ETRACS Monthly Pay 1.5X Leveraged Mortgage… (MVRL) Valuation
MVRL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.4 trailing earnings
- Forward P/E
- 7.2 analyst estimates
- Price / sales
- 2.83
- Price / book
- 0.67
- EV / EBITDA
- 8.3
- Earnings yield
- 3.53% inverse of P/E
- Dividend yield
- 17.42% of the holdings
- Return on equity
- 2.4% combined
- Net margin
- 10.0% combined
- Beta
- 1.30 weighted, vs S&P 500
MVRL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MVRL | 28.4 | 7.2 | 2.83 | 0.67 | 17.42% | 2.4% | 10.0% | 17.9% |
| 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.
MVRL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 89.8% | 27.6 | 7.1 | 2.68 | 0.64 | 18.17% | 2.3% |
| Financial Services | 4.9% | 56.0 | 11.1 | 36.75 | 1.83 | 4.67% | 3.3% |
MVRL 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 MVRL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MVRL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NLY | Annaly Capital Management, Inc. | 12.69% | 4.5 | 6.5 | 4.2 | 16.46% | 91.51% |
| AGNC | AGNC Investment Corp. | 9.25% | 4.4 | 6.6 | 4.3 | 16.51% | 67.00% |
| STWD | Starwood Property Trust, Inc. | 8.44% | 20.8 | 10.0 | 7.9 | 15.41% | 13.09% |
| CIM | Chimera Investment Corporation | 5.35% | — | 5.3 | 3.2 | 21.43% | −21.32% |
| NRZ | New Residential Investment Corp | 5.12% | — | — | — | — | — |
| BXMT | Blackstone Mortgage Trust, Inc. | 4.94% | 131.6 | 57.1 | 4.4 | 17.85% | 1.21% |
| HASI | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 4.89% | 56.0 | 11.1 | 36.8 | 4.67% | 2.81% |
| ABR | Arbor Realty Trust, Inc. | 4.32% | 29.9 | 11.7 | 1.1 | 34.94% | 4.66% |
| TWO | Two Harbors Investments Corp | 4.14% | — | — | — | — | — |
| PMT | PennyMac Mortgage Investment Trust | 3.98% | 4.8 | 8.4 | 0.9 | 23.12% | 26.66% |
| MFA | MFA Financial, Inc. | 3.85% | 6.5 | 6.2 | 2.2 | 21.85% | 19.01% |
| ARI | Apollo Commercial Real Estate Finance, Inc. | 3.69% | 8.0 | 15.5 | 1.3 | 15.67% | 14.91% |
| LADR | Ladder Capital Corp | 3.47% | 11.4 | 2.4 | 4.2 | 10.10% | 9.82% |
| ADAM | New York Mortgage Trust, Inc. | 3.17% | 4.5 | 6.9 | 1.8 | 15.71% | 22.44% |
| RWT | Redwood Trust, Inc. | 2.72% | — | 6.2 | 1.5 | 23.68% | −1.44% |
| BRMK | Broadmark Realty Capital Inc | 2.49% | — | — | — | — | — |
| EFC | Ellington Financial Inc. | 2.49% | 7.2 | 9.1 | 3.5 | 13.39% | 11.08% |
| ORC | Orchid Island Capital, Inc. | 2.00% | 3.0 | 5.9 | 3.6 | 24.14% | 21.26% |
| BRSP | BrightSpire Capital, Inc. | 1.98% | — | 15.6 | 1.4 | 17.34% | −4.14% |
| RC | Ready Capital Corporation | 1.96% | — | 7.1 | 5.9 | 3.64% | −189.92% |
| ACRE | Ares Commercial Real Estate Corporation | 1.93% | — | 7.3 | 5.4 | 17.39% | −1.44% |
| KREF | KKR Real Estate Finance Trust Inc. | 1.87% | — | 11.7 | 326.4 | 6.90% | −33.80% |
| IVR | Invesco Mortgage Capital Inc. | 1.76% | 3.6 | 3.8 | 4.3 | 26.04% | 15.91% |
| ARR | ARMOUR Residential REIT, Inc. | 1.76% | 3.3 | 5.1 | 3.8 | 21.82% | 17.46% |
| DX | Dynex Capital, Inc. | 1.55% | 3.8 | 7.9 | 5.4 | 18.66% | 13.24% |
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 MVRL valuation
Adding up its 22 holdings with company data, MVRL trades at 28.4 times trailing earnings and 7.2 times analysts' forward estimates, with a price-to-book ratio of 0.67 and a dividend yield of 17.42%. Its earnings yield of 3.53% is 1.80 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 63.1% of the fund and earn 219.5% of its combined profit. By sector, Financial Services is the most expensive at 56.0 times earnings and Real Estate the cheapest at 27.6. Companies that lost money over the past year are 17.9% 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 88.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MVRL chart, MVRL performance, MVRL holdings, MVRL dividends.
MVRL valuation FAQ
What is the P/E ratio of MVRL?
Based on its holdings, MVRL has a trailing P/E of 28.4 and a forward P/E of 7.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MVRL?
The trailing earnings yield is 3.53% (1 ÷ P/E) and the forward earnings yield 13.85%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MVRL more expensive than the S&P 500?
MVRL trades at 28.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 7.2 and 19.9.
What is the price-to-book ratio of MVRL?
The holdings of MVRL trade at 0.67 times book value, with a combined return on equity of 2.4%.
Which sector in MVRL has the highest P/E?
Financial Services has the highest P/E at 56.0 and Real Estate the lowest at 27.6.