Invesco Dynamic Energy Sector
ALTAR
Score™
-0.7% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
26.4x P/Sales
ratio
0.6x
P/BV
ratio
0.9x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco DWA Energy Momentum Portfolio tracks an index of U.S. energy firms selected and weighted by price momentum.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Oct 12, 2006
Assets (mns) $37
Currency USD
Expense ratio 60 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian BNY Mellon
Weighting Momentum
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 41
Wgt avg mkt cap (mns) $26,528
Large cap (>$10bn) 36.2%
Mid cap ($2-10bn) 31.5%
Small cap (<$2bn) 32.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PHILLIPS 66 4.3 %
VALERO ENERGY CORP 4.1 %
MARATHON PETROLEUM 3.8 %
HOLLYFRONTIER CORP 3.6 %
CHENIERE ENERGY INC 3.6 %
HESS CORP 3.3 %
TARGA RESOURCES CORP 3.3 %
CHEVRON CORP 3.2 %
CONOCOPHILLIPS 3.2 %
PBF ENERGY INC-CLASS A 3.0 %
Total 35.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.0 %
SWITZERLAND 2.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.2% -29.1% -12.3% 1.4% 0.6%

Market Correlations
versus... Beta R-squared
S&P500 1.55 44%
MSCI EAFE 1.38 30%
MSCI Emg. Mkts. 0.70 13%

Technical Indicators
Recent close $26.47
30d moving avg. $26.09
Annualized volatility 28.1%
Short interest (ETF) 2.0%
Short interest (Underlying) 7.4%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.6%
Bid/Ask (% of price) 0.18%
ADV underlying (mns) $4,760

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Dynamic Energy Sector ETF based on the alternatives' overlap in portfolio holdings with PXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PXI Expense: 60 bp ALTAR Score™: -0.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PXI
Ticker Fund
Name
Overlap1
vs PXI
(%)
Expense
ratio
(bp)
Savings
vs PXI
(bp)
ALTAR
Score™
(%)
ALTAR
vs PXI
(%)
XOP SPDR S&P Oil & Gas Exploration 51.5 35 25 3.6 +4.2
FTXN First Trust Nasdaq Oil & Gas 46.6 60 0 2.7 +3.3
JHME John Hancock Multifactor Energy 45.7 40 20 3.4 +4.1
RYE Invesco S&P Equal Weight Energy ETF 42.6 40 20 3.6 +4.3
IEO iShares U.S. Oil & Gas Exploration & Production 41.8 42 18 3.2 +3.9
PXE Invesco Dynamic Energy Exploration & Production 41.6 63 -3 1.2 +1.9
FXN First Trust Energy Alphadex 39.5 63 -3 4.5 +5.2
VDE Vanguard Energy ETF 36.3 10 50 3.9 +4.6
FENY Fidelity MSCI Energy 36.0 8 52 4.1 +4.7
IYE iShares DJ US Energy Sector 35.5 42 18 4.0 +4.7
XLEY Cushing Energy & MLP 35.4 65 -5 3.7 +4.4
XLE Energy Select Sector SPDR 33.5 13 47 4.5 +5.1
IGE iShares North American Natural Resources 30.5 46 14 4.1 +4.7
FRAK VanEck Vectors Unconventional Oil & Gas 22.5 54 6 1.7 +2.4
IXC iShares S&P Global Energy Sector 21.9 46 14 5.2 +5.9
XLSY Cushing Energy Supply Chain & MLP 20.8 65 -5 5.6 +6.3
CRAK VanEck Vectors Oil Refiners 19.2 60 0 12.7 +13.4
FILL iShares MSCI Global Energy Producers 18.4 39 21 5.6 +6.3
PSCE Invesco S&P Small Cap Energy 17.3 29 31 -2.4 -1.8
USAI American Energy Independence 15.9 75 -15 2.6 +3.3

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco Dynamic Energy Sector
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 -0.1 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 60 bp
Equals: ALTAR Score -0.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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