SPDR Portfolio S&P 500 High Dividend ETF (SPYD) Valuation
SPYD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.8 trailing earnings
- Forward P/E
- 13.2 analyst estimates
- Price / sales
- 1.51
- Price / book
- 1.93
- EV / EBITDA
- 11.3
- Earnings yield
- 4.60% inverse of P/E
- Dividend yield
- 4.53% of the holdings
- Return on equity
- 8.9% combined
- Net margin
- 6.9% combined
- Beta
- 0.78 weighted, vs S&P 500
SPYD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPYD | 21.8 | 13.2 | 1.51 | 1.93 | 4.53% | 8.9% | 6.9% | 9.8% |
| 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.
SPYD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 24.0% | 31.2 | 26.4 | 5.92 | 2.11 | 4.88% | 6.8% |
| Consumer Defensive | 14.1% | 31.9 | 13.2 | 1.37 | 2.74 | 5.01% | 8.6% |
| Financial Services | 11.9% | 13.7 | 10.7 | 2.22 | 1.62 | 4.48% | 11.8% |
| Utilities | 10.6% | 13.0 | 12.5 | 1.73 | 1.67 | 4.19% | 12.8% |
| Consumer Cyclical | 9.1% | 548.3 | 12.0 | 0.66 | 2.28 | 4.48% | 0.4% |
| Technology | 6.6% | 11.6 | 9.8 | 1.11 | 1.41 | 3.86% | 12.1% |
| Communication Services | 5.1% | 11.3 | 7.7 | 0.98 | 1.47 | 5.23% | 13.0% |
| Healthcare | 4.3% | 21.5 | 10.9 | 2.76 | 2.53 | 4.40% | 11.8% |
| Energy | 4.1% | 17.2 | 13.9 | 2.87 | 2.22 | 3.05% | 12.9% |
| Industrials | 3.9% | 13.6 | 15.2 | 1.08 | 2.55 | 3.84% | 18.8% |
| Basic Materials | 3.7% | n/m | 10.6 | 0.56 | 1.29 | 4.54% | −7.0% |
SPYD 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 SPYD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPYD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ACN | Accenture plc | 2.31% | 16.9 | 12.4 | 1.9 | 2.98% | 3.08% |
| HPQ | HP Inc. | 1.69% | 11.5 | 9.9 | 0.5 | 4.00% | 3.33% |
| HAS | Hasbro, Inc. | 1.66% | 17.8 | 13.5 | 2.8 | 2.84% | 2.11% |
| PFE | Pfizer Inc. | 1.55% | 38.9 | 9.7 | 2.6 | 5.81% | 0.90% |
| SJM | The J. M. Smucker Company | 1.50% | 59.5 | 12.0 | 1.5 | 3.52% | 0.57% |
| SWK | Stanley Black & Decker, Inc. | 1.49% | 22.6 | 14.5 | 0.9 | 3.63% | 1.49% |
| CVX | Chevron Corporation | 1.47% | 21.2 | 15.2 | 2.1 | 3.16% | 1.57% |
| BBY | Best Buy Co., Inc. | 1.46% | 15.4 | 13.6 | 0.5 | 4.15% | 2.14% |
| MDT | Medtronic plc | 1.45% | 23.3 | 14.9 | 3.2 | 3.04% | 1.41% |
| EOG | EOG Resources, Inc. | 1.41% | 12.3 | 10.1 | 3.1 | 2.58% | 2.59% |
| TGT | Target Corporation | 1.40% | 16.0 | 15.6 | 0.7 | 3.01% | 1.98% |
| LYB | LyondellBasell Industries N.V. | 1.38% | — | 9.1 | 0.7 | 4.31% | −0.40% |
| ARES | Ares Management Corporation | 1.37% | 51.7 | 17.0 | 7.1 | 4.81% | 0.60% |
| AMT | American Tower Corporation | 1.37% | 25.5 | 24.6 | 7.9 | 3.86% | 1.21% |
| PAYX | Paychex, Inc. | 1.37% | 22.1 | 17.5 | 6.0 | 4.26% | 1.39% |
| OMC | Omnicom Group Inc. | 1.36% | 212.0 | 7.4 | 1.0 | 3.97% | 0.15% |
| DOW | Dow Inc. | 1.36% | — | 14.1 | 0.5 | 4.68% | −1.89% |
| KVUE | Kenvue Inc. | 1.35% | 22.0 | 14.7 | 2.4 | 4.44% | 1.39% |
| CCI | Crown Castle Inc. | 1.35% | 33.4 | 21.2 | 8.4 | 5.17% | 0.91% |
| PEP | PepsiCo, Inc. | 1.34% | 16.5 | 14.9 | 1.8 | 4.50% | 1.84% |
| AMCR | Amcor plc | 1.33% | 18.4 | 10.6 | 0.9 | 5.93% | 1.63% |
| EXR | Extra Space Storage Inc. | 1.30% | 30.8 | 29.0 | 8.8 | 4.64% | 0.96% |
| MO | Altria Group, Inc. | 1.30% | 15.8 | 11.9 | 6.1 | 5.91% | 1.87% |
| T | AT&T Inc. | 1.30% | 7.7 | 9.9 | 1.3 | 4.74% | 3.81% |
| HST | Host Hotels & Resorts, Inc. | 1.30% | 16.2 | 22.2 | 2.7 | 3.34% | 1.81% |
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 SPYD valuation
Adding up its 76 holdings with company data, SPYD trades at 21.8 times trailing earnings and 13.2 times analysts' forward estimates, with a price-to-book ratio of 1.93 and a dividend yield of 4.53%. Its earnings yield of 4.60% is 0.73 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 16.0% of the fund and earn 19.2% of its combined profit. By sector, Consumer Cyclical is the most expensive at 548.3 times earnings and Communication Services the cheapest at 11.3. Companies that lost money over the past year are 9.8% 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 98.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPYD chart, SPYD performance, SPYD holdings, SPYD dividends.
SPYD valuation FAQ
What is the P/E ratio of SPYD?
Based on its holdings, SPYD has a trailing P/E of 21.8 and a forward P/E of 13.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPYD?
The trailing earnings yield is 4.60% (1 ÷ P/E) and the forward earnings yield 7.56%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPYD more expensive than the S&P 500?
SPYD trades at 21.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.2 and 19.9.
What is the price-to-book ratio of SPYD?
The holdings of SPYD trade at 1.93 times book value, with a combined return on equity of 8.9%.
Which sector in SPYD has the highest P/E?
Consumer Cyclical has the highest P/E at 548.3 and Communication Services the lowest at 11.3.