SPDR MSCI USA StrategicFactors ETF (QUS) Valuation

NYSE Arca: QUSP/E, earnings yield and other ratios of the holdings combined.

QUS valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 24.9
Forward P/E: 18.1
Price / sales: 2.44
Price / book: 4.52
EV / EBITDA: 15.8
Earnings yield: 4.02%
Dividend yield: 1.38%
Return on equity: 18.2%
Net margin: 9.8%
Beta: 0.87

QUS valuation vs other stock ETFs

P/E (TTM)Forward P/E

QUS valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
QUS	24.9	18.1	2.44	4.52	1.38%	18.2%	9.8%	2.0%
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.

QUS valuation by sector

P/E (TTM)Forward P/E

QUS valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	28.4%	31.5	22.4	6.77	8.84	0.72%	28.1%
Financial Services	15.9%	15.9	14.5	3.23	2.60	1.33%	16.3%
Healthcare	15.4%	39.3	17.3	1.13	5.42	1.39%	13.8%
Consumer Defensive	8.8%	29.7	21.9	1.59	6.34	2.16%	21.3%
Communication Services	8.1%	16.6	15.4	3.02	3.72	1.41%	22.4%
Industrials	7.2%	27.5	20.7	2.87	6.61	1.43%	24.0%
Consumer Cyclical	5.6%	26.6	17.4	1.66	5.44	1.31%	20.4%
Energy	3.8%	19.4	12.5	1.83	2.59	2.22%	13.4%
Utilities	3.3%	19.3	15.9	2.87	1.90	3.27%	9.9%
Basic Materials	1.6%	27.6	17.6	3.20	4.08	1.39%	14.8%
Real Estate	1.4%	45.9	38.5	7.10	2.45	3.19%	5.3%

QUS earnings yield vs bond yields

QUS earnings yield (forward)

5.52%

QUS earnings yield (trailing)

4.02%

QUS dividend yield

1.38%

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 QUS weight splits by P/E

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

QUS largest holdings: valuation

QUS largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
MSFT	Microsoft Corporation	3.55%	29.5	25.1	11.8	0.74%	3.01%
AAPL	Apple Inc.	3.38%	39.4	35.2	10.7	0.31%	2.15%
NVDA	NVIDIA Corporation	2.47%	27.1	24.9	17.1	0.47%	2.29%
META	Meta Platforms, Inc.	2.39%	26.7	22.1	7.9	0.30%	2.24%
LLY	Eli Lilly and Company	2.38%	42.2	24.4	14.1	0.55%	1.41%
V	Visa Inc.	2.12%	34.3	24.0	17.0	0.67%	1.55%
JNJ	Johnson & Johnson	1.99%	38.8	21.0	6.2	2.10%	1.29%
MA	Mastercard Incorporated	1.78%	34.0	24.2	15.4	0.56%	1.31%
MRK	Merck & Co., Inc.	1.45%	115.8	15.3	5.4	2.33%	0.31%
WMT	Walmart Inc.	1.34%	43.0	38.0	1.3	0.83%	0.78%
CSCO	Cisco Systems, Inc.	1.28%	32.2	19.8	6.7	1.56%	0.99%
PG	The Procter & Gamble Company	1.26%	24.1	21.2	4.3	2.73%	1.31%
KO	The Coca-Cola Company	1.23%	28.2	25.3	8.1	2.26%	1.09%
GOOGL	Alphabet Inc.	1.20%	17.1	22.8	9.3	0.26%	1.76%
BRK.B	Berkshire Hathaway Inc.	1.16%	13.4	22.7	3.0	—	2.18%
COST	Costco Wholesale Corporation	1.15%	47.6	40.3	1.4	0.59%	0.61%
XOM	Exxon Mobil Corporation	1.15%	23.0	14.8	2.0	2.30%	1.25%
PLTR	Palantir Technologies Inc.	1.08%	160.4	85.5	72.6	—	0.17%
GOOG	Alphabet Inc.	1.08%	16.9	21.8	9.2	0.26%	1.59%
JPM	JPMorgan Chase & Co.	1.05%	14.2	13.5	4.7	1.94%	1.84%
AMZN	Amazon.com, Inc.	0.99%	20.1	23.6	3.5	—	1.23%
AMAT	Applied Materials, Inc.	0.87%	35.3	23.4	10.5	0.52%	0.61%
ACN	Accenture plc	0.82%	16.9	12.4	1.9	2.98%	1.22%
APH	Amphenol Corporation	0.82%	39.7	24.6	6.7	0.63%	0.52%
GILD	Gilead Sciences, Inc.	0.76%	—	15.6	6.4	2.10%	−0.32%

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 QUS valuation

Adding up its 502 holdings with company data, QUS trades at 24.9 times trailing earnings and 18.1 times analysts' forward estimates, with a price-to-book ratio of 4.52 and a dividend yield of 1.38%. Its earnings yield of 4.02% is 1.30 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 22.9% of the fund and earn 16.3% of its combined profit. By sector, Real Estate is the most expensive at 45.9 times earnings and Financial Services the cheapest at 15.9. Companies that lost money over the past year are 2.0% 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 99.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

QUS valuation FAQ

What is the P/E ratio of QUS?

Based on its holdings, QUS has a trailing P/E of 24.9 and a forward P/E of 18.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of QUS?

The trailing earnings yield is 4.02% (1 ÷ P/E) and the forward earnings yield 5.52%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is QUS more expensive than the S&P 500?

QUS trades at 24.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.1 and 19.9.

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

The holdings of QUS trade at 4.52 times book value, with a combined return on equity of 18.2%.

Which sector in QUS has the highest P/E?

Real Estate has the highest P/E at 45.9 and Financial Services the lowest at 15.9.