacer Developed Markets Cash Cows Growth Leaders ETF 7.7 65 15 4.0 +0.5
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 7.6 24 56 6.4 +3.0
IVLU iShares MSCI Intl Value Factor ETF 7.6 30 50 8.7 +5.3
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 7.6 45 35 7.5 +4.1
EWC iShares MSCI Canada ETF 7.5 50 30 5.2 +1.8
JPIN J.P. Morgan Diversified Return International Equity ETF 7.5 37 43 7.3 +3.8
WRND IQ Global Equity R&D Leaders ETF 7.4 18 62 6.6 +3.1
EWL iShares MSCI Switzerland ETF 7.3 50 30 5.1 +1.7
VYMI Vanguard International High Dividend Yield ETF 7.3 17 63 8.3 +4.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 7.0 30 50 6.6 +3.2
IXG iShares Global Financials ETF 6.9 42 38 5.8 +2.4
DXIV Dimensional International Vector Equity ETF 6.9 34 46 6.7 +3.2
CGXU Capital Group International Focus Equity ETF 6.9 54 26 4.7 +1.2
NUDM Nuveen ESG International Developed Markets Equity ETF 6.9 31 49 5.8 +2.3
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 6.8 58 22 3.9 +0.4
IQDF FlexShares International Quality Dividend Index Fund 6.7 47 33 7.7 +4.2
IDLV Invesco S&P International Developed Low Volatility ETF 6.5 25 55 6.2 +2.7
FNDF Schwab Fundamental International Large Co. Index ETF 6.5 25 55 8.2 +4.8
IPKW Invesco International BuyBack Achievers ETF 6.3 55 25 8.0 +4.5
PPIE Putnam PanAgora ESG International Equity ETF 6.3 49 31 6.9 +3.4
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 6.2 80 0 8.5 +5.1
VIGI Vanguard International Dividend Appreciation ETF 6.2 10 70 5.7 +2.2
GLOF iShares Global Equity Factor ETF 6.2 20 60 5.9 +2.4
DIM WisdomTree International MidCap Dividend Fund 6.1 58 22 6.5 +3.0
SHLD Global X Defense Tech ETF 6.1 50 30 2.3 -1.2
FLCA Franklin FTSE Canada ETF 6.0 9 71 5.7 +2.2
PATN Pacer Nasdaq International Patent Leaders ETF 5.9 65 15 4.6 +1.1
IGRO iShares International Dividend Growth ETF 5.9 15 65 6.3 +2.8
IPAC iShares Core MSCI Pacific ETF 5.8 9 71 5.7 +2.2
VWID Virtus WMC International Dividend ETF 5.8 49 31 7.4 +3.9
DFIV Dimensional International Value ETF 5.7 27 53 8.1 +4.7
VPL Vanguard FTSE Pacific ETF 5.7 7 73 5.8 +2.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 5.6 47 33 7.0 +3.6
DWMF WisdomTree International Multifactor Fund 5.6 38 42 6.4 +2.9
FJP First Trust Japan AlphaDEX Fund 5.6 80 0 7.2 +3.7
OSEA Harbor International Compounders ETF 5.6 55 25 4.3 +0.8
FIDI Fidelity International High Dividend ETF 5.4 18 62 7.4 +4.0
PIO Invesco Global Water ETF 5.4 75 5 3.8 +0.4
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 5.4 80 0 5.5 +2.0
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 5.3 25 55 5.6 +2.1
CGGO Capital Group Global Growth Equity ETF 5.3 47 33 3.8 +0.3
VIDI Vident International Equity Strategy ETF 5.3 61 19 9.3 +5.9
EWY iShares MSCI South Korea ETF 5.2 58 22 4.9 +1.5
FLKR Franklin FTSE South Korea ETF 5.2 9 71 5.7 +2.2
BBCA JPMorgan BetaBuilders Canada ETF 5.2 19 61 5.5 +2.1
WLDR Affinity World Leaders Equity ETF 5.1 67 13 6.4 +3.0
JPXN iShares JPX-Nikkei 400 ETF 5.1 48 32 5.7 +2.2
DTH WisdomTree International High Dividend Fund 5.1 58 22 7.5 +4.0
FLSW Franklin FTSE Switzerland ETF 5.0 9 71 5.5 +2.0
BKCI BNY Mellon Concentrated International ETF 4.9 80 0 4.5 +1.0
INEQ Columbia International Equity Income ETF 4.9 45 35 7.5 +4.1
EWJ iShares MSCI Japan ETF 4.9 50 30 5.2 +1.7
DGT State Street SPDR Global Dow ETF 4.9 50 30 6.0 +2.5
NATO Themes Transatlantic Defense ETF 4.8 35 45 1.6 -1.9
KNO AXS Knowledge Leaders ETF 4.8 78 2 5.0 +1.5
BBJP JPMorgan BetaBuilders Japan ETF 4.8 19 61 5.8 +2.3
DBJP Xtrackers MSCI Japan Hedged Equity ETF 4.8 47 33 5.0 +1.5
IEUS iShares MSCI Europe Small-Cap ETF 4.8 42 38 6.6 +3.1
QWLD SPDR MSCI World StrategicFactors ETF 4.7 30 50 5.1 +1.6
FLJP Franklin FTSE Japan ETF 4.7 9 71 5.5 +2.0
FLJH Franklin FTSE Japan Hedged ETF 4.6 9 71 5.4 +2.0
SAGP Strategas Global Policy Opportunities ETF 4.6 65 15 4.6 +1.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 4.6 12 68 4.3 +0.8
WWJD Inspire International ETF 4.5 80 0 6.4 +3.0
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 4.5 49 31 6.2 +2.7
EEMO Invesco S&P Emerging Markets Momentum ETF 4.4 29 51 7.0 +3.5
FKU First Trust United Kingdom AlphaDEX Fund 4.4 80 0 6.6 +3.1
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 4.3 25 55 5.4 +2.0
ICOW Pacer Developed Markets International Cash Cows 100 ETF 4.3 65 15 9.8 +6.3
TBLU Tortoise Global Water ESG ETF 4.2 40 40 4.2 +0.8
GDFN Tema International Defense Innov ETF 4.2 75 5 2.0 -1.5
EWN iShares MSCI Netherlands ETF 4.1 50 30 4.7 +1.2
DEW WisdomTree Global High Dividend Fund 4.1 58 22 7.6 +4.2
RING iShares MSCI Global Gold Miners ETF 4.1 39 41 2.9 -0.5
FOWF Pacer Solactive Whitney Fututre of Warfare ETF 4.0 60 20 3.3 -0.2
URTH iShares MSCI World ETF 3.9 24 56 4.4 +0.9
FGM First Trust Germany AlphaDEX Fund 3.9 80 0 5.8 +2.4
OAIM OneAscent International Equity ETF 3.9 95 -15 4.6 +1.2
FEOE First Eagle Overseas Equity ETF 3.9 79 1 6.0 +2.5
KLMT Invesco MSCI Global Climate 500 ETF 3.9 10 70 4.9 +1.5
DFIS Dimensional International Small Cap ETF 3.8 39 41 6.2 +2.8
MEM Matthews Emerging Markets Equity Active ETF 3.8 79 1 6.4 +2.9
GEW Cambria Global EW ETF 3.8 29 51 5.3 +1.9
MOTI VanEck Morningstar International Moat ETF 3.8 58 22 9.2 +5.7
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 3.8 9 71 8.3 +4.9
AVDV Avantis International Small Cap Value ETF 3.8 36 44 7.8 +4.3
EWI iShares MSCI Italy ETF 3.7 50 30 8.6 +5.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 3.7 9 71 4.9 +1.4
ISRA VanEck Israel ETF 3.7 59 21 5.7 +2.3
FLGB Franklin FTSE United Kingdom ETF 3.7 9 71 6.7 +3.2
ESGG FlexShares STOXX Global ESG Select Index Fund 3.7 42 38 4.7 +1.2
TOK iShares MSCI Kokusai ETF 3.7 26 54 4.3 +0.8
EWG iShares MSCI Germany ETF 3.6 50 30 5.8 +2.3
ITOL Tema International Durable Quality ETF 3.6 60 20 4.7 +1.2
FLGR Franklin FTSE Germany ETF 3.6 9 71 6.4 +3.0
ACWI iShares MSCI ACWI ETF 3.6 32 48 4.7 +1.2
IBOT Vaneck Robotics ETF 3.6 47 33 3.3 -0.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 3.5 20 60 4.8 +1.3
EWU iShares MSCI United Kingdom ETF 3.5 50 30 6.9 +3.5
SLVP iShares MSCI Global Silver Miners ETF 3.5 39 41 3.3 -0.2
ISCF iShares International SmallCap Equity Factor ETF 3.4 23 57 7.4 +3.9
CGW Invesco S&P Global Water Index ETF 3.4 57 23 4.2 +0.8
RCGE RockCreek Global Equality ETF 3.4 95 -15 6.0 +2.5
CZAR Themes Natural Monopoly ETF 3.4 35 45 4.9 +1.4
GOEX Global X Gold Explorers ETF 3.3 65 15 1.6 -1.9
DAX Global X DAX Germany ETF 3.3 21 59 6.2 +2.8
JADE JPMorgan Active Developing Markets Equity ETF 3.3 65 15 6.6 +3.1
VT Vanguard Total World Stock ETF 3.3 6 74 5.1 +1.6
KOKU Xtrackers MSCI Kokusai Equity ETF 3.3 9 71 4.5 +1.0
JSTC Adasina Social Justice All Cap Global ETF 3.3 89 -9 4.2 +0.7
DXJ WisdomTree Japan Hedged Equity Fund 3.2 48 32 5.8 +2.3
SGDM Sprott Gold Miners ETF 3.2 50 30 2.1 -1.4
FNDC Schwab Fundamental International Small Co. Index ETF 3.2 39 41 5.3 +1.8
AIVC Amplify Bloomberg AI Value Chain ETF 3.2 59 21 4.4 +0.9
IXN iShares Global Tech ETF 3.2 41 39 2.8 -0.6
FEGE First Eagle Global Equity ETF 3.2 79 1 5.6 +2.2
SCHC Schwab International Small-Cap Equity ETF 3.1 11 69 6.8 +3.3
KOCG FIS Knights of Columbus Global Belief ETF 3.1 75 5 4.4 +0.9
AUMI Themes Gold Miners ETF 3.1 35 45 2.6 -0.8
VOLT Tema Electrification ETF 3.1 75 5 3.3 -0.2
EIS iShares MSCI Israel ETF 3.0 58 22 6.1 +2.6
SNSR Global X Internet of Things ETF 3.0 68 12 4.2 +0.7
EDEN iShares MSCI Denmark ETF 3.0 53 27 5.5 +2.0
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 3.0 58 22 7.4 +3.9
EPP iShares MSCI Pacific ex-Japan ETF 2.9 47 33 5.0 +1.5
TINY ProShares Nanotechnology ETF 2.9 58 22 2.8 -0.7
LOUP Innovator Deepwater Frontier Tech ETF 2.9 70 10 0.6 -2.8
SCZ iShares MSCI EAFE Small-Cap ETF 2.9 40 40 6.2 +2.7
FPXE First Trust IPOX Europe Equity Opportunities ETF 2.9 70 10 3.3 -0.2
RAYJ Rayliant SMDAM Japan Equity ETF 2.8 72 8 3.3 -0.2
NUKZ Range Nuclear Renaissance Index ETF 2.7 85 -5 1.0 -2.5
IOO iShares Global 100 ETF 2.7 41 39 3.9 +0.4
EWS iShares MSCI Singapore ETF 2.7 50 30 4.1 +0.7
WBAT WisdomTree Battery Value Chain and Innovation Fund 2.6 45 35 1.6 -1.9
NANR SPDR S&P North American Natural Resources ETF 2.6 35 45 6.9 +3.4
PBD Invesco Global Clean Energy ETF 2.6 75 5 0.7 -2.8
EWP iShares MSCI Spain ETF 2.6 50 30 5.9 +2.5
XT iShares Exponential Technologies ETF 2.5 46 34 4.2 +0.7
BOTZ Global X Robotics & Artificial Intelligence ETF 2.5 69 11 1.7 -1.8
IBAT iShares Energy Storage & Materials ETF 2.5 47 33 2.5 -1.0
IDRV iShares Self-driving EV & Tech ETF 2.5 47 33 3.1 -0.4
SHPP Pacer Industrials and Logistics ETF 2.5 60 20 7.6 +4.1
RSHO Tema American Reshoring ETF 2.5 75 5 3.7 +0.3
LVHI Franklin International Low Volatility High Dividend Index ET 2.5 40 40 9.2 +5.8
EWUS iShares MSCI United Kingdom Small Cap ETF 2.5 59 21 7.0 +3.5
MINV Matthews Asia Innovators Active ETF 2.4 79 1 5.5 +2.0
JETS U.S. Global Jets ETF 2.4 60 20 2.0 -1.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 2.4 8 72 6.5 +3.0
IDV iShares International Select Dividend ETF 2.3 51 29 9.6 +6.1
EFNL iShares MSCI Finland ETF 2.3 56 24 5.9 +2.4
AIVI WisdomTree International AI Enhanced Value Fund 2.3 58 22 6.2 +2.7
BLES Inspire Global Hope ETF 2.3 61 19 6.1 +2.6
GREK Global X MSCI Greece ETF 2.3 57 23 9.4 +6.0
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 2.3 58 22 6.2 +2.7
IPAV Global X Infrastructure Development ex-U.S. ETF 2.2 55 25 5.9 +2.5
EWD iShares MSCI Sweden ETF 2.2 54 26 4.6 +1.1
FDD First Trust Stoxx European Select Dividend Index Fund 2.2 58 22 9.9 +6.4
FLAU Franklin FTSE Australia ETF 2.2 9 71 6.0 +2.6
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 2.2 19 61 5.2 +1.7
HYP Golden Eagle Dynamic Hypergrowth ETF 2.2 85 -5 -1.1 -4.6
IGF iShares Global Infrastructure ETF 2.2 41 39 4.5 +1.0
GII SPDR S&P Global Infrastructure ETF 2.2 40 40 4.5 +1.0
GCOW Pacer Global Cash Cows Dividend ETF 2.1 60 20 9.8 +6.3
SRVR Pacer Data & Infrastructure Real Estate ETF 2.1 55 25 4.2 +0.8
MOTG VanEck Morningstar Global Wide Moat ETF 2.1 52 28 8.6 +5.2
LEGR First Trust Indxx Innovative Transaction & Process ETF 2.1 65 15 7.1 +3.7
EYLD Cambria Emerging Shareholder Yield ETF 2.0 66 14 10.7 +7.2
AVDS Avantis International Small Cap Equity ETF 2.0 30 50 6.0 +2.5
GLBL Pacer MSCI World Industry Advantage ETF 2.0 65 15 3.5 -0.0
HART IQ Healthy Hearts ETF 2.0 45 35 5.4 +1.9
INFL Horizon Kinetics Inflation Beneficiaries ETF 2.0 85 -5 3.1 -0.4
BCDF Horizon Kinetics Blockchain Development ETF 2.0 85 -5 3.8 +0.3
CRTC Xtrackers US National Critical Technologies ETF 2.0 35 45 4.1 +0.6
SCHY Schwab International Dividend Equity ETF 1.9 14 66 8.8 +5.4
CGDG Capital Group Dividend Growers ETF 1.9 47 33 5.4 +1.9
RW Rainwater Equity ETF 1.9 125 -45 2.3 -1.2
DEHP Dimensional Emerging Markets High Profitability ETF 1.8 41 39 5.3 +1.8
EWA iShares MSCI Australia ETF 1.8 50 30 5.6 +2.1
EIRL iShares MSCI Ireland ETF 1.8 50 30 7.0 +3.6
GDX VanEck Gold Miners ETF 1.8 51 29 2.6 -0.9
JGLO JPMorgan Global Select Equity ETF 1.8 33 47 4.3 +0.9
FTHF First Trust Emerging Markets Human Flourishing ETF 1.8 75 5 7.5 +4.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.7 70 10 7.2 +3.8
QTUM Defiance Quantum ETF 1.7 40 40 4.3 +0.8
IXJ iShares Global Healthcare ETF 1.7 42 38 5.7 +2.2
URA Global X Uranium ETF 1.7 69 11 0.9 -2.6
DTAN Sparkline International Intangible Value ETF 1.7 55 25 7.3 +3.8
FYLD Cambria Foreign Shareholder Yield ETF 1.7 59 21 10.4 +6.9
ACWV iShares MSCI Global Min Vol Factor ETF 1.7 20 60 5.3 +1.9
RGEF Rockefeller Global Equity ETF 1.7 55 25 3.9 +0.5
EBLU Ecofin Global Water ESG Fund 1.6 40 40 4.3 +0.8
AVES Avantis Emerging Markets Value ETF 1.6 36 44 9.6 +6.1
FLAX Franklin FTSE Asia Ex Japan ETF 1.6 19 61 7.4 +4.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.6 33 47 8.2 +4.7
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.6 88 -8 7.4 +3.9
FID First Trust S&P International Dividend Aristocrats ETF 1.6 60 20 7.3 +3.8
STXE Strive Emerging Markets Ex-China ETF 1.5 32 48 6.2 +2.7
RXI iShares Global Consumer Discretionary ETF 1.5 41 39 7.0 +3.6
WDNA WisdomTree BioRevolution Fund 1.5 45 35 -2.0 -5.4
JDOC JPMorgan Healthcare Leaders ETF 1.5 65 15 3.3 -0.2
AGNG Global X Aging Population ETF 1.5 50 30 3.9 +0.5
HRTS Tema Heart & Health ETF 1.5 75 5 1.9 -1.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 1.5 32 48 5.3 +1.9
IQRA IQ CBRE Real Assets ETF 1.4 65 15 5.4 +2.0
AIQ Global X Artificial Intelligence & Technology ETF 1.4 68 12 2.9 -0.6
WDIV SPDR S&P Global Dividend ETF 1.4 40 40 8.4 +4.9
XCEM Columbia EM Core ex-China ETF 1.4 16 64 6.6 +3.1
CCNR ALPS CoreCommodity Natural Resources ETF 1.4 39 41 7.6 +4.1
EMM Global X Emerging Markets ex-China ETF 1.4 75 5 5.6 +2.1
AKAF The Frontier Economic Fund 1.4 20 60 5.5 +2.1
EMXC iShares MSCI Emerging Markets ex China ETF 1.4 25 55 5.8 +2.4
AIA iShares Asia 50 ETF 1.3 50 30 10.5 +7.0
PID Invesco International Dividend Achievers ETF 1.3 53 27 4.8 +1.4
DIVD Altrius Global Dividend ETF Altrius Global Divid ETF 1.3 49 31 8.1 +4.7
GSIB Themes Global Systemically Important Banks ETF 1.3 35 45 8.3 +4.8
FDHT Fidelity Digital Health ETF 1.3 39 41 1.3 -2.2
HEAL Global X HealthTech ETF 1.3 50 30 -1.5 -5.0
FPXI First Trust International Equity Opportunities ETF 1.3 70 10 3.5 +0.1
GVAL Cambria Global Value ETF 1.3 68 12 9.4 +5.9
ECON Columbia Emerging Markets Consumer ETF 1.2 49 31 10.0 +6.5
SILJ ETFMG Prime Junior Silver Miners ETF 1.2 69 11 0.2 -3.3
AGMI Themes Silver Miners ETF 1.2 35 45 3.0 -0.4
GDXJ VanEck Junior Gold Miners ETF 1.2 52 28 2.4 -1.1
ARTY iShares Future AI & Tech ETF 1.2 47 33 2.9 -0.6
NUEM Nuveen ESG Emerging Markets Equity ETF 1.2 36 44 6.7 +3.2
FFTY Innovator IBD 50 ETF 1.2 80 0 -1.8 -5.2
MXI iShares Global Materials ETF 1.2 41 39 6.3 +2.8
AZTD Aztlan Global Stock Selection DM SMID ETF 1.2 75 5 5.3 +1.8
FAN First Trust Global Wind Energy ETF 1.1 60 20 3.8 +0.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.1 50 30 9.4 +5.9
EEMA iShares MSCI Emerging Markets Asia ETF 1.1 49 31 7.9 +4.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 1.1 30 50 8.1 +4.6
JEDI Defiance Drone and Modern Warfare ETF 1.1 69 11 1.0 -2.5
IVAL Alpha Architect International Quantitative Value ETF 1.1 49 31 9.0 +5.5
NXTG First Trust Indxx NextG ETF 1.1 70 10 4.4 +1.0
DISV Dimensional International Small Cap Value ETF 1.1 42 38 8.0 +4.6
EWJV iShares MSCI Japan Value ETF 1.1 15 65 7.4 +3.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.0 45 35 8.5 +5.0
EMGF iShares Emerging Markets Equity Factor ETF 1.0 25 55 9.5 +6.0
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 1.0 46 34 5.5 +2.0
BULD Pacer BlueStar Engineering the Future ETF 1.0 60 20 0.3 -3.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.0 95 -15 10.3 +6.9
EEM iShares MSCI Emerging Markets ETF 1.0 69 11 8.1 +4.6
DSTX Distillate International Fundamental Stability & Value ETF 1.0 55 25 6.7 +3.2
AVXC Avantis Emerging Markets Ex-China Equity ETF 1.0 33 47 6.9 +3.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.0 36 44 8.0 +4.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.0 32 48 7.0 +3.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.0 66 14 7.7 +4.2
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.0 15 65 8.5 +5.0
BKEM BNY Mellon Emerging Markets Equity ETF 1.0 11 69 8.0 +4.5
GNR SPDR S&P Global Natural Resources ETF 1.0 40 40 9.3 +5.8
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.9 41 39 7.1 +3.7
AVEM Avantis Emerging Markets Equity ETF 0.9 33 47 7.3 +3.8
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 71 8.5 +5.1
GTEK Goldman Sachs Future Tech Leaders Equity ETF 0.9 75 5 2.3 -1.1
EMXF iShares ESG Advanced MSCI EM ETF 0.9 16 64 7.2 +3.7
LDEM iShares ESG MSCI EM Leaders ETF 0.9 17 63 11.4 +8.0
KNCT Invesco Next Gen Connectivity ETF 0.8 40 40 3.9 +0.5
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.8 53 27 6.1 +2.7
FDNI First Trust Dow Jones International Internet ETF 0.8 65 15 18.5 +15.1
POW VistaShares Electrification Supercycle ETF 0.8 75 5 3.0 -0.4
DFAE Dimensional Emerging Core Equity Market ETF 0.8 35 45 7.5 +4.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.8 38 42 7.6 +4.1
EIPI FT Energy Income Partners Enhanced Income ETF 0.7 110 -30 6.5 +3.0
EIPX FT Energy Income Partners Strategy ETF 0.7 95 -15 7.4 +4.0
OBOR KraneShares MSCI One Belt One Road Index ETF 0.7 79 1 7.2 +3.7
ASEA Global X FTSE Southeast Asia ETF 0.7 65 15 5.6 +2.1
DVYA iShares Asia/Pacific Dividend ETF 0.7 49 31 6.9 +3.5
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 0.7 68 12 5.8 +2.4
TRFK Pacer Data and Digital Revolution ETF 0.7 60 20 2.7 -0.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.7 59 21 7.6 +4.1
KXI iShares Global Consumer Staples ETF 0.7 41 39 5.3 +1.8
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 0.7 35 45 3.6 +0.1
TOLL Tema Durable Quality ETF 0.7 75 5 4.1 +0.7
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.7 65 15 1.6 -1.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 50 7.6 +4.1
FDTX Fidelity Disruptive Technology ETF 0.7 50 30 2.1 -1.4
JHEM John Hancock Multifactor Emerging Markets ETF 0.7 49 31 8.3 +4.8
FTWO Strive FAANG 2.0 ETF 0.7 49 31 3.7 +0.2
DARP Grizzle Growth ETF 0.7 75 5 2.1 -1.4
GINX SGI Enhanced Global Income ETF 0.7 98 -18 7.0 +3.6
KLMN Invesco MSCI North America Climate ETF 0.7 9 71 4.3 +0.8
ITEQ BlueStar Israel Technology ETF 0.7 75 5 1.3 -2.2
FTRI First Trust Indxx Global Natural Resources Income ETF 0.7 70 10 6.6 +3.2
ADIV SmartETFs Asia Pacific Dividend Builder ETF 0.6 78 2 8.6 +5.1
FGD First Trust Dow Jones Global Select Dividend Index Fund 0.6 56 24 10.1 +6.6
EFAS Global X MSCI SuperDividend EAFE ETF 0.6 57 23 7.7 +4.2
ARGT Global X MSCI Argentina ETF 0.6 59 21 3.0 -0.5
LST Leuthold Select Industries ETF 0.6 91 -11 4.8 +1.3
GPT Intelligent Alpha Atlas ETF 0.6 69 11 4.9 +1.4
AVSE Avantis Responsible Emerging Markets Equity ETF 0.6 33 47 7.0 +3.5
EWK iShares MSCI Belgium ETF 0.6 50 30 4.1 +0.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.6 44 36 9.5 +6.0
SIL Global X Silver Miners ETF 0.6 65 15 1.5 -2.0
ICLN iShares Global Clean Energy ETF 0.6 41 39 2.9 -0.6
PSP Invesco Global Listed Private Equity ETF 0.6 106 -26 5.4 +2.0
PEX ProShares Global Listed Private Equity ETF 0.6 81 -1 10.9 +7.4
AAUM Tema Alternative Asset Managers ETF 0.6 99 -19 2.9 -0.6
GOAU U.S. Global GO GOLD and Precious Metal Miners ETF 0.6 60 20 2.2 -1.3
EMMF WisdomTree Emerging Markets Multifactor Fund 0.6 48 32 6.1 +2.6
ION ProShares S&P Global Core Battery Metals ETF 0.6 58 22 5.5 +2.0
CLNR IQ Cleaner Transport ETF 0.5 45 35 4.9 +1.4
OCEN IQ Clean Oceans ETF 0.5 45 35 5.0 +1.6
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 0.5 79 1 4.5 +1.0
EWQ iShares MSCI France ETF 0.5 53 27 6.1 +2.6
AIS VistaShares Artificial Intelligence Supercycle ETF 0.5 75 5 2.0 -1.5
VCLN Virtus Duff & Phelps Clean Energy ETF 0.5 59 21 3.7 +0.2
GVLU Gotham 1000 Value ETF 0.5 50 30 8.2 +4.7
DTEC ALPS Disruptive Technologies ETF 0.5 50 30 3.3 -0.2
ESGE iShares ESG Aware MSCI EM ETF 0.5 25 55 8.5 +5.0
EWO iShares MSCI Austria ETF 0.5 50 30 8.0 +4.5
COPY Tweedy, Browne Insider + Value ETF 0.5 80 0 10.3 +6.9
ICPY Tweedy, Browne International Insider Value ETF 0.5 80 0 10.1 +6.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.5 25 55 5.9 +2.5
DINT Davis Select International ETF 0.5 55 25 6.7 +3.2
DWLD Davis Select Worldwide ETF 0.5 63 17 6.3 +2.8
DLS WisdomTree International SmallCap Dividend Fund 0.5 58 22 7.2 +3.7
EFRA iShares Environmental Infrastructure and Industrials ETF 0.5 47 33 4.8 +1.4
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.5 70 10 11.8 +8.3
IXC iShares Global Energy ETF 0.5 44 36 9.4 +6.0
FINX Global X FinTech ETF 0.5 68 12 2.5 -1.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.5 15 65 6.6 +3.1
BJK VanEck Gaming ETF 0.5 65 15 3.8 +0.3
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.5 46 34 8.5 +5.0
EMC Global X Emerging Markets Great Consumer ETF 0.4 75 5 7.0 +3.5
EMDM First Trust Bloomberg Emerging Market Democracies ETF 0.4 75 5 8.5 +5.0
GINN Goldman Sachs Innovate Equity ETF 0.4 52 28 3.2 -0.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 0.4 24 56 6.4 +2.9
IQM Franklin Intelligent Machines ETF 0.4 50 30 1.5 -2.0
ROAM Hartford Multifactor Emerging Markets ETF 0.4 44 36 10.4 +6.9
IGPT Invesco AI and Next Gen Software ETF 0.4 60 20 3.3 -0.2
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 0.3 29 51 7.0 +3.6
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.3 42 38 8.6 +5.2
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.3 80 0 9.5 +6.0
RVRB Reverb ETF 0.3 30 50 3.9 +0.5
VWO Vanguard FTSE Emerging Markets ETF 0.3 7 73 9.1 +5.6
DFEV Dimensional Emerging Markets Value ETF 0.3 43 37 10.6 +7.1
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.3 47 33 5.8 +2.3
SCJ iShares MSCI Japan Small-Cap ETF 0.2 50 30 5.9 +2.5
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.2 70 10 6.9 +3.4
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.2 39 41 4.3 +0.9
GXC SPDR S & P China ETF 0.2 59 21 14.5 +11.0
HAP VanEck Natural Resources ETF 0.2 50 30 7.9 +4.5
SCHE Schwab Emerging Markets Equity ETF 0.2 11 69 9.5 +6.1
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 0.2 60 20 8.8 +5.4
FLCH Franklin FTSE China ETF 0.2 19 61 14.2 +10.8
GGME Invesco Next Gen Media and Gaming ETF 0.2 60 20 4.2 +0.7
VFMO Vanguard U.S. Momentum Factor ETF 0.2 13 67 2.5 -1.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.1 39 41 14.6 +11.1
FDEM Fidelity Emerging Markets Multifactor ETF 0.1 25 55 10.8 +7.3
SDG iShares MSCI Global Sustainable Development Goals ETF 0.1 49 31 4.8 +1.3
ONEQ Fidelity Nasdaq Composite Index ETF 0.1 21 59 3.1 -0.4
XCNY SPDR S&P Emerging Markets ex-China ETF 0.1 15 65 6.3 +2.8
GMF SPDR S&P Emerging Asia Pacific ETF 0.1 49 31 8.4 +5.0
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.1 20 60 4.8 +1.3
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 73 9.3 +5.8
VFVA Vanguard U.S. Value Factor ETF 0.1 13 67 9.3 +5.9
GWX SPDR S&P International Small Cap ETF 0.0 40 40 5.9 +2.5

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

  2020 2021 2022 2023 2024 2025E 2026E
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
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco Dorsey Wright Developed Markets Momentum ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 16.3 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.64 CATEGORY
AVERAGE		 1.64
 
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.