VanEck Natural Resources ETF (HAP) Valuation
HAP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.2 trailing earnings
- Forward P/E
- 13.6 analyst estimates
- Price / sales
- 1.37
- Price / book
- 2.46
- EV / EBITDA
- 8.5
- Earnings yield
- 4.96% inverse of P/E
- Dividend yield
- 2.46% of the holdings
- Return on equity
- 12.2% combined
- Net margin
- 6.8% combined
- Beta
- 0.68 weighted, vs S&P 500
HAP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HAP | 20.2 | 13.6 | 1.37 | 2.46 | 2.46% | 12.2% | 6.8% | 0.7% |
| 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.
HAP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 34.3% | 18.5 | 12.1 | 1.48 | 2.16 | 2.77% | 11.7% |
| Industrials | 10.5% | 41.1 | 29.1 | 3.81 | 7.45 | 0.89% | 18.1% |
| Consumer Defensive | 6.2% | 20.3 | 11.8 | 0.43 | 1.43 | 2.55% | 7.1% |
| Financial Services | 2.5% | 103.1 | — | 2.70 | — | 0.00% | — |
| Technology | 0.7% | 13.2 | 10.6 | 3.42 | 2.61 | 0.00% | 19.8% |
| Real Estate | 0.5% | 33.2 | 30.2 | 2.65 | 1.43 | 4.69% | 4.3% |
HAP 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 HAP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HAP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| XOM | Exxon Mobil Corporation | 5.90% | 23.0 | 14.8 | 2.0 | 2.30% | 8.56% |
| CVX | Chevron Corporation | 5.77% | 21.2 | 15.2 | 2.1 | 3.16% | 9.09% |
| DE | Deere & Company | 5.27% | 35.7 | 29.3 | 3.6 | 1.01% | 4.94% |
| IBE | Iberdrola S.A. | 4.31% | — | — | — | — | — |
| NEE | NextEra Energy, Inc. | 3.42% | 17.9 | 17.7 | 5.8 | 3.12% | 6.37% |
| BAYN | Bayer AG NA | 3.30% | — | — | — | — | — |
| BHP | BHP Group Limited | 2.79% | 21.6 | 17.2 | 3.6 | 4.75% | 4.32% |
| VYLR | Vylor Inc. | 2.50% | 103.1 | — | 2.7 | — | 0.81% |
| L3H | SHELL PLC WI ADR/2 | 2.46% | — | — | — | — | — |
| NTR | Nutrien Ltd | 2.26% | — | — | — | — | — |
| TTE | TotalEnergies SE | 1.96% | 11.4 | 8.8 | 1.0 | 4.42% | 5.72% |
| ADM | Archer-Daniels-Midland Company | 1.84% | 22.6 | 15.6 | 0.5 | 2.52% | 2.72% |
| AEM | Agnico Eagle Mines Limited | 1.69% | — | — | — | — | — |
| NEM | Newmont Corporation | 1.62% | 15.0 | 11.6 | 4.8 | 0.88% | 3.62% |
| RIO | Rio Tinto Group | 1.57% | 12.2 | 12.1 | 2.4 | 5.15% | 4.29% |
| FCX | Freeport-McMoRan Inc. | 1.47% | 34.3 | 18.1 | 3.9 | 0.86% | 1.44% |
| COP | ConocoPhillips | 1.38% | 19.4 | 12.7 | 2.7 | 2.29% | 2.38% |
| BE | Bloom Energy Corporation | 1.27% | 291.2 | 57.1 | 20.9 | — | 0.15% |
| ABX | Barrick Gold Corp | 1.22% | — | — | — | — | — |
| BP | BP p.l.c. | 1.21% | 24.5 | 9.8 | 0.6 | 4.02% | 1.65% |
| 6326 | Kubota Corp. | 1.21% | — | — | — | — | — |
| CF | CF Industries Holdings, Inc. | 1.14% | 9.0 | 12.2 | 2.4 | 1.99% | 4.26% |
| ENB | Enbridge Inc | 1.02% | — | — | — | — | — |
| TSN | Tyson Foods, Inc. | 0.93% | 33.9 | 11.2 | 0.3 | 3.72% | 0.92% |
| SU | Suncor Energy Inc | 0.92% | — | — | — | — | — |
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 HAP valuation
Adding up its 60 holdings with company data, HAP trades at 20.2 times trailing earnings and 13.6 times analysts' forward estimates, with a price-to-book ratio of 2.46 and a dividend yield of 2.46%. Its earnings yield of 4.96% is 0.37 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.0% of the fund and earn 50.4% of its combined profit. By sector, Financial Services is the most expensive at 103.1 times earnings and Technology the cheapest at 13.2. Companies that lost money over the past year are 0.7% 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 60.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HAP chart, HAP performance, HAP holdings, HAP dividends.
HAP valuation FAQ
What is the P/E ratio of HAP?
Based on its holdings, HAP has a trailing P/E of 20.2 and a forward P/E of 13.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HAP?
The trailing earnings yield is 4.96% (1 ÷ P/E) and the forward earnings yield 7.37%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HAP more expensive than the S&P 500?
HAP trades at 20.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.6 and 19.9.
What is the price-to-book ratio of HAP?
The holdings of HAP trade at 2.46 times book value, with a combined return on equity of 12.2%.
Which sector in HAP has the highest P/E?
Financial Services has the highest P/E at 103.1 and Technology the lowest at 13.2.