Hartford US Value ETF (VMAX) Valuation
VMAX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 13.7 trailing earnings
- Forward P/E
- 12.2 analyst estimates
- Price / sales
- 1.38
- Price / book
- 2.21
- EV / EBITDA
- 9.2
- Earnings yield
- 7.30% inverse of P/E
- Dividend yield
- 2.44% of the holdings
- Return on equity
- 16.1% combined
- Net margin
- 10.0% combined
- Beta
- 0.79 weighted, vs S&P 500
VMAX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VMAX | 13.7 | 12.2 | 1.38 | 2.21 | 2.44% | 16.1% | 10.0% | 1.4% |
| 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.
VMAX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 32.8% | 10.7 | 11.0 | 1.73 | 1.77 | 2.03% | 16.5% |
| Healthcare | 12.9% | 26.7 | 13.5 | 0.90 | 3.62 | 2.32% | 13.5% |
| Energy | 12.8% | 12.6 | 10.3 | 1.76 | 1.90 | 2.22% | 15.1% |
| Technology | 8.9% | 17.7 | 13.8 | 1.60 | 2.16 | 1.83% | 12.2% |
| Utilities | 6.5% | 12.6 | 11.8 | 1.83 | 1.59 | 4.04% | 12.7% |
| Communication Services | 5.6% | 13.2 | 12.4 | 1.99 | 2.52 | 2.77% | 19.1% |
| Real Estate | 4.7% | 16.2 | 18.1 | 5.48 | 2.54 | 4.63% | 15.7% |
| Industrials | 4.5% | 19.5 | 16.9 | 1.23 | 5.68 | 2.26% | 29.2% |
| Consumer Cyclical | 3.9% | 12.3 | 12.3 | 0.41 | 2.31 | 3.17% | 18.8% |
| Basic Materials | 3.9% | 13.5 | 12.7 | 2.23 | 3.28 | 1.51% | 24.3% |
| Consumer Defensive | 3.6% | 19.1 | 16.0 | 0.80 | 5.98 | 3.19% | 31.2% |
VMAX 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 VMAX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VMAX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| EOG | EOG Resources, Inc. | 2.32% | 12.3 | 10.1 | 3.1 | 2.58% | 2.58% |
| ELV | Elevance Health Inc. | 2.09% | 19.0 | 13.7 | 0.5 | 1.61% | 1.51% |
| V | Visa Inc. | 1.96% | 34.3 | 24.0 | 17.0 | 0.67% | 0.78% |
| PGR | The Progressive Corporation | 1.95% | 11.0 | 12.7 | 1.4 | 0.18% | 2.42% |
| MA | Mastercard Incorporated | 1.94% | 34.0 | 24.2 | 15.4 | 0.56% | 0.78% |
| BRK.B | Berkshire Hathaway Inc. | 1.84% | 13.4 | 22.7 | 3.0 | — | 1.88% |
| BMY | Bristol-Myers Squibb Company | 1.81% | 13.2 | 9.4 | 2.5 | 4.22% | 1.88% |
| BBY | Best Buy Co., Inc. | 1.79% | 15.4 | 13.6 | 0.5 | 4.15% | 1.59% |
| ALL | The Allstate Corporation | 1.75% | 5.0 | 8.3 | 0.9 | 1.74% | 4.83% |
| APA | APA Corporation | 1.73% | 10.4 | 9.4 | 2.0 | 2.03% | 2.28% |
| TGT | Target Corporation | 1.71% | 16.0 | 15.6 | 0.7 | 3.01% | 1.46% |
| META | Meta Platforms, Inc. | 1.67% | 26.7 | 22.1 | 7.9 | 0.30% | 0.85% |
| PRU | Prudential Financial, Inc. | 1.66% | 10.5 | 9.8 | 0.6 | 4.83% | 2.16% |
| HPQ | HP Inc. | 1.58% | 11.5 | 9.9 | 0.5 | 4.00% | 1.89% |
| TRV | The Travelers Companies, Inc. | 1.57% | 10.5 | 10.8 | 1.7 | 1.28% | 2.04% |
| M | Macy's, Inc. | 1.52% | 8.8 | 9.4 | 0.3 | 3.19% | 2.36% |
| ACN | Accenture plc | 1.51% | 16.9 | 12.4 | 1.9 | 2.98% | 1.22% |
| C | Citigroup Inc. | 1.48% | 12.1 | 10.2 | 2.5 | 2.16% | 1.67% |
| DVN | Devon Energy Corporation | 1.48% | 11.1 | 9.3 | 3.0 | 2.52% | 1.82% |
| COP | ConocoPhillips | 1.44% | 19.4 | 12.7 | 2.7 | 2.29% | 1.02% |
| EXE | Expand Energy Corporation | 1.44% | 8.1 | 9.6 | 1.8 | 2.46% | 2.44% |
| NVDA | NVIDIA Corporation | 1.44% | 27.1 | 24.9 | 17.1 | 0.47% | 0.73% |
| GOOGL | Alphabet Inc. | 1.41% | 17.1 | 22.8 | 9.3 | 0.26% | 1.13% |
| NEM | Newmont Corporation | 1.40% | 15.0 | 11.6 | 4.8 | 0.88% | 1.28% |
| GILD | Gilead Sciences, Inc. | 1.35% | — | 15.6 | 6.4 | 2.10% | −0.31% |
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 VMAX valuation
Adding up its 124 holdings with company data, VMAX trades at 13.7 times trailing earnings and 12.2 times analysts' forward estimates, with a price-to-book ratio of 2.21 and a dividend yield of 2.44%. Its earnings yield of 7.30% is 1.98 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.2% of the fund and earn 20.5% of its combined profit. By sector, Healthcare is the most expensive at 26.7 times earnings and Financial Services the cheapest at 10.7. Companies that lost money over the past year are 1.4% 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 99.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VMAX chart, VMAX performance, VMAX holdings, VMAX dividends.
VMAX valuation FAQ
What is the P/E ratio of VMAX?
Based on its holdings, VMAX has a trailing P/E of 13.7 and a forward P/E of 12.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VMAX?
The trailing earnings yield is 7.30% (1 ÷ P/E) and the forward earnings yield 8.20%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VMAX more expensive than the S&P 500?
VMAX trades at 13.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.2 and 19.9.
What is the price-to-book ratio of VMAX?
The holdings of VMAX trade at 2.21 times book value, with a combined return on equity of 16.1%.
Which sector in VMAX has the highest P/E?
Healthcare has the highest P/E at 26.7 and Financial Services the lowest at 10.7.