SPDR S&P Oil & Gas Exploration
ALTAR
Score™
3.5% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
16.5x P/Sales
ratio
0.5x
P/BV
ratio
0.6x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Oil & Gas Exploration & Production ETF objective is to replicate as closely as possible the S&P Oil & Gas Exploration Index, an equal-weighted index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Jun 22, 2006
Assets (mns) $2,210
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 61
Wgt avg mkt cap (mns) $24,110
Large cap (>$10bn) 33.3%
Mid cap ($2-10bn) 33.9%
Small cap (<$2bn) 32.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PBF ENERGY INC-CLASS A 3.0 %
MURPHY OIL CORP 3.0 %
MARATHON PETROLEUM 2.8 %
PHILLIPS 66 2.7 %
VALERO ENERGY CORP 2.7 %
CONOCOPHILLIPS 2.7 %
CONCHO RESOURCES INC 2.6 %
CONTINENTAL RESOURCES INC/OK 2.5 %
CIMAREX ENERGY CO 2.5 %
HOLLYFRONTIER CORP 2.5 %
Total 27.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.8 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-22.5% -37.2% -15.9% -5.2% -3.8%

Market Correlations
versus... Beta R-squared
S&P500 1.52 43%
MSCI EAFE 1.58 38%
MSCI Emg. Mkts. 0.89 19%

Technical Indicators
Recent close $21.23
30d moving avg. $21.47
Annualized volatility 28.1%
Short interest (ETF) 80.5%
Short interest (Underlying) 8.0%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 28,172
Turnover 27.1%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $6,401

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P Oil & Gas Exploration ETF based on the alternatives' overlap in portfolio holdings with XOP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XOP Expense: 35 bp ALTAR Score™: 3.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XOP
Ticker Fund
Name
Overlap1
vs XOP
(%)
Expense
ratio
(bp)
Savings
vs XOP
(bp)
ALTAR
Score™
(%)
ALTAR
vs XOP
(%)
FXN First Trust Energy Alphadex 56.1 63 -28 4.2 +0.7
PXI Invesco Dynamic Energy Sector 51.4 60 -25 -0.8 -4.2
PXE Invesco Dynamic Energy Exploration & Production 51.3 63 -28 1.2 -2.3
IEO iShares U.S. Oil & Gas Exploration & Production 49.2 42 -7 3.2 -0.3
JHME John Hancock Multifactor Energy 46.7 40 -5 3.3 -0.2
RYE Invesco S&P Equal Weight Energy ETF 45.9 40 -5 3.4 -0.0
FRAK VanEck Vectors Unconventional Oil & Gas 43.7 54 -19 2.2 -1.3
FTXN First Trust Nasdaq Oil & Gas 38.9 60 -25 2.6 -0.8
VDE Vanguard Energy ETF 35.1 10 25 3.9 +0.5
FENY Fidelity MSCI Energy 34.3 8 27 3.9 +0.5
XLEY Cushing Energy & MLP 33.4 65 -30 3.5 +0.1
IYE iShares DJ US Energy Sector 33.0 42 -7 3.9 +0.5
XLE Energy Select Sector SPDR 32.2 13 22 4.3 +0.9
FCG First Trust ISE-Revere Natural Gas 32.0 60 -25 3.4 -0.1
IGE iShares North American Natural Resources 30.2 46 -11 3.9 +0.5
FILL iShares MSCI Global Energy Producers 23.1 39 -4 5.6 +2.2
IXC iShares S&P Global Energy Sector 22.6 46 -11 5.1 +1.7
NANR SPDR S&P N. American Nat. Resources 19.4 35 0 4.0 +0.6
XLSY Cushing Energy Supply Chain & MLP 18.7 65 -30 5.4 +1.9
PSCE Invesco S&P Small Cap Energy 18.0 29 6 -2.1 -5.6

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:
SPDR S&P Oil & Gas Exploration
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 2.2 %
Divided by: Fwd. P/BV 0.6 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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