SPDR S&P Health Care Equipment ETF
ALTAR
Score™
2.1% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
41.7x P/Sales
ratio
4.0x
P/BV
ratio
4.2x Div.
yield
0.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Health Care Equipment ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the performance of the S&P Health Care Equipment Select Industry Index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Jan 27, 2011
Assets (mns) $584
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 No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 68
Wgt avg mkt cap (mns) $19,209
Large cap (>$10bn) 37.8%
Mid cap ($2-10bn) 28.4%
Small cap (<$2bn) 33.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TANDEM DIABETES CARE INC 2.3 %
DEXCOM INC 2.2 %
IRHYTHM TECHNOLOGIES, INC. 2.2 %
MERIT MEDICAL SYSTEMS INC 2.2 %
NEVRO CORP 2.0 %
INSULET CORP 1.9 %
ICU MEDICAL INC 1.9 %
PENUMBRA, INC. 1.9 %
WEST PHARMACEUTICAL SERVICES 1.9 %
GLAUKOS CORP 1.9 %
Total 20.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.5 %
IRELAND 3.4 %
NETHERLANDS 1.6 %
BRITAIN 1.5 %







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.
-0.4% 11.4% 0.8% -- 7.7%

Market Correlations
versus... Beta R-squared
S&P500 1.10 60%
MSCI EAFE 0.88 32%
MSCI Emg. Mkts. 0.54 21%

Technical Indicators
Recent close $89.48
30d moving avg. $87.63
Annualized volatility 17.2%
Short interest (ETF) 9.9%
Short interest (Underlying) 6.3%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 32
Turnover 0.5%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $5,959

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: XHE Expense: 35 bp ALTAR Score™: 2.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XHE
Ticker Fund
Name
Overlap1
vs XHE
(%)
Expense
ratio
(bp)
Savings
vs XHE
(bp)
ALTAR
Score™
(%)
ALTAR
vs XHE
(%)
IHI iShares DJ US Medical Devices 37.8 43 -8 3.6 +1.5
HTEC Robo Global Healthcare Technology and Innovation 33.9 68 -33 0.0 -2.1
RYH Invesco S&P Equal Weight Healthcare 33.3 40 -5 6.6 +4.5
IEHS iShares Evolved U.S. Healthcare Staples 25.7 18 17 5.6 +3.5
JHMH John Hancock Multifactor Health Care 23.4 40 -5 6.2 +4.2
FXH First Trust Health Care Alphadex 22.3 62 -27 5.3 +3.2
GDNA Goldman Sachs Motif Human Evolution 21.2 50 -15 0.9 -1.2
IYH iShares US Healthcare 21.0 43 -8 6.1 +4.0
FHLC Fidelity MSCI Health Care 20.9 8 27 5.6 +3.6
VHT Vanguard Health Care 20.8 10 25 5.5 +3.5
PSCH Invesco S&P Small Cap Health Care 19.8 29 6 3.2 +1.1
LNGR Global X Longevity Thematic 19.5 50 -15 3.3 +1.2
XLV Health Care Select Sector SPDR 19.1 13 22 7.0 +4.9
PTH Invesco DWA Healthcare Momentum 17.9 60 -25 -3.2 -5.3
IXJ iShares S&P Global Healthcare 15.0 46 -11 6.1 +4.0
SLIM Obesity 13.8 35 0 1.8 -0.3
CLRG IQ Chaikin U.S. Large Cap 9.6 25 10 8.0 +5.9
NUMG NuShares ESG Mid-Cap Growth 9.0 40 -5 3.6 +1.5
JKH iShares Morningstar Mid Cap Growth 8.6 30 5 2.6 +0.6
BTEC Principal Healthcare Innovators Index 8.4 42 -7 -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

Content on this tab for subscribers only

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 Health Care Equipment 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 10.0 %
Divided by: Fwd. P/BV 4.1 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
1.42 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.