SPDR Russell 1000 Yield Focus ETF (ONEY) Valuation
ONEY valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.5 trailing earnings
- Forward P/E
- 12.0 analyst estimates
- Price / sales
- 1.17
- Price / book
- 2.16
- EV / EBITDA
- 10.0
- Earnings yield
- 6.44% inverse of P/E
- Dividend yield
- 3.21% of the holdings
- Return on equity
- 13.9% combined
- Net margin
- 7.6% combined
- Beta
- 0.73 weighted, vs S&P 500
ONEY valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| ONEY | 15.5 | 12.0 | 1.17 | 2.16 | 3.21% | 13.9% | 7.6% | 3.5% |
| 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.
ONEY valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 16.8% | 9.4 | 10.1 | 1.42 | 1.85 | 2.26% | 19.6% |
| Consumer Defensive | 11.5% | 33.2 | 12.5 | 0.63 | 2.67 | 3.87% | 8.0% |
| Consumer Cyclical | 11.0% | 21.2 | 13.0 | 0.78 | 2.79 | 3.03% | 13.2% |
| Industrials | 9.9% | 20.8 | 13.3 | 1.19 | 3.52 | 2.86% | 16.9% |
| Utilities | 9.9% | 16.1 | 14.1 | 2.10 | 1.78 | 3.70% | 11.0% |
| Real Estate | 9.7% | 18.3 | 19.8 | 6.62 | 2.31 | 5.46% | 12.7% |
| Technology | 8.7% | 14.6 | 11.3 | 1.41 | 2.19 | 2.71% | 15.0% |
| Energy | 7.1% | 12.6 | 9.8 | 2.03 | 1.57 | 2.37% | 12.4% |
| Healthcare | 5.8% | 20.2 | 11.6 | 0.78 | 2.52 | 1.93% | 12.5% |
| Basic Materials | 4.0% | 18.5 | 13.0 | 1.43 | 2.59 | 3.46% | 14.0% |
| Communication Services | 3.3% | 8.8 | 7.0 | 0.79 | 1.11 | 4.88% | 12.7% |
ONEY 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 ONEY weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
ONEY largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PGR | The Progressive Corporation | 3.58% | 11.0 | 12.7 | 1.4 | 0.18% | 5.24% |
| ACN | Accenture plc | 2.26% | 16.9 | 12.4 | 1.9 | 2.98% | 2.15% |
| CMCSA | Comcast Corporation | 2.08% | 7.1 | 5.9 | 0.6 | 6.03% | 4.73% |
| ALL | The Allstate Corporation | 1.82% | 5.0 | 8.3 | 0.9 | 1.74% | 5.91% |
| CI | Cigna Corporation | 1.68% | 12.5 | 8.3 | 0.3 | 2.06% | 2.16% |
| EOG | EOG Resources, Inc. | 1.62% | 12.3 | 10.1 | 3.1 | 2.58% | 2.12% |
| UPS | United Parcel Service, Inc. | 1.38% | 18.1 | 12.0 | 0.9 | 6.73% | 1.22% |
| AU | AngloGold Ashanti Limited | 1.18% | 12.4 | 14.5 | 4.0 | 4.87% | 1.53% |
| TGT | Target Corporation | 1.11% | 16.0 | 15.6 | 0.7 | 3.01% | 1.12% |
| MO | Altria Group, Inc. | 1.07% | 15.8 | 11.9 | 6.1 | 5.91% | 1.08% |
| KR | The Kroger Co. | 1.05% | 35.4 | 11.3 | 0.3 | 2.45% | 0.48% |
| CTSH | Cognizant Technology Solutions Corporation | 1.02% | 14.2 | 9.4 | 1.4 | 2.00% | 1.16% |
| ZTS | Zoetis Inc. | 1.01% | 13.1 | 12.0 | 3.4 | 2.67% | 1.24% |
| DVN | Devon Energy Corporation | 0.98% | 11.1 | 9.3 | 3.0 | 2.52% | 1.43% |
| ADM | Archer-Daniels-Midland Company | 0.97% | 22.6 | 15.6 | 0.5 | 2.52% | 0.69% |
| BDX | Becton, Dickinson and Company | 0.96% | 44.6 | 13.7 | 2.3 | 2.19% | 0.35% |
| SPG | Simon Property Group, Inc. | 0.88% | 14.5 | 30.7 | 11.2 | 4.33% | 0.97% |
| HPQ | HP Inc. | 0.85% | 11.5 | 9.9 | 0.5 | 4.00% | 1.19% |
| DG | Dollar General Corporation | 0.83% | 17.4 | 15.3 | 0.7 | 1.76% | 0.76% |
| NKE | NIKE, Inc. | 0.79% | 17.9 | 21.0 | 1.2 | 4.42% | 0.71% |
| CINF | Cincinnati Financial Corporation | 0.78% | 8.1 | 18.5 | 1.9 | 2.20% | 1.55% |
| PAYX | Paychex, Inc. | 0.76% | 22.1 | 17.5 | 6.0 | 4.26% | 0.56% |
| OTIS | Otis Worldwide Corporation | 0.75% | 18.3 | 15.1 | 1.8 | 2.47% | 0.66% |
| DRI | Darden Restaurants, Inc. | 0.74% | 21.0 | 18.9 | 1.8 | 3.00% | 0.56% |
| ES | Eversource Energy | 0.74% | 17.3 | 13.3 | 1.8 | 4.71% | 0.68% |
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 ONEY valuation
Adding up its 290 holdings with company data, ONEY trades at 15.5 times trailing earnings and 12.0 times analysts' forward estimates, with a price-to-book ratio of 2.16 and a dividend yield of 3.21%. Its earnings yield of 6.44% is 1.12 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 17.8% of the fund and earn 27.3% of its combined profit. By sector, Consumer Defensive is the most expensive at 33.2 times earnings and Communication Services the cheapest at 8.8. Companies that lost money over the past year are 3.5% 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 98.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: ONEY chart, ONEY performance, ONEY holdings, ONEY dividends.
ONEY valuation FAQ
What is the P/E ratio of ONEY?
Based on its holdings, ONEY has a trailing P/E of 15.5 and a forward P/E of 12.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of ONEY?
The trailing earnings yield is 6.44% (1 ÷ P/E) and the forward earnings yield 8.33%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is ONEY more expensive than the S&P 500?
ONEY trades at 15.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.0 and 19.9.
What is the price-to-book ratio of ONEY?
The holdings of ONEY trade at 2.16 times book value, with a combined return on equity of 13.9%.
Which sector in ONEY has the highest P/E?
Consumer Defensive has the highest P/E at 33.2 and Communication Services the lowest at 8.8.