NEOS ETF Trust NEOS Real Estate (IYRI) Valuation
IYRI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 32.2 trailing earnings
- Forward P/E
- 28.3 analyst estimates
- Price / sales
- 5.36
- Price / book
- 2.73
- EV / EBITDA
- 19.0
- Earnings yield
- 3.10% inverse of P/E
- Dividend yield
- 3.74% of the holdings
- Return on equity
- 8.5% combined
- Net margin
- 16.6% combined
- Beta
- 0.97 weighted, vs S&P 500
IYRI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| IYRI | 32.2 | 28.3 | 5.36 | 2.73 | 3.74% | 8.5% | 16.6% | 2.3% |
| 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.
IYRI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 97.6% | 32.1 | 28.5 | 5.40 | 2.74 | 3.76% | 8.5% |
| Communication Services | 0.6% | 135.1 | 12.0 | 2.49 | 1.76 | 0.00% | 1.3% |
IYRI 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 IYRI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
IYRI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 12.02% | 105.3 | 78.1 | 13.3 | 1.45% | 3.88% |
| PLD | Prologis, Inc. | 8.48% | 27.7 | 29.2 | 12.4 | 3.40% | 10.41% |
| AMT | American Tower Corporation | 4.76% | 25.5 | 24.6 | 7.9 | 3.86% | 6.35% |
| SPG | Simon Property Group, Inc. | 4.67% | 14.5 | 30.7 | 11.2 | 4.33% | 10.95% |
| EQIX | Equinix, Inc. | 4.44% | 63.4 | 52.1 | 9.8 | 2.09% | 2.38% |
| DLR | Digital Realty Trust, Inc. | 4.27% | 85.4 | 66.2 | 9.8 | 2.77% | 1.70% |
| O | Realty Income Corporation | 4.05% | 40.6 | 33.7 | 8.7 | 5.81% | 3.39% |
| PSA | Public Storage | 3.85% | 28.5 | 27.2 | 11.4 | 4.02% | 4.60% |
| EQR | Equity Residential | 3.38% | — | — | — | — | — |
| VTR | Ventas, Inc. | 3.02% | 159.0 | 128.2 | 6.9 | 2.42% | 0.65% |
| CBRE | CBRE Group, Inc. | 2.93% | 30.5 | 14.9 | 0.9 | — | 3.27% |
| CCI | Crown Castle Inc. | 2.71% | 33.4 | 21.2 | 8.4 | 5.17% | 2.76% |
| IRM | Iron Mountain Incorporated | 2.58% | 80.4 | 58.5 | 4.4 | 3.07% | 1.09% |
| EXR | Extra Space Storage Inc. | 2.42% | 30.8 | 29.0 | 8.8 | 4.64% | 2.67% |
| VICI | VICI Properties Inc. | 1.90% | 9.2 | 7.8 | 6.3 | 7.80% | 7.02% |
| FXFXX | First American Funds Inc. - Treasury Obligations Fund | 1.56% | — | — | — | — | — |
| SBAC | SBA Communications Corporation | 1.52% | 20.2 | 19.4 | 6.9 | 2.67% | 2.57% |
| ESS | Essex Property Trust, Inc. | 1.42% | 41.9 | 43.9 | 9.4 | 3.85% | 1.16% |
| KIM | Kimco Realty Corporation | 1.25% | 27.0 | 27.5 | 7.0 | 4.89% | 1.58% |
| HST | Host Hotels & Resorts, Inc. | 1.20% | 16.2 | 22.2 | 2.7 | 3.34% | 2.51% |
| WY | Weyerhaeuser Company | 1.14% | 30.2 | 29.1 | 2.1 | 4.28% | 1.29% |
| INVH | Invitation Homes Inc. | 1.12% | 24.8 | 30.4 | 5.6 | 4.43% | 1.54% |
| SUI | Sun Communities, Inc. | 1.12% | 89.5 | 33.8 | 6.5 | 3.79% | 0.43% |
| LAMR | Lamar Advertising Company | 1.10% | 27.4 | 29.5 | 6.6 | 4.40% | 1.37% |
| MAA | Mid-America Apartment Communities, Inc. | 1.10% | 34.1 | 33.6 | 6.3 | 5.25% | 1.10% |
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 IYRI valuation
Adding up its 57 holdings with company data, IYRI trades at 32.2 times trailing earnings and 28.3 times analysts' forward estimates, with a price-to-book ratio of 2.73 and a dividend yield of 3.74%. Its earnings yield of 3.10% is 2.22 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 52.9% of the fund and earn 47.6% of its combined profit. By sector, Communication Services is the most expensive at 135.1 times earnings and Real Estate the cheapest at 32.1. Companies that lost money over the past year are 2.3% 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 93.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: IYRI chart, IYRI performance, IYRI holdings, IYRI dividends.
IYRI valuation FAQ
What is the P/E ratio of IYRI?
Based on its holdings, IYRI has a trailing P/E of 32.2 and a forward P/E of 28.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of IYRI?
The trailing earnings yield is 3.10% (1 ÷ P/E) and the forward earnings yield 3.54%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is IYRI more expensive than the S&P 500?
IYRI trades at 32.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 28.3 and 19.9.
What is the price-to-book ratio of IYRI?
The holdings of IYRI trade at 2.73 times book value, with a combined return on equity of 8.5%.
Which sector in IYRI has the highest P/E?
Communication Services has the highest P/E at 135.1 and Real Estate the lowest at 32.1.