SPDR Portfolio MSCI Global Stock Market (SPGM) Valuation
SPGM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.5 trailing earnings
- Forward P/E
- 18.8 analyst estimates
- Price / sales
- 0.89
- Price / book
- 4.86
- EV / EBITDA
- 16.2
- Earnings yield
- 3.78% inverse of P/E
- Dividend yield
- 1.21% of the holdings
- Return on equity
- 18.4% combined
- Net margin
- 3.4% combined
- Beta
- 1.13 weighted, vs S&P 500
SPGM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPGM | 26.5 | 18.8 | 0.89 | 4.86 | 1.21% | 18.4% | 3.4% | 3.6% |
| 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.
SPGM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 29.5% | 33.6 | 22.7 | 2.87 | 10.94 | 0.62% | 32.5% |
| Financial Services | 16.5% | 15.2 | 13.5 | 1.52 | 2.25 | 1.61% | 14.8% |
| Healthcare | 8.9% | 49.0 | 17.4 | 1.14 | 4.76 | 1.47% | 9.7% |
| Consumer Cyclical | 8.3% | 32.5 | 22.2 | 2.08 | 6.28 | 0.77% | 19.4% |
| Communication Services | 7.3% | 18.7 | 18.5 | 3.01 | 4.33 | 0.71% | 23.2% |
| Consumer Defensive | 4.8% | 28.7 | 20.7 | 1.54 | 6.19 | 2.40% | 21.6% |
| Energy | 4.6% | 17.6 | 11.2 | 1.35 | 2.37 | 2.46% | 13.5% |
| Utilities | 1.9% | 17.1 | 15.4 | 0.02 | 2.04 | 3.13% | 11.9% |
| Real Estate | 1.5% | 29.4 | 28.0 | 4.19 | 2.83 | 4.89% | 9.6% |
| Information Technology | 0.0% | n/m | 45.0 | 20.20 | 2.74 | 0.00% | −2.7% |
SPGM 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 SPGM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPGM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 4.49% | 27.1 | 24.9 | 17.1 | 0.47% | 6.68% |
| AAPL | Apple Inc. | 4.24% | 39.4 | 35.2 | 10.7 | 0.31% | 4.34% |
| MSFT | Microsoft Corporation | 3.30% | 29.5 | 25.1 | 11.8 | 0.74% | 4.51% |
| AMZN | Amazon.com, Inc. | 2.08% | 20.1 | 23.6 | 3.5 | — | 4.18% |
| GOOGL | Alphabet Inc. | 1.62% | 17.1 | 22.8 | 9.3 | 0.26% | 3.83% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 1.48% | 26.7 | 21.4 | 0.4 | 0.91% | 2.23% |
| GOOG | Alphabet Inc. | 1.37% | 16.9 | 21.8 | 9.2 | 0.26% | 3.27% |
| AVGO | Broadcom Inc. | 1.29% | 43.3 | 19.4 | 17.6 | 0.79% | 1.20% |
| META | Meta Platforms, Inc. | 1.22% | 26.7 | 22.1 | 7.9 | 0.30% | 1.84% |
| TSLA | Tesla, Inc. | 0.93% | 328.4 | 158.7 | 13.5 | — | 0.11% |
| LLY | Eli Lilly and Company | 0.92% | 42.2 | 24.4 | 14.1 | 0.55% | 0.88% |
| JPM | JPMorgan Chase & Co. | 0.90% | 14.2 | 13.5 | 4.7 | 1.94% | 2.54% |
| MU | Micron Technology, Inc. | 0.83% | 11.8 | 7.0 | 7.5 | 0.07% | 2.82% |
| XOM | Exxon Mobil Corporation | 0.79% | 23.0 | 14.8 | 2.0 | 2.30% | 1.39% |
| V | Visa Inc. | 0.70% | 34.3 | 24.0 | 17.0 | 0.67% | 0.82% |
| AMD | Advanced Micro Devices, Inc. | 0.70% | 134.9 | 39.5 | 20.9 | — | 0.21% |
| SMSN | Samsung Electronics Co. Ltd | 0.66% | — | — | — | — | — |
| BRK.B | Berkshire Hathaway Inc. | 0.62% | 13.4 | 22.7 | 3.0 | — | 1.86% |
| ASML | ASML Holding N.V. | 0.58% | — | — | — | — | — |
| JNJ | Johnson & Johnson | 0.49% | 38.8 | 21.0 | 6.2 | 2.10% | 0.51% |
| CVX | Chevron Corporation | 0.49% | 21.2 | 15.2 | 2.1 | 3.16% | 0.93% |
| 000660 | SK Hynix Inc | 0.49% | — | — | — | — | — |
| COST | Costco Wholesale Corporation | 0.48% | 47.6 | 40.3 | 1.4 | 0.59% | 0.41% |
| ABBV | AbbVie Inc. | 0.47% | 80.6 | 16.4 | 7.8 | 2.42% | 0.24% |
| WMT | Walmart Inc. | 0.45% | 43.0 | 38.0 | 1.3 | 0.83% | 0.43% |
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 SPGM valuation
Adding up its 985 holdings with company data, SPGM trades at 26.5 times trailing earnings and 18.8 times analysts' forward estimates, with a price-to-book ratio of 4.86 and a dividend yield of 1.21%. Its earnings yield of 3.78% is 1.55 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 22.0% of the fund and earn 32.2% of its combined profit. By sector, Healthcare is the most expensive at 49.0 times earnings and Financial Services the cheapest at 15.2. Companies that lost money over the past year are 3.6% 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 66.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPGM chart, SPGM performance, SPGM holdings, SPGM dividends.
SPGM valuation FAQ
What is the P/E ratio of SPGM?
Based on its holdings, SPGM has a trailing P/E of 26.5 and a forward P/E of 18.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPGM?
The trailing earnings yield is 3.78% (1 ÷ P/E) and the forward earnings yield 5.31%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPGM more expensive than the S&P 500?
SPGM trades at 26.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.8 and 19.9.
What is the price-to-book ratio of SPGM?
The holdings of SPGM trade at 4.86 times book value, with a combined return on equity of 18.4%.
Which sector in SPGM has the highest P/E?
Healthcare has the highest P/E at 49.0 and Financial Services the lowest at 15.2.