SPDR S&P Health Care Equipment ETF
ALTAR
Score™		 1.8% info Recommen-
dation		 AVOID
2020E    2021E
P/E
ratio		 74.8x P/Sales
ratio		 5.0x
P/BV
ratio		 4.6x Div.
yield		 0.4%


  • 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) $525
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 68
Wgt avg mkt cap (mns) $19,462
Large cap (>$10bn) 41.8%
Mid cap ($2-10bn) 31.5%
Small cap (<$2bn) 26.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
QUIDEL CORP 4.0 %
IRHYTHM TECHNOLOGIES, INC. 3.1 %
DEXCOM INC 3.0 %
MASIMO CORPORATION 2.5 %
MERIT MEDICAL SYSTEMS INC 2.4 %
CRYOPORT, INC. 2.4 %
WEST PHARMACEUTICAL SERVICES 2.4 %
TANDEM DIABETES CARE INC 2.2 %
ABIOMED INC 2.0 %
IDEXX LABORATORIES INC 2.0 %
Total 26.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.1 %
IRELAND 3.2 %
NETHERLANDS 1.6 %
BRITAIN 1.1 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
2.8% 17.9% 0.5% -- 7.8%

Market Correlations
versus... Beta R-squared
S&P500 1.06 73%
MSCI EAFE 0.96 52%
MSCI Emg. Mkts. 0.69 41%

Technical Indicators
Recent close $87.87
30d moving avg. $84.20
Annualized volatility 20.9%
Short interest (ETF) 12.0%
Short interest (Underlying) 6.3%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 45
Turnover 0.8%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $8,337

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™: 1.8%


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 38.2 43 -8 3.3 +1.5
RYH Invesco S&P 500 Equal Weight Health Care ETF 34.1 40 -5 6.3 +4.5
HTEC ROBO Global Healthcare Technology & Innovation ETF 33.7 68 -33 0.5 -1.3
IEHS iShares Evolved U.S. Healthcare Staples ETF 25.4 18 17 5.5 +3.7
FXH First Trust Health Care AlphaDEX Fund 24.1 62 -27 4.3 +2.5
JHMH John Hancock Multifactor Healthcare ETF 23.5 40 -5 5.9 +4.1
GDNA Goldman Sachs Motif Human Evolution ETF 20.7 50 -15 0.3 -1.5
PSCH Invesco S&P SmallCap Health Care ETF 20.5 29 6 3.0 +1.2
FHLC Fidelity MSCI Health Care Index ETF 20.4 8 27 5.5 +3.7
IYH iShares U.S. Healthcare ETF 20.3 43 -8 6.0 +4.2
VHT Vanguard Health Care Index Fund 20.3 10 25 5.4 +3.6
XLV Health Care Select Sector SPDR Fund 19.6 13 22 7.0 +5.2
LNGR Global X Longevity Thematic ETF 19.3 50 -15 3.0 +1.2
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 17.4 60 -25 6.1 +4.3
IXJ iShares Global Healthcare ETF 15.3 46 -11 6.2 +4.4
DWEQ AdvisorShares Dorsey Wright Alpha Equal Weight ETF 13.7 99 -64 1.8 +0.0
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 13.4 39 -4 6.3 +4.5
IQM Franklin Intelligent Machines ETF 13.4 50 -15 2.2 +0.4
PTH Invesco DWA Healthcare Momentum ETF 12.1 60 -25 -2.5 -4.3
NUMG Nuveen ESG Mid-Cap Growth ETF 10.8 40 -5 3.1 +1.3
QMOM Alpha Architect U.S. Quantitative Momentum ETF 10.1 49 -14 3.2 +1.4
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 9.5 60 -25 3.4 +1.6
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 9.3 35 0 5.2 +3.4
JKH iShares Morningstar Mid-Cap Growth ETF 9.0 30 5 2.4 +0.6
PWB Invesco Dynamic Large Cap Growth ETF 8.9 55 -20 3.5 +1.7
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 8.7 75 -40 2.2 +0.4
SPLV Invesco S&P 500 Low Volatility ETF 8.6 25 10 5.7 +3.9
JKE iShares Morningstar Large-Cap Growth ETF 8.6 25 10 3.5 +1.7
HLAL Wahed FTSE USA Shariah ETF 8.3 50 -15 4.7 +2.9
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 8.2 30 5 7.6 +5.8
MFMS Motley Fool Small-Cap Growth ETF 8.0 85 -50 -1.9 -3.7
FTC First Trust Large Cap Growth AlphaDEX Fund 7.9 61 -26 3.0 +1.2
JKK iShares Morningstar Small-Cap Growth ETF 7.8 30 5 1.3 -0.5
PDP Invesco DWA Momentum ETF 7.8 62 -27 2.8 +1.0
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 7.8 25 10 5.9 +4.1
JMIN JPMorgan U.S. Minimum Volatility ETF 7.6 12 23 5.8 +4.0
PSET Principal Price Setters Index ETF 7.5 29 6 4.6 +2.8
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 7.5 17 18 6.9 +5.1
DWAS Invesco DWA SmallCap Momentum ETF 7.4 60 -25 -1.1 -2.9
RBUS Nationwide Risk-Based U.S. Equity ETF 7.3 30 5 5.1 +3.3
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 7.1 49 -14 4.2 +2.4
VOT Vanguard Mid-Cap Growth Index Fund 7.0 7 28 3.6 +1.8
DTEC ALPS Disruptive Technologies ETF 6.9 50 -15 3.5 +1.7
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 6.6 25 10 7.4 +5.6
FLLV Franklin Liberty U.S. Low Volatility ETF 6.6 29 6 5.7 +3.9
VBK Vanguard Small-Cap Growth Index Fund 6.6 7 28 2.5 +0.7
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 6.6 60 -25 3.6 +1.8
BTEC Principal Healthcare Innovators Index ETF 6.5 42 -7 -2.5 -4.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 6.5 66 -31 2.6 +0.8
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 6.4 80 -45 5.5 +3.7
IWO iShares Russell 2000 Growth ETF 6.4 24 11 0.7 -1.1
AIEQ AI Powered Equity ETF 6.3 87 -52 3.3 +1.5
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 6.3 15 20 4.7 +2.9
RPG Invesco S&P 500 Pure Growth ETF 6.2 35 0 4.4 +2.6
IWP iShares Russell Mid-Cap Growth ETF 6.2 24 11 4.2 +2.4
VTWG Vanguard Russell 2000 Growth Index Fund 6.2 15 20 0.8 -1.0
VIG Vanguard Dividend Appreciation Index Fund 6.1 6 29 5.2 +3.4
HECO EcoLogical Strategy ETF 6.0 107 -72 0.0 -1.8
AFSM First Trust Active Factor Small Cap ETF 6.0 75 -40 5.7 +3.9
JSML Janus Henderson Small Cap Growth Alpha ETF 6.0 35 0 6.2 +4.4
SQLV Legg Mason Small-Cap Quality Value 5.9 62 -27 7.0 +5.2
LRGF iShares Edge MSCI Multifactor USA ETF 5.9 20 15 7.0 +5.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 5.9 70 -35 2.1 +0.3
DEF Invesco Defensive Equity ETF 5.9 55 -20 5.0 +3.2
LEAD Reality Shares DIVCON Leaders Dividend ETF 5.8 43 -8 4.4 +2.6
JMOM JPMorgan U.S. Momentum Factor ETF 5.7 12 23 3.9 +2.1
CZA Invesco Zacks Mid-Cap ETF 5.7 76 -41 6.2 +4.4
TPLC Timothy Plan US Large Cap Core ETF 5.7 52 -17 5.4 +3.6
XOUT GraniteShares XOUT U.S. Large Cap ETF 5.6 60 -25 4.5 +2.7
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 5.4 35 0 6.2 +4.4
ETHO Etho Climate Leadership U.S. ETF 5.4 47 -12 4.4 +2.6
RNLC Large Cap US Equity Select ETF 5.4 60 -25 6.2 +4.4
KOMP SPDR Kensho New Economies Composite ETF 5.4 20 15 1.6 -0.2
SPXT ProShares S&P 500 Ex-Technology ETF 5.3 27 8 5.7 +3.9
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 5.2 20 15 7.6 +5.8
XMLV Invesco S&P MidCap Low Volatility ETF 5.1 25 10 5.4 +3.6
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 5.1 35 0 5.8 +4.0
TTAC TrimTabs Float Shrink ETF 4.9 59 -24 3.6 +1.8
CATH Global X S&P 500 Catholic Values Custom ETF 4.9 29 6 5.3 +3.5
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 4.9 24 11 6.0 +4.2
CWS AdvisorShares Focused Equity ETF 4.9 85 -50 5.4 +3.6
MXDU Nationwide Maximum Diversification US Core Equity ETF 4.9 34 1 5.2 +3.4
QGRO American Century STOXX U.S. Quality Growth ETF 4.8 29 6 3.1 +1.3
CFA VictoryShares US 500 Volatility Weighted Index ETF 4.8 35 0 5.8 +4.0
IWX iShares Russell Top 200 Value ETF 4.8 20 15 7.0 +5.2
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 4.8 75 -40 3.7 +1.9
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 4.8 24 11 7.7 +5.9
MDYG SPDR S&P 400 Mid Cap Growth ETF 4.7 15 20 4.8 +3.0
IJK iShares S&P Mid-Cap 400 Growth ETF 4.7 24 11 4.7 +2.9
BOUT Innovator IBD Breakout Opportunities ETF 4.7 80 -45 2.5 +0.7
TMDV ProShares Russell US Dividend Growers ETF 4.7 35 0 5.3 +3.5
JHMM John Hancock Multifactor Mid Cap ETF 4.6 44 -9 5.7 +3.9
PFM Invesco Dividend Achievers ETF 4.6 54 -19 5.4 +3.6
ECOZ TrueMark ESG Active Opportunities ETF 4.6 58 -23 4.4 +2.6
DFND Reality Shares DIVCON Dividend Defender ETF 4.5 121 -86 3.6 +1.8
SPXN ProShares S&P 500 Ex-Financials ETF 4.5 27 8 5.1 +3.3
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 4.5 9 26 5.9 +4.1
BFOR Barron's 400 ETF 4.5 66 -31 6.3 +4.5
VO Vanguard Mid-Cap Index Fund 4.4 4 31 5.5 +3.7
LSLT Salt Low truBeta US Market ETF 4.4 0 35 7.1 +5.3

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%.

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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 9.5 %
Divided by: Fwd. P/BV 4.4 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 1.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.43 CATEGORY
AVERAGE		 1.53
 
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.