SPDR S&P BIOTECH ETF
ALTAR
Score™
-2.1% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
-16.2x P/Sales
ratio
8.5x
P/BV
ratio
13.5x Div.
yield
0.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Biotech ETF seeks to replicate the performance of the S&P Biotechnology Select Industry Index, an equal-weighed index. The Index tracks all the US common stocks listed on the NYSE, Ame

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Jan 31, 2006
Assets (mns) $5,606
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Equal
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 141
Wgt avg mkt cap (mns) $8,817
Large cap (>$10bn) 14.1%
Mid cap ($2-10bn) 39.9%
Small cap (<$2bn) 44.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
IMMUNOMEDICS INC 1.9 %
ARROWHEAD PHARMACEUTICALS, INC. 1.5 %
BLUEPRINT MEDICINES CORP. 1.4 %
OPKO HEALTH INC 1.3 %
INVITAE CORP. 1.3 %
FATE THERAPEUTICS INC 1.3 %
MIRATI THERAPEUTICS INC 1.3 %
TWIST BIOSCIENCE CORP. 1.3 %
TURNING POINT THERAPEUTICS, INC. 1.2 %
INSMED INC 1.2 %
Total 13.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.0 %
IRELAND 1.0 %
CANADA 0.8 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
17.3% 46.3% 12.6% 19.2% 13.8%

Market Correlations
versus... Beta R-squared
S&P500 1.22 58%
MSCI EAFE 1.23 49%
MSCI Emg. Mkts. 0.94 45%

Technical Indicators
Recent close $117.04
30d moving avg. $114.78
Annualized volatility 28.5%
Short interest (ETF) 103.5%
Short interest (Underlying) 12.9%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 5,330
Turnover 11.1%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $10,183

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR S&P BIOTECH ETF ETF based on the alternatives' overlap in portfolio holdings with XBI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XBI Expense: 35 bp ALTAR Score™: -2.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XBI
Ticker Fund
Name
Overlap1
vs XBI
(%)
Expense
ratio
(bp)
Savings
vs XBI
(bp)
ALTAR
Score™
(%)
ALTAR
vs XBI
(%)
BTEC Principal Healthcare Innovators Index ETF 49.3 42 -7 -2.2 -0.1
IBBJ Defiance Nasdaq Junior Biotechnology ETF 48.7 45 -10 -2.1 +0.1
BBC Virtus LifeSci Biotech Clinical Trials ETF 40.3 79 -44 0.0 +2.1
IBB iShares NASDAQ Biotechnology ETF 35.6 46 -11 0.5 +2.6
SBIO ALPS Medical Breakthroughs ETF 34.9 50 -15 -1.7 +0.4
IEIH iShares Evolved U.S. Innovative Healthcare ETF 31.2 18 17 3.3 +5.4
IDNA iShares Genomics Immunology & Healthcare ETF 25.1 47 -12 -2.7 -0.6
PBE Invesco Dynamic Biotechnology & Genome ETF 23.1 58 -23 -2.5 -0.4
GNOM Global X Genomics & Biotechnology ETF 23.0 50 -15 -3.5 -1.4
FBT First Trust NYSE Arca Biotechnology Index Fund 21.7 55 -20 -1.0 +1.2
BMED BlackRock Future Health ETF 19.9 85 -50 -1.1 +1.0
GDNA Goldman Sachs Motif Human Evolution ETF 18.9 50 -15 0.5 +2.6
BBH VanEck Vectors Biotech ETF 17.2 35 0 3.9 +6.0
GERM ETFMG Treatments Testing and Advancements ETF 14.6 68 -33 -2.9 -0.8
IWO iShares Russell 2000 Growth ETF 14.6 24 11 -0.1 +2.0
ARKG ARK Genomic Revolution ETF 13.8 75 -40 -2.0 +0.2
FXH First Trust Health Care AlphaDEX Fund 13.1 62 -27 3.9 +6.0
HELX Franklin Genomic Advancements ETF 13.0 50 -15 -1.2 +0.9
LNGR Global X Longevity Thematic ETF 13.0 50 -15 3.2 +5.3
FHLC Fidelity MSCI Health Care Index ETF 12.9 8 27 5.5 +7.6
VTWG Vanguard Russell 2000 Growth Index Fund 12.6 15 20 0.1 +2.2
VHT Vanguard Health Care Index Fund 12.6 10 25 5.4 +7.5
JHMH John Hancock Multifactor Healthcare ETF 12.2 40 -5 6.0 +8.2
HTEC ROBO Global Healthcare Technology & Innovation ETF 12.2 68 -33 0.1 +2.2
IYH iShares U.S. Healthcare ETF 10.5 43 -8 6.1 +8.3
JKK iShares Morningstar Small-Cap Growth ETF 10.0 30 5 1.0 +3.1
PTH Invesco DWA Healthcare Momentum ETF 9.9 60 -25 -4.9 -2.8
CNCR Loncar Cancer Immunotherapy ETF 9.7 79 -44 -2.7 -0.6
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 9.5 60 -25 3.7 +5.8
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 9.2 59 -24 4.2 +6.3
FNY First Trust Mid Cap Growth AlphaDEX Fund 9.2 70 -35 2.0 +4.2
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 9.1 35 0 4.4 +6.5
VFMO Vanguard U.S. Momentum Factor ETF 9.0 13 22 0.7 +2.8
PJP Invesco Dynamic Pharmaceuticals ETF 8.8 56 -21 12.9 +15.0
IWM iShares Russell 2000 ETF 8.7 19 16 3.2 +5.3
ALFA AlphaClone Alternative Alpha ETF 8.6 65 -30 -0.5 +1.6
VTWO Vanguard Russell 2000 Index Fund 8.6 10 25 3.5 +5.6
MXDU Nationwide Maximum Diversification US Core Equity ETF 8.2 34 1 4.5 +6.6
VBK Vanguard Small-Cap Growth Index Fund 7.9 7 28 2.2 +4.3
FYC First Trust Small Cap Growth AlphaDEX Fund 7.7 70 -35 1.8 +3.9
FTXH First Trust Nasdaq Pharmaceuticals ETF 7.7 60 -25 11.6 +13.7
DWAS Invesco DWA SmallCap Momentum ETF 7.4 60 -25 -2.0 +0.1
SCHA Schwab U.S. Small-Cap ETF 7.3 4 31 4.6 +6.7
FCPI Fidelity Stocks for Inflation ETF 7.2 29 6 6.2 +8.3
STSB iShares Factors US Small Blend Style ETF 7.2 35 0 3.5 +5.7
RYH Invesco S&P 500 Equal Weight Health Care ETF 7.1 40 -5 6.7 +8.8
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 6.9 29 6 0.2 +2.3
XT iShares Exponential Technologies ETF 6.9 47 -12 4.8 +6.9
JHSC John Hancock Multifactor Small Cap ETF 6.8 42 -7 5.4 +7.5
NUSC Nuveen ESG Small-Cap ETF 6.7 40 -5 4.6 +6.7
ARKK ARK Innovation ETF 6.5 75 -40 -2.4 -0.3
IWC iShares Micro-Cap ETF 6.5 60 -25 -3.8 -1.7
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 6.4 17 18 4.7 +6.8
FAD First Trust Multi Cap Growth AlphaDEX Fund 6.4 66 -31 2.2 +4.4
XLV Health Care Select Sector SPDR Fund 6.2 13 22 7.1 +9.2
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 6.2 60 -25 6.3 +8.4
PBSM Invesco PureBeta MSCI USA Small Cap ETF 6.1 6 29 5.0 +7.1
MTUM iShares Edge MSCI USA Momentum Factor ETF 6.1 15 20 4.1 +6.2
AIEQ AI Powered Equity ETF 5.8 87 -52 2.7 +4.8
RBUS Nationwide Risk-Based U.S. Equity ETF 5.8 30 5 4.6 +6.7
IXJ iShares Global Healthcare ETF 5.7 46 -11 6.4 +8.5
IWP iShares Russell Mid-Cap Growth ETF 5.7 24 11 2.9 +5.0
TECB iShares US Tech Breakthrough Multisector ETF 5.6 40 -5 3.9 +6.0
VXF Vanguard Extended Market Index Fund 5.6 6 29 3.4 +5.5
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 5.6 20 15 4.7 +6.8
BKSE BNY Mellon US Small Cap Core Equity ETF 5.5 4 31 5.5 +7.6
BOSS Global X Founder-Run Companies ETF 5.5 45 -10 3.2 +5.3
CACG ClearBridge All Cap Growth ETF 5.4 54 -19 4.2 +6.3
RYJ Invesco Raymond James SB-1 Equity ETF 5.3 76 -41 3.2 +5.3
FDMO Fidelity Momentum Factor ETF 5.2 29 6 3.2 +5.3
CSML IQ Chaikin U.S. Small Cap ETF 5.1 35 0 3.8 +5.9
FVL First Trust Value Line 100 Exchange-Traded Fund 4.9 70 -35 5.2 +7.3
FDG American Century Focused Dynamic Growth ETF 4.9 45 -10 1.6 +3.7
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 4.8 21 14 3.0 +5.1
VB Vanguard Small-Cap ETF 4.7 5 30 5.1 +7.2
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 4.7 24 11 6.3 +8.4
JKH iShares Morningstar Mid-Cap Growth ETF 4.5 30 5 2.0 +4.1
QQQJ Invesco NASDAQ Next Gen 100 ETF 4.5 15 20 3.6 +5.7
FTCS First Trust Capital Strength ETF 4.5 58 -23 4.7 +6.8
FNX First Trust Mid Cap Core AlphaDEX Fund 4.4 61 -26 6.2 +8.3
ROUS Hartford Multifactor US Equity ETF 4.3 19 16 6.3 +8.4
PSC Principal U.S. Small Cap Index ETF 4.2 38 -3 6.6 +8.7
USMF WisdomTree U.S. Multifactor Fund 4.2 28 7 5.7 +7.8
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 4.2 25 10 5.7 +7.8
PSCH Invesco S&P SmallCap Health Care ETF 4.2 29 6 2.7 +4.9
QYLD Global X NASDAQ 100 Covered Call ETF 4.1 60 -25 3.4 +5.5
FVAL Fidelity Value Factor ETF 4.1 29 6 7.5 +9.6
FLRG Fidelity U.S. Multifactor ETF 4.1 29 6 6.2 +8.3
GURU Global X Guru Index ETF 4.1 75 -40 3.8 +5.9
FTC First Trust Large Cap Growth AlphaDEX Fund 4.1 61 -26 2.7 +4.8
SFYX Sofi Next 500 ETF 4.1 0 35 5.7 +7.8
GBLO Global Beta Low Beta ETF 4.0 29 6 7.2 +9.4
AFSM First Trust Active Factor Small Cap ETF 4.0 75 -40 5.3 +7.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 4.0 30 5 6.4 +8.5
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 4.0 60 -25 3.4 +5.5
VOT Vanguard Mid-Cap Growth Index Fund 4.0 7 28 3.1 +5.2
FLQL Franklin LibertyQ U.S. Equity ETF 4.0 15 20 6.0 +8.1
SCIU Global X Scientific Beta US ETF 3.9 19 16 0.0 +2.1
QQQ Invesco QQQ Trust 3.9 20 15 3.7 +5.8
QQQM Invesco NASDAQ 100 ETF 3.9 15 20 3.9 +6.0

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 BIOTECH 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 -65.5 %
Divided by: Fwd. P/BV 37.2 x
Less: Expense ratio 35 bp
Equals: ALTAR Score -2.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.31 CATEGORY
AVERAGE
1.51
 
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.