Principal Equity Premium Income ETF (PCOV) Valuation
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
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PCOV | 24.4 | 18.6 | 2.51 | 4.79 | 1.41% | 19.6% | 10.3% | 0.0% |
| 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.
PCOV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 20.4% | 33.7 | 25.7 | 2.27 | 12.60 | 0.71% | 37.4% |
| Financial Services | 18.0% | 15.8 | 13.4 | 3.61 | 2.45 | 1.91% | 15.5% |
| Healthcare | 13.7% | 31.6 | 16.7 | 2.91 | 5.59 | 1.99% | 17.7% |
| Consumer Cyclical | 11.4% | 19.6 | 16.0 | 1.57 | 3.94 | 1.54% | 20.1% |
| Industrials | 10.7% | 29.5 | 21.4 | 3.97 | 7.40 | 1.36% | 25.1% |
| Energy | 6.7% | 17.5 | 12.4 | 1.83 | 3.35 | 2.05% | 19.2% |
| Consumer Defensive | 6.2% | 45.3 | 39.2 | 1.36 | 10.28 | 0.71% | 22.7% |
| Basic Materials | 3.7% | 32.2 | 21.0 | 3.54 | 9.14 | 0.91% | 28.4% |
| Real Estate | 3.4% | 82.9 | 64.8 | 11.60 | 4.51 | 1.71% | 5.4% |
| Communication Services | 3.2% | 17.0 | 18.1 | 4.38 | 5.18 | 1.01% | 30.6% |
| Utilities | 1.6% | 26.5 | 20.7 | 3.07 | 3.16 | 0.63% | 11.9% |
PCOV 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 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
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 5.15% | 39.4 | 35.2 | 10.7 | 0.31% | 3.26% |
| MSFT | Microsoft Corporation | 4.58% | 29.5 | 25.1 | 11.8 | 0.74% | 3.87% |
| JPM | JPMorgan Chase & Co. | 4.12% | 14.2 | 13.5 | 4.7 | 1.94% | 7.20% |
| COST | Costco Wholesale Corporation | 3.20% | 47.6 | 40.3 | 1.4 | 0.59% | 1.67% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 3.15% | 26.7 | 21.4 | 0.4 | 0.91% | 2.94% |
| DHI | D.R. Horton, Inc. | 2.97% | 12.9 | 11.9 | 1.2 | 1.29% | 5.74% |
| WMT | Walmart Inc. | 2.97% | 43.0 | 38.0 | 1.3 | 0.83% | 1.72% |
| MS | Morgan Stanley | 2.78% | 14.3 | 14.9 | 3.6 | 2.55% | 4.82% |
| MRK | Merck & Co., Inc. | 2.54% | 115.8 | 15.3 | 5.4 | 2.33% | 0.55% |
| AXP | American Express Company | 2.47% | 19.0 | 15.1 | 3.0 | 1.21% | 3.24% |
| C | Citigroup Inc. | 2.46% | 12.1 | 10.2 | 2.5 | 2.16% | 5.06% |
| UNP | Union Pacific Corporation | 2.39% | 23.4 | 19.3 | 6.8 | 1.97% | 2.54% |
| GOOGL | Alphabet Inc. | 2.31% | 17.1 | 22.8 | 9.3 | 0.26% | 3.37% |
| BKNG | Booking Holdings Inc. | 2.26% | 18.1 | 13.3 | 4.3 | 1.03% | 3.10% |
| GS | The Goldman Sachs Group, Inc. | 2.24% | 12.7 | 12.8 | 3.6 | 2.27% | 4.40% |
| BLK | BlackRock, Inc. | 2.20% | 25.8 | 16.4 | 6.5 | 2.02% | 2.12% |
| SHW | The Sherwin-Williams Company | 2.14% | 30.9 | 23.8 | 3.3 | 0.95% | 1.72% |
| LLY | Eli Lilly and Company | 2.07% | 42.2 | 24.4 | 14.1 | 0.55% | 1.22% |
| EOG | EOG Resources, Inc. | 2.07% | 12.3 | 10.1 | 3.1 | 2.58% | 4.19% |
| AVGO | Broadcom Inc. | 2.03% | 43.3 | 19.4 | 17.6 | 0.79% | 1.17% |
| WELL | Welltower Inc. | 2.02% | 105.3 | 78.1 | 13.3 | 1.45% | 0.48% |
| VLO | Valero Energy Corporation | 1.99% | 18.5 | 10.2 | 1.0 | 1.08% | 2.67% |
| TT | Trane Technologies plc | 1.95% | 34.2 | 25.2 | 4.5 | 0.92% | 1.42% |
| NVS | Novartis AG | 1.93% | 22.8 | 14.7 | 5.0 | 3.15% | 2.11% |
| HUBB | Hubbell Incorporated | 1.88% | 27.3 | 20.7 | 3.9 | 1.23% | 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.