Invesco S&P MidCap Low Volatility
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.3x P/Sales
ratio
2.4x
P/BV
ratio
2.5x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco S&P MidCap Low Volatility Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the S&P MidCap 400 Low Volatility Index.

FUND BASICS
Category US Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Feb 15, 2013
Assets (mns) $3,920
Currency USD
Expense ratio 25 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Volatility
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 81
Wgt avg mkt cap (mns) $6,224
Large cap (>$10bn) 8.0%
Mid cap ($2-10bn) 92.0%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
HAWAIIAN ELECTRIC INDS 1.8 %
LIBERTY PROPERTY TRUST 1.5 %
AMERICAN FINANCIAL GROUP INC 1.5 %
BROWN & BROWN INC 1.5 %
WR BERKLEY CORP 1.5 %
OGE ENERGY CORP 1.5 %
DOUGLAS EMMETT INC 1.5 %
CAMDEN PROPERTY TRUST 1.4 %
NORTHWESTERN CORP 1.4 %
FIRST INDUSTRIAL REALTY TR 1.4 %
Total 14.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.4 %
BERMUDA 1.1 %









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.
21.9% 17.9% 13.0% -- 14.0%

Market Correlations
versus... Beta R-squared
S&P500 0.70 73%
MSCI EAFE 0.54 37%
MSCI Emg. Mkts. 0.33 23%

Technical Indicators
Recent close $53.41
30d moving avg. $52.76
Annualized volatility 9.8%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.7%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 299
Turnover 0.4%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $2,614

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P MidCap Low Volatility ETF based on the alternatives' overlap in portfolio holdings with XMLV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XMLV Expense: 25 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XMLV
Ticker Fund
Name
Overlap1
vs XMLV
(%)
Expense
ratio
(bp)
Savings
vs XMLV
(bp)
ALTAR
Score™
(%)
ALTAR
vs XMLV
(%)
XMMO Invesco S&P MidCap Momentum 34.7 39 -14 3.8 -1.6
REGL ProShares S&P MidCap 400 Dividend Aristocrats 31.5 40 -15 5.7 +0.3
MDYG SPDR S&P400 Mid Cap Growth 27.4 15 10 5.1 -0.3
IJK iShares S&P MidCap 400 Growth 27.3 24 1 5.0 -0.4
IVOG Vanguard S&P Mid-Cap 400 Growth 27.1 20 5 5.0 -0.3
IJH iShares Core S&P MidCap 26.1 7 18 6.4 +1.0
MDY S&P MidCap 400 SPDR 26.1 24 1 6.2 +0.8
IVOO Vanguard S&P Mid-Cap 400 25.9 15 10 6.3 +0.9
MDYV SPDR S&P400 Mid Cap Value 24.8 15 10 7.6 +2.2
IVOV Vanguard S&P Mid-Cap 400 Value 24.8 20 5 7.6 +2.3
IJJ iShares S&P MidCap 400 Value 24.8 25 0 7.5 +2.2
SMMV iShares Edge MSCI Min Vol USA Small-Cap 21.2 20 5 5.1 -0.2
EWMC Invesco S&P Mid Cap 400 Equal Weight 19.8 40 -15 6.7 +1.4
SPMD SPDR Portfolio Mid Cap 18.4 5 20 6.3 +1.0
KLCD KFA Large Cap Quality Dividend Index 18.0 41 -16 5.0 -0.4
EQWM Invesco Fundamental Pure Mid Core 17.9 25 0 5.9 +0.5
OUSM O'Shares FTSE Russell Small Cap Quality Dividend 17.0 48 -23 6.7 +1.3
DVOL First Trust Dorsey Wright Momentum & Low Volatility 17.0 60 -35 4.4 -0.9
RFG Invesco S&P Midcap 400 Pure Growth 17.0 35 -10 3.8 -1.6
PPTY PPTY-U.S. Diversified Real Estate 15.8 53 -28 5.2 -0.1

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

  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:
Invesco S&P MidCap Low Volatility
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.0 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.83 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.