VanEck Alternative Asset Manager ETF (GPZ) Valuation
GPZ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 35.0 trailing earnings
- Forward P/E
- 13.1 analyst estimates
- Price / sales
- 4.39
- Price / book
- 4.60
- EV / EBITDA
- 4.3
- Earnings yield
- 2.86% inverse of P/E
- Dividend yield
- 4.04% of the holdings
- Return on equity
- 13.1% combined
- Net margin
- 12.6% combined
- Beta
- 1.55 weighted, vs S&P 500
GPZ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| GPZ | 35.0 | 13.1 | 4.39 | 4.60 | 4.04% | 13.1% | 12.6% | 2.7% |
| 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.
GPZ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 94.9% | 35.0 | 13.1 | 4.39 | 4.60 | 4.04% | 13.1% |
GPZ 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 GPZ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
GPZ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| K7X | BROOKFIELD CORP. CL.A | 12.69% | — | — | — | — | — |
| BX | Blackstone Inc. | 12.27% | 23.9 | 15.9 | 8.2 | 4.91% | 29.99% |
| KKR | KKR & Co. Inc. | 9.09% | 27.5 | 13.0 | 3.1 | 0.90% | 19.23% |
| APO | Apollo Global Management, Inc. | 7.52% | 39.7 | 11.7 | 1.8 | 2.03% | 11.05% |
| BAM | Brookfield Asset Management Inc. | 7.21% | 26.0 | 20.8 | 12.6 | 4.44% | 16.14% |
| ICP | Intermediate Capital Group PLC | 4.46% | — | — | — | — | — |
| ARES | Ares Management Corporation | 4.40% | 51.7 | 17.0 | 7.1 | 4.81% | 4.95% |
| EQT | EQT AB (publ) | 4.26% | — | — | — | — | — |
| PGHN | Partners Group Holding AG | 4.23% | — | — | — | — | — |
| CG | The Carlyle Group Inc. | 4.17% | 37.5 | 7.6 | 4.6 | 3.85% | 6.49% |
| OWL | Blue Owl Capital Inc. | 3.85% | 73.8 | 9.8 | 4.6 | 10.28% | 3.04% |
| TPG | TPG Inc. | 3.76% | 63.5 | 12.7 | 3.6 | 5.27% | 3.46% |
| BPT | Bridgepoint Group Plc | 3.38% | — | — | — | — | — |
| HASI | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3.17% | 56.0 | 11.1 | 36.8 | 4.67% | 3.30% |
| HLNE | Hamilton Lane Incorporated | 2.92% | 12.5 | 12.0 | 6.4 | 2.93% | 13.63% |
| RF | Eurazeo | 2.52% | — | — | — | — | — |
| FSG | Foresight Group Holdings Limited | 2.26% | — | — | — | — | — |
| STEP | StepStone Group Inc. | 1.65% | — | 18.5 | 2.7 | 4.13% | −11.29% |
| F5X | FAIRFAX INDIA HLDGS | 1.12% | — | — | — | — | — |
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 GPZ valuation
Adding up its 11 holdings with company data, GPZ trades at 35.0 times trailing earnings and 13.1 times analysts' forward estimates, with a price-to-book ratio of 4.60 and a dividend yield of 4.04%. Its earnings yield of 2.86% is 2.47 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 70.3% of the fund and earn 111.3% of its combined profit. Companies that lost money over the past year are 2.7% 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 63.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: GPZ chart, GPZ performance, GPZ holdings, GPZ dividends.
GPZ valuation FAQ
What is the P/E ratio of GPZ?
Based on its holdings, GPZ has a trailing P/E of 35.0 and a forward P/E of 13.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of GPZ?
The trailing earnings yield is 2.86% (1 ÷ P/E) and the forward earnings yield 7.62%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is GPZ more expensive than the S&P 500?
GPZ trades at 35.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.1 and 19.9.
What is the price-to-book ratio of GPZ?
The holdings of GPZ trade at 4.60 times book value, with a combined return on equity of 13.1%.