Astoria Real Asset ETF (PPI) Valuation
PPI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.3 trailing earnings
- Forward P/E
- 15.4 analyst estimates
- Price / sales
- 2.40
- Price / book
- 3.64
- EV / EBITDA
- 11.1
- Earnings yield
- 4.92% inverse of P/E
- Dividend yield
- 2.21% of the holdings
- Return on equity
- 17.9% combined
- Net margin
- 11.8% combined
- Beta
- 0.88 weighted, vs S&P 500
PPI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PPI | 20.3 | 15.4 | 2.40 | 3.64 | 2.21% | 17.9% | 11.8% | 2.7% |
| 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.
PPI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 31.4% | 28.3 | 22.4 | 3.35 | 9.40 | 0.86% | 33.2% |
| Energy | 22.7% | 16.5 | 12.2 | 1.88 | 2.54 | 2.32% | 15.4% |
| Basic Materials | 17.7% | 19.9 | 13.0 | 2.06 | 3.41 | 2.55% | 17.2% |
| Real Estate | 8.6% | 15.9 | 16.0 | 3.34 | 2.89 | 4.50% | 18.1% |
| Utilities | 7.8% | 24.9 | 17.5 | 3.09 | 2.95 | 1.76% | 11.9% |
| Consumer Cyclical | 1.6% | 17.4 | 11.3 | 0.90 | 2.34 | 3.66% | 13.5% |
PPI 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 PPI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PPI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| GLDM | SPDR® Gold MiniShares® | 4.07% | — | — | — | — | — |
| XOM | Exxon Mobil Corporation | 3.09% | 23.0 | 14.8 | 2.0 | 2.30% | 4.20% |
| L3H | SHELL PLC WI ADR/2 | 2.87% | — | — | — | — | — |
| ABBN | ABB Ltd | 2.52% | — | — | — | — | — |
| CAT | Caterpillar Inc. | 2.45% | 31.5 | 25.4 | 4.5 | 0.89% | 2.44% |
| FCX | Freeport-McMoRan Inc. | 2.33% | 34.3 | 18.1 | 3.9 | 0.86% | 2.13% |
| GEV | GE Vernova Inc. | 2.27% | 26.4 | 38.8 | 5.9 | 0.22% | 2.69% |
| LMT | Lockheed Martin Corporation | 2.25% | 20.3 | 16.2 | 1.7 | 2.61% | 3.46% |
| CSX | CSX Corporation | 2.02% | 28.3 | 21.2 | 6.2 | 1.15% | 2.23% |
| PSA | Public Storage | 2.01% | 28.5 | 27.2 | 11.4 | 4.02% | 2.21% |
| NEM | Newmont Corporation | 1.97% | 15.0 | 11.6 | 4.8 | 0.88% | 4.13% |
| SPG | Simon Property Group, Inc. | 1.89% | 14.5 | 30.7 | 11.2 | 4.33% | 4.08% |
| STLD | Steel Dynamics, Inc. | 1.87% | 21.8 | 10.0 | 1.7 | 0.88% | 2.69% |
| AEP | American Electric Power Company, Inc. | 1.74% | 22.0 | 17.2 | 3.0 | 2.99% | 2.47% |
| LYB | LyondellBasell Industries N.V. | 1.74% | — | 9.1 | 0.7 | 4.31% | −0.71% |
| VLO | Valero Energy Corporation | 1.74% | 18.5 | 10.2 | 1.0 | 1.08% | 2.93% |
| RIO | Rio Tinto Group | 1.63% | 12.2 | 12.1 | 2.4 | 5.15% | 4.16% |
| ENR | Siemens Energy AG | 1.61% | — | — | — | — | — |
| CNQ | Canadian Natural Resources Ltd | 1.56% | — | — | — | — | — |
| CEG | Constellation Energy Corporation | 1.54% | 26.5 | 20.7 | 3.1 | 0.63% | 1.82% |
| NEU | NewMarket Corporation | 1.54% | 18.9 | 22.5 | 2.9 | 1.37% | 2.56% |
| EOG | EOG Resources, Inc. | 1.52% | 12.3 | 10.1 | 3.1 | 2.58% | 3.86% |
| VRT | Vertiv Holdings Co | 1.50% | 46.7 | 27.8 | 6.9 | 0.12% | 1.01% |
| COP | ConocoPhillips | 1.48% | 19.4 | 12.7 | 2.7 | 2.29% | 2.39% |
| ENGI | Engie S.A. | 1.45% | — | — | — | — | — |
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 PPI valuation
Adding up its 51 holdings with company data, PPI trades at 20.3 times trailing earnings and 15.4 times analysts' forward estimates, with a price-to-book ratio of 3.64 and a dividend yield of 2.21%. Its earnings yield of 4.92% is 0.41 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 25.9% of the fund and earn 30.3% of its combined profit. By sector, Industrials is the most expensive at 28.3 times earnings and Real Estate the cheapest at 15.9. Companies that lost money over the past year are 2.7% 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 67.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PPI chart, PPI performance, PPI holdings, PPI dividends.
PPI valuation FAQ
What is the P/E ratio of PPI?
Based on its holdings, PPI has a trailing P/E of 20.3 and a forward P/E of 15.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PPI?
The trailing earnings yield is 4.92% (1 ÷ P/E) and the forward earnings yield 6.49%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PPI more expensive than the S&P 500?
PPI trades at 20.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.4 and 19.9.
What is the price-to-book ratio of PPI?
The holdings of PPI trade at 3.64 times book value, with a combined return on equity of 17.9%.
Which sector in PPI has the highest P/E?
Industrials has the highest P/E at 28.3 and Real Estate the lowest at 15.9.