ETRACS Monthly Pay 2xLeveraged US High… (HDLB) Valuation
HDLB valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.5 trailing earnings
- Forward P/E
- 12.0 analyst estimates
- Price / sales
- 2.39
- Price / book
- 2.08
- EV / EBITDA
- 11.8
- Earnings yield
- 4.88% inverse of P/E
- Dividend yield
- 4.91% of the holdings
- Return on equity
- 10.1% combined
- Net margin
- 11.7% combined
- Beta
- 0.44 weighted, vs S&P 500
HDLB valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HDLB | 20.5 | 12.0 | 2.39 | 2.08 | 4.91% | 10.1% | 11.7% | 10.1% |
| 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.
HDLB valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 28.5% | 75.3 | 12.3 | 3.99 | 3.74 | 3.95% | 5.0% |
| Utilities | 23.2% | 18.4 | 15.4 | 2.64 | 1.80 | 3.54% | 9.8% |
| Communication Services | 17.7% | 9.4 | 9.3 | 1.30 | 1.71 | 5.56% | 18.2% |
| Real Estate | 10.7% | 11.6 | 10.3 | 4.54 | 0.99 | 9.64% | 8.5% |
| Consumer Defensive | 10.2% | 86.1 | 14.3 | 3.29 | 3.49 | 4.91% | 4.1% |
| Technology | 5.0% | 20.9 | 16.4 | 2.24 | 6.07 | 2.83% | 29.1% |
| Financial Services | 1.4% | 9.9 | 5.4 | 0.82 | 1.17 | 14.00% | 11.7% |
| Consumer Cyclical | 1.2% | n/m | 11.7 | 0.74 | 1.31 | 5.43% | −19.9% |
HDLB 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 HDLB weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HDLB largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PFE | Pfizer Inc. | 13.41% | 38.9 | 9.7 | 2.6 | 5.81% | 7.41% |
| ABBV | AbbVie Inc. | 9.91% | 80.6 | 16.4 | 7.8 | 2.42% | 2.64% |
| VZ | Verizon Communications Inc. | 9.23% | 11.7 | 8.7 | 1.3 | 6.32% | 17.02% |
| T | AT&T Inc. | 8.50% | 7.7 | 9.9 | 1.3 | 4.74% | 23.64% |
| GILD | Gilead Sciences, Inc. | 5.22% | — | 15.6 | 6.4 | 2.10% | −1.91% |
| IBM | International Business Machines Corporation | 4.91% | 20.6 | 17.4 | 3.2 | 2.91% | 5.11% |
| PM | Philip Morris International Inc. | 3.69% | 29.5 | 20.9 | 7.5 | 3.12% | 2.69% |
| DUK | Duke Energy Corporation | 3.34% | 18.3 | 15.9 | 2.9 | 3.57% | 3.93% |
| MO | Altria Group, Inc. | 3.20% | 15.8 | 11.9 | 6.1 | 5.91% | 4.35% |
| SO | The Southern Company | 2.89% | 22.0 | 17.0 | 3.5 | 3.33% | 2.83% |
| D | Dominion Energy, Inc. | 2.70% | 22.0 | 15.9 | 3.1 | 4.20% | 2.65% |
| AEP | American Electric Power Company, Inc. | 2.46% | 22.0 | 17.2 | 3.0 | 2.99% | 2.40% |
| O | Realty Income Corporation | 2.41% | 40.6 | 33.7 | 8.7 | 5.81% | 1.28% |
| ED | Consolidated Edison, Inc. | 1.93% | 18.2 | 16.1 | 2.3 | 3.16% | 2.29% |
| KHC | The Kraft Heinz Company | 1.86% | — | 11.1 | 1.1 | 6.76% | −4.86% |
| VICI | VICI Properties Inc. | 1.86% | 9.2 | 7.8 | 6.3 | 7.80% | 4.36% |
| ETR | Entergy Corporation | 1.73% | 26.9 | 19.6 | 3.7 | 2.44% | 1.39% |
| SRE | Sempra | 1.65% | 24.1 | 14.5 | 4.0 | 3.15% | 1.47% |
| PPL | PPL Corporation | 1.50% | 20.8 | 15.4 | 2.8 | 3.24% | 1.56% |
| K | Kellanova | 1.49% | — | — | — | — | — |
| FE | FirstEnergy Corp. | 1.44% | 24.6 | 14.7 | 1.7 | 4.03% | 1.26% |
| EIX | Edison International | 1.37% | 5.8 | 8.2 | 1.1 | 6.28% | 5.13% |
| NLY | Annaly Capital Management, Inc. | 1.36% | 4.5 | 6.5 | 4.2 | 16.46% | 6.56% |
| IP | International Paper Company | 1.16% | — | 11.7 | 0.7 | 5.43% | −3.79% |
| MPT | Medical Properties Trust, Inc. | 1.08% | — | 6.7 | 1.6 | 11.96% | −0.39% |
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 HDLB valuation
Adding up its 36 holdings with company data, HDLB trades at 20.5 times trailing earnings and 12.0 times analysts' forward estimates, with a price-to-book ratio of 2.08 and a dividend yield of 4.91%. Its earnings yield of 4.88% is 0.45 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 64.3% of the fund and earn 67.7% of its combined profit. By sector, Consumer Defensive is the most expensive at 86.1 times earnings and Communication Services the cheapest at 9.4. Companies that lost money over the past year are 10.1% 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 97.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HDLB chart, HDLB performance, HDLB holdings, HDLB dividends.
HDLB valuation FAQ
What is the P/E ratio of HDLB?
Based on its holdings, HDLB has a trailing P/E of 20.5 and a forward P/E of 12.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HDLB?
The trailing earnings yield is 4.88% (1 ÷ P/E) and the forward earnings yield 8.33%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HDLB more expensive than the S&P 500?
HDLB trades at 20.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.0 and 19.9.
What is the price-to-book ratio of HDLB?
The holdings of HDLB trade at 2.08 times book value, with a combined return on equity of 10.1%.
Which sector in HDLB has the highest P/E?
Consumer Defensive has the highest P/E at 86.1 and Communication Services the lowest at 9.4.