SPDR S&P Capital Markets ETF (KCE) Valuation
KCE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 51.2 trailing earnings
- Forward P/E
- 13.5 analyst estimates
- Price / sales
- 1.00
- Price / book
- 3.26
- EV / EBITDA
- 8.9
- Earnings yield
- 1.95% inverse of P/E
- Dividend yield
- 2.15% of the holdings
- Return on equity
- 6.4% combined
- Net margin
- 2.0% combined
- Beta
- 1.38 weighted, vs S&P 500
KCE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| KCE | 51.2 | 13.5 | 1.00 | 3.26 | 2.15% | 6.4% | 2.0% | 10.3% |
| 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.
KCE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 94.6% | 45.8 | 13.7 | 0.97 | 3.28 | 2.25% | 7.2% |
| Technology | 4.0% | n/m | 10.3 | 2.42 | 2.74 | 0.00% | −8.8% |
KCE 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 KCE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
KCE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WLTH | Wealthfront Corporation | 2.06% | — | 14.9 | 4.5 | — | −9.92% |
| TW | Tradeweb Markets Inc. | 2.06% | 27.2 | 26.0 | 11.1 | 0.49% | 4.08% |
| FDS | FactSet Research Systems Inc. | 1.99% | 20.7 | 13.9 | 4.3 | 1.54% | 5.17% |
| DFIN | Donnelley Financial Solutions, Inc. | 1.96% | 35.5 | 7.8 | 1.6 | — | 2.98% |
| MORN | Morningstar, Inc. | 1.96% | 19.7 | 19.8 | 3.0 | 0.96% | 5.37% |
| CME | CME Group Inc. | 1.92% | 24.9 | 21.9 | 15.6 | 1.77% | 4.16% |
| CBOE | Cboe Global Markets, Inc. | 1.87% | 24.6 | 21.9 | 6.5 | 1.09% | 4.10% |
| BLK | BlackRock, Inc. | 1.81% | 25.8 | 16.4 | 6.5 | 2.02% | 3.78% |
| SPGI | S&P Global Inc. | 1.80% | 26.1 | 19.9 | 7.9 | 0.90% | 3.71% |
| MSCI | MSCI Inc. | 1.78% | 31.1 | 24.7 | 12.4 | 1.44% | 3.09% |
| ICE | Intercontinental Exchange, Inc. | 1.77% | 22.8 | 18.1 | 8.6 | 1.29% | 4.20% |
| NDAQ | Nasdaq, Inc. | 1.77% | 27.4 | 23.6 | 9.4 | 1.23% | 3.48% |
| AMG | Affiliated Managers Group, Inc. | 1.75% | 13.4 | 8.8 | 4.4 | 0.01% | 7.02% |
| MKTX | MarketAxess Holdings Inc. | 1.75% | 19.5 | 18.6 | 6.7 | 1.90% | 4.85% |
| MCO | Moody's Corporation | 1.69% | 30.8 | 24.3 | 10.3 | 0.85% | 2.96% |
| BSIG | Brightsphere Investment Group Inc | 1.67% | — | — | — | — | — |
| SEIC | SEI Investments Company | 1.60% | 18.4 | 15.8 | 5.1 | 1.00% | 4.70% |
| CNS | Cohen & Steers, Inc. | 1.58% | 21.4 | 18.5 | 6.0 | 3.85% | 3.98% |
| BEN | Franklin Resources, Inc. | 1.58% | 21.1 | 10.3 | 1.7 | 4.26% | 4.03% |
| FHI | Federated Hermes, Inc. | 1.57% | 10.4 | 9.9 | 2.2 | 2.57% | 8.13% |
| TROW | T. Rowe Price Group, Inc. | 1.57% | 10.1 | 10.2 | 2.8 | 5.15% | 8.34% |
| BGC | BGC Group, Inc | 1.57% | 29.0 | 5.9 | 1.7 | 0.69% | 2.92% |
| HLI | Houlihan Lokey, Inc. | 1.57% | 21.7 | 15.0 | 3.6 | 2.16% | 3.88% |
| VIRT | Virtu Financial, Inc. | 1.56% | 9.4 | 8.4 | 1.5 | 1.69% | 8.90% |
| RJF | Raymond James Financial, Inc. | 1.56% | 13.7 | 11.4 | 2.0 | 1.38% | 6.14% |
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 KCE valuation
Adding up its 62 holdings with company data, KCE trades at 51.2 times trailing earnings and 13.5 times analysts' forward estimates, with a price-to-book ratio of 3.26 and a dividend yield of 2.15%. Its earnings yield of 1.95% is 3.37 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.2% of the fund and earn 26.5% of its combined profit. Companies that lost money over the past year are 10.3% 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 95.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: KCE chart, KCE performance, KCE holdings, KCE dividends.
KCE valuation FAQ
What is the P/E ratio of KCE?
Based on its holdings, KCE has a trailing P/E of 51.2 and a forward P/E of 13.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of KCE?
The trailing earnings yield is 1.95% (1 ÷ P/E) and the forward earnings yield 7.40%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is KCE more expensive than the S&P 500?
KCE trades at 51.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.5 and 19.9.
What is the price-to-book ratio of KCE?
The holdings of KCE trade at 3.26 times book value, with a combined return on equity of 6.4%.