National Security Emerging Markets ETF (NSI) Valuation
NSI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 16.6 trailing earnings
- Forward P/E
- 11.5 analyst estimates
- Price / sales
- 0.01
- Price / book
- 2.49
- EV / EBITDA
- 7.6
- Earnings yield
- 6.01% inverse of P/E
- Dividend yield
- 2.04% of the holdings
- Return on equity
- 15.0% combined
- Net margin
- 0.0% combined
- Beta
- 0.77 weighted, vs S&P 500
NSI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NSI | 16.6 | 11.5 | 0.01 | 2.49 | 2.04% | 15.0% | 0.0% | 2.5% |
| 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.
NSI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 37.7% | 23.7 | 15.4 | 0.05 | 6.51 | 1.17% | 27.5% |
| Financial Services | 18.6% | 12.8 | 7.3 | 0.01 | 1.51 | 2.71% | 11.8% |
| Consumer Cyclical | 11.0% | 16.1 | 11.5 | 0.26 | 2.16 | 0.66% | 13.4% |
| Communication Services | 8.9% | 16.6 | 12.4 | 0.00 | 1.73 | 3.06% | 10.4% |
| Basic Materials | 4.7% | 14.2 | 8.5 | 0.21 | 1.68 | 4.43% | 11.8% |
| Industrials | 3.7% | 12.2 | 10.8 | 0.28 | 2.21 | 3.06% | 18.0% |
| Healthcare | 2.6% | 73.3 | 32.1 | 0.11 | 4.80 | 0.19% | 6.5% |
| Consumer Defensive | 2.4% | 11.9 | 12.9 | 0.13 | 2.74 | 3.82% | 23.1% |
| Utilities | 1.1% | 5.0 | 13.1 | 0.00 | 0.72 | 4.23% | 14.5% |
| Real Estate | 0.6% | 30.1 | 12.1 | 0.22 | 1.87 | 1.53% | 6.2% |
NSI 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 NSI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NSI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 14.11% | 26.7 | 21.4 | 0.4 | 0.91% | 12.79% |
| SMSN | Samsung Electronics Co. Ltd | 7.81% | — | — | — | — | — |
| ASX | ASE Technology Holding Co., Ltd. | 4.32% | 47.1 | 12.3 | 0.1 | 1.06% | 2.23% |
| CICHY | China Construction Bank Corp | 3.82% | — | — | — | — | — |
| HNHPF | Hon Hai Precision Industry Co Ltd ADR | 3.47% | — | — | — | — | — |
| UMC | United Microelectronics Corporation | 2.80% | 18.7 | 23.8 | 0.2 | 2.02% | 3.63% |
| PDD | PDD Holdings Inc. | 2.49% | 9.1 | 6.2 | 0.3 | — | 6.62% |
| SKHY | SK Hynix Inc. American Depositary Shares | 2.42% | 8.7 | 5.4 | 0.0 | 0.08% | 6.75% |
| RLI | Reliance Industries Limited | 2.40% | — | — | — | — | — |
| PNGAY | Ping An Insurance Company of China | 2.20% | — | — | — | — | — |
| NTES | NetEase, Inc | 2.17% | 17.5 | 11.1 | 0.7 | 2.32% | 3.00% |
| NPSNY | Naspers Ltd ADR | 2.01% | — | — | — | — | — |
| HDB | HDFC Bank Limited | 1.98% | 15.4 | 13.5 | 0.0 | 1.71% | 3.12% |
| ZTO | ZTO Express (Cayman) Inc. | 1.82% | 11.0 | 9.4 | 0.3 | 3.42% | 4.00% |
| MELI | MercadoLibre, Inc. | 1.67% | 50.5 | 32.8 | 2.6 | — | 0.80% |
| ONC | BeiGene, Ltd. | 1.65% | 66.0 | 35.2 | 6.9 | — | 0.61% |
| MPNGY | Meituan ADR | 1.58% | — | — | — | — | — |
| CHT | Chunghwa Telecom Co., Ltd | 1.57% | 29.0 | 26.5 | 0.2 | 3.38% | 1.31% |
| IBN | ICICI Bank Limited | 1.40% | 17.5 | 16.6 | 0.1 | 0.83% | 1.94% |
| 5412 | Posco | 1.36% | — | — | — | — | — |
| YMM | Full Truck Alliance Co. Ltd. | 1.28% | 15.4 | 19.5 | 0.7 | 2.88% | 2.02% |
| VALE | Vale S.A. | 1.14% | 26.1 | 7.2 | 0.3 | 6.46% | 1.06% |
| KB | KB Financial Group Inc. | 1.08% | 10.2 | 3.8 | 0.0 | 2.79% | 2.56% |
| SKM | SK Telecom Co.,Ltd | 0.94% | 24.4 | 14.7 | 0.0 | 1.99% | 0.93% |
| AMX | America Movil, S.A.B. de C.V | 0.94% | 13.8 | 9.2 | 0.1 | 2.59% | 1.64% |
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 NSI valuation
Adding up its 81 holdings with company data, NSI trades at 16.6 times trailing earnings and 11.5 times analysts' forward estimates, with a price-to-book ratio of 2.49 and a dividend yield of 2.04%. Its earnings yield of 6.01% is 0.68 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.8% of the fund and earn 43.5% of its combined profit. By sector, Healthcare is the most expensive at 73.3 times earnings and Utilities the cheapest at 5.0. Companies that lost money over the past year are 2.5% 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 71.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NSI chart, NSI performance, NSI holdings, NSI dividends.
NSI valuation FAQ
What is the P/E ratio of NSI?
Based on its holdings, NSI has a trailing P/E of 16.6 and a forward P/E of 11.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NSI?
The trailing earnings yield is 6.01% (1 ÷ P/E) and the forward earnings yield 8.71%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NSI more expensive than the S&P 500?
NSI trades at 16.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.5 and 19.9.
What is the price-to-book ratio of NSI?
The holdings of NSI trade at 2.49 times book value, with a combined return on equity of 15.0%.
Which sector in NSI has the highest P/E?
Healthcare has the highest P/E at 73.3 and Utilities the lowest at 5.0.