Invesco KBW Premium Yield Equity REIT ETF (KBWY) Valuation
KBWY valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 46.5 trailing earnings
- Forward P/E
- 28.1 analyst estimates
- Price / sales
- 3.30
- Price / book
- 1.19
- EV / EBITDA
- 12.7
- Earnings yield
- 2.15% inverse of P/E
- Dividend yield
- 8.46% of the holdings
- Return on equity
- 2.6% combined
- Net margin
- 7.1% combined
- Beta
- 1.00 weighted, vs S&P 500
KBWY valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| KBWY | 46.5 | 28.1 | 3.30 | 1.19 | 8.46% | 2.6% | 7.1% | 22.7% |
| 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.
KBWY valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 101.0% | 46.5 | 28.1 | 3.30 | 1.19 | 8.46% | 2.6% |
KBWY 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 KBWY weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
KBWY largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| IIPR | Innovative Industrial Properties, Inc. | 7.45% | 11.9 | 12.4 | 5.5 | 14.51% | 31.76% |
| GOOD | Gladstone Commercial Corporation | 4.64% | 49.9 | 61.0 | 3.6 | 9.62% | 4.70% |
| CHCT | Community Healthcare Trust Incorporated | 4.62% | 20.4 | 37.3 | 3.0 | 13.31% | 11.47% |
| MRP | Millrose Properties, Inc. | 4.40% | 7.8 | — | 4.9 | 14.04% | 28.37% |
| GLPI | Gaming and Leisure Properties, Inc. | 4.30% | 11.5 | 11.8 | 7.1 | 8.35% | 18.91% |
| AHH | Armada Hflr Pr | 4.07% | — | — | — | — | — |
| NXRT | NexPoint Residential Trust, Inc. | 3.90% | — | 88.5 | 3.7 | 11.54% | −6.96% |
| APLE | Apple Hospitality REIT, Inc. | 3.90% | 23.0 | 23.5 | 2.8 | 5.63% | 8.55% |
| PK | Park Hotels & Resorts Inc. | 3.89% | — | 28.2 | 1.3 | 6.29% | −10.13% |
| CTO | CTO Realty Growth, Inc. | 3.86% | 15.0 | 122.0 | 4.8 | 7.40% | 13.02% |
| HIW | Highwoods Properties, Inc. | 3.83% | 19.4 | 65.8 | 3.9 | 6.82% | 9.97% |
| DEA | Easterly Government Properties, Inc. | 3.76% | 114.8 | 73.0 | 2.9 | 8.25% | 1.66% |
| RLJ | RLJ Lodging Trust | 3.56% | — | — | 1.3 | 5.15% | 0.00% |
| GNL | Global Net Lease, Inc. | 3.51% | — | — | 3.7 | 10.23% | −6.69% |
| EPR | EPR Properties | 3.50% | 17.9 | 19.3 | 5.8 | 6.68% | 9.92% |
| DEI | Douglas Emmett, Inc. | 3.45% | — | 9.0 | 1.9 | 7.79% | −2.23% |
| COLD | Americold Realty Trust, Inc. | 3.37% | — | 119.0 | 1.5 | 6.66% | −19.48% |
| AAT | American Assets Trust, Inc. | 3.36% | 73.4 | 60.6 | 3.8 | 6.39% | 2.31% |
| DOC | Healthpeak Properties, Inc. | 3.20% | 54.2 | 169.5 | 4.6 | 6.43% | 2.98% |
| PINE | Alpine Income Property Trust, Inc. | 3.20% | 85.4 | 91.7 | 4.9 | 6.72% | 1.89% |
| FCPT | Four Corners Property Trust, Inc. | 2.97% | 20.0 | 20.2 | 7.9 | 6.90% | 7.50% |
| UMH | UMH Properties, Inc. | 2.93% | 127.0 | 142.9 | 4.8 | 5.91% | 1.17% |
| GTY | Getty Realty Corp. | 2.85% | 17.2 | 18.6 | 7.5 | 6.84% | 8.37% |
| ARE | Alexandria Real Estate Equities, Inc. | 2.73% | — | 16.7 | 2.5 | 6.92% | −20.04% |
| 3UN0 | Global Medical REIT Inc. | 2.59% | — | — | — | — | — |
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 KBWY valuation
Adding up its 25 holdings with company data, KBWY trades at 46.5 times trailing earnings and 28.1 times analysts' forward estimates, with a price-to-book ratio of 1.19 and a dividend yield of 8.46%. Its earnings yield of 2.15% is 3.18 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.0% of the fund and earn 109.7% of its combined profit. Companies that lost money over the past year are 22.7% 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 91.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: KBWY chart, KBWY performance, KBWY holdings, KBWY dividends.
KBWY valuation FAQ
What is the P/E ratio of KBWY?
Based on its holdings, KBWY has a trailing P/E of 46.5 and a forward P/E of 28.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of KBWY?
The trailing earnings yield is 2.15% (1 ÷ P/E) and the forward earnings yield 3.56%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is KBWY more expensive than the S&P 500?
KBWY trades at 46.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 28.1 and 19.9.
What is the price-to-book ratio of KBWY?
The holdings of KBWY trade at 1.19 times book value, with a combined return on equity of 2.6%.