Invesco S&P SmallCap Value with Momentum ETF
ALTAR
Score™		 10.6% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 10.6x P/Sales
ratio		 0.7x
P/BV
ratio		 1.0x Div.
yield		 3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco S&P SmallCap Value with Momentum ETF tracks the S&P 600 High Momentum Value Index which holds 120 securities in the S&P SmallCap 600 that have the highest value scores and momentum scores.

FUND BASICS
Category US Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Mar 03, 2005
Assets (mns) $1,172
Currency USD
Expense ratio 36 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Multi-Factor
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 228
Wgt avg mkt cap (mns) $2,044
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 44.7%
Small cap (<$2bn) 55.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SALLY BEAUTY HOLDINGS INC 2.0 %
SPARTANNASH CO 1.9 %
MARINEMAX INC 1.7 %
CUSHMAN & WAKEFIELD PLC 1.6 %
GENWORTH FINANCIAL INC-CL A 1.6 %
LINCOLN NATIONAL CORP 1.6 %
UNITED NATURAL FOODS INC 1.5 %
PRA GROUP INC 1.4 %
RESIDEO TECHNOLOGIES, INC. 1.4 %
G-III APPAREL GROUP LTD 1.4 %
Total 16.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.4 %
BRITAIN 1.6 %
BERMUDA 1.3 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
5.4% 2.2% 17.3% 11.1% 8.4%

Market Correlations
versus... Beta R-squared
S&P500 1.20 57%
MSCI EAFE 0.86 33%
MSCI Emg. Mkts. 0.56 15%

Technical Indicators
Recent close $56.74
30d moving avg. $55.66
Annualized volatility 24.3%
Short interest (ETF) 0.0%
Short interest (Underlying) 19.7%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 42
Turnover 0.2%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $1,984

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 441 potential alternatives to the Invesco S&P SmallCap Value with Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with XSVM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XSVM Expense: 36 bp ALTAR Score™: 10.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XSVM
Ticker Fund
Name		 Overlap1
vs XSVM
(%)		 Expense
ratio
(bp)		 Savings
vs XSVM
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs XSVM
(%)
RZV Invesco S&P Smallcap 600 Pure Value ETF 33.9 35 1 10.0 -0.6
PSCF Invesco S&P SmallCap Financials ETF 32.8 29 7 9.2 -1.4
IJS iShares S&P Small-Cap 600 Value ETF 30.6 18 18 9.7 -0.9
RWJ Invesco S&P SmallCap 600 Revenue ETF 29.3 39 -3 9.6 -1.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 28.7 10 26 9.7 -0.9
SLYV SPDR S&P 600 Small Cap Value ETF 28.6 15 21 9.7 -0.9
FYT First Trust Small Cap Value AlphaDEX Fund 25.0 73 -37 10.5 -0.1
XSLV Invesco S&P SmallCap Low Volatility ETF 24.2 25 11 7.5 -3.1
SVAL iShares US Small Cap Value Factor ETF 22.3 20 16 10.3 -0.3
ESIX SPDR S&P SmallCap 600 ESG ETF 21.9 12 24 8.0 -2.6
BSVO EA Bridgeway Omni Small-Cap Value ETF 20.9 47 -11 8.9 -1.7
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 20.8 15 21 7.8 -2.8
XJR iShares ESG Screened S&P Small-Cap ETF 19.9 12 24 7.4 -3.2
IJR iShares Core S&P Small Cap ETF 19.5 6 30 7.6 -3.0
AVUV Avantis U.S. Small Cap Value ETF 19.4 25 11 9.7 -0.9
ROSC Hartford Multifactor Small Cap ETF 19.0 34 2 9.2 -1.4
VIOO Vanguard S&P Small-Cap 600 ETF 18.5 7 29 7.6 -3.0
SPSM SPDR Portfolio S&P 600 Small Cap ETF 18.4 3 33 7.6 -3.0
DFSV Dimensional US Small Cap Value ETF 16.9 31 5 10.0 -0.6
AVSC Avantis U.S Small Cap Equity ETF 16.2 25 11 5.6 -5.0
IWN iShares Russell 2000 Value ETF 15.8 24 12 7.3 -3.3
VTWV Vanguard Russell 2000 Value ETF 15.7 10 26 7.3 -3.3
KBE SPDR S&P Bank ETF 15.7 35 1 9.3 -1.3
USVM VictoryShares US Small Mid Cap Value Momentum ETF 15.3 25 11 7.8 -2.8
KRE SPDR S&P Regional Banking ETF 15.3 35 1 9.8 -0.8
SIXS ETC 6 Meridian Small Cap Equity ETF 15.1 89 -53 9.8 -0.8
FYX First Trust Small Cap Core AlphaDEX Fund 14.5 61 -25 5.9 -4.7
EES WisdomTree U.S. SmallCap Fund 14.4 38 -2 8.7 -1.9
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 14.3 29 7 8.2 -2.4
GRPZ Invesco S&P SmallCap 600 GARP ETF 14.2 35 1 7.3 -3.3
VAMO Cambria Value & Momentum ETF 14.2 61 -25 5.8 -4.8
DES WisdomTree U.S. SmallCap Dividend Fund 14.1 38 -2 9.3 -1.3
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 13.8 30 6 13.1 +2.5
FESM Fidelity Enhanced Small Cap ETF 13.8 28 8 7.2 -3.4
TPSC Timothy Plan US Small Cap Core ETF 13.7 52 -16 6.8 -3.8
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 13.5 29 7 9.9 -0.7
CSA VictoryShares US Small Cap Volatility Wtd ETF 13.5 35 1 7.7 -2.9
DFAT Dimensional U.S. Targeted Value ETF 12.9 28 8 9.2 -1.4
XSMO Invesco S&P SmallCap Momentum ETF 12.5 39 -3 5.6 -5.0
QABA First Trust NASDAQ ABA Community Bank Index Fund 12.3 60 -24 8.9 -1.7
SMDV ProShares Russell 2000 Dividend Growers ETF 12.3 40 -4 7.5 -3.1
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 12.3 9 27 4.2 -6.4
KBWR Invesco KBW Regional Banking ETF 12.2 35 1 9.6 -1.0
FLQS Franklin U.S. Small Cap Multifactor Index ETF 11.1 35 1 9.4 -1.2
PSC Principal U.S. Small-Cap ETF 10.9 38 -2 6.8 -3.8
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF 10.9 35 1 9.1 -1.5
ISMD Inspire Small/Mid Cap ETF 10.5 54 -18 5.5 -5.1
SMCF Themes US Small Cap Cash Flow Champions ETF 10.4 29 7 12.0 +1.4
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 10.2 20 16 5.5 -5.1
AFSM First Trust Active Factor Small Cap ETF 10.1 75 -39 7.5 -3.1
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 10.1 39 -3 5.8 -4.8
SQLV Royce Quant Small-Cap Quality Value ETF 10.0 60 -24 9.3 -1.3
WCEO Hypatia Women CEO ETF 10.0 85 -49 3.8 -6.8
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF 9.9 55 -19 10.1 -0.5
ECML Euclidean Fundamental Value ETF 9.6 95 -59 11.2 +0.6
SYLD Cambria Shareholder Yield ETF 9.4 59 -23 11.7 +1.1
VFVA Vanguard U.S. Value Factor ETF 9.0 13 23 10.9 +0.3
BKSE BNY Mellon US Small Cap Core Equity ETF 8.9 4 32 5.9 -4.7
IJT iShares S&P Small-Cap 600 Growth ETF 8.9 18 18 5.5 -5.1
STXK Strive Small-Cap ETF 8.9 18 18 5.9 -4.8
HAPS Harbor Human Capital Factor US Small Cap ETF 8.8 60 -24 3.9 -6.7
XSHQ Invesco S&P SmallCap Quality ETF 8.8 29 7 7.2 -3.4
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 8.8 80 -44 7.9 -2.7
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 8.7 12 24 7.4 -3.2
RSSL Global X Russell 2000 ETF 8.6 8 28 4.3 -6.3
VIOG Vanguard S&P Small-Cap 600 Growth ETF 8.6 10 26 5.6 -5.0
VTWO Vanguard Russell 2000 ETF 8.5 7 29 4.3 -6.3
SLYG SPDR S&P 600 Small Cap Growth ETF 8.5 15 21 5.5 -5.1
IWM iShares Russell 2000 ETF 8.4 19 17 4.3 -6.3
SMDX Intech S&P Small-Mid Cap Divers Alp ETF 8.4 35 1 7.2 -3.4
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 8.2 60 -24 7.5 -3.1
DGRS WisdomTree US Smallcap Quality Dividend Growth Fund 8.0 38 -2 9.8 -0.8
HOMZ Hoya Capital Housing ETF 7.9 30 6 9.3 -1.3
ISCV iShares Morningstar Small Cap Value ETF 7.9 6 30 9.3 -1.3
FNK First Trust Mid Cap Value AlphaDEX Fund 7.5 70 -34 10.9 +0.3
FAB First Trust Multi Cap Value AlphaDEX Fund 7.5 67 -31 9.9 -0.7
FNDA Schwab Fundamental US Small Co. Index ETF 7.4 25 11 8.2 -2.4
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 7.4 39 -3 5.3 -5.3
PSCI Invesco S&P SmallCap Industrials ETF 7.3 29 7 5.1 -5.5
SIXL ETC 6 Meridian Low Beta Equity ETF 7.2 80 -44 6.2 -4.4
DSMC Distillate Small/Mid Cash Flow ETF 7.2 55 -19 11.8 +1.2
VFMF Vanguard U.S. Multifactor ETF 7.2 18 18 7.9 -2.7
XRT SPDR S&P Retail ETF 7.2 35 1 8.2 -2.4
DFAS Dimensional U.S. Small Cap ETF 6.8 26 10 6.4 -4.2
JMEE JPMorgan Market Expansion Enhanced Equity ETF 6.6 24 12 7.7 -2.9
SCHA Schwab U.S. Small-Cap ETF 6.5 4 32 5.9 -4.8
SFLO VictoryShares Small Cap Free Cash Flow ETF 6.3 49 -13 11.2 +0.6
CALF Pacer US Small Cap Cash Cows 100 ETF 6.3 59 -23 10.7 +0.1
EZM WisdomTree U.S. MidCap Fund 6.0 38 -2 9.0 -1.6
RZG Invesco S&P Smallcap 600 Pure Growth ETF 5.9 35 1 4.1 -6.5
DWAS Invesco Dorsey Wright SmallCap Momentum ETF 5.7 60 -24 2.0 -8.6
RIET Hoya Capital High Dividend Yield ETF 5.7 50 -14 48.5 +37.9
VBR Vanguard Small Cap Value ETF 5.7 7 29 9.1 -1.5
FSMD Fidelity Small-Mid Multifactor ETF 5.6 15 21 7.0 -3.6
PSCC Invesco S&P SmallCap Consumer Staples ETF 5.6 29 7 8.0 -2.6
FDLS Inspire Fidelis Multi Factor ETF 5.5 76 -40 5.1 -5.6
KIE SPDR S&P Insurance ETF 5.4 35 1 7.0 -3.6
MORT VanEck Mortgage REIT Income ETF 5.1 43 -7 49.7 +39.1
REM iShares Mortgage Real Estate ETF 5.1 48 -12 63.5 +52.9
KBWD Invesco KBW High Dividend Yield Financial ETF 5.0 384 -348 13.5 +2.9
SDIV Global X Superdividend ETF 5.0 58 -22 40.9 +30.3
SAWS AAM Sawgrass US Small Cap Quality Growth ETF 5.0 55 -19 4.7 -5.9
ETHO Etho Climate Leadership U.S. ETF 5.0 47 -11 5.3 -5.3
MVPA Miller Value Partners Appreciation ETF 4.9 60 -24 9.2 -1.4
FNX First Trust Mid Cap Core AlphaDEX Fund 4.8 60 -24 7.3 -3.3
CGV Conductor Global Equity Value ETF 4.7 130 -94 8.0 -2.6
ISCB iShares Morningstar Small-Cap ETF 4.6 4 32 6.2 -4.4
CVY Invesco Zacks Multi-Asset Income ETF 4.6 106 -70 12.3 +1.7
ITB iShares U.S. Home Construction ETF 4.5 40 -4 10.5 -0.2
AFMC First Trust Active Factor Mid Cap ETF 4.5 65 -29 8.3 -2.3
ESML iShares ESG Aware MSCI USA Small-Cap ETF 4.5 17 19 5.7 -4.9
COPY Tweedy, Browne Insider + Value ETF 4.4 80 -44 11.7 +1.1
NUSC Nuveen ESG Small-Cap ETF 4.4 31 5 5.3 -5.3
JSML Janus Henderson Small Cap Growth Alpha ETF 4.3 30 6 7.7 -2.9
XHB SPDR S&P Homebuilders ETF 4.3 35 1 10.5 -0.1
RFDA RiverFront Dynamic US Dividend Advantage ETF 4.2 52 -16 6.3 -4.3
PEY Invesco High Yield Equity Dividend Achievers ETF 4.2 52 -16 10.3 -0.3
PSCU Invesco S&P SmallCap Utilities & Communication Services ETF 4.0 29 7 4.6 -6.0
ZIG Acquirers Fund 3.8 84 -48 18.1 +7.5
GVLU Gotham 1000 Value ETF 3.6 50 -14 8.9 -1.7
PSL Invesco Dorsey Wright Consumer Staples Momentum ETF 3.6 60 -24 6.8 -3.8
SMLF iShares U.S. SmallCap Equity Factor ETF 3.6 15 21 5.8 -4.8
DEEP Roundhill Acquirers Deep Value ETF 3.6 80 -44 16.7 +6.1
FDM First Trust Dow Jones Select MicroCap Index Fund 3.5 60 -24 7.4 -3.2
VFMO Vanguard U.S. Momentum Factor ETF 3.5 13 23 2.9 -7.7
VXF Vanguard Extended Market ETF 3.4 5 31 4.6 -6.0
OUSM ALPS O'Shares US Small-Cap Quality Dividend ETF 3.4 48 -12 8.2 -2.4
FTXO First Trust Nasdaq Bank ETF 3.3 60 -24 8.5 -2.1
VB Vanguard Small-Cap ETF 3.3 5 31 6.1 -4.5
PBJ Invesco Food & Beverage ETF 3.3 57 -21 7.1 -3.5
DXUV Dimensional US Vector Equity ETF 3.2 28 8 6.2 -4.4
JHSC John Hancock Multifactor Small Cap ETF 3.1 42 -6 6.6 -4.0
OPTZ Optimize Strategy Index ETF 3.1 50 -14 4.6 -6.0
BFOR ALPS Barron's 400 ETF 3.0 65 -29 6.0 -4.6
IFRA iShares U.S. Infrastructure ETF 3.0 30 6 6.6 -4.1
VFQY Vanguard U.S. Quality Factor ETF 3.0 13 23 6.4 -4.2
DON WisdomTree U.S. MidCap Dividend Fund 2.9 38 -2 8.9 -1.8
FXO First Trust Financials AlphaDEX Fund 2.9 62 -26 8.2 -2.4
XTN SPDR S&P Transportation ETF 2.9 35 1 4.9 -5.7
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF 2.8 20 16 6.3 -4.3
TXS Texas Capital Texas Equity Index ETF 2.8 49 -13 5.6 -5.0
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 2.8 25 11 5.6 -5.0
IAK iShares U.S. Insurance ETF 2.7 40 -4 7.1 -3.5
AIRL Themes Airlines ETF 2.7 35 1 1.7 -8.9
SURE AdvisorShares Insiders Advantage ETF 2.7 90 -54 9.5 -1.1
AUSF Global X Adaptive U.S. Factor ETF 2.6 27 9 8.8 -1.8
IWC iShares Micro-Cap ETF 2.5 60 -24 -0.8 -11.4
CVAR Cultivar ETF 2.5 87 -51 6.8 -3.8
DHS WisdomTree U.S. High Dividend Fund 2.4 38 -2 8.1 -2.5
PSCM Invesco S&P SmallCap Materials ETF 2.3 29 7 12.6 +2.0
PSCT Invesco S&P SmallCap Information Technology ETF 2.3 29 7 5.0 -5.6
PSCE Invesco S&P SmallCap Energy ETF 2.2 29 7 11.2 +0.6
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF 2.2 59 -23 6.2 -4.4
EBI Longview Advantage ETF 2.2 35 1 6.5 -4.1
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 2.1 30 6 6.5 -4.1
LST Leuthold Select Industries ETF 2.0 91 -55 5.0 -5.6
SRET Global X SuperDividend REIT ETF 2.0 59 -23 12.0 +1.4
FTXR First Trust Nasdaq Transportation ETF 2.0 60 -24 8.8 -1.9
TMDV ProShares Russell US Dividend Growers ETF 2.0 35 1 6.5 -4.1
PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF 2.0 60 -24 3.9 -6.7
KBWP Invesco KBW Property & Casualty Insurance ETF 2.0 35 1 6.9 -3.7
DIV Global X SuperDividend US ETF 1.9 45 -9 12.0 +1.4
WDIV SPDR S&P Global Dividend ETF 1.9 40 -4 9.1 -1.5
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 1.9 7 29 6.0 -4.6
PFI Invesco Dorsey Wright Financial Momentum ETF 1.9 60 -24 6.6 -4.1
XHS SPDR S&P Health Care Services ETF 1.8 35 1 3.2 -7.4
ALIL Argent Focused Small Cap ETF 1.8 74 -38 7.1 -3.5
AIRR First Trust RBA American Industrial Renaissance ETF 1.8 70 -34 4.9 -5.7
XME SPDR S&P Metals & Mining ETF 1.8 35 1 6.8 -3.8
MMSC First Trust Multi-Manager Small Cap Opportunities ETF 1.8 95 -59 0.5 -10.1
VLU SPDR S&P 1500 Value Tilt ETF 1.7 12 24 7.4 -3.2
TAX Cambria Tax Aware ETF 1.7 49 -13 5.0 -5.6
JETS U.S. Global Jets ETF 1.7 60 -24 2.7 -7.9
WBIY WBI Power Factor High Dividend ETF 1.7 100 -64 14.8 +4.2
VTWG Vanguard Russell 2000 Growth ETF 1.7 10 26 1.4 -9.2
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 1.7 29 7 6.4 -4.2
IWO iShares Russell 2000 Growth ETF 1.7 24 12 1.3 -9.3
STCE Schwab Crypto Thematic ETF 1.6 30 6 0.8 -9.8
IYT iShares US Transportation ETF 1.6 40 -4 5.1 -5.5
VFH Vanguard Financials ETF 1.6 9 27 6.4 -4.3
FNCL Fidelity MSCI Financials Index ETF 1.6 8 28 6.3 -4.3
AVSU Avantis Responsible U.S. Equity ETF 1.6 15 21 5.9 -4.7
KOMP SPDR S&P Kensho New Economies Composite ETF 1.6 20 16 2.4 -8.2
GLRY Inspire Faithward Mid Cap Momentum ETF 1.5 80 -44 5.8 -4.8
DFUV Dimensional US Marketwide Value ETF 1.5 22 14 7.5 -3.1
FMKT The Free Markets ETF 1.5 76 -40 1.5 -9.1
SMIG AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF 1.5 60 -24 6.1 -4.5
CCNR ALPS CoreCommodity Natural Resources ETF 1.5 39 -3 10.6 0.0
QDF FlexShares Quality Dividend Index Fund 1.5 37 -1 6.1 -4.5
DFAC Dimensional U.S. Core Equity 2 ETF 1.5 17 19 5.5 -5.2
PSCH Invesco S&P SmallCap Health Care ETF 1.4 29 7 4.5 -6.1
OSCV Opus Small Cap Value ETF 1.4 79 -43 6.5 -4.1
ISCG iShares Morningstar Small-Cap Growth ETF 1.4 6 30 2.9 -7.7
PKW Invesco Buyback Achievers ETF 1.4 62 -26 7.2 -3.4
RNSC Furst Trust Small Cap US Equity Select ETF 1.4 60 -24 6.0 -4.6
FYC First Trust Small Cap Growth AlphaDEX Fund 1.4 71 -35 0.4 -10.2
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 1.4 61 -25 6.5 -4.1
REAI Intelligent Real Estate ETF 1.4 59 -23 14.6 +4.0
SIMS SPDR S&P Kensho Intelligent Structures ETF 1.4 45 -9 5.3 -5.3
HKND Humankind US Stock ETF 1.4 11 25 7.1 -3.5
FDIS Fidelity MSCI Consumer Discretionary Index ETF 1.4 8 28 4.3 -6.3
SFYX SoFi Next 500 ETF 1.4 0 36 5.7 -4.9
BOUT Innovator IBD Breakout Opportunities ETF 1.4 81 -45 2.7 -7.9
FNY First Trust Mid Cap Growth AlphaDEX Fund 1.4 70 -34 2.8 -7.8
AVUS Avantis U.S. Equity ETF 1.3 15 21 5.7 -4.9
FGD First Trust Dow Jones Global Select Dividend Index Fund 1.3 56 -20 10.5 -0.1
NIXT Research Affiliates Deletions ETF 1.3 9 27 8.6 -2.0
KCE SPDR S&P Capital Markets ETF 1.3 35 1 5.5 -5.1
TMFG Motley Fool Global Opportunities ETF 1.3 85 -49 3.9 -6.7
TMFM Motley Fool Mid-Cap Growth ETF 1.3 85 -49 2.7 -7.9
TMFS Motley Fool Small-Cap Growth ETF 1.3 85 -49 3.8 -6.8
RSMC Rockefeller U.S. Small-Mid Cap ETF 1.3 75 -39 5.0 -5.6
ERTH Invesco MSCI Sustainable Future ETF 1.3 62 -26 3.6 -7.0
ABLS Abacus FCF Small Cap Leaders ETF 1.3 59 -23 6.2 -4.5
BRNY Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation 1.2 79 -43 4.4 -6.2
ROUS Hartford Multifactor US Equity ETF 1.2 19 17 7.0 -3.6
FNDB Schwab Fundamental US Broad Market Index ETF 1.2 25 11 7.2 -3.4
DEW WisdomTree Global High Dividend Fund 1.2 58 -22 8.3 -2.3
DCOR Dimensional US Core Equity 1 ETF 1.2 14 22 5.3 -5.3
QDEF FlexShares Quality Dividend Defensive Index Fund 1.1 37 -1 6.0 -4.6
TOGA Tremblant Global ETF 1.1 69 -33 1.8 -8.8
VCR Vanguard Consumer Discretionary ETF 1.1 9 27 4.3 -6.4
PAVE Global X U.S. Infrastructure Development ETF 1.1 47 -11 5.3 -5.4
BJK VanEck Gaming ETF 1.1 65 -29 4.1 -6.5
BETZ Roundhill Sports Betting & iGaming ETF 1.1 75 -39 2.6 -8.0
RNIN Bushido Capital US SMID Cap Equity ETF 1.1 70 -34 10.3 -0.3
VEGI iShares MSCI Agriculture Producers ETF 1.1 39 -3 8.8 -1.9
DFSU Dimensional US Sustainability Core 1 ETF 1.0 18 18 5.3 -5.3
GURU Global X Guru Index ETF 1.0 75 -39 2.9 -7.7
SMOT VanEck Morningstar SMID Moat ETF 1.0 49 -13 6.6 -4.0
XTL SPDR S&P Telecom ETF 1.0 35 1 2.1 -8.5
PXJ Invesco Oil & Gas Services ETF 1.0 63 -27 4.7 -5.9
FSCS First Trust SMID Capital Strength ETF 1.0 60 -24 7.1 -3.5
XES SPDR S&P Oil & Gas Equipment & Services ETF 1.0 35 1 3.3 -7.3
MOTO SmartETFs Smart Transportation & Technology ETF 1.0 68 -32 7.2 -3.4
HAIL SPDR S&P Kensho Smart Mobility ETF 1.0 45 -9 0.4 -10.3
RDVY First Trust Rising Dividend Achievers ETF 1.0 50 -14 6.8 -3.8
DTD WisdomTree U.S. Total Dividend Fund 1.0 28 8 6.3 -4.3
FSTA FIDELITY COVINGTON TRUST MSCI CONSUMER STAPLES INDEX ETF 1.0 8 28 5.8 -4.8
MGMT Ballast Small/Mid Cap ETF 0.9 110 -74 8.3 -2.4
CSD Invesco S&P Spin-Off ETF 0.9 65 -29 4.3 -6.3
VDC Vanguard Consumer Staples ETF 0.9 9 27 5.8 -4.8
SCDV Bahl & Gaynor Small Cap Dividend ETF 0.9 70 -34 4.6 -6.0
XOP SPDR S&P Oil & Gas Exploration & Production ETF 0.9 35 1 14.6 +4.0
PRF Invesco FTSE RAFI US 1000 ETF 0.9 39 -3 6.7 -3.9
HLGE Hartford Longevity Economy ETF 0.9 44 -8 -0.4 -11.0
FCPI Fidelity Stocks for Inflation ETF 0.9 15 21 7.5 -3.1
FXD First Trust Consumer Discretionary AlphaDEX Fund 0.9 61 -25 7.2 -3.4
FVD First Trust Value Line Dividend Index Fund 0.9 65 -29 6.3 -4.3
FLDZ RiverNorth Patriot ETF 0.8 75 -39 6.1 -4.5
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 0.8 85 -49 8.8 -1.9
IEZ iShares U.S. Oil Equipment & Services ETF 0.8 40 -4 5.0 -5.6
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 0.8 68 -32 2.6 -8.0
BLOK Amplify Transformational Data Sharing ETF 0.8 75 -39 -0.4 -11.0
LVHD Franklin U.S. Low Volatility High Dividend Index ETF 0.8 27 9 7.1 -3.6
ASLV Allspring Special Large Value ETF 0.8 35 1 6.4 -4.2
SLX VanEck Steel ETF 0.8 56 -20 14.7 +4.1
DIVY Sound Equity Dividend Income ETF 0.8 45 -9 9.7 -0.9
VFMV Vanguard U.S. Minimum Volatility ETF 0.8 13 23 5.7 -4.9
MAKX ProShares S&P Kensho Smart Factories ETF 0.8 58 -22 -1.4 -12.0
FITE SPDR S&P Kensho Future Security ETF 0.8 45 -9 1.6 -9.0
KVLE KraneShares Value Line Dynamic Dividend Equity Index ETF 0.8 56 -20 6.1 -4.5
QLV FlexShares US Quality Low Volatility Index Fund 0.8 22 14 5.6 -5.0
MOO VanEck Agribusiness ETF 0.8 53 -17 10.5 -0.1
QMOM Alpha Architect U.S. Quantitative Momentum ETF 0.8 39 -3 3.3 -7.3
QVAL Alpha Architect US Quantitative Value ETF 0.8 39 -3 9.6 -1.0
ARB AltShares Merger Arbitrage ETF 0.8 77 -41 4.2 -6.4
FMET Fidelity Metaverse ETF 0.7 39 -3 4.5 -6.1
VERS ProShares Metaverse ETF 0.7 58 -22 -1.0 -11.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.7 64 -28 2.2 -8.4
CZA Invesco Zacks Mid-Cap ETF 0.7 72 -36 6.6 -4.0
XSD SPDR S&P Semiconductor ETF 0.7 35 1 3.7 -6.9
FNDX Schwab Fundamental US Large Co. Index ETF 0.7 25 11 7.1 -3.5
FTXG First Trust Nasdaq Food & Beverage ETF 0.7 60 -24 7.5 -3.1
SHPP Pacer Industrials and Logistics ETF 0.7 60 -24 8.6 -2.0
TOKE Cambria Cannabis ETF 0.7 42 -6 1.1 -9.5
JVAL JPMorgan U.S. Value Factor ETF 0.7 12 24 8.0 -2.6
IQSM IQ Candriam U.S. Mid Cap Equity ETF 0.7 15 21 6.0 -4.6
VYM Vanguard High Dividend Yield Index ETF 0.7 6 30 7.0 -3.6
FFOX FundX Future Fund Opportunities ETF 0.7 100 -64 4.2 -6.4
LQPE PEO AlphaQuest Thematic PE ETF 0.7 125 -89 5.1 -5.5
IBUY Amplify Online Retail ETF 0.7 65 -29 0.8 -9.8
AVES Avantis Emerging Markets Value ETF 0.7 36 0 10.8 +0.2
SNPD Xtrackers S&P ESG Dividend Aristocrats ETF 0.7 15 21 7.6 -3.0
EVX VanEck Environmental Services ETF 0.7 55 -19 2.3 -8.3
UDI USCF Dividend Income Fund 0.7 65 -29 8.2 -2.5
SCHD Schwab US Dividend Equity ETF 0.7 6 30 9.8 -0.8
SCHM Schwab U.S. Mid-Cap ETF 0.6 4 32 6.6 -4.0
FCOM Fidelity MSCI Communication Services Index ETF 0.6 8 28 4.3 -6.3
FDL First Trust Morningstar Dividend Leaders Index Fund 0.6 45 -9 10.6 -0.0
ICAP InfraCap Equity Income Fund ETF 0.6 171 -135 6.1 -4.5
FPX First Trust US Equity Opportunities ETF 0.6 61 -25 1.0 -9.7
SUPL ProShares Supply Chain Logistics ETF 0.6 58 -22 11.8 +1.2
BOAT SonicShares Global Shipping ETF 0.6 69 -33 25.9 +15.3
VRAI Virtus Real Asset Income ETF 0.6 55 -19 10.0 -0.6
DESK VanEck Office and Commercial REIT ETF 0.6 50 -14 12.7 +2.1
BLDG Cambria Global Real Estate ETF 0.6 60 -24 11.5 +0.9
FUTY Fidelity MSCI Utilities Index ETF 0.6 8 28 5.3 -5.3
FFSM Fidelity Fundamental Small-Mid Cap ETF 0.6 43 -7 6.1 -4.5
AVIE Avantis  Inflation Focused Equity ETF 0.6 25 11 7.3 -3.3
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF 0.6 5 31 8.0 -2.6
DFAU Dimensional US Core Equity Market ETF 0.6 12 24 5.0 -5.7
VIS Vanguard Industrials ETF 0.6 9 27 4.5 -6.1
EQAL Invesco Russell 1000 Equal Weight ETF 0.6 20 16 6.8 -3.8
CNRG SPDR S&P Kensho Clean Power ETF 0.6 45 -9 1.0 -9.6
RNMC First Trust Mid Cap US Equity Select ETF 0.5 60 -24 6.5 -4.1
AZTD Aztlan Global Stock Selection DM SMID ETF 0.5 75 -39 7.4 -3.2
CUT Invesco MSCI Global Timber ETF 0.5 61 -25 10.4 -0.2
PYZ Invesco Dorsey Wright Basic Materials Momentum ETF 0.5 60 -24 6.0 -4.6
WOOD iShares Global Timber & Forestry ETF 0.5 42 -6 12.1 +1.5
FELV Fidelity Enhanced Large Cap Value ETF 0.5 18 18 6.7 -3.9
VPU Vanguard Utilities ETF 0.5 9 27 5.3 -5.3
TPYP Tortoise North American Pipeline Fund 0.5 40 -4 5.7 -4.9
VOX Vanguard Communication Services ETF 0.5 9 27 4.4 -6.2
ACTV LeaderShares Activist Leaders ETF 0.5 75 -39 5.4 -5.2
FIDU Fidelity MSCI Industrial Index ETF 0.5 8 28 4.5 -6.1
QQQS Invesco NASDAQ Future Gen 200 ETF 0.5 20 16 -4.0 -14.6
ONEY SPDR Russell 1000 Yield Focus ETF 0.5 20 16 9.5 -1.1
SNSR Global X Internet of Things ETF 0.5 68 -32 4.5 -6.2
SAGP Strategas Global Policy Opportunities ETF 0.5 65 -29 5.4 -5.2
TMFX Motley Fool Next Index ETF 0.5 50 -14 2.6 -8.0
TTAC FCF US Quality ETF 0.5 59 -23 6.3 -4.3
JSTC Adasina Social Justice All Cap Global ETF 0.5 89 -53 4.8 -5.8
BNGE First Trust S-Network Streaming and Gaming ETF 0.5 70 -34 2.5 -8.1
PPTY US Diversified Real Estate ETF 0.5 53 -17 7.9 -2.7
DVY iShares Select Dividend ETF 0.5 38 -2 9.2 -1.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.4 46 -10 9.7 -0.9
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF 0.4 3 33 5.1 -5.5
ONEQ Fidelity Nasdaq Composite Index ETF 0.4 21 15 3.6 -7.0
DFUS Dimensional U.S. Equity ETF 0.4 9 27 4.7 -5.9
VTHR Vanguard Russell 3000 ETF 0.4 7 29 4.8 -5.8
IWV iShares Russell 3000 ETF 0.4 20 16 4.7 -5.9
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF 0.4 40 -4 4.0 -6.6
VTI Vanguard Total Stock Market ETF 0.4 3 33 4.8 -5.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.4 3 33 4.8 -5.8
SCHB Schwab U.S. Broad Market ETF 0.4 3 33 4.9 -5.7
ZAP Global X U.S. Electrification ETF 0.4 50 -14 4.1 -6.5
IUS Invesco RAFI Strategic US ETF 0.4 19 17 6.8 -3.8
HDUS Hartford Disciplined US Equity ETF 0.4 19 17 5.6 -5.0
SMMD iShares Russell 2500 ETF 0.4 15 21 6.1 -4.5
VNQ Vanguard Real Estate ETF 0.4 13 23 7.4 -3.2
ESGV Vanguard ESG U.S. Stock ETF 0.4 9 27 4.6 -6.0
AVMV Avantis U.S. Mid Cap Value ETF 0.4 20 16 8.7 -1.9
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.4 24 12 8.1 -2.5
FLRG Fidelity U.S. Multifactor ETF 0.4 15 21 6.9 -3.7
FREL Fidelity MSCI Real Estate Index ETF 0.3 8 28 7.5 -3.1
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.3 12 24 4.5 -6.2
FTRI First Trust Indxx Global Natural Resources Income ETF 0.3 70 -34 7.5 -3.1
AVLV Avantis U.S. Large Cap Value ETF 0.3 15 21 7.8 -2.9
MILN Global X Millennial Consumer ETF 0.3 50 -14 3.7 -7.0
HWAY Themes US Infrastructure ETF 0.3 29 7 6.2 -4.4
SDY SPDR S&P Dividend ETF 0.3 35 1 6.7 -3.9
HART IQ Healthy Hearts ETF 0.3 45 -9 6.7 -3.9
FELC Fidelity Enhanced Large Cap Core ETF 0.3 18 18 5.1 -5.5
IWS iShares Russell Mid-Cap Value ETF 0.3 23 13 6.8 -3.9
FPXE First Trust IPOX Europe Equity Opportunities ETF 0.3 70 -34 4.8 -5.8
IEO iShares U.S. Oil & Gas Exploration & Production ETF 0.3 40 -4 12.6 +2.0
VAW Vanguard Materials ETF 0.3 9 27 6.1 -4.5
FMAT Fidelity MSCI Materials Index ETF 0.3 8 28 6.1 -4.5
VBK Vanguard Small-Cap Growth ETF 0.3 7 29 1.9 -8.7
ONEO SPDR Russell 1000 Momentum Focus ETF 0.3 20 16 7.0 -3.6
DIVB iShares Core Dividend ETF 0.3 5 31 8.2 -2.4
DGRO iShares Core Dividend Growth ETF 0.3 8 28 6.5 -4.1
GQRE FlexShares Global Quality Real Estate Index Fund 0.2 45 -9 7.8 -2.8
DEUS Xtrackers Russell US Multifactor ETF 0.2 17 19 7.1 -3.6
FTEC Fidelity MSCI Information Technology Index ETF 0.2 8 28 3.9 -6.7
IDU iShares U.S. Utilities ETF 0.2 40 -4 4.8 -5.8
IWR iShares Russell Midcap ETF 0.2 19 17 5.8 -4.8
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.2 4 32 6.1 -4.5
JGRO JPMorgan Active Growth ETF 0.2 44 -8 3.3 -7.3
AIVL WisdomTree U.S. AI Enhanced Value Fund 0.2 38 -2 6.3 -4.3
VT Vanguard Total World Stock ETF 0.2 6 30 5.8 -4.8
IHF iShares U.S. Healthcare Providers ETF 0.2 40 -4 8.4 -2.2
FLQL Franklin LibertyQ U.S. Equity ETF 0.2 15 21 5.3 -5.4
FLQM Franklin U.S. Mid Cap Multifactor Index ETF 0.2 30 6 8.3 -2.3
PFM Invesco Dividend Achievers ETF 0.2 53 -17 5.2 -5.4
IYF iShares U.S. Financials ETF 0.2 40 -4 5.8 -4.8
PICK iShares MSCI Global Metals & Mining Producers ETF 0.2 39 -3 12.2 +1.6
SXQG ETC 6 Meridian Quality Growth ETF 0.2 100 -64 4.7 -6.0
NANR SPDR S&P North American Natural Resources ETF 0.2 35 1 7.7 -2.9
VGT Vanguard Information Technology ETF 0.2 9 27 3.8 -6.8
STXM Strive Mid-Cap ETF 0.2 18 18 6.1 -4.5
GINN Goldman Sachs Innovate Equity ETF 0.2 52 -16 3.6 -7.0
VDE Vanguard Energy ETF 0.2 9 27 8.8 -1.8
ONEV SPDR Russell 1000 Low Volatility Focus ETF 0.2 20 16 7.7 -2.9
FBCG Fidelity Blue Chip Growth ETF 0.2 59 -23 2.8 -7.9
FENY Fidelity MSCI Energy Index ETF 0.2 8 28 9.0 -1.6
NANC Unusual Whales Subversive Democratic Trading ETF 0.1 75 -39 3.7 -7.0
STXV Strive 1000 Value ETF 0.1 18 18 8.0 -2.6
MADE iShares U.S. Manufacturing ETF 0.1 40 -4 5.1 -5.5
VIG Vanguard Dividend Appreciation ETF 0.1 5 31 5.5 -5.1
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 0.1 11 25 7.9 -2.7
DGRW WisdomTree US Quality Dividend Growth Fund 0.1 28 8 5.4 -5.2
AFLG First Trust Active Factor Large Cap ETF 0.1 55 -19 6.3 -4.3
GVUS Marketbeta Russell 1000 Value Equity ETF 0.1 12 24 6.5 -4.1
LCTU BlackRock U.S. Carbon Transition Readiness ETF 0.1 14 22 4.8 -5.8
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.1 18 18 7.7 -2.9
IYJ iShares U.S. Industrials ETF 0.1 40 -4 4.7 -5.9
DSI iShares MSCI KLD 400 Social ETF 0.1 25 11 4.8 -5.8
IGE iShares North American Natural Resources ETF 0.1 41 -5 7.4 -3.2
AVMC Avantis U.S. Mid Cap Equity ETF 0.1 18 18 6.9 -3.7
RWR SPDR Dow Jones REIT ETF 0.1 25 11 7.5 -3.1
IWD iShares Russell 1000 Value ETF 0.1 19 17 6.4 -4.2
VONV Vanguard Russell 1000 Value ETF 0.1 7 29 6.5 -4.1
VGSR Vert Global Sustainable Real Estate ETF 0.1 47 -11 7.3 -3.3
IEDI iShares U.S. Consumer Focused ETF 0.1 18 18 5.3 -5.3
USRT iShares Core U.S. REIT ETF 0.1 8 28 7.9 -2.7
JHMM John Hancock Multifactor Mid Cap ETF 0.1 42 -6 6.4 -4.2
CVLC Calvert US Large-Cap Core Responsible Index ETF 0.1 15 21 4.8 -5.8
JMOM JPMorgan U.S. Momentum Factor ETF 0.1 12 24 4.5 -6.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 27 5.6 -5.0
FRI First Trust S&P REIT Index Fund 0.1 50 -14 7.4 -3.2
DFAR Dimensional US Real Estate ETF 0.1 19 17 8.1 -2.5
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 -10 5.6 -5.0
SCHH Schwab U.S. REIT ETF 0.1 7 29 8.1 -2.5
HDV iShares Core High Dividend ETF 0.1 8 28 7.3 -3.3
IYG iShares US Financial Services ETF 0.1 40 -4 5.3 -5.3
REET iShares Global REIT ETF 0.1 14 22 7.4 -3.2
RWO SPDR Dow Jones Global Real Estate ETF 0.1 50 -14 6.9 -3.7
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.1 50 -14 5.3 -5.4
ERET iShares Environmentally Aware Real Estate ETF 0.1 30 6 7.3 -3.3
SCHK Schwab 1000 Index ETF 0.1 5 31 4.9 -5.7
DFGR Dimensional Global Real Estate ETF 0.1 22 14 7.4 -3.2
IGM iShares Expanded Tech Sector ETF 0.1 41 -5 3.8 -6.9
REVS Columbia Research Enhanced Value ETF 0.1 19 17 7.6 -3.0
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.1 11 25 4.8 -5.8
IWB iShares Russell 1000 ETF 0.0 15 21 4.8 -5.8
VONE Vanguard Russell 1000 ETF 0.0 7 29 4.8 -5.8
IYC iShares U.S. Consumer Discretionary ETF 0.0 40 -4 3.7 -6.9
PTL Inspire 500 ETF 0.0 9 27 5.1 -5.5
VHT Vanguard Health Care ETF 0.0 9 27 6.2 -4.4
IYY iShares Dow Jones U.S. ETF 0.0 20 16 4.7 -5.9
FHLC Fidelity MSCI Health Care Index ETF 0.0 8 28 6.4 -4.2
AVUQ Avantis U.S. Quality ETF 0.0 15 21 4.3 -6.3
TMFE Motley Fool Capital Efficiency 100 Index ETF 0.0 50 -14 4.2 -6.4
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.0 20 16 5.0 -5.6
JCTR JPMorgan Carbon Transition U.S. Equity ETF 0.0 15 21 4.6 -6.0
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.0 47 -11 5.8 -4.8
RECS Columbia Research Enhanced Core ETF 0.0 15 21 5.6 -5.0
ACVF American Conservative Values ETF 0.0 75 -39 4.3 -6.3
DSPY Tema S&P 500 Historical Weight ETF 0.0 18 18 5.1 -5.5

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

  2020 2021 2022 2023 2024 2025E 2026E
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
  2024 2025E 2026E
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 SmallCap Value with Momentum ETF
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 10.2 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 36 bp
Equals: ALTAR Score 10.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.75 CATEGORY
AVERAGE		 1.59
 
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.