Invesco S&P Spin-Off ETF (CSD) Valuation
CSD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 32.5 trailing earnings
- Forward P/E
- 15.3 analyst estimates
- Price / sales
- 1.64
- Price / book
- 2.11
- EV / EBITDA
- 12.7
- Earnings yield
- 3.07% inverse of P/E
- Dividend yield
- 0.68% of the holdings
- Return on equity
- 6.5% combined
- Net margin
- 5.0% combined
- Beta
- 0.86 weighted, vs S&P 500
CSD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| CSD | 32.5 | 15.3 | 1.64 | 2.11 | 0.68% | 6.5% | 5.0% | 12.9% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
CSD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 26.9% | 34.7 | 23.8 | 1.51 | 3.68 | 0.19% | 10.6% |
| Technology | 21.4% | n/m | 12.5 | 2.44 | 2.54 | 0.30% | −1.2% |
| Healthcare | 14.2% | 15.4 | 12.4 | 1.45 | 2.91 | 0.13% | 18.9% |
| Financial Services | 7.7% | 103.1 | — | 2.70 | — | 0.00% | — |
| Basic Materials | 6.0% | 34.3 | 16.0 | 1.61 | 3.73 | 0.38% | 10.9% |
| Communication Services | 4.8% | 16.7 | 17.2 | 1.38 | 0.42 | 2.21% | 2.5% |
| Real Estate | 3.3% | 13.7 | 50.5 | 7.01 | 1.00 | 8.66% | 7.3% |
| Consumer Cyclical | 3.3% | 8.7 | 7.1 | 0.41 | 3.21 | 1.56% | 36.7% |
CSD earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How CSD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
CSD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| GEHC | GE HealthCare Technologies Inc. | 8.20% | 16.0 | 12.1 | 1.5 | 0.23% | 19.21% |
| HONAV | Honeywell Aerospace Inc. Common Stock When Issued | 8.10% | — | — | — | — | — |
| VYLR | Vylor Inc. | 7.70% | 103.1 | — | 2.7 | — | 2.80% |
| Q | Qnity Electronics, Inc. | 6.66% | 41.2 | 24.8 | 4.6 | 0.28% | 6.06% |
| GEV | GE Vernova Inc. | 6.56% | 26.4 | 38.8 | 5.9 | 0.22% | 9.31% |
| SNDK | Sandisk Corporation | 5.91% | 17.6 | 8.0 | 9.3 | — | 12.57% |
| VLTO | Veralto Corporation | 5.18% | 25.8 | 20.0 | 4.3 | 0.51% | 7.53% |
| SOLV | Solventum Corporation | 4.79% | 10.5 | 13.1 | 1.8 | — | 17.09% |
| FDXF | FedEx Freight Holding Company, Inc. | 4.61% | 25.8 | 22.2 | 1.9 | — | 6.68% |
| SOLS | Solstice Advanced Materials, Inc | 4.42% | 44.9 | 17.1 | 2.3 | 0.51% | 3.69% |
| CZN | Crane Co | 4.36% | — | — | — | — | — |
| RAL | Ralliant Corporation | 3.79% | — | 21.7 | 3.4 | 0.30% | −23.35% |
| MBGL | Mobility Global Inc. | 2.68% | 43.5 | 11.6 | 3.3 | 1.28% | 2.31% |
| LLYVK | Liberty Live Holdings, Inc. | 2.54% | — | 129.9 | 22.2 | — | −3.23% |
| ECG | Everus Construction Group Inc | 2.49% | 22.1 | 19.2 | 1.3 | — | 4.22% |
| UHAL.B | U-Haul Holding Company | 2.40% | 362.9 | 49.0 | 1.6 | 0.39% | 0.25% |
| RXO | RXO, Inc. | 2.27% | — | — | 0.8 | — | −1.85% |
| VSNT | Versant Media Group, Inc. | 2.23% | 6.0 | 8.7 | 0.7 | 4.72% | 13.96% |
| NATL | NCR Atleos Corporation | 1.77% | 17.8 | 7.4 | 0.8 | — | 3.73% |
| MRP | Millrose Properties, Inc. | 1.76% | 7.8 | — | 4.9 | 14.04% | 8.40% |
| AMTM | Amentum Holdings Inc. | 1.75% | 23.5 | 7.5 | 0.3 | — | 2.78% |
| CURB | Curbline Properties Corp. | 1.55% | 94.7 | 50.5 | 13.6 | 2.56% | 0.61% |
| KNF | Knife River Corporation | 1.54% | 20.5 | 13.6 | 0.9 | — | 2.82% |
| VGNT | Versigent PLC | 1.47% | 6.5 | 5.8 | 0.3 | 1.18% | 8.52% |
| FTRE | Fortrea Holdings Inc. | 1.18% | — | 12.1 | 0.8 | — | −1.78% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About CSD valuation
Adding up its 27 holdings with company data, CSD trades at 32.5 times trailing earnings and 15.3 times analysts' forward estimates, with a price-to-book ratio of 2.11 and a dividend yield of 0.68%. Its earnings yield of 3.07% is 2.25 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 62.1% of the fund and earn 61.6% of its combined profit. By sector, Financial Services is the most expensive at 103.1 times earnings and Consumer Cyclical the cheapest at 8.7. Companies that lost money over the past year are 12.9% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 86.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: CSD chart, CSD performance, CSD holdings, CSD dividends.
CSD valuation FAQ
What is the P/E ratio of CSD?
Based on its holdings, CSD has a trailing P/E of 32.5 and a forward P/E of 15.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of CSD?
The trailing earnings yield is 3.07% (1 ÷ P/E) and the forward earnings yield 6.52%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is CSD more expensive than the S&P 500?
CSD trades at 32.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.3 and 19.9.
What is the price-to-book ratio of CSD?
The holdings of CSD trade at 2.11 times book value, with a combined return on equity of 6.5%.
Which sector in CSD has the highest P/E?
Financial Services has the highest P/E at 103.1 and Consumer Cyclical the lowest at 8.7.