Xtrackers Net Zero Pathway Paris Aligned US… (USNZ) Valuation
USNZ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 27.2 trailing earnings
- Forward P/E
- 20.4 analyst estimates
- Price / sales
- 4.21
- Price / book
- 6.13
- EV / EBITDA
- 18.3
- Earnings yield
- 3.67% inverse of P/E
- Dividend yield
- 1.03% of the holdings
- Return on equity
- 22.5% combined
- Net margin
- 15.5% combined
- Beta
- 1.22 weighted, vs S&P 500
USNZ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| USNZ | 27.2 | 20.4 | 4.21 | 6.13 | 1.03% | 22.5% | 15.5% | 2.3% |
| 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.
USNZ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 44.0% | 34.7 | 23.5 | 10.12 | 12.87 | 0.55% | 37.1% |
| Healthcare | 13.4% | 35.3 | 17.5 | 1.84 | 5.08 | 1.47% | 14.4% |
| Communication Services | 10.6% | 18.0 | 19.2 | 5.07 | 5.10 | 0.69% | 28.4% |
| Financial Services | 10.3% | 16.8 | 14.2 | 3.75 | 2.68 | 1.59% | 16.0% |
| Consumer Cyclical | 9.2% | 27.1 | 25.7 | 3.26 | 6.97 | 0.61% | 25.7% |
| Industrials | 3.2% | 27.8 | 19.3 | 2.29 | 5.58 | 1.43% | 20.1% |
| Real Estate | 3.0% | 31.6 | 29.6 | 6.47 | 3.53 | 3.41% | 11.2% |
| Consumer Defensive | 2.8% | 29.2 | 17.7 | 1.92 | 4.69 | 2.99% | 16.1% |
| Basic Materials | 1.0% | 27.2 | 22.0 | 3.57 | 5.47 | 1.36% | 20.1% |
| Utilities | 1.0% | 11.6 | 12.9 | 1.96 | 1.58 | 4.05% | 13.6% |
USNZ 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 USNZ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
USNZ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 9.36% | 27.1 | 24.9 | 17.1 | 0.47% | 9.58% |
| AAPL | Apple Inc. | 9.16% | 39.4 | 35.2 | 10.7 | 0.31% | 6.44% |
| MSFT | Microsoft Corporation | 6.86% | 29.5 | 25.1 | 11.8 | 0.74% | 6.45% |
| AMZN | Amazon.com, Inc. | 3.67% | 20.1 | 23.6 | 3.5 | — | 5.05% |
| GOOGL | Alphabet Inc. | 3.44% | 17.1 | 22.8 | 9.3 | 0.26% | 5.58% |
| GOOG | Alphabet Inc. | 2.87% | 16.9 | 21.8 | 9.2 | 0.26% | 4.71% |
| AVGO | Broadcom Inc. | 2.66% | 43.3 | 19.4 | 17.6 | 0.79% | 1.70% |
| META | Meta Platforms, Inc. | 2.26% | 26.7 | 22.1 | 7.9 | 0.30% | 2.34% |
| TSLA | Tesla, Inc. | 1.93% | 328.4 | 158.7 | 13.5 | — | 0.16% |
| LLY | Eli Lilly and Company | 1.78% | 42.2 | 24.4 | 14.1 | 0.55% | 1.17% |
| MU | Micron Technology, Inc. | 1.61% | 11.8 | 7.0 | 7.5 | 0.07% | 3.78% |
| AMD | Advanced Micro Devices, Inc. | 1.36% | 134.9 | 39.5 | 20.9 | — | 0.28% |
| JPM | JPMorgan Chase & Co. | 1.35% | 14.2 | 13.5 | 4.7 | 1.94% | 2.63% |
| JNJ | Johnson & Johnson | 1.09% | 38.8 | 21.0 | 6.2 | 2.10% | 0.78% |
| V | Visa Inc. | 1.06% | 34.3 | 24.0 | 17.0 | 0.67% | 0.86% |
| ABBV | AbbVie Inc. | 0.85% | 80.6 | 16.4 | 7.8 | 2.42% | 0.29% |
| MA | Mastercard Incorporated | 0.77% | 34.0 | 24.2 | 15.4 | 0.56% | 0.63% |
| CSCO | Cisco Systems, Inc. | 0.70% | 32.2 | 19.8 | 6.7 | 1.56% | 0.61% |
| MRK | Merck & Co., Inc. | 0.68% | 115.8 | 15.3 | 5.4 | 2.33% | 0.16% |
| INTC | Intel Corporation | 0.65% | — | 63.3 | 8.3 | — | −0.43% |
| PG | The Procter & Gamble Company | 0.62% | 24.1 | 21.2 | 4.3 | 2.73% | 0.71% |
| UNH | UnitedHealth Group Incorporated | 0.60% | 25.8 | 16.6 | 0.8 | 2.31% | 0.65% |
| HD | The Home Depot, Inc. | 0.54% | 21.5 | 19.8 | 1.8 | 3.01% | 0.70% |
| AMAT | Applied Materials, Inc. | 0.53% | 35.3 | 23.4 | 10.5 | 0.52% | 0.42% |
| TMO | Thermo Fisher Scientific Inc. | 0.52% | 37.1 | 24.2 | 5.5 | 0.27% | 0.39% |
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 USNZ valuation
Adding up its 292 holdings with company data, USNZ trades at 27.2 times trailing earnings and 20.4 times analysts' forward estimates, with a price-to-book ratio of 6.13 and a dividend yield of 1.03%. Its earnings yield of 3.67% is 1.65 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 44.0% of the fund and earn 43.2% of its combined profit. By sector, Healthcare is the most expensive at 35.3 times earnings and Utilities the cheapest at 11.6. Companies that lost money over the past year are 2.3% 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 99.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: USNZ chart, USNZ performance, USNZ holdings, USNZ dividends.
USNZ valuation FAQ
What is the P/E ratio of USNZ?
Based on its holdings, USNZ has a trailing P/E of 27.2 and a forward P/E of 20.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of USNZ?
The trailing earnings yield is 3.67% (1 ÷ P/E) and the forward earnings yield 4.90%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is USNZ more expensive than the S&P 500?
USNZ trades at 27.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.4 and 19.9.
What is the price-to-book ratio of USNZ?
The holdings of USNZ trade at 6.13 times book value, with a combined return on equity of 22.5%.
Which sector in USNZ has the highest P/E?
Healthcare has the highest P/E at 35.3 and Utilities the lowest at 11.6.