Invesco S&P 500 High Beta ETF
ALTAR
Score™
8.6% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
-248.7x P/Sales
ratio
1.0x
P/BV
ratio
1.0x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Invesco S&P 500 High Beta Portolio seeks investment results that correspond (before fees and expenses) generally to the price and yield of the S&P 500 High Beta Index.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date May 05, 2011
Assets (mns) $162
Currency USD
Expense ratio 25 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $25,710
Large cap (>$10bn) 65.2%
Mid cap ($2-10bn) 34.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PVH CORP 1.5 %
NORWEGIAN CRUISE LINE HOLDIN 1.5 %
ROYAL CARIBBEAN CRUISES LTD 1.4 %
CARNIVAL CORP 1.3 %
DISCOVER FINANCIAL SERVICES 1.3 %
TAPESTRY, INC. 1.3 %
LINCOLN NATIONAL CORP 1.3 %
FREEPORT-MCMORAN COPPER 1.3 %
MGM MIRAGE 1.2 %
SYNCHRONY FINANCIAL 1.2 %
Total 13.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.9 %
BRITAIN 2.0 %
IRELAND 0.9 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.4% 11.2% 9.3% -- 8.6%

Market Correlations
versus... Beta R-squared
S&P500 1.54 90%
MSCI EAFE 1.65 87%
MSCI Emg. Mkts. 1.21 74%

Technical Indicators
Recent close $44.25
30d moving avg. $43.52
Annualized volatility 28.4%
Short interest (ETF) 32.1%
Short interest (Underlying) 6.2%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 244
Turnover 6.7%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $8,241

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Invesco S&P 500 High Beta ETF ETF based on the alternatives' overlap in portfolio holdings with SPHB. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPHB Expense: 25 bp ALTAR Score™: 8.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPHB
Ticker Fund
Name
Overlap1
vs SPHB
(%)
Expense
ratio
(bp)
Savings
vs SPHB
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPHB
(%)
SLT Salt TruBeta High Exposure ETF 51.3 29 -4 8.4 -0.2
RPV Invesco S&P 500 Pure Value ETF 33.8 35 -10 10.7 +2.1
PMOM Principal Sustainable Momentum Index ETF 33.7 29 -4 8.6 +0.0
FTA First Trust Large Cap Value AlphaDEX Fund 33.4 60 -35 9.0 +0.4
RVRS Reverse Cap Weighted U.S. Large Cap ETF 30.0 29 -4 7.7 -0.9
RYF Invesco S&P 500 Equal Weight Financials ETF 28.6 40 -15 9.5 +0.9
PVAL Principal Contrarian Value Index ETF 28.0 29 -4 9.5 +0.9
SPYD SPDR S&P 500 High Dividend ETF 27.8 7 18 10.9 +2.4
SPVU Invesco S&P 500 Enhanced Value ETF 24.7 13 12 11.4 +2.8
MAGA Point Bridge GOP Stock Tracker ETF 24.6 72 -47 6.2 -2.4
JKI iShares Morningstar Mid-Cap Value ETF 23.5 30 -5 8.8 +0.2
SPVM Invesco S&P 500 Value with Momentum ETF 22.5 39 -14 8.7 +0.1
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 22.5 29 -4 9.1 +0.5
JHMF John Hancock Multifactor Financials ETF 21.7 40 -15 7.7 -0.9
SPGP Invesco S&P 500 GARP ETF 21.6 34 -9 7.0 -1.6
ONEY SPDR Russell 1000 Yield Focus ETF 20.8 20 5 8.7 +0.1
FCTR First Trust Lunt U.S. Factor Rotation ETF 20.5 65 -40 3.1 -5.5
EQRR ProShares Equities for Rising Rates ETF 20.4 35 -10 6.7 -1.9
RDIV Invesco S&P Ultra Dividend Revenue ETF 20.3 39 -14 10.2 +1.6
ESGS Columbia Sustainable U.S. Equity Income ETF 19.8 35 -10 8.7 +0.1
VOE Vanguard Mid-Cap Value Index Fund 19.6 7 18 7.6 -1.0
FEX First Trust Large Cap Core AlphaDEX Fund 19.5 60 -35 6.0 -2.6
RSP Invesco S&P 500 Equal Weight ETF 19.3 20 5 6.4 -2.2
FXO First Trust Financials AlphaDEX Fund 19.1 63 -38 12.4 +3.9
PY Principal Shareholder Yield Index ETF 18.9 15 10 9.2 +0.6
FAB First Trust Multi Cap Value AlphaDEX Fund 18.9 71 -46 9.5 +0.9
IEFN iShares Evolved U.S. Financials ETF 18.5 18 7 9.2 +0.6
VLU SPDR S&P 1500 Value Tilt ETF 18.3 12 13 7.4 -1.2
SYLD Cambria Shareholder Yield ETF 18.0 59 -34 8.7 +0.2
VLUE iShares Edge MSCI USA Value Factor ETF 18.0 15 10 11.3 +2.7
DVY iShares Select Dividend ETF 17.8 39 -14 9.3 +0.7
RCD Invesco S&P 500 Equal Weight Consumer Discretionary ETF 17.8 40 -15 6.0 -2.6
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 17.7 35 -10 8.3 -0.3
XLF Financial Select Sector SPDR Fund 17.7 13 12 8.1 -0.5
AUSF Global X Adaptive U.S. Factor ETF 17.1 27 -2 9.1 +0.5
RNDV US Equity Dividend Select ETF 17.0 50 -25 7.8 -0.8
JVAL JPMorgan U.S. Value Factor ETF 16.6 12 13 8.7 +0.1
IWS iShares Russell Mid-Cap Value ETF 16.2 24 1 6.9 -1.7
FNCL Fidelity MSCI Financials Index ETF 16.1 8 17 8.7 +0.1
RWL Invesco S&P 500 Revenue ETF 16.0 39 -14 7.2 -1.4
JDIV JPMorgan U.S. Dividend ETF 15.8 12 13 7.6 -1.0
VFH Vanguard Financials Index Fund 15.7 10 15 8.7 +0.1
RNLC Large Cap US Equity Select ETF 15.6 60 -35 6.1 -2.5
IYF iShares U.S. Financials ETF 15.2 42 -17 6.8 -1.8
JHME John Hancock Multifactor Energy ETF 15.0 40 -15 4.2 -4.4
RYE Invesco S&P 500 Equal Weight Energy ETF 15.0 40 -15 4.2 -4.4
NUMV Nuveen ESG Mid-Cap Value ETF 14.9 40 -15 7.0 -1.6
FXN First Trust Energy AlphaDEX Fund 14.6 65 -40 3.1 -5.5
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 14.3 35 -10 8.3 -0.3
XLE Energy Select Sector SPDR Fund 14.1 13 12 5.1 -3.5
DIVB iShares U.S. Dividend & Buyback ETF 14.0 25 0 7.0 -1.6
IGE iShares North American Natural Resources ETF 13.9 46 -21 4.3 -4.3
BKMC BNY Mellon US Mid Cap Core Equity ETF 13.9 4 21 5.5 -3.1
IYG iShares US Financial Services ETF 13.8 42 -17 6.9 -1.7
EQWL Invesco Russell Top 200 Equal Weight ETF 13.8 25 0 6.1 -2.5
RPG Invesco S&P 500 Pure Growth ETF 13.7 35 -10 4.6 -4.0
SIZE iShares Edge MSCI USA Size Factor ETF 13.6 15 10 6.1 -2.5
SPDV AAM S&P 500 High Dividend Value ETF 13.6 29 -4 9.8 +1.2
VO Vanguard Mid-Cap Index Fund 13.5 4 21 5.2 -3.4
IYE iShares U.S. Energy ETF 13.5 42 -17 4.5 -4.1
FENY Fidelity MSCI Energy Index ETF 13.4 8 17 4.7 -3.9
RAFE PIMCO RAFI ESG U.S. ETF 13.2 29 -4 7.5 -1.1
FNDX Schwab Fundamental U.S. Large Co. Index ETF 13.2 25 0 7.2 -1.4
VDE Vanguard Energy Index Fund 13.2 10 15 4.7 -3.9
TUSA First Trust Total US Market AlphaDEX ETF 13.1 70 -45 5.9 -2.7
SDOG ALPS Sector Dividend Dogs ETF 13.1 40 -15 10.0 +1.5
EUSA iShares MSCI USA Equal Weighted ETF 13.0 15 10 6.1 -2.5
VOOV Vanguard S&P 500 Value ETF 13.0 10 15 7.2 -1.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 12.9 9 16 5.9 -2.7
PRF Invesco FTSE RAFI US 1000 ETF 12.9 39 -14 7.1 -1.5
KBWB Invesco KBW Bank ETF 12.9 35 -10 10.2 +1.6
VFVA Vanguard U.S. Value Factor ETF 12.8 14 11 10.8 +2.2
IVE iShares S&P 500 Value ETF 12.8 18 7 7.1 -1.5
QSY WisdomTree U.S. LargeCap Value Fund 12.8 38 -13 6.7 -1.9
SPYV SPDR Portfolio S&P 500 Value ETF 12.7 4 21 7.2 -1.4
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 12.7 20 5 7.6 -1.0
SCHV Schwab U.S. Large-Cap Value ETF 12.7 4 21 7.0 -1.6
JKG iShares Morningstar Mid-Cap ETF 12.7 25 0 5.3 -3.3
IWD iShares Russell 1000 Value ETF 12.5 19 6 6.8 -1.8
VONV Vanguard Russell 1000 Value Index Fund 12.5 8 17 6.9 -1.7
FNDB Schwab Fundamental U.S. Broad Market Index ETF 12.4 25 0 7.2 -1.4
FVAL Fidelity Value Factor ETF 12.3 29 -4 8.3 -0.3
FDVV Fidelity Core Dividend ETF 12.2 29 -4 7.4 -1.2
IUSV iShares Core S&P U.S. Value ETF 12.1 4 21 7.3 -1.3
EPS WisdomTree U.S. Earnings 500 Fund 12.1 8 17 7.1 -1.5
PKW Invesco Buyback Achievers ETF 12.0 62 -37 7.2 -1.4
IXG iShares Global Financials ETF 12.0 46 -21 10.0 +1.4
IWR iShares Russell Midcap ETF 12.0 19 6 5.5 -3.1
NULV Nuveen ESG Large-Cap Value ETF 11.8 35 -10 7.1 -1.5
USDY Pacific Global US Equity Income ETF 11.7 29 -4 7.1 -1.5
JKL iShares Morningstar Small Cap Value ETF 11.7 30 -5 9.9 +1.3
CVY Invesco Zacks Multi-Asset Income ETF 11.7 94 -69 10.2 +1.6
VTV Vanguard Value Index Fund 11.7 4 21 7.2 -1.4
KRMA Global X Conscious Companies ETF 11.7 43 -18 5.8 -2.8
QDIV Global X S&P 500 Quality Dividend ETF 11.7 20 5 7.5 -1.1
IXC iShares Global Energy ETF 11.4 46 -21 6.5 -2.1
TTFS AdvisorShares Wilshire Buyback ETF 11.4 91 -66 6.0 -2.6
RDVY First Trust Rising Dividend Achievers ETF 11.4 50 -25 7.8 -0.8
RYT Invesco S&P 500 Equal Weight Technology ETF 11.1 40 -15 7.0 -1.6

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:
Invesco S&P 500 High Beta 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 9.0 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 8.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 CATEGORY
AVERAGE
1.52
 
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.