SPDR Portfolio S&P 500 High Dividend
ALTAR
Score™
9.2% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
13.0x P/Sales
ratio
1.1x
P/BV
ratio
1.8x 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) $2,011
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) $40,349
Large cap (>$10bn) 73.3%
Mid cap ($2-10bn) 26.7%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NEWELL RUBBERMAID INC 1.6 %
LEGGETT & PLATT INC 1.6 %
CENTURYTEL INC 1.6 %
WESTERN UNION CO 1.6 %
ABBVIE INC 1.6 %
NORDSTROM INC 1.6 %
CARDINAL HEALTH INC 1.5 %
SEAGATE TECHNOLOGY 1.5 %
CAMPBELL SOUP CO 1.4 %
PHILLIPS 66 1.4 %
Total 15.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.2 %
IRELAND 2.9 %
BRITAIN 1.3 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
18.0% 8.0% -- -- 11.3%

Market Correlations
versus... Beta R-squared
S&P500 0.85 73%
MSCI EAFE 0.78 51%
MSCI Emg. Mkts. 0.53 38%

Technical Indicators
Recent close $38.57
30d moving avg. $38.84
Annualized volatility 12.0%
Short interest (ETF) 0.2%
Short interest (Underlying) 4.9%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 390
Turnover 0.8%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $17,476

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Portfolio S&P 500 High Dividend 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™: 9.2%


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 54.9 30 -23 7.8 -1.4
SDOG ALPS Sector Dividend Dogs 50.5 40 -33 9.3 +0.1
SPDV AAM S&P 500 High Dividend Value 48.9 29 -22 10.8 +1.6
DVY iShares Select Dividend 46.7 39 -32 8.0 -1.2
DTN WisdomTree Dividend Ex-Financials 45.6 38 -31 7.8 -1.4
RDIV Invesco S&P Ultra Dividend Revenue ETF 38.7 39 -32 10.5 +1.2
CDL Victory CEMP US Large Cap High Div Volatility Wtd 37.5 35 -28 7.8 -1.4
CDC Victory CEMP US EQ Income Enhanced Volatility Wtd 37.4 35 -28 7.8 -1.5
FDL First Trust Morningstar Dividend Leaders 36.2 45 -38 8.6 -0.7
WBIY WBI Power Factor High Dividend 33.9 70 -63 9.8 +0.6
DHS WisdomTree Equity Income 32.0 38 -31 7.2 -2.0
PEY Invesco High Yield Equity Dividend Acheivers 29.7 53 -46 6.7 -2.5
ESGS Columbia Sustainable U.S. Equity Income 29.1 35 -28 8.3 -0.9
JDIV JPMorgan U.S. Dividend 29.1 12 -5 7.5 -1.7
FDVV Fidelity Core Dividend 28.6 29 -22 7.3 -1.9
RNDV US Equity Dividend Select 28.3 50 -43 7.7 -1.5
USDY Pacific Global US Equity Income 27.7 29 -22 7.5 -1.8
VALQ American Century STOXX U.S. Quality Value 27.5 29 -22 8.0 -1.2
OYLD Invesco Russell 1000 Yield Factor ETF 25.9 19 -12 7.1 -2.1
LVHD Legg Mason Low Volatility High Dividend ETF 25.7 27 -20 6.8 -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

  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

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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:
SPDR Portfolio S&P 500 High Dividend
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 15.8 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 7 bp
Equals: ALTAR Score 9.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.73 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.