ProShares S&P 500 ex-Technology ETF (SPXT) Valuation

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

SPXT valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 22.7
Forward P/E: 18.0
Price / sales: 2.60
Price / book: 3.96
EV / EBITDA: 14.1
Earnings yield: 4.40%
Dividend yield: 1.45%
Return on equity: 17.4%
Net margin: 11.4%
Beta: 0.91

SPXT valuation vs other stock ETFs

P/E (TTM)Forward P/E

SPXT valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
SPXT	22.7	18.0	2.60	3.96	1.45%	17.4%	11.4%	1.8%
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.

SPXT valuation by sector

P/E (TTM)Forward P/E

SPXT valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Financial Services	19.1%	15.9	14.6	3.45	2.36	1.49%	14.9%
Healthcare	15.9%	37.5	17.5	1.73	5.27	1.49%	14.0%
Consumer Cyclical	14.7%	27.1	23.1	2.69	6.44	0.74%	23.7%
Communication Services	14.6%	18.0	18.7	4.80	4.94	0.72%	27.4%
Industrials	11.1%	27.9	21.6	2.72	6.28	1.22%	22.5%
Consumer Defensive	7.7%	28.9	21.4	1.70	6.87	2.36%	23.7%
Energy	5.9%	19.8	12.8	1.87	2.53	2.29%	12.8%
Utilities	3.3%	19.1	15.5	2.76	2.08	3.03%	10.9%
Real Estate	2.8%	34.8	32.2	6.26	3.15	3.35%	9.1%
Basic Materials	2.5%	31.3	17.0	2.88	3.78	1.38%	12.1%
Technology	1.3%	18.4	14.4	2.82	3.89	1.35%	21.1%

SPXT earnings yield vs bond yields

SPXT earnings yield (forward)

5.57%

SPXT earnings yield (trailing)

4.40%

SPXT dividend yield

1.45%

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 SPXT weight splits by P/E

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

SPXT largest holdings: valuation

SPXT largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
AMZN	Amazon.com, Inc.	6.02%	20.1	23.6	3.5	—	6.89%
GOOGL	Alphabet Inc.	4.59%	17.1	22.8	9.3	0.26%	6.19%
GOOG	Alphabet Inc.	3.74%	16.9	21.8	9.2	0.26%	5.10%
META	Meta Platforms, Inc.	3.33%	26.7	22.1	7.9	0.30%	2.87%
TSLA	Tesla, Inc.	2.62%	328.4	158.7	13.5	—	0.18%
LLY	Eli Lilly and Company	2.61%	42.2	24.4	14.1	0.55%	1.42%
BRK.B	Berkshire Hathaway Inc.	2.57%	13.4	22.7	3.0	—	4.43%
JPM	JPMorgan Chase & Co.	2.14%	14.2	13.5	4.7	1.94%	3.46%
XOM	Exxon Mobil Corporation	1.80%	23.0	14.8	2.0	2.30%	1.80%
V	Visa Inc.	1.63%	34.3	24.0	17.0	0.67%	1.10%
JNJ	Johnson & Johnson	1.55%	38.8	21.0	6.2	2.10%	0.92%
WMT	Walmart Inc.	1.34%	43.0	38.0	1.3	0.83%	0.72%
MA	Mastercard Incorporated	1.25%	34.0	24.2	15.4	0.56%	0.85%
ABBV	AbbVie Inc.	1.22%	80.6	16.4	7.8	2.42%	0.35%
CVX	Chevron Corporation	1.10%	21.2	15.2	2.1	3.16%	1.19%
COST	Costco Wholesale Corporation	1.05%	47.6	40.3	1.4	0.59%	0.51%
PG	The Procter & Gamble Company	0.93%	24.1	21.2	4.3	2.73%	0.89%
UNH	UnitedHealth Group Incorporated	0.90%	25.8	16.6	0.8	2.31%	0.81%
KO	The Coca-Cola Company	0.87%	28.2	25.3	8.1	2.26%	0.71%
MRK	Merck & Co., Inc.	0.85%	115.8	15.3	5.4	2.33%	0.17%
CAT	Caterpillar Inc.	0.82%	31.5	25.4	4.5	0.89%	0.60%
HD	The Home Depot, Inc.	0.80%	21.5	19.8	1.8	3.01%	0.86%
BAC	Bank of America Corporation	0.80%	12.2	10.8	3.1	2.50%	1.50%
PM	Philip Morris International Inc.	0.79%	29.5	20.9	7.5	3.12%	0.61%
GCP	General Electric Company	0.73%	—	—	—	—	—

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 SPXT valuation

Adding up its 422 holdings with company data, SPXT trades at 22.7 times trailing earnings and 18.0 times analysts' forward estimates, with a price-to-book ratio of 3.96 and a dividend yield of 1.45%. Its earnings yield of 4.40% is 0.93 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 31.1% of the fund and earn 33.5% of its combined profit. By sector, Healthcare is the most expensive at 37.5 times earnings and Financial Services the cheapest at 15.9. Companies that lost money over the past year are 1.8% 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 98.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

SPXT valuation FAQ

What is the P/E ratio of SPXT?

Based on its holdings, SPXT has a trailing P/E of 22.7 and a forward P/E of 18.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of SPXT?

The trailing earnings yield is 4.40% (1 ÷ P/E) and the forward earnings yield 5.57%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is SPXT more expensive than the S&P 500?

SPXT trades at 22.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.0 and 19.9.

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

The holdings of SPXT trade at 3.96 times book value, with a combined return on equity of 17.4%.

Which sector in SPXT has the highest P/E?

Healthcare has the highest P/E at 37.5 and Financial Services the lowest at 15.9.