Financial Select Sector SPDR Fund
ALTAR
Score™		 8.5% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 16.7x P/Sales
ratio		 2.0x
P/BV
ratio		 1.1x Div.
yield		 2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Select Sector SPDRŽ holding S&P 500 stocks in the Financial sector. Component industries include diversified financial services, insurance, banks, capital markets, consumer finance, thrifts and mortgage finance, and mortgage REITs. The fund seeks investment results that, before expenses, generally correspond to the price and yield performance of the benchmark index. For product information and a prospectus visit www.sectorspdr.com.

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.sectorspdrs.com
Inception date Dec 16, 1998
Assets (mns) $16,407
Currency USD
Expense ratio 13 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 67
Wgt avg mkt cap (mns) $143,983
Large cap (>$10bn) 97.3%
Mid cap ($2-10bn) 2.7%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BERKSHIRE HATHAWAY INC-CL B 13.6 %
JPMORGAN CHASE & CO 11.0 %
BANK OF AMERICA CORP 7.1 %
CITIGROUP INC 4.1 %
WELLS FARGO & CO 3.7 %
BLACKROCK INC 3.3 %
S&P GLOBAL, INC. 3.1 %
AMERICAN EXPRESS CO 2.4 %
GOLDMAN SACHS GROUP INC 2.4 %
CME GROUP INC 2.3 %
Total 53.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.6 %
BRITAIN 2.7 %
SWITZERLAND 2.2 %
BERMUDA 0.3 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-23.8% -14.1% 5.3% 9.5% 2.9%

Market Correlations
versus... Beta R-squared
S&P500 1.17 86%
MSCI EAFE 1.22 81%
MSCI Emg. Mkts. 0.88 66%

Technical Indicators
Recent close $22.97
30d moving avg. $23.89
Annualized volatility 21.5%
Short interest (ETF) 20.6%
Short interest (Underlying) 1.7%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 93,386
Turnover 13.1%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $22,722

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Financial Select Sector SPDR Fund ETF based on the alternatives' overlap in portfolio holdings with XLF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XLF Expense: 13 bp ALTAR Score™: 8.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XLF
Ticker Fund
Name		 Overlap1
vs XLF
(%)		 Expense
ratio
(bp)		 Savings
vs XLF
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs XLF
(%)
VFH Vanguard Financials Index Fund 80.4 10 3 9.0 +0.5
FNCL Fidelity MSCI Financials Index ETF 79.1 8 5 9.0 +0.6
IYG iShares US Financial Services ETF 66.0 42 -29 7.0 -1.5
IEFN iShares Evolved U.S. Financials ETF 60.8 18 -5 9.5 +1.0
RYF Invesco S&P 500 Equal Weight Financials ETF 58.2 40 -27 9.9 +1.5
JHMF John Hancock Multifactor Financials ETF 56.4 40 -27 7.9 -0.6
IYF iShares U.S. Financials ETF 55.2 42 -29 7.2 -1.3
IXG iShares Global Financials ETF 46.9 46 -33 10.1 +1.6
DFNL Davis Select Financial ETF 36.5 64 -51 8.6 +0.2
KBWB Invesco KBW Bank ETF 36.3 35 -22 10.5 +2.0
SPVU Invesco S&P 500 Enhanced Value ETF 34.2 13 0 11.5 +3.0
PKW Invesco Buyback Achievers ETF 27.1 62 -49 6.9 -1.6
FTXO First Trust Nasdaq Bank ETF 26.8 60 -47 9.1 +0.6
PWV Invesco Dynamic Large Cap Value ETF 25.2 55 -42 8.9 +0.4
FXO First Trust Financials AlphaDEX Fund 24.8 63 -50 11.8 +3.4
KCE SPDR S&P Capital Markets ETF 23.0 35 -22 9.0 +0.5
DUSA Davis Select U.S. Equity ETF 22.5 63 -50 5.8 -2.7
RPV Invesco S&P 500 Pure Value ETF 22.0 35 -22 11.3 +2.8
RAFE PIMCO RAFI ESG U.S. ETF 21.2 29 -16 7.9 -0.6
IWX iShares Russell Top 200 Value ETF 19.7 20 -7 7.2 -1.2
MGV Vanguard Mega Cap Value ETF 19.2 7 6 7.3 -1.1
LVHB Innovator Lunt Low Vol/High Beta Tactical ETF 19.0 49 -36 9.4 +0.9
SPHB Invesco S&P 500 High Beta ETF 18.9 25 -12 9.6 +1.1
SPYB SPDR S&P 500 Buyback ETF 18.9 0 13 0.0 -8.5
REVS Columbia Research Enhanced Value ETF 18.9 19 -6 7.8 -0.7
KIE SPDR S&P Insurance ETF 18.9 35 -22 10.3 +1.8
SPVM Invesco S&P 500 Value with Momentum ETF 18.7 39 -26 9.2 +0.8
DIVB iShares U.S. Dividend & Buyback ETF 18.7 25 -12 6.7 -1.8
JKF iShares Morningstar Large Cap Value ETF 18.4 25 -12 7.6 -0.8
VONV Vanguard Russell 1000 Value Index Fund 18.4 8 5 7.4 -1.1
VOOV Vanguard S&P 500 Value ETF 18.3 15 -2 7.4 -1.1
VLU SPDR S&P 1500 Value Tilt ETF 18.3 12 1 7.5 -0.9
VTV Vanguard Value Index Fund 18.2 4 9 7.5 -1.0
FTA First Trust Large Cap Value AlphaDEX Fund 18.0 60 -47 9.3 +0.8
SPYV SPDR Portfolio S&P 500 Value ETF 18.0 4 9 7.5 -1.0
IVE iShares S&P 500 Value ETF 18.0 18 -5 7.3 -1.1
KBE SPDR S&P Bank ETF 17.2 35 -22 11.7 +3.3
DGRO iShares Core Dividend Growth ETF 17.2 8 5 6.7 -1.8
IUSV iShares Core S&P U.S. Value ETF 16.9 4 9 7.6 -0.9
VETS Pacer Military Times Best Employers ETF 16.7 60 -47 7.0 -1.5
TTFS AdvisorShares Wilshire Buyback ETF 16.3 91 -78 6.2 -2.3
FLV American Century Focused Large Cap Value ETF 16.2 42 -29 6.8 -1.7
IWD iShares Russell 1000 Value ETF 16.1 19 -6 7.2 -1.2
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 15.9 15 -2 6.9 -1.6
FDL First Trust Morningstar Dividend Leaders Index Fund 15.5 45 -32 10.3 +1.9
NULV Nuveen ESG Large-Cap Value ETF 15.4 35 -22 7.4 -1.1
SYV SPDR MFS Systematic Value Equity ETF 15.1 60 -47 7.5 -0.9
RDVY First Trust Rising Dividend Achievers ETF 15.0 50 -37 8.0 -0.4
MOAT VanEck Vectors Morningstar Wide Moat ETF 14.9 49 -36 6.4 -2.1
PY Principal Shareholder Yield Index ETF 14.9 29 -16 9.6 +1.1
EPS WisdomTree U.S. Earnings 500 Fund 14.8 8 5 6.5 -1.9
SCHV Schwab U.S. Large-Cap Value ETF 14.3 4 9 7.2 -1.2
EQWL Invesco Russell Top 200 Equal Weight ETF 14.2 25 -12 6.2 -2.3
FMK First Trust Mega Cap AlphaDEX Fund 14.1 70 -57 5.2 -3.2
CVY Invesco Zacks Multi-Asset Income ETF 14.0 97 -84 11.6 +3.2
VYM Vanguard High Dividend Yield Index ETF 13.9 6 7 7.4 -1.1
IAK iShares U.S. Insurance ETF 13.8 43 -30 9.9 +1.5
USDY Pacific Global US Equity Income ETF 13.8 29 -16 7.3 -1.2
PRF Invesco FTSE RAFI US 1000 ETF 13.7 39 -26 6.9 -1.6
DURA VanEck Vectors Morningstar Durable Dividend ETF 13.6 29 -16 7.2 -1.2
SPXT ProShares S&P 500 Ex-Technology ETF 13.6 27 -14 5.7 -2.8
SPGP Invesco S&P 500 GARP ETF 13.4 35 -22 7.3 -1.2
EQRR ProShares Equities for Rising Rates ETF 13.2 35 -22 6.1 -2.4
FEX First Trust Large Cap Core AlphaDEX Fund 13.1 60 -47 6.0 -2.4
RWL Invesco S&P 500 Revenue ETF 13.0 39 -26 7.3 -1.2
IAI iShares U.S. Broker-Dealers ETF 12.8 42 -29 6.9 -1.5
SCHD Schwab U.S. Dividend Equity ETF 12.8 6 7 8.3 -0.2
TTAC TrimTabs All Cap U.S. Free-Cash-Flow ETF 12.7 59 -46 3.7 -4.8
VFVA Vanguard U.S. Value Factor ETF 12.6 14 -1 11.7 +3.2
RSP Invesco S&P 500 Equal Weight ETF 12.6 20 -7 6.8 -1.7
CLRG IQ Chaikin U.S. Large Cap ETF 12.4 25 -12 6.1 -2.4
LGLV SPDR Russell 1000 Low Volatility ETF 12.1 12 1 5.7 -2.8
FNDX Schwab Fundamental U.S. Large Co. Index ETF 12.1 25 -12 6.6 -1.9
SCIU Global X Scientific Beta US ETF 11.9 19 -6 5.8 -2.6
DLN WisdomTree U.S. LargeCap Dividend Fund 11.9 28 -15 6.4 -2.0
ESGS Columbia Sustainable U.S. Equity Income ETF 11.8 35 -22 8.6 +0.1
QLC FlexShares US Quality Large Cap Index Fund 11.6 32 -19 5.4 -3.1
MAGA Point Bridge GOP Stock Tracker ETF 11.6 72 -59 6.6 -1.9
PFI Invesco DWA Financial Momentum ETF 11.6 60 -47 3.6 -4.8
SPXV ProShares S&P 500 Ex-Health Care ETF 11.5 27 -14 5.1 -3.4
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 11.5 49 -36 5.2 -3.3
KRMA Global X Conscious Companies ETF 11.2 43 -30 5.3 -3.2
FNDB Schwab Fundamental U.S. Broad Market Index ETF 11.2 25 -12 6.6 -1.9
FAB First Trust Multi Cap Value AlphaDEX Fund 11.2 71 -58 9.7 +1.2
CFA VictoryShares US 500 Volatility Weighted Index ETF 11.1 35 -22 6.0 -2.5
QUS SPDR MSCI USA StrategicFactors ETF 11.1 15 -2 5.9 -2.6
DTD WisdomTree U.S.Total Dividend Fund 11.0 28 -15 6.7 -1.8
JKI iShares Morningstar Mid-Cap Value ETF 11.0 30 -17 9.3 +0.8
LSAF LeaderShares AlphaFactor US Core Equity ETF 10.9 75 -62 7.4 -1.1
SFY SoFi Select 500 ETF 10.8 0 13 5.3 -3.2
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 10.8 9 4 5.9 -2.6
EUSA iShares MSCI USA Equal Weighted ETF 10.7 15 -2 6.3 -2.1
SIZE iShares Edge MSCI USA Size Factor ETF 10.6 15 -2 6.4 -2.1
DVY iShares Select Dividend ETF 10.5 39 -26 9.7 +1.2
SLT Salt TruBeta High Exposure ETF 10.5 29 -16 9.5 +1.1
FVL First Trust Value Line 100 Exchange-Traded Fund 10.4 70 -57 5.2 -3.3
NULC Nuveen ESG Large-Cap ETF 10.4 20 -7 5.0 -3.4
FVD First Trust Value Line Dividend Index Fund 10.3 70 -57 6.4 -2.1
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 10.3 35 -22 8.7 +0.2
ACIO Aptus Collared Income Opportunity ETF 10.3 79 -66 4.4 -4.1

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:		 Financial Select Sector SPDR Fund
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.2 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 13 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.56 CATEGORY
AVERAGE		 1.52
 
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.