Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) Valuation
SPHD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.3 trailing earnings
- Forward P/E
- 12.8 analyst estimates
- Price / sales
- 1.96
- Price / book
- 1.96
- EV / EBITDA
- 10.7
- Earnings yield
- 5.19% inverse of P/E
- Dividend yield
- 4.72% of the holdings
- Return on equity
- 10.2% combined
- Net margin
- 10.1% combined
- Beta
- 0.60 weighted, vs S&P 500
SPHD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPHD | 19.3 | 12.8 | 1.96 | 1.96 | 4.72% | 10.2% | 10.1% | 6.3% |
| 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.
SPHD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 19.6% | 24.2 | 21.2 | 6.27 | 2.02 | 5.54% | 8.4% |
| Consumer Defensive | 18.8% | 199.3 | 12.5 | 1.45 | 2.46 | 5.73% | 1.2% |
| Utilities | 14.2% | 15.4 | 14.0 | 2.04 | 1.64 | 4.16% | 10.6% |
| Financial Services | 12.2% | 11.7 | 9.7 | 1.65 | 1.29 | 4.51% | 11.0% |
| Energy | 9.2% | 18.8 | 14.0 | 2.64 | 2.29 | 2.80% | 12.2% |
| Communication Services | 7.7% | 8.7 | 7.9 | 0.98 | 1.35 | 5.79% | 15.5% |
| Healthcare | 7.5% | 22.9 | 10.5 | 2.72 | 2.42 | 4.69% | 10.6% |
| Consumer Cyclical | 3.8% | 31.2 | 14.3 | 1.24 | 6.89 | 2.99% | 22.1% |
| Technology | 2.1% | 22.1 | 17.5 | 6.02 | 10.04 | 4.26% | 45.3% |
| Industrials | 1.8% | 7.8 | 22.2 | 1.76 | 3.63 | 1.32% | 46.6% |
SPHD 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 SPHD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPHD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PFE | Pfizer Inc. | 3.61% | 38.9 | 9.7 | 2.6 | 5.81% | 1.88% |
| VZ | Verizon Communications Inc. | 3.22% | 11.7 | 8.7 | 1.3 | 6.32% | 5.59% |
| KHC | The Kraft Heinz Company | 2.99% | — | 11.1 | 1.1 | 6.76% | −7.33% |
| GIS | General Mills, Inc. | 2.98% | — | 11.5 | 1.0 | 7.36% | −2.99% |
| CCI | Crown Castle Inc. | 2.98% | 33.4 | 21.2 | 8.4 | 5.17% | 1.81% |
| MO | Altria Group, Inc. | 2.84% | 15.8 | 11.9 | 6.1 | 5.91% | 3.64% |
| VICI | VICI Properties Inc. | 2.69% | 9.2 | 7.8 | 6.3 | 7.80% | 5.92% |
| CVX | Chevron Corporation | 2.30% | 21.2 | 15.2 | 2.1 | 3.16% | 2.20% |
| CMCSA | Comcast Corporation | 2.29% | 7.1 | 5.9 | 0.6 | 6.03% | 6.58% |
| PRU | Prudential Financial, Inc. | 2.26% | 10.5 | 9.8 | 0.6 | 4.83% | 4.35% |
| DOC | Healthpeak Properties, Inc. | 2.23% | 54.2 | 169.5 | 4.6 | 6.43% | 0.83% |
| AMT | American Tower Corporation | 2.21% | 25.5 | 24.6 | 7.9 | 3.86% | 1.75% |
| T | AT&T Inc. | 2.15% | 7.7 | 9.9 | 1.3 | 4.74% | 5.63% |
| KMB | Kimberly-Clark Corporation | 2.14% | 20.8 | 13.1 | 2.1 | 4.85% | 2.09% |
| CLX | The Clorox Company | 2.13% | 18.1 | 14.9 | 1.6 | 5.74% | 2.38% |
| PAYX | Paychex, Inc. | 2.11% | 22.1 | 17.5 | 6.0 | 4.26% | 1.93% |
| HAS | Hasbro, Inc. | 2.11% | 17.8 | 13.5 | 2.8 | 2.84% | 2.40% |
| BMY | Bristol-Myers Squibb Company | 2.04% | 13.2 | 9.4 | 2.5 | 4.22% | 3.14% |
| O | Realty Income Corporation | 2.03% | 40.6 | 33.7 | 8.7 | 5.81% | 1.01% |
| SJM | The J. M. Smucker Company | 1.98% | 59.5 | 12.0 | 1.5 | 3.52% | 0.67% |
| EXR | Extra Space Storage Inc. | 1.96% | 30.8 | 29.0 | 8.8 | 4.64% | 1.29% |
| TROW | T. Rowe Price Group, Inc. | 1.94% | 10.1 | 10.2 | 2.8 | 5.15% | 3.88% |
| MAA | Mid-America Apartment Communities, Inc. | 1.94% | 34.1 | 33.6 | 6.3 | 5.25% | 1.15% |
| MDT | Medtronic plc | 1.89% | 23.3 | 14.9 | 3.2 | 3.04% | 1.64% |
| PEP | PepsiCo, Inc. | 1.88% | 16.5 | 14.9 | 1.8 | 4.50% | 2.30% |
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 SPHD valuation
Adding up its 47 holdings with company data, SPHD trades at 19.3 times trailing earnings and 12.8 times analysts' forward estimates, with a price-to-book ratio of 1.96 and a dividend yield of 4.72%. Its earnings yield of 5.19% is 0.14 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 28.2% of the fund and earn 21.6% of its combined profit. By sector, Consumer Defensive is the most expensive at 199.3 times earnings and Industrials the cheapest at 7.8. Companies that lost money over the past year are 6.3% 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 98.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPHD chart, SPHD performance, SPHD holdings, SPHD dividends.
SPHD valuation FAQ
What is the P/E ratio of SPHD?
Based on its holdings, SPHD has a trailing P/E of 19.3 and a forward P/E of 12.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPHD?
The trailing earnings yield is 5.19% (1 ÷ P/E) and the forward earnings yield 7.81%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPHD more expensive than the S&P 500?
SPHD trades at 19.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.8 and 19.9.
What is the price-to-book ratio of SPHD?
The holdings of SPHD trade at 1.96 times book value, with a combined return on equity of 10.2%.
Which sector in SPHD has the highest P/E?
Consumer Defensive has the highest P/E at 199.3 and Industrials the lowest at 7.8.