Invesco S&P 500 High Beta ETF (SPHB) Valuation
SPHB valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 35.5 trailing earnings
- Forward P/E
- 17.5 analyst estimates
- Price / sales
- 2.92
- Price / book
- 5.10
- EV / EBITDA
- 15.0
- Earnings yield
- 2.82% inverse of P/E
- Dividend yield
- 0.67% of the holdings
- Return on equity
- 14.4% combined
- Net margin
- 8.2% combined
- Beta
- 1.64 weighted, vs S&P 500
SPHB valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPHB | 35.5 | 17.5 | 2.92 | 5.10 | 0.67% | 14.4% | 8.2% | 10.5% |
| 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.
SPHB valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 49.7% | 36.6 | 19.9 | 4.12 | 7.42 | 0.45% | 20.3% |
| Industrials | 14.2% | 25.0 | 16.5 | 1.67 | 4.77 | 0.87% | 19.0% |
| Financial Services | 10.5% | 34.3 | 17.4 | 4.62 | 2.92 | 1.60% | 8.5% |
| Consumer Cyclical | 10.3% | 20.0 | 14.2 | 1.45 | 3.41 | 0.83% | 17.1% |
| Healthcare | 5.9% | n/m | 20.5 | 7.29 | 4.72 | 0.03% | −7.2% |
| Communication Services | 3.6% | n/m | 10.6 | 4.42 | 4.83 | 0.13% | −2.5% |
| Basic Materials | 3.3% | 28.7 | 13.8 | 3.28 | 3.23 | 1.07% | 11.2% |
| Utilities | 2.2% | 26.4 | 13.0 | 1.44 | 5.34 | 0.97% | 20.3% |
| Consumer Defensive | 1.0% | 209.1 | 29.8 | 2.52 | 9.39 | 1.34% | 4.5% |
SPHB 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 SPHB weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPHB largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MRNA | Moderna, Inc. | 3.23% | — | 23.0 | 39.1 | — | −4.20% |
| SNDK | Sandisk Corporation | 2.34% | 17.6 | 8.0 | 9.3 | — | 4.71% |
| AMD | Advanced Micro Devices, Inc. | 1.97% | 134.9 | 39.5 | 20.9 | — | 0.52% |
| MU | Micron Technology, Inc. | 1.91% | 11.8 | 7.0 | 7.5 | 0.07% | 5.74% |
| MRVL | Marvell Technology, Inc. | 1.88% | 72.3 | 62.1 | 21.7 | 0.11% | 0.92% |
| COIN | Coinbase Global, Inc. | 1.84% | — | 54.3 | 7.6 | — | −1.22% |
| HOOD | Robinhood Markets, Inc. | 1.80% | 43.6 | 45.0 | 18.0 | — | 1.47% |
| SMCI | Super Micro Computer, Inc. | 1.76% | 9.7 | 10.2 | 0.5 | — | 6.44% |
| TER | Teradyne, Inc. | 1.45% | 44.6 | 30.7 | 11.4 | 0.16% | 1.15% |
| TSLA | Tesla, Inc. | 1.39% | 328.4 | 158.7 | 13.5 | — | 0.15% |
| LITE | Lumentum Holdings Inc. | 1.39% | — | 42.9 | 24.8 | — | −5.55% |
| LRCX | Lam Research Corporation | 1.34% | 45.8 | 33.7 | 14.2 | 0.50% | 1.04% |
| INTC | Intel Corporation | 1.32% | — | 63.3 | 8.3 | — | −1.11% |
| WDC | Western Digital Corporation | 1.29% | 12.3 | 22.8 | 9.6 | 0.18% | 3.72% |
| MPWR | Monolithic Power Systems, Inc. | 1.21% | 73.7 | 38.8 | 18.2 | 0.66% | 0.59% |
| QCOM | QUALCOMM Incorporated | 1.20% | 19.9 | 19.6 | 4.2 | 2.14% | 2.14% |
| FCX | Freeport-McMoRan Inc. | 1.19% | 34.3 | 18.1 | 3.9 | 0.86% | 1.23% |
| ON | ON Semiconductor Corporation | 1.18% | 46.5 | 16.5 | 4.5 | — | 0.90% |
| CCL | Carnival Corporation & plc | 1.16% | 11.4 | 8.4 | 1.3 | 1.74% | 3.61% |
| MCHP | Microchip Technology Incorporated | 1.12% | 108.6 | 20.5 | 7.8 | 2.46% | 0.37% |
| COHR | Coherent, Inc. | 1.12% | 56.5 | 30.5 | 6.4 | — | 0.70% |
| GLW | Corning Incorporated | 1.10% | 60.6 | 38.5 | 6.7 | 0.85% | 0.65% |
| AMAT | Applied Materials, Inc. | 1.10% | 35.3 | 23.4 | 10.5 | 0.52% | 1.10% |
| PLTR | Palantir Technologies Inc. | 1.09% | 160.4 | 85.5 | 72.6 | — | 0.24% |
| APP | AppLovin Corporation | 1.09% | 20.5 | 15.4 | 13.1 | — | 1.89% |
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 SPHB valuation
Adding up its 98 holdings with company data, SPHB trades at 35.5 times trailing earnings and 17.5 times analysts' forward estimates, with a price-to-book ratio of 5.10 and a dividend yield of 0.67%. Its earnings yield of 2.82% is 2.51 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.6% of the fund and earn 15.7% of its combined profit. By sector, Consumer Defensive is the most expensive at 209.1 times earnings and Consumer Cyclical the cheapest at 20.0. Companies that lost money over the past year are 10.5% 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 99.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPHB chart, SPHB performance, SPHB holdings, SPHB dividends.
SPHB valuation FAQ
What is the P/E ratio of SPHB?
Based on its holdings, SPHB has a trailing P/E of 35.5 and a forward P/E of 17.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPHB?
The trailing earnings yield is 2.82% (1 ÷ P/E) and the forward earnings yield 5.70%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPHB more expensive than the S&P 500?
SPHB trades at 35.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.5 and 19.9.
What is the price-to-book ratio of SPHB?
The holdings of SPHB trade at 5.10 times book value, with a combined return on equity of 14.4%.
Which sector in SPHB has the highest P/E?
Consumer Defensive has the highest P/E at 209.1 and Consumer Cyclical the lowest at 20.0.