SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) Valuation
NZAC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 27.0 trailing earnings
- Forward P/E
- 21.2 analyst estimates
- Price / sales
- 4.77
- Price / book
- 6.01
- EV / EBITDA
- 19.0
- Earnings yield
- 3.70% inverse of P/E
- Dividend yield
- 1.01% of the holdings
- Return on equity
- 22.2% combined
- Net margin
- 17.6% combined
- Beta
- 1.24 weighted, vs S&P 500
NZAC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NZAC | 27.0 | 21.2 | 4.77 | 6.01 | 1.01% | 22.2% | 17.6% | 1.6% |
| 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.
NZAC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 36.5% | 33.6 | 24.2 | 6.07 | 12.00 | 0.60% | 35.7% |
| Financial Services | 16.0% | 15.6 | 13.6 | 3.07 | 2.64 | 1.67% | 17.0% |
| Healthcare | 9.6% | 37.6 | 19.0 | 4.89 | 6.82 | 1.49% | 18.1% |
| Communication Services | 7.6% | 18.3 | 19.4 | 5.43 | 5.34 | 0.59% | 29.1% |
| Consumer Cyclical | 7.5% | 37.0 | 28.7 | 4.05 | 8.17 | 0.51% | 22.1% |
| Real Estate | 5.9% | 51.1 | 48.5 | 9.93 | 3.64 | 2.78% | 7.1% |
NZAC 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 NZAC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NZAC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 6.30% | 27.1 | 24.9 | 17.1 | 0.47% | 9.62% |
| AAPL | Apple Inc. | 5.72% | 39.4 | 35.2 | 10.7 | 0.31% | 6.00% |
| MSFT | Microsoft Corporation | 4.26% | 29.5 | 25.1 | 11.8 | 0.74% | 5.98% |
| AMZN | Amazon.com, Inc. | 2.50% | 20.1 | 23.6 | 3.5 | — | 5.14% |
| GOOG | Alphabet Inc. | 2.24% | 16.9 | 21.8 | 9.2 | 0.26% | 5.48% |
| 2330 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1.85% | — | — | — | — | — |
| META | Meta Platforms, Inc. | 1.59% | 26.7 | 22.1 | 7.9 | 0.30% | 2.46% |
| TSLA | Tesla, Inc. | 1.59% | 328.4 | 158.7 | 13.5 | — | 0.20% |
| AVGO | Broadcom Inc. | 1.53% | 43.3 | 19.4 | 17.6 | 0.79% | 1.46% |
| GOOGL | Alphabet Inc. | 1.39% | 17.1 | 22.8 | 9.3 | 0.26% | 3.36% |
| LLY | Eli Lilly and Company | 1.25% | 42.2 | 24.4 | 14.1 | 0.55% | 1.22% |
| AMD | Advanced Micro Devices, Inc. | 1.21% | 134.9 | 39.5 | 20.9 | — | 0.37% |
| JPM | JPMorgan Chase & Co. | 1.19% | 14.2 | 13.5 | 4.7 | 1.94% | 3.45% |
| DLR | Digital Realty Trust, Inc. | 1.12% | 85.4 | 66.2 | 9.8 | 2.77% | 0.54% |
| MRVL | Marvell Technology, Inc. | 1.05% | 72.3 | 62.1 | 21.7 | 0.11% | 0.60% |
| EQIX | Equinix, Inc. | 0.94% | 63.4 | 52.1 | 9.8 | 2.09% | 0.62% |
| JNJ | Johnson & Johnson | 0.86% | 38.8 | 21.0 | 6.2 | 2.10% | 0.92% |
| V | Visa Inc. | 0.83% | 34.3 | 24.0 | 17.0 | 0.67% | 1.01% |
| ADI | Analog Devices, Inc. | 0.69% | 47.0 | 23.2 | 13.8 | 1.11% | 0.61% |
| RY | Royal Bank of Canada | 0.68% | — | — | — | — | — |
| SAP | SAP SE | 0.67% | — | — | — | — | — |
| MU | Micron Technology, Inc. | 0.65% | 11.8 | 7.0 | 7.5 | 0.07% | 2.29% |
| SU | Schneider Electric S.E. | 0.63% | — | — | — | — | — |
| MA | Mastercard Incorporated | 0.61% | 34.0 | 24.2 | 15.4 | 0.56% | 0.74% |
| ASML | ASML Holding N.V. | 0.59% | — | — | — | — | — |
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 NZAC valuation
Adding up its 242 holdings with company data, NZAC trades at 27.0 times trailing earnings and 21.2 times analysts' forward estimates, with a price-to-book ratio of 6.01 and a dividend yield of 1.01%. Its earnings yield of 3.70% is 1.63 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 29.0% of the fund and earn 40.9% of its combined profit. By sector, Real Estate is the most expensive at 51.1 times earnings and Financial Services the cheapest at 15.6. Companies that lost money over the past year are 1.6% 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 66.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NZAC chart, NZAC performance, NZAC holdings, NZAC dividends.
NZAC valuation FAQ
What is the P/E ratio of NZAC?
Based on its holdings, NZAC has a trailing P/E of 27.0 and a forward P/E of 21.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NZAC?
The trailing earnings yield is 3.70% (1 ÷ P/E) and the forward earnings yield 4.71%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NZAC more expensive than the S&P 500?
NZAC trades at 27.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.2 and 19.9.
What is the price-to-book ratio of NZAC?
The holdings of NZAC trade at 6.01 times book value, with a combined return on equity of 22.2%.
Which sector in NZAC has the highest P/E?
Real Estate has the highest P/E at 51.1 and Financial Services the lowest at 15.6.