Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) Valuation

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

USSG valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 25.5
Forward P/E: 20.4
Price / sales: 4.01
Price / book: 6.39
EV / EBITDA: 17.8
Earnings yield: 3.92%
Dividend yield: 1.10%
Return on equity: 25.0%
Net margin: 15.7%
Beta: 1.20

USSG valuation vs other stock ETFs

P/E (TTM)Forward P/E

USSG valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
USSG	25.5	20.4	4.01	6.39	1.10%	25.0%	15.7%	0.9%
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.

USSG valuation by sector

P/E (TTM)Forward P/E

USSG valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	36.6%	30.2	24.1	10.41	10.85	0.63%	36.0%
Communication Services	11.7%	15.7	18.4	4.58	4.34	0.90%	27.7%
Financial Services	11.3%	17.4	14.6	3.46	3.25	1.55%	18.7%
Healthcare	11.2%	36.9	18.6	2.56	6.82	1.33%	18.5%
Consumer Cyclical	8.5%	34.8	25.9	3.06	11.55	1.10%	33.2%
Industrials	6.4%	30.9	23.5	3.62	8.69	0.98%	28.1%
Consumer Defensive	5.8%	27.7	21.5	1.73	7.08	2.29%	25.6%
Energy	2.0%	19.1	10.0	1.19	4.33	1.38%	22.7%
Real Estate	1.9%	43.0	35.9	5.94	4.15	2.61%	9.6%
Basic Materials	1.9%	24.6	16.8	3.70	4.03	1.15%	16.4%
Utilities	0.9%	17.1	13.9	2.11	1.69	3.41%	9.9%

USSG earnings yield vs bond yields

USSG earnings yield (forward)

4.91%

USSG earnings yield (trailing)

3.92%

USSG dividend yield

1.10%

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 USSG weight splits by P/E

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

USSG largest holdings: valuation

USSG largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	13.89%	27.1	24.9	17.1	0.47%	13.35%
MSFT	Microsoft Corporation	10.52%	29.5	25.1	11.8	0.74%	9.29%
GOOGL	Alphabet Inc.	5.34%	17.1	22.8	9.3	0.26%	8.14%
GOOG	Alphabet Inc.	4.43%	16.9	21.8	9.2	0.26%	6.82%
TSLA	Tesla, Inc.	3.02%	328.4	158.7	13.5	—	0.24%
LLY	Eli Lilly and Company	3.01%	42.2	24.4	14.1	0.55%	1.86%
AMD	Advanced Micro Devices, Inc.	2.42%	134.9	39.5	20.9	—	0.47%
V	Visa Inc.	1.89%	34.3	24.0	17.0	0.67%	1.44%
JNJ	Johnson & Johnson	1.84%	38.8	21.0	6.2	2.10%	1.23%
MA	Mastercard Incorporated	1.47%	34.0	24.2	15.4	0.56%	1.13%
COST	Costco Wholesale Corporation	1.37%	47.6	40.3	1.4	0.59%	0.75%
PG	The Procter & Gamble Company	1.16%	24.1	21.2	4.3	2.73%	1.25%
MRK	Merck & Co., Inc.	1.06%	115.8	15.3	5.4	2.33%	0.24%
KO	The Coca-Cola Company	1.04%	28.2	25.3	8.1	2.26%	0.96%
CAT	Caterpillar Inc.	0.98%	31.5	25.4	4.5	0.89%	0.81%
HD	The Home Depot, Inc.	0.96%	21.5	19.8	1.8	3.01%	1.16%
GCP	General Electric Company	0.88%	—	—	—	—	—
AMAT	Applied Materials, Inc.	0.85%	35.3	23.4	10.5	0.52%	0.62%
LRCX	Lam Research Corporation	0.80%	45.8	33.7	14.2	0.50%	0.45%
PANW	Palo Alto Networks, Inc.	0.80%	855.0	94.3	24.4	—	0.02%
IBM	International Business Machines Corporation	0.70%	20.6	17.4	3.2	2.91%	0.88%
LIN	Linde plc	0.69%	32.2	23.6	6.5	1.28%	0.56%
AMGN	Amgen Inc.	0.68%	26.9	16.7	6.1	2.33%	0.66%
GEV	GE Vernova Inc.	0.63%	26.4	38.8	5.9	0.22%	0.62%
MS	Morgan Stanley	0.62%	14.3	14.9	3.6	2.55%	1.12%

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 USSG valuation

Adding up its 245 holdings with company data, USSG trades at 25.5 times trailing earnings and 20.4 times analysts' forward estimates, with a price-to-book ratio of 6.39 and a dividend yield of 1.10%. Its earnings yield of 3.92% is 1.41 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 47.8% of the fund and earn 44.0% of its combined profit. By sector, Real Estate is the most expensive at 43.0 times earnings and Communication Services the cheapest at 15.7. Companies that lost money over the past year are 0.9% 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.

USSG valuation FAQ

What is the P/E ratio of USSG?

Based on its holdings, USSG has a trailing P/E of 25.5 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 USSG?

The trailing earnings yield is 3.92% (1 ÷ P/E) and the forward earnings yield 4.91%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is USSG more expensive than the S&P 500?

USSG trades at 25.5 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 USSG?

The holdings of USSG trade at 6.39 times book value, with a combined return on equity of 25.0%.

Which sector in USSG has the highest P/E?

Real Estate has the highest P/E at 43.0 and Communication Services the lowest at 15.7.