SPDR S&P Health Care Equipment
ALTAR
Score™
2.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
43.5x P/Sales
ratio
3.9x
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) $553
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) $17,991
Large cap (>$10bn) 36.1%
Mid cap ($2-10bn) 32.7%
Small cap (<$2bn) 31.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ALIGN TECHNOLOGY INC 2.4 %
INOGEN INC 2.4 %
WRIGHT MEDICAL GROUP NV 2.3 %
DEXCOM INC 2.3 %
STAAR SURGICAL CO 2.0 %
INSULET CORP 2.0 %
ABIOMED INC 2.0 %
NEVRO CORP 2.0 %
NUVASIVE INC 1.9 %
DENTSPLY SIRONA, INC. 1.8 %
Total 21.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.0 %
NETHERLANDS 2.4 %
IRELAND 1.6 %
BRITAIN 1.4 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
12.7% 2.3% 1.0% -- 7.0%

Market Correlations
versus... Beta R-squared
S&P500 1.08 61%
MSCI EAFE 0.86 32%
MSCI Emg. Mkts. 0.58 24%

Technical Indicators
Recent close $81.90
30d moving avg. $77.96
Annualized volatility 16.8%
Short interest (ETF) 9.8%
Short interest (Underlying) 6.3%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 43
Turnover 0.6%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $5,159

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P Health Care Equipment 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™: 2.2%


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 36.2 43 -8 3.9 +1.7
HTEC Robo Global Healthcare Technology and Innovation 35.1 68 -33 0.0 -2.2
RYH Invesco S&P Equal Weight Healthcare 30.7 40 -5 7.3 +5.1
PTH Invesco DWA Healthcare Momentum 28.2 60 -25 -1.4 -3.6
IEHS iShares Evolved U.S. Healthcare Staples 25.1 18 17 6.1 +3.9
FXH First Trust Health Care Alphadex 23.1 63 -28 7.4 +5.2
JHMH John Hancock Multifactor Health Care 22.2 40 -5 6.9 +4.7
GDNA Goldman Sachs Motif Human Evolution 21.2 50 -15 1.0 -1.2
FHLC Fidelity MSCI Health Care 20.1 8 27 6.1 +3.9
IYH iShares US Healthcare 20.1 43 -8 6.6 +4.4
VHT Vanguard Health Care 19.9 10 25 6.1 +3.9
PSCH Invesco S&P Small Cap Health Care 19.5 29 6 2.9 +0.7
LNGR Global X Longevity Thematic 19.1 50 -15 3.7 +1.5
XLV Health Care Select Sector SPDR 18.5 13 22 7.5 +5.3
IXJ iShares S&P Global Healthcare 14.5 46 -11 6.6 +4.4
SLIM Obesity 12.3 35 0 2.4 +0.2
CLRG IQ Chaikin U.S. Large Cap 9.0 25 10 8.2 +6.0
DEF Invesco Defensive Equity 8.7 59 -24 4.9 +2.7
JKK iShares Morningstar Small Cap Growth 8.7 30 5 1.1 -1.1
INAU Innovation United States 8.5 81 -46 5.5 +3.3

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 S&P Health Care Equipment
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 9.8 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 2.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 CATEGORY
AVERAGE
1.55
 
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.