SPDR S&P 500 High Dividend ETF
ALTAR
Score™
9.0% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
12.6x P/Sales
ratio
1.0x
P/BV
ratio
1.7x Div.
yield
4.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR S&P 500 High Dividend ETF tracks an index of the 80 highest-yielding stocks selected from the S&P 500. Stocks are equally weighted.

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.spdrs.com
Inception date Oct 21, 2015
Assets (mns) $2,136
Currency USD
Expense ratio 7 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian State Street Bank & Trust
Weighting Equal
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 81
Wgt avg mkt cap (mns) $39,748
Large cap (>$10bn) 73.2%
Mid cap ($2-10bn) 26.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
L BRANDS, INC. 1.4 %
ABBVIE INC 1.4 %
CROWN CASTLE INTL CORP 1.4 %
CARDINAL HEALTH INC 1.4 %
GILEAD SCIENCES INC 1.4 %
IRON MOUNTAIN INC 1.4 %
DIGITAL REALTY TRUST INC 1.3 %
VENTAS INC 1.3 %
REALTY INCOME CORP 1.3 %
UNUM GROUP 1.3 %
Total 13.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.0 %
BRITAIN 2.4 %
IRELAND 1.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.4% 8.3% -- -- 10.6%

Market Correlations
versus... Beta R-squared
S&P500 0.86 72%
MSCI EAFE 0.82 54%
MSCI Emg. Mkts. 0.54 41%

Technical Indicators
Recent close $38.21
30d moving avg. $39.29
Annualized volatility 12.3%
Short interest (ETF) 0.1%
Short interest (Underlying) 4.9%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 589
Turnover 1.1%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $15,852

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P 500 High Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with SPYD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPYD Expense: 7 bp ALTAR Score™: 9.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPYD
Ticker Fund
Name
Overlap1
vs SPYD
(%)
Expense
ratio
(bp)
Savings
vs SPYD
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPYD
(%)
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 51.1 30 -23 7.9 -1.1
DTN WisdomTree U.S. Dividend ex-Financials Fund 48.7 38 -31 8.0 -1.0
SDOG ALPS Sector Dividend Dogs ETF 48.3 40 -33 9.7 +0.7
SPDV AAM S&P 500 High Dividend Value ETF 47.4 29 -22 10.4 +1.4
GBDV Global Beta Smart Income ETF 43.6 29 -22 11.3 +2.4
DVY iShares Select Dividend ETF 40.2 39 -32 7.8 -1.2
CDC Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF 37.0 35 -28 8.0 -0.9
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 36.9 35 -28 8.0 -0.9
RDIV Invesco S&P Ultra Dividend Revenue ETF 36.4 39 -32 10.4 +1.4
FDL First Trust Morningstar Dividend Leaders Index Fund 36.4 45 -38 8.7 -0.2
DHS WisdomTree U.S. High Dividend Fund 34.0 38 -31 7.9 -1.0
RNDV US Equity Dividend Select ETF 33.2 50 -43 8.0 -0.9
USDY Pacific Global US Equity Income ETF 31.2 29 -22 7.7 -1.3
FDVV Fidelity Core Dividend ETF 30.8 29 -22 7.2 -1.8
WBIY WBI Power Factor High Dividend ETF 29.3 70 -63 11.5 +2.6
OYLD Invesco Russell 1000 Yield Factor ETF 29.1 19 -12 7.4 -1.6
PEY Invesco High Yield Equity Dividend Achievers ETF 28.7 53 -46 6.6 -2.3
JDIV JPMorgan U.S. Dividend ETF 28.4 12 -5 7.3 -1.7
DEW WisdomTree Global High Dividend Fund 27.7 58 -51 8.6 -0.4
RPV Invesco S&P 500 Pure Value ETF 27.4 35 -28 11.2 +2.2

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 500 High Dividend 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 15.2 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 7 bp
Equals: ALTAR Score 9.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.72 CATEGORY
AVERAGE
1.56
 
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.