SPDR MSCI World StrategicFactors ETF (QWLD) Valuation

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

QWLD valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 24.9
Forward P/E: 18.1
Price / sales: 2.36
Price / book: 4.54
EV / EBITDA: 15.7
Earnings yield: 4.01%
Dividend yield: 1.38%
Return on equity: 18.2%
Net margin: 9.5%
Beta: 0.88

QWLD valuation vs other stock ETFs

P/E (TTM)Forward P/E

QWLD valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
QWLD	24.9	18.1	2.36	4.54	1.38%	18.2%	9.5%	1.5%
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.

QWLD valuation by sector

P/E (TTM)Forward P/E

QWLD valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	24.6%	31.2	22.7	7.43	9.41	0.72%	30.2%
Financial Services	16.6%	15.5	14.4	3.03	2.54	1.28%	16.4%
Healthcare	13.6%	35.8	17.4	1.06	5.61	1.37%	15.7%
Industrials	9.6%	26.3	20.7	2.78	6.59	1.51%	25.1%
Communication Services	9.0%	16.5	15.7	3.16	3.81	1.42%	23.0%
Consumer Defensive	8.5%	29.3	21.0	1.49	6.15	2.25%	21.0%
Consumer Cyclical	6.0%	59.7	16.6	1.41	4.27	1.35%	7.1%
Energy	4.3%	18.1	12.0	1.66	2.32	2.42%	12.8%
Utilities	3.7%	19.4	15.9	2.84	1.90	3.30%	9.8%
Real Estate	0.9%	47.9	40.6	7.81	3.11	2.67%	6.5%

QWLD earnings yield vs bond yields

QWLD earnings yield (forward)

5.52%

QWLD earnings yield (trailing)

4.01%

QWLD 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 QWLD weight splits by P/E

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

QWLD largest holdings: valuation

QWLD largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
MSFT	Microsoft Corporation	3.23%	29.5	25.1	11.8	0.74%	4.02%
AAPL	Apple Inc.	2.63%	39.4	35.2	10.7	0.31%	2.44%
NVDA	NVIDIA Corporation	2.38%	27.1	24.9	17.1	0.47%	3.22%
META	Meta Platforms, Inc.	2.02%	26.7	22.1	7.9	0.30%	2.77%
LLY	Eli Lilly and Company	1.60%	42.2	24.4	14.1	0.55%	1.39%
AVGO	Broadcom Inc.	1.46%	43.3	19.4	17.6	0.79%	1.23%
V	Visa Inc.	1.34%	34.3	24.0	17.0	0.67%	1.43%
JNJ	Johnson & Johnson	1.31%	38.8	21.0	6.2	2.10%	1.24%
ASML	ASML Holding N.V.	1.04%	—	—	—	—	—
GOOGL	Alphabet Inc.	1.01%	17.1	22.8	9.3	0.26%	2.16%
CSCO	Cisco Systems, Inc.	0.92%	32.2	19.8	6.7	1.56%	1.04%
GOOG	Alphabet Inc.	0.88%	16.9	21.8	9.2	0.26%	1.91%
PG	The Procter & Gamble Company	0.88%	24.1	21.2	4.3	2.73%	1.34%
XOM	Exxon Mobil Corporation	0.88%	23.0	14.8	2.0	2.30%	1.40%
KO	The Coca-Cola Company	0.87%	28.2	25.3	8.1	2.26%	1.13%
BRK.B	Berkshire Hathaway Inc.	0.85%	13.4	22.7	3.0	—	2.32%
NOVN	Novartis AG	0.84%	—	—	—	—	—
WMT	Walmart Inc.	0.81%	43.0	38.0	1.3	0.83%	0.69%
MRK	Merck & Co., Inc.	0.81%	115.8	15.3	5.4	2.33%	0.26%
COST	Costco Wholesale Corporation	0.71%	47.6	40.3	1.4	0.59%	0.54%
MA	Mastercard Incorporated	0.70%	34.0	24.2	15.4	0.56%	0.76%
PLTR	Palantir Technologies Inc.	0.63%	160.4	85.5	72.6	—	0.14%
PEP	PepsiCo, Inc.	0.58%	16.5	14.9	1.8	4.50%	1.28%
AMAT	Applied Materials, Inc.	0.57%	35.3	23.4	10.5	0.52%	0.59%
JPM	JPMorgan Chase & Co.	0.56%	14.2	13.5	4.7	1.94%	1.44%

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 QWLD valuation

Adding up its 499 holdings with company data, QWLD trades at 24.9 times trailing earnings and 18.1 times analysts' forward estimates, with a price-to-book ratio of 4.54 and a dividend yield of 1.38%. Its earnings yield of 4.01% is 1.31 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 18.0% of the fund and earn 20.9% of its combined profit. By sector, Consumer Cyclical is the most expensive at 59.7 times earnings and Financial Services the cheapest at 15.5. Companies that lost money over the past year are 1.5% 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 68.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

QWLD valuation FAQ

What is the P/E ratio of QWLD?

Based on its holdings, QWLD 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 QWLD?

The trailing earnings yield is 4.01% (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 QWLD more expensive than the S&P 500?

QWLD 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 QWLD?

The holdings of QWLD trade at 4.54 times book value, with a combined return on equity of 18.2%.

Which sector in QWLD has the highest P/E?

Consumer Cyclical has the highest P/E at 59.7 and Financial Services the lowest at 15.5.