SPDR S&P Health Care Services ETF (XHS) Valuation
XHS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 80.3 trailing earnings
- Forward P/E
- 17.1 analyst estimates
- Price / sales
- 0.63
- Price / book
- 2.96
- EV / EBITDA
- 12.9
- Earnings yield
- 1.24% inverse of P/E
- Dividend yield
- 0.38% of the holdings
- Return on equity
- 3.7% combined
- Net margin
- 0.8% combined
- Beta
- 1.00 weighted, vs S&P 500
XHS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XHS | 80.3 | 17.1 | 0.63 | 2.96 | 0.38% | 3.7% | 0.8% | 23.1% |
| 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.
XHS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 96.0% | 82.4 | 17.0 | 0.62 | 2.92 | 0.39% | 3.5% |
| Financial Services | 1.9% | 35.6 | 23.8 | 4.09 | 9.10 | 0.00% | 25.6% |
XHS 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 XHS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XHS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| OPCH | Option Care Health, Inc. | 2.34% | 23.6 | 11.2 | 0.8 | — | 8.23% |
| AMN | AMN Healthcare Services, Inc. | 2.12% | 15.1 | 18.0 | 0.5 | — | 11.71% |
| HNGE | Hinge Health, Inc. | 2.06% | 32.7 | 33.0 | 11.1 | — | 5.25% |
| MCK | McKesson Corporation | 2.02% | 26.9 | 19.7 | 0.3 | 0.37% | 6.25% |
| CON | Concentra Group Holdings Parent, Inc. | 1.94% | 24.9 | 18.0 | 2.1 | 0.65% | 6.50% |
| ELV | Elevance Health Inc. | 1.90% | 19.0 | 13.7 | 0.5 | 1.61% | 8.33% |
| PRVA | Privia Health Group, Inc. | 1.89% | 107.2 | 17.3 | 1.2 | — | 1.47% |
| USPH | U.S. Physical Therapy, Inc. | 1.88% | 476.2 | 27.2 | 1.6 | 2.15% | 0.33% |
| CRVL | CorVel Corporation | 1.87% | 35.6 | 23.8 | 4.1 | — | 4.38% |
| CAH | Cardinal Health, Inc. | 1.87% | 35.1 | 17.7 | 0.2 | 0.81% | 4.44% |
| ACHC | Acadia Healthcare Company, Inc. | 1.87% | — | 15.2 | 0.8 | — | −64.45% |
| CNC | Centene Corporation | 1.84% | — | 11.2 | 0.2 | — | −23.18% |
| MOH | Molina Healthcare, Inc. | 1.84% | — | 18.9 | 0.3 | — | 0.07% |
| UNH | UnitedHealth Group Incorporated | 1.84% | 25.8 | 16.6 | 0.8 | 2.31% | 5.93% |
| CLOV | Clover Health Investments, Corp. | 1.83% | — | 37.7 | 1.0 | — | −1.40% |
| CI | Cigna Corporation | 1.81% | 12.5 | 8.3 | 0.3 | 2.06% | 12.07% |
| HCA | HCA Healthcare, Inc. | 1.81% | 15.4 | 13.9 | 1.3 | 0.68% | 9.79% |
| SGRY | Surgery Partners, Inc. | 1.79% | — | 18.9 | 0.6 | — | −7.03% |
| HUM | Humana Inc. | 1.78% | 39.1 | 24.3 | 0.3 | 0.86% | 3.80% |
| HIMS | Hims & Hers Health, Inc. | 1.78% | — | 73.5 | 2.5 | — | −3.26% |
| MD | Pediatrix Medical Group, Inc. | 1.78% | 13.1 | 9.3 | 1.1 | — | 11.32% |
| THC | Tenet Healthcare Corporation | 1.78% | 10.5 | 12.5 | 1.0 | — | 14.08% |
| ASTH | Astrana Health, Inc. | 1.77% | 44.3 | 9.0 | 0.5 | — | 3.33% |
| PGNY | Progyny, Inc. | 1.76% | 29.2 | 11.8 | 1.6 | — | 5.03% |
| COR | Cencora | 1.76% | 25.3 | 15.7 | 0.2 | 0.70% | 5.80% |
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 XHS valuation
Adding up its 58 holdings with company data, XHS trades at 80.3 times trailing earnings and 17.1 times analysts' forward estimates, with a price-to-book ratio of 2.96 and a dividend yield of 0.38%. Its earnings yield of 1.24% is 4.08 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.9% of the fund and earn 56.9% of its combined profit. By sector, Healthcare is the most expensive at 82.4 times earnings and Financial Services the cheapest at 35.6. Companies that lost money over the past year are 23.1% 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 96.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XHS chart, XHS performance, XHS holdings, XHS dividends.
XHS valuation FAQ
What is the P/E ratio of XHS?
Based on its holdings, XHS has a trailing P/E of 80.3 and a forward P/E of 17.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XHS?
The trailing earnings yield is 1.24% (1 ÷ P/E) and the forward earnings yield 5.85%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XHS more expensive than the S&P 500?
XHS trades at 80.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.1 and 19.9.
What is the price-to-book ratio of XHS?
The holdings of XHS trade at 2.96 times book value, with a combined return on equity of 3.7%.
Which sector in XHS has the highest P/E?
Healthcare has the highest P/E at 82.4 and Financial Services the lowest at 35.6.