Principal Equity Premium Income ETF (PCOV) Valuation

Cboe BZX: PCOVP/E, earnings yield and other ratios of the holdings combined.

PCOV valuation today

Holdings combined · company data as of Oct 26, 2026
P/E (TTM)
24.4
trailing earnings
Forward P/E
18.6
analyst estimates
Price / sales
2.51
Price / book
4.79
EV / EBITDA
12.1
Earnings yield
4.10%
inverse of P/E
Dividend yield
1.41%
of the holdings
Return on equity
19.6%
combined
Net margin
10.3%
combined
Beta
0.99
weighted, vs S&P 500

PCOV valuation vs other stock ETFs

P/E (TTM)Forward P/E
PCOV valuation compared with other stock ETFs
ETFP/EFwd P/EP/SP/BDiv. yieldROENet marginLoss-makers
PCOV24.418.62.514.791.41%19.6%10.3%0.0%
SPY25.919.93.675.471.08%21.1%14.2%1.9%
QQQ34.223.45.939.270.58%27.1%17.4%6.9%
DIA20.918.43.165.521.55%26.4%15.1%0.0%
VTI28.219.43.315.001.07%17.7%11.8%4.6%
IWMn/m13.91.252.031.38%−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.

PCOV valuation by sector

P/E (TTM)Forward P/E
PCOV valuation by sector
SectorWeightP/EFwd P/EP/SP/BDiv. yieldROE
Technology20.4%33.725.72.2712.600.71%37.4%
Financial Services18.0%15.813.43.612.451.91%15.5%
Healthcare13.7%31.616.72.915.591.99%17.7%
Consumer Cyclical11.4%19.616.01.573.941.54%20.1%
Industrials10.7%29.521.43.977.401.36%25.1%
Energy6.7%17.512.41.833.352.05%19.2%
Consumer Defensive6.2%45.339.21.3610.280.71%22.7%
Basic Materials3.7%32.221.03.549.140.91%28.4%
Real Estate3.4%82.964.811.604.511.71%5.4%
Communication Services3.2%17.018.14.385.181.01%30.6%
Utilities1.6%26.520.73.073.160.63%11.9%

PCOV earnings yield vs bond yields

PCOV earnings yield (forward)
5.39%
PCOV earnings yield (trailing)
4.10%
PCOV dividend yield
1.41%
Bond market yield (AGG)
5.33%
T-bill yield (BIL)
3.91%

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 PCOV weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

PCOV largest holdings: valuation

PCOV largest holdings valuation
SymbolCompanyWeightP/EFwd P/EP/SDiv. yieldShare of earnings
AAPLApple Inc.5.15%39.435.210.70.31%3.26%
MSFTMicrosoft Corporation4.58%29.525.111.80.74%3.87%
JPMJPMorgan Chase & Co.4.12%14.213.54.71.94%7.20%
COSTCostco Wholesale Corporation3.20%47.640.31.40.59%1.67%
TSMTaiwan Semiconductor Manufacturing Company Limited3.15%26.721.40.40.91%2.94%
DHID.R. Horton, Inc.2.97%12.911.91.21.29%5.74%
WMTWalmart Inc.2.97%43.038.01.30.83%1.72%
MSMorgan Stanley2.78%14.314.93.62.55%4.82%
MRKMerck & Co., Inc.2.54%115.815.35.42.33%0.55%
AXPAmerican Express Company2.47%19.015.13.01.21%3.24%
CCitigroup Inc.2.46%12.110.22.52.16%5.06%
UNPUnion Pacific Corporation2.39%23.419.36.81.97%2.54%
GOOGLAlphabet Inc.2.31%17.122.89.30.26%3.37%
BKNGBooking Holdings Inc.2.26%18.113.34.31.03%3.10%
GSThe Goldman Sachs Group, Inc.2.24%12.712.83.62.27%4.40%
BLKBlackRock, Inc.2.20%25.816.46.52.02%2.12%
SHWThe Sherwin-Williams Company2.14%30.923.83.30.95%1.72%
LLYEli Lilly and Company2.07%42.224.414.10.55%1.22%
EOGEOG Resources, Inc.2.07%12.310.13.12.58%4.19%
AVGOBroadcom Inc.2.03%43.319.417.60.79%1.17%
WELLWelltower Inc.2.02%105.378.113.31.45%0.48%
VLOValero Energy Corporation1.99%18.510.21.01.08%2.67%
TTTrane Technologies plc1.95%34.225.24.50.92%1.42%
NVSNovartis AG1.93%22.814.75.03.15%2.11%
HUBBHubbell Incorporated1.88%27.320.73.91.23%1.71%

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 PCOV valuation

Adding up its 48 holdings with company data, PCOV trades at 24.4 times trailing earnings and 18.6 times analysts' forward estimates, with a price-to-book ratio of 4.79 and a dividend yield of 1.41%. Its earnings yield of 4.10% is 1.23 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 33.9% of the fund and earn 35.0% of its combined profit. By sector, Real Estate is the most expensive at 82.9 times earnings and Financial Services the cheapest at 15.8. Companies that lost money over the past year are 0.0% 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 98.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

Related: PCOV chart, PCOV holdings, PCOV dividends.

PCOV valuation FAQ

What is the P/E ratio of PCOV?

Based on its holdings, PCOV has a trailing P/E of 24.4 and a forward P/E of 18.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of PCOV?

The trailing earnings yield is 4.10% (1 ÷ P/E) and the forward earnings yield 5.39%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is PCOV more expensive than the S&P 500?

PCOV trades at 24.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.6 and 19.9.

What is the price-to-book ratio of PCOV?

The holdings of PCOV trade at 4.79 times book value, with a combined return on equity of 19.6%.

Which sector in PCOV has the highest P/E?

Real Estate has the highest P/E at 82.9 and Financial Services the lowest at 15.8.