Invesco KBW High Dividend Yield Financial ETF (KBWD) Valuation
KBWD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 10.2 trailing earnings
- Forward P/E
- 7.4 analyst estimates
- Price / sales
- 1.82
- Price / book
- 0.80
- EV / EBITDA
- 7.7
- Earnings yield
- 9.82% inverse of P/E
- Dividend yield
- 15.78% of the holdings
- Return on equity
- 7.8% combined
- Net margin
- 17.8% combined
- Beta
- 0.99 weighted, vs S&P 500
KBWD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| KBWD | 10.2 | 7.4 | 1.82 | 0.80 | 15.78% | 7.8% | 17.8% | 18.2% |
| 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.
KBWD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 53.3% | 24.7 | 7.8 | 1.74 | 0.86 | 12.70% | 3.5% |
| Real Estate | 33.5% | 5.0 | 6.8 | 1.97 | 0.70 | 21.29% | 14.1% |
KBWD 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 KBWD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
KBWD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ORC | Orchid Island Capital, Inc. | 4.27% | 3.0 | 5.9 | 3.6 | 24.14% | 17.31% |
| 7M20 | INVESCO MORTGA.CAP.DL-01 | 4.20% | — | — | — | — | — |
| ARR | ARMOUR Residential REIT, Inc. | 3.95% | 3.3 | 5.1 | 3.8 | 21.82% | 14.92% |
| DX | Dynex Capital, Inc. | 3.95% | 3.8 | 7.9 | 5.4 | 18.66% | 12.82% |
| PMT | PennyMac Mortgage Investment Trust | 3.81% | 4.8 | 8.4 | 0.9 | 23.12% | 9.72% |
| M4ZA | MFA FINANCIAL NEW DL -01 | 3.70% | — | — | — | — | — |
| FSK | FS KKR Capital Corp. | 3.52% | — | 7.9 | 2.2 | 17.04% | −5.65% |
| WU | The Western Union Company | 3.47% | 5.0 | 3.9 | 0.5 | 15.24% | 8.49% |
| PFLT | PennantPark Floating Rate Capital Ltd. | 3.29% | 12.8 | 6.6 | 2.4 | 15.35% | 3.16% |
| NMFC | New Mountain Finance Corporation | 3.27% | — | 6.8 | 2.2 | 16.91% | −2.86% |
| AGNC | AGNC Investment Corp. | 3.23% | 4.4 | 6.6 | 4.3 | 16.51% | 8.90% |
| AINV | Apollo Investment Corp | 3.21% | — | — | — | — | — |
| GSBD | Goldman Sachs BDC, Inc. | 3.20% | 16.8 | 10.8 | 2.9 | 16.15% | 2.34% |
| RWT | Redwood Trust, Inc. | 3.18% | — | 6.2 | 1.5 | 23.68% | −0.64% |
| AAYA | ANNALY CAP.MGMT DL -01 | 3.06% | — | — | — | — | — |
| NCDL | Nuveen Churchill Direct Lending Corp. | 3.04% | 11.2 | 8.4 | 9.8 | 14.31% | 3.34% |
| CGBD | Carlyle Secured Lending, Inc. | 3.00% | 20.8 | 7.9 | 2.8 | 13.47% | 1.77% |
| ADAM | New York Mortgage Trust, Inc. | 2.84% | 4.5 | 6.9 | 1.8 | 15.71% | 7.66% |
| TRIN | Trinity Capital Inc. | 2.80% | 9.1 | 8.3 | 4.6 | 12.68% | 3.76% |
| ORCC | Owl Rock Capital Corp | 2.78% | — | — | — | — | — |
| TCPC | BlackRock TCP Capital Corp. | 2.71% | — | 9.9 | 2.0 | 18.20% | −10.24% |
| AB | AllianceBernstein Holding L.P. | 2.61% | 10.3 | 9.4 | 40.2 | 9.95% | 3.10% |
| CION | CION Investment Corporation | 2.56% | 94.1 | 7.6 | 1.4 | 18.21% | 0.33% |
| CCAP | Crescent Capital BDC, Inc. | 2.44% | — | 7.0 | 2.1 | 17.06% | −0.30% |
| ABR | Arbor Realty Trust, Inc. | 2.32% | 29.9 | 11.7 | 1.1 | 34.94% | 0.95% |
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 KBWD valuation
Adding up its 32 holdings with company data, KBWD trades at 10.2 times trailing earnings and 7.4 times analysts' forward estimates, with a price-to-book ratio of 0.80 and a dividend yield of 15.78%. Its earnings yield of 9.82% is 4.49 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 37.4% of the fund and earn 69.1% of its combined profit. By sector, Financial Services is the most expensive at 24.7 times earnings and Real Estate the cheapest at 5.0. Companies that lost money over the past year are 18.2% 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 83.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: KBWD chart, KBWD performance, KBWD holdings, KBWD dividends.
KBWD valuation FAQ
What is the P/E ratio of KBWD?
Based on its holdings, KBWD has a trailing P/E of 10.2 and a forward P/E of 7.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of KBWD?
The trailing earnings yield is 9.82% (1 ÷ P/E) and the forward earnings yield 13.45%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is KBWD more expensive than the S&P 500?
KBWD trades at 10.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 7.4 and 19.9.
What is the price-to-book ratio of KBWD?
The holdings of KBWD trade at 0.80 times book value, with a combined return on equity of 7.8%.
Which sector in KBWD has the highest P/E?
Financial Services has the highest P/E at 24.7 and Real Estate the lowest at 5.0.