SPDR S&P North American Natural Resources ETF (NANR) Valuation
NANR valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 22.6 trailing earnings
- Forward P/E
- 12.4 analyst estimates
- Price / sales
- 1.38
- Price / book
- 2.29
- EV / EBITDA
- 8.7
- Earnings yield
- 4.42% inverse of P/E
- Dividend yield
- 2.16% of the holdings
- Return on equity
- 10.1% combined
- Net margin
- 6.1% combined
- Beta
- 0.67 weighted, vs S&P 500
NANR valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NANR | 22.6 | 12.4 | 1.38 | 2.29 | 2.16% | 10.1% | 6.1% | 4.1% |
| 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.
NANR valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 48.1% | 19.3 | 12.1 | 1.63 | 2.28 | 2.16% | 11.8% |
| Consumer Cyclical | 6.6% | 85.7 | 12.9 | 0.90 | 1.85 | 4.22% | 2.2% |
| Consumer Defensive | 4.3% | 19.4 | 12.3 | 0.42 | 1.60 | 2.33% | 8.2% |
| Financial Services | 2.8% | 103.1 | — | 2.70 | — | 0.00% | — |
| Real Estate | 1.2% | 32.5 | 29.9 | 2.48 | 1.48 | 4.59% | 4.6% |
| Industrials | 0.3% | 14.3 | 8.0 | 0.61 | 1.44 | 1.46% | 10.0% |
NANR 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 NANR weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NANR largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| XOM | Exxon Mobil Corporation | 10.92% | 23.0 | 14.8 | 2.0 | 2.30% | 14.84% |
| CVX | Chevron Corporation | 7.51% | 21.2 | 15.2 | 2.1 | 3.16% | 11.07% |
| NEM | Newmont Corporation | 3.59% | 15.0 | 11.6 | 4.8 | 0.88% | 7.51% |
| COP | ConocoPhillips | 2.98% | 19.4 | 12.7 | 2.7 | 2.29% | 4.81% |
| AEM | Agnico Eagle Mines Limited | 2.89% | — | — | — | — | — |
| VYLR | Vylor Inc. | 2.81% | 103.1 | — | 2.7 | — | 0.85% |
| FCX | Freeport-McMoRan Inc. | 2.81% | 34.3 | 18.1 | 3.9 | 0.86% | 2.56% |
| ADM | Archer-Daniels-Midland Company | 2.34% | 22.6 | 15.6 | 0.5 | 2.52% | 3.24% |
| MPC | Marathon Petroleum Corporation | 2.25% | 16.6 | 5.5 | 0.9 | 0.84% | 4.25% |
| VLO | Valero Energy Corporation | 2.16% | 18.5 | 10.2 | 1.0 | 1.08% | 3.65% |
| NTR | Nutrien Ltd | 2.00% | — | — | — | — | — |
| PSX | Phillips 66 | 1.97% | 16.8 | 9.7 | 0.8 | 1.81% | 3.69% |
| ABX | Barrick Gold Corp | 1.92% | — | — | — | — | — |
| NUE | Nucor Corporation | 1.91% | 20.4 | 11.4 | 1.6 | 0.87% | 2.93% |
| CNQ | Canadian Natural Resources Ltd | 1.85% | — | — | — | — | — |
| WPM | Wheaton Precious Metals Corp | 1.77% | — | — | — | — | — |
| SU | Suncor Energy Inc | 1.62% | — | — | — | — | — |
| EOG | EOG Resources, Inc. | 1.47% | 12.3 | 10.1 | 3.1 | 2.58% | 3.74% |
| SW | Smurfit WestRock plc | 1.43% | 43.3 | 13.8 | 0.7 | 4.40% | 1.03% |
| PKG | Packaging Corporation of America | 1.36% | 30.7 | 18.7 | 2.2 | 2.54% | 1.38% |
| FNV | Franco-Nevada Corporation | 1.33% | — | — | — | — | — |
| AMCR | Amcor plc | 1.30% | 18.4 | 10.6 | 0.9 | 5.93% | 2.20% |
| SLB | Schlumberger Limited | 1.27% | 23.9 | 15.9 | 2.0 | 2.38% | 1.67% |
| AU | AngloGold Ashanti Limited | 1.17% | 12.4 | 14.5 | 4.0 | 4.87% | 2.94% |
| CF | CF Industries Holdings, Inc. | 1.14% | 9.0 | 12.2 | 2.4 | 1.99% | 3.98% |
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 NANR valuation
Adding up its 117 holdings with company data, NANR trades at 22.6 times trailing earnings and 12.4 times analysts' forward estimates, with a price-to-book ratio of 2.29 and a dividend yield of 2.16%. Its earnings yield of 4.42% is 0.91 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 40.3% of the fund and earn 56.5% of its combined profit. By sector, Financial Services is the most expensive at 103.1 times earnings and Industrials the cheapest at 14.3. Companies that lost money over the past year are 4.1% 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 73.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NANR chart, NANR performance, NANR holdings, NANR dividends.
NANR valuation FAQ
What is the P/E ratio of NANR?
Based on its holdings, NANR has a trailing P/E of 22.6 and a forward P/E of 12.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NANR?
The trailing earnings yield is 4.42% (1 ÷ P/E) and the forward earnings yield 8.04%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NANR more expensive than the S&P 500?
NANR trades at 22.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.4 and 19.9.
What is the price-to-book ratio of NANR?
The holdings of NANR trade at 2.29 times book value, with a combined return on equity of 10.1%.
Which sector in NANR has the highest P/E?
Financial Services has the highest P/E at 103.1 and Industrials the lowest at 14.3.