ProShares S&P 500 ex-Health Care ETF (SPXV) Valuation

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

SPXV valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 24.9
Forward P/E: 20.0
Price / sales: 4.14
Price / book: 5.45
EV / EBITDA: 17.2
Earnings yield: 4.02%
Dividend yield: 1.05%
Return on equity: 21.9%
Net margin: 16.6%
Beta: 1.22

SPXV valuation vs other stock ETFs

P/E (TTM)Forward P/E

SPXV valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
SPXV	24.9	20.0	4.14	5.45	1.05%	21.9%	16.6%	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.

SPXV valuation by sector

P/E (TTM)Forward P/E

SPXV valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	42.7%	32.2	23.1	9.21	12.59	0.55%	39.1%
Financial Services	13.0%	15.9	14.6	3.46	2.37	1.49%	14.9%
Communication Services	10.5%	18.1	18.8	4.92	5.03	0.70%	27.8%
Consumer Cyclical	10.1%	27.2	23.2	2.72	6.49	0.73%	23.9%
Industrials	7.6%	28.1	21.7	2.75	6.36	1.20%	22.7%
Consumer Defensive	5.3%	29.0	21.6	1.72	6.94	2.34%	23.9%
Energy	4.1%	19.7	12.8	1.86	2.52	2.29%	12.8%
Utilities	2.2%	19.1	15.5	2.74	2.08	3.01%	10.9%
Real Estate	1.9%	35.2	32.5	6.26	3.16	3.32%	9.0%
Basic Materials	1.7%	30.5	16.9	2.91	3.80	1.36%	12.4%

SPXV earnings yield vs bond yields

SPXV earnings yield (forward)

4.99%

SPXV earnings yield (trailing)

4.02%

SPXV dividend yield

1.05%

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 SPXV weight splits by P/E

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

SPXV largest holdings: valuation

SPXV largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	8.97%	27.1	24.9	17.1	0.47%	8.33%
AAPL	Apple Inc.	8.29%	39.4	35.2	10.7	0.31%	5.29%
MSFT	Microsoft Corporation	6.26%	29.5	25.1	11.8	0.74%	5.34%
AMZN	Amazon.com, Inc.	4.16%	20.1	23.6	3.5	—	5.20%
GOOGL	Alphabet Inc.	3.31%	17.1	22.8	9.3	0.26%	4.87%
GOOG	Alphabet Inc.	2.70%	16.9	21.8	9.2	0.26%	4.02%
AVGO	Broadcom Inc.	2.60%	43.3	19.4	17.6	0.79%	1.51%
META	Meta Platforms, Inc.	2.43%	26.7	22.1	7.9	0.30%	2.29%
TSLA	Tesla, Inc.	1.82%	328.4	158.7	13.5	—	0.14%
BRK.B	Berkshire Hathaway Inc.	1.76%	13.4	22.7	3.0	—	3.30%
MU	Micron Technology, Inc.	1.75%	11.8	7.0	7.5	0.07%	3.73%
JPM	JPMorgan Chase & Co.	1.55%	14.2	13.5	4.7	1.94%	2.74%
AMD	Advanced Micro Devices, Inc.	1.51%	134.9	39.5	20.9	—	0.28%
XOM	Exxon Mobil Corporation	1.23%	23.0	14.8	2.0	2.30%	1.35%
V	Visa Inc.	1.17%	34.3	24.0	17.0	0.67%	0.86%
WMT	Walmart Inc.	0.87%	43.0	38.0	1.3	0.83%	0.51%
MA	Mastercard Incorporated	0.83%	34.0	24.2	15.4	0.56%	0.61%
COST	Costco Wholesale Corporation	0.76%	47.6	40.3	1.4	0.59%	0.40%
CVX	Chevron Corporation	0.76%	21.2	15.2	2.1	3.16%	0.90%
PLTR	Palantir Technologies Inc.	0.76%	160.4	85.5	72.6	—	0.12%
INTC	Intel Corporation	0.74%	—	63.3	8.3	—	−0.44%
CSCO	Cisco Systems, Inc.	0.69%	32.2	19.8	6.7	1.56%	0.54%
PG	The Procter & Gamble Company	0.65%	24.1	21.2	4.3	2.73%	0.68%
KO	The Coca-Cola Company	0.60%	28.2	25.3	8.1	2.26%	0.54%
CAT	Caterpillar Inc.	0.56%	31.5	25.4	4.5	0.89%	0.45%

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 SPXV valuation

Adding up its 437 holdings with company data, SPXV trades at 24.9 times trailing earnings and 20.0 times analysts' forward estimates, with a price-to-book ratio of 5.45 and a dividend yield of 1.05%. Its earnings yield of 4.02% is 1.31 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 42.3% of the fund and earn 40.3% of its combined profit. By sector, Real Estate is the most expensive at 35.2 times earnings and Financial Services the cheapest at 15.9. 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 99.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

SPXV valuation FAQ

What is the P/E ratio of SPXV?

Based on its holdings, SPXV has a trailing P/E of 24.9 and a forward P/E of 20.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of SPXV?

The trailing earnings yield is 4.02% (1 ÷ P/E) and the forward earnings yield 4.99%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is SPXV more expensive than the S&P 500?

SPXV trades at 24.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.0 and 19.9.

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

The holdings of SPXV trade at 5.45 times book value, with a combined return on equity of 21.9%.

Which sector in SPXV has the highest P/E?

Real Estate has the highest P/E at 35.2 and Financial Services the lowest at 15.9.