S&P 500 SPDR
ALTAR
Score™
6.3% info Recommen-
dation
NEUTRAL
2016E    2017E
P/E
ratio
18.5x P/Sales
ratio
2.0x
P/BV
ratio
2.7x Div.
yield
2.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Standard & Poor's Depositary Receipts, represent ownership in a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Standard & Poor's 500 Composite Stock Price Index. The fund seeks investment results that, before expenses, generally correspond to the price and yield performance of the benchmark index.

FUND BASICS
Category Traditional Indices
Fund Sponsor State Street Global Advisors
Website www.spdrs.com
Inception date Jan 29, 1993
Assets (mns) $195,362
Currency USD
Expense ratio 9 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Unit Investment Trust
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 505
Wgt avg mkt cap (mns) $142,497
Large cap (>$10bn) 94.7%
Mid cap ($2-10bn) 3.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 3.3 %
MICROSOFT CORP 2.4 %
EXXON MOBIL CORP 1.8 %
JOHNSON & JOHNSON 1.7 %
AMAZON.COM INC 1.7 %
FACEBOOK 1.6 %
GENERAL ELECTRIC CO 1.5 %
BERKSHIRE HATHAWAY INC-CL B 1.4 %
AT&T INC 1.4 %
JPMORGAN CHASE & CO 1.3 %
Total 18.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.9 %
IRELAND 1.5 %
BRITAIN 0.3 %
SWITZERLAND 0.2 %
HONG KONG 0.1 %
BERMUDA 0.0 %





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.
7.7% 12.4% 14.6% 7.4% 9.0%

Market Correlations
versus... Beta R-squared
S&P500 1.00 100%
MSCI EAFE 0.72 73%
MSCI Emg. Mkts. 0.46 49%

Technical Indicators
Recent close $216.64
Annualized volatility 11.1%
Short Interest (ETF) 26.9%
Short Interest (Underlying) 2.3%
Tracking Error 0.00
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 217
Turnover 0.0%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $139,294

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the S&P 500 SPDR ETF based on the alternatives' overlap in portfolio holdings with SPY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPY Expense: 9 bp ALTAR Score™: 6.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPY
Ticker Fund
Name
Overlap1
vs SPY
(%)
Expense
ratio
(bp)
Savings
vs SPY
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPY
(%)
VOO Vanguard S&P 500 ETF 99.8 5 4 6.4 +0.1
PBP PowerShares S&P 500 Buy/Write 99.7 75 -66 5.8 -0.5
IVV iShares Core S&P 500 99.5 7 2 6.3 +0.0
HSPX Horizons S&P 500 Covered Call 99.3 65 -56 5.9 -0.4
VV Vanguard Large-Cap ETF 95.7 9 0 6.3 +0.0
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 94.0 20 -11 6.4 +0.1
SPXE ProShares S&P 500 Ex-Energy 93.0 27 -18 6.7 +0.4
SCHX Schwab U.S. Large-Cap 91.6 4 5 6.4 +0.1
ONEK SPDR Russell 1000 ETF 89.3 11 -2 6.2 -0.2
VONE Vanguard Russell 1000 89.3 12 -3 6.3 -0.0
IWB iShares Russell 1000 88.5 15 -6 6.2 -0.2
CATH Global X S&P 500 Catholic Values 88.0 29 -20 6.4 +0.1
IYY iShares DJ US Total Market 86.2 20 -11 6.1 -0.2
MGC Vanguard Mega Cap 300 ETF 86.0 9 0 6.4 +0.1
SPXV ProShares S&P 500 Ex-Health Care 85.1 27 -18 6.2 -0.2
SPXN ProShares S&P 500 Ex-Financials 83.9 27 -18 6.3 +0.0
THRK SPDR Russell 3000 ETF 83.8 10 -1 6.2 -0.2
VTI Vanguard Total Market 83.6 5 4 6.2 -0.1
VTHR Vanguard Russell 3000 82.5 15 -6 6.1 -0.2
IWV iShares Russell 3000 81.8 20 -11 6.0 -0.4

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

  2011 2012 2013 2014 2015 2016E 2017E
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
  2015 2016E 2017E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
S&P 500 SPDR
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 between 6.0% and 8.0%. This indicates that valuations adequately reflect the fundamentals of stocks in these funds. The majority of funds we cover fall into this category.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.8 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 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.