SPDR S&P Health Care Equipment ETF
ALTAR
Score™
1.6% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
127.9x P/Sales
ratio
4.2x
P/BV
ratio
4.5x 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 26, 2011
Assets (mns) $617
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 76
Wgt avg mkt cap (mns) $17,811
Large cap (>$10bn) 32.9%
Mid cap ($2-10bn) 28.8%
Small cap (<$2bn) 37.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
QUIDEL CORP 2.1 %
STAAR SURGICAL CO 1.9 %
ORASURE TECHNOLOGIES INC 1.8 %
VAREX IMAGING CORPORATION 1.8 %
AXONICS MODULATION TECHNOLOGIES, I 1.6 %
HALYARD HEALTH INC 1.6 %
CYBERONICS INC 1.6 %
GLAUKOS CORP 1.6 %
MERIDIAN BIOSCIENCE INC 1.6 %
INSULET CORP 1.6 %
Total 17.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.0 %
IRELAND 3.0 %
BRITAIN 1.6 %
NETHERLANDS 1.4 %







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.
13.7% 24.7% 19.5% -- 8.6%

Market Correlations
versus... Beta R-squared
S&P500 1.00 72%
MSCI EAFE 0.94 53%
MSCI Emg. Mkts. 0.69 44%

Technical Indicators
Recent close $102.90
30d moving avg. $98.14
Annualized volatility 20.9%
Short interest (ETF) 15.3%
Short interest (Underlying) 6.3%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 24
Turnover 0.4%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $7,188

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 1.6%


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 U.S. Medical Devices ETF 33.4 42 -7 3.1 +1.5
HTEC ROBO Global Healthcare Technology & Innovation ETF 31.3 68 -33 0.1 -1.5
RYH Invesco S&P 500 Equal Weight Health Care ETF 30.8 40 -5 6.7 +5.1
IEHS iShares Evolved U.S. Healthcare Staples ETF 24.5 18 17 5.4 +3.8
JHMH John Hancock Multifactor Healthcare ETF 23.4 40 -5 6.0 +4.5
FXH First Trust Health Care AlphaDEX Fund 22.8 62 -27 3.9 +2.3
FHLC Fidelity MSCI Health Care Index ETF 20.2 8 27 5.5 +3.9
GDNA Goldman Sachs Motif Human Evolution ETF 20.1 50 -15 0.5 -1.1
VHT Vanguard Health Care Index Fund 20.0 10 25 5.4 +3.8
IYH iShares U.S. Healthcare ETF 20.0 43 -8 6.1 +4.6
XLV Health Care Select Sector SPDR Fund 19.1 13 22 7.1 +5.6
PSCH Invesco S&P SmallCap Health Care ETF 19.0 29 6 2.7 +1.2
LNGR Global X Longevity Thematic ETF 18.3 50 -15 3.2 +1.6
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 18.1 60 -25 6.3 +4.7
BMED BlackRock Future Health ETF 17.7 85 -50 -1.1 -2.7
IXJ iShares Global Healthcare ETF 15.3 46 -11 6.4 +4.8
PTH Invesco DWA Healthcare Momentum ETF 10.9 60 -25 -4.9 -6.5
IQM Franklin Intelligent Machines ETF 10.9 50 -15 1.7 +0.2
JMIN JPMorgan U.S. Minimum Volatility ETF 9.2 12 23 5.4 +3.8
JKH iShares Morningstar Mid-Cap Growth ETF 8.9 30 5 2.0 +0.4
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 8.6 25 10 5.7 +4.2
BTEC Principal Healthcare Innovators Index ETF 8.4 42 -7 -2.2 -3.8
FTC First Trust Large Cap Growth AlphaDEX Fund 8.3 61 -26 2.7 +1.1
HLAL Wahed FTSE USA Shariah ETF 8.1 50 -15 4.3 +2.7
SPLV Invesco S&P 500 Low Volatility ETF 8.1 25 10 5.4 +3.8
ALTL Pacer Lunt Large Cap Alternator ETF 8.1 60 -25 5.1 +3.5
PSET Principal Price Setters Index ETF 7.9 15 20 4.7 +3.2
NUMG Nuveen ESG Mid-Cap Growth ETF 7.6 40 -5 2.0 +0.5
VOT Vanguard Mid-Cap Growth Index Fund 7.6 7 28 3.1 +1.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 7.5 49 -14 3.9 +2.3
JKD iShares Morningstar Large-Cap ETF 7.4 20 15 5.5 +3.9
RBUS Nationwide Risk-Based U.S. Equity ETF 7.3 30 5 4.6 +3.0
QQQN VictoryShares Nasdaq Next 50 ETF 7.1 18 17 3.0 +1.5
JKK iShares Morningstar Small-Cap Growth ETF 7.1 30 5 1.0 -0.6
IWP iShares Russell Mid-Cap Growth ETF 6.8 24 11 2.9 +1.3
SPGP Invesco S&P 500 GARP ETF 6.6 34 1 6.6 +5.1
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 6.6 35 0 5.3 +3.7
TPLC Timothy Plan US Large Cap Core ETF 6.6 52 -17 5.1 +3.6
EDOC Global X Telemedicine & Digital Health ETF 6.6 68 -33 0.7 -0.9
DTEC ALPS Disruptive Technologies ETF 6.6 50 -15 3.1 +1.5
FLLV Franklin Liberty U.S. Low Volatility ETF 6.5 29 6 5.3 +3.8
QQQJ Invesco NASDAQ Next Gen 100 ETF 6.4 15 20 3.6 +2.0
ADME Aptus Drawdown Managed Equity ETF 6.2 79 -44 3.3 +1.8
AFSM First Trust Active Factor Small Cap ETF 6.2 75 -40 5.3 +3.8
SPHQ Invesco S&P 500 Quality ETF 6.2 15 20 4.4 +2.9
ETHO Etho Climate Leadership U.S. ETF 6.2 47 -12 4.2 +2.7
FAD First Trust Multi Cap Growth AlphaDEX Fund 6.1 66 -31 2.2 +0.7
CATH Global X S&P 500 Catholic Values Custom ETF 6.1 29 6 4.9 +3.4
RPG Invesco S&P 500 Pure Growth ETF 6.0 35 0 4.3 +2.7
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 5.9 30 5 7.4 +5.8
IWX iShares Russell Top 200 Value ETF 5.9 20 15 6.6 +5.0
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 5.9 60 -25 3.0 +1.4
FYC First Trust Small Cap Growth AlphaDEX Fund 5.8 70 -35 1.8 +0.3
MFMS Motley Fool Small-Cap Growth ETF 5.8 85 -50 -1.5 -3.0
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 5.8 60 -25 3.7 +2.1
PWB Invesco Dynamic Large Cap Growth ETF 5.8 56 -21 3.2 +1.6
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 5.6 24 11 5.9 +4.3
VBK Vanguard Small-Cap Growth Index Fund 5.6 7 28 2.2 +0.6
IWO iShares Russell 2000 Growth ETF 5.6 24 11 -0.1 -1.7
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 5.5 17 18 6.6 +5.0
MMLG First Trust Multi-Manager Large Growth ETF 5.5 85 -50 2.0 +0.5
SPXT ProShares S&P 500 Ex-Technology ETF 5.5 27 8 5.4 +3.8
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 5.4 75 -40 2.3 +0.8
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 5.3 30 5 5.4 +3.9
MDYG SPDR S&P 400 Mid Cap Growth ETF 5.3 15 20 4.9 +3.3
IJK iShares S&P Mid-Cap 400 Growth ETF 5.3 24 11 4.8 +3.2
RNLC Large Cap US Equity Select ETF 5.2 60 -25 5.9 +4.3
TTAC TrimTabs All Cap U.S. Free-Cash-Flow ETF 5.2 59 -24 3.8 +2.2
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 5.2 25 10 7.4 +5.8
PDP Invesco DWA Momentum ETF 5.1 62 -27 2.3 +0.7
JPUS JPMorgan Diversified Return U.S. Equity ETF 5.0 18 17 6.0 +4.4
LSLT Salt Low truBeta US Market ETF 5.0 60 -25 5.6 +4.1
DWAS Invesco DWA SmallCap Momentum ETF 5.0 60 -25 -2.0 -3.6
XMLV Invesco S&P MidCap Low Volatility ETF 5.0 25 10 5.4 +3.8
CFA VictoryShares US 500 Volatility Weighted Index ETF 5.0 35 0 5.5 +4.0
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 5.0 35 0 5.5 +4.0
MXDU Nationwide Maximum Diversification US Core Equity ETF 5.0 34 1 4.5 +3.0
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 4.9 49 -14 4.8 +3.2
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 4.9 15 20 4.8 +3.2
VTWG Vanguard Russell 2000 Growth Index Fund 4.8 15 20 0.1 -1.5
ESGV Vanguard ESG U.S. Stock ETF 4.8 12 23 4.9 +3.3
SQLV Legg Mason Small-Cap Quality Value 4.8 62 -27 6.2 +4.6
VIG Vanguard Dividend Appreciation Index Fund 4.8 6 29 5.1 +3.6
QMOM Alpha Architect U.S. Quantitative Momentum ETF 4.8 49 -14 1.2 -0.4
XMMO Invesco S&P MidCap Momentum ETF 4.7 34 1 3.8 +2.2
VONV Vanguard Russell 1000 Value Index Fund 4.7 8 27 6.8 +5.2
XOUT GraniteShares XOUT U.S. Large Cap ETF 4.7 60 -25 3.9 +2.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 4.6 9 26 5.8 +4.2
IWD iShares Russell 1000 Value ETF 4.6 19 16 6.7 +5.1
VOOV Vanguard S&P 500 Value ETF 4.6 10 25 7.1 +5.5
GERM ETFMG Treatments Testing and Advancements ETF 4.6 68 -33 -2.9 -4.5
SPXN ProShares S&P 500 Ex-Financials ETF 4.5 27 8 4.7 +3.2
VO Vanguard Mid-Cap Index Fund 4.5 4 31 5.0 +3.4
USMV iShares Edge MSCI Min Vol USA ETF 4.5 15 20 5.4 +3.8
AIEQ AI Powered Equity ETF 4.5 87 -52 2.7 +1.1
FEX First Trust Large Cap Core AlphaDEX Fund 4.5 60 -25 5.7 +4.1
BKMC BNY Mellon US Mid Cap Core Equity ETF 4.5 4 31 5.1 +3.5
RFG Invesco S&P Midcap 400 Pure Growth ETF 4.5 35 0 3.8 +2.3
SCIU Global X Scientific Beta US ETF 4.4 19 16 0.0 -1.6
RSP Invesco S&P 500 Equal Weight ETF 4.4 20 15 6.3 +4.7

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 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 8.1 %
Divided by: Fwd. P/BV 4.2 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 1.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 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.