Invesco S&P 500 Top 50 ETF (XLG) Valuation
XLG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.7 trailing earnings
- Forward P/E
- 22.2 analyst estimates
- Price / sales
- 5.98
- Price / book
- 7.61
- EV / EBITDA
- 19.2
- Earnings yield
- 3.75% inverse of P/E
- Dividend yield
- 0.81% of the holdings
- Return on equity
- 28.6% combined
- Net margin
- 22.5% combined
- Beta
- 1.26 weighted, vs S&P 500
XLG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLG | 26.7 | 22.2 | 5.98 | 7.61 | 0.81% | 28.6% | 22.5% | 1.1% |
| 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.
XLG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 50.2% | 31.8 | 23.6 | 11.84 | 15.75 | 0.55% | 49.5% |
| Communication Services | 12.4% | 18.8 | 20.9 | 7.20 | 6.37 | 0.48% | 34.0% |
| Financial Services | 9.9% | 16.3 | 16.7 | 4.53 | 2.52 | 1.20% | 15.5% |
| Consumer Cyclical | 9.4% | 27.2 | 29.5 | 4.08 | 6.93 | 0.38% | 25.5% |
| Healthcare | 6.9% | 45.2 | 19.3 | 3.72 | 10.35 | 1.68% | 22.9% |
| Consumer Defensive | 5.4% | 30.9 | 26.3 | 2.19 | 10.50 | 1.96% | 34.0% |
| Energy | 2.9% | 22.3 | 14.9 | 2.07 | 2.37 | 2.64% | 10.6% |
| Industrials | 1.3% | 29.2 | 29.5 | 4.99 | 20.00 | 0.62% | 68.5% |
| Basic Materials | 0.5% | 32.2 | 23.6 | 6.48 | 5.48 | 1.28% | 17.0% |
XLG 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 XLG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 12.64% | 27.1 | 24.9 | 17.1 | 0.47% | 12.57% |
| AAPL | Apple Inc. | 11.95% | 39.4 | 35.2 | 10.7 | 0.31% | 8.17% |
| MSFT | Microsoft Corporation | 9.84% | 29.5 | 25.1 | 11.8 | 0.74% | 8.99% |
| AMZN | Amazon.com, Inc. | 5.68% | 20.1 | 23.6 | 3.5 | — | 7.61% |
| GOOGL | Alphabet Inc. | 4.47% | 17.1 | 22.8 | 9.3 | 0.26% | 7.05% |
| AVGO | Broadcom Inc. | 3.60% | 43.3 | 19.4 | 17.6 | 0.79% | 2.24% |
| GOOG | Alphabet Inc. | 3.50% | 16.9 | 21.8 | 9.2 | 0.26% | 5.58% |
| META | Meta Platforms, Inc. | 3.33% | 26.7 | 22.1 | 7.9 | 0.30% | 3.36% |
| TSLA | Tesla, Inc. | 2.58% | 328.4 | 158.7 | 13.5 | — | 0.21% |
| BRK.B | Berkshire Hathaway Inc. | 2.41% | 13.4 | 22.7 | 3.0 | — | 4.85% |
| LLY | Eli Lilly and Company | 2.37% | 42.2 | 24.4 | 14.1 | 0.55% | 1.52% |
| MU | Micron Technology, Inc. | 2.32% | 11.8 | 7.0 | 7.5 | 0.07% | 5.29% |
| AMD | Advanced Micro Devices, Inc. | 2.10% | 134.9 | 39.5 | 20.9 | — | 0.42% |
| JPM | JPMorgan Chase & Co. | 2.08% | 14.2 | 13.5 | 4.7 | 1.94% | 3.92% |
| XOM | Exxon Mobil Corporation | 1.78% | 23.0 | 14.8 | 2.0 | 2.30% | 2.08% |
| V | Visa Inc. | 1.68% | 34.3 | 24.0 | 17.0 | 0.67% | 1.32% |
| JNJ | Johnson & Johnson | 1.51% | 38.8 | 21.0 | 6.2 | 2.10% | 1.05% |
| WMT | Walmart Inc. | 1.33% | 43.0 | 38.0 | 1.3 | 0.83% | 0.83% |
| MA | Mastercard Incorporated | 1.25% | 34.0 | 24.2 | 15.4 | 0.56% | 0.99% |
| ABBV | AbbVie Inc. | 1.25% | 80.6 | 16.4 | 7.8 | 2.42% | 0.42% |
| CVX | Chevron Corporation | 1.15% | 21.2 | 15.2 | 2.1 | 3.16% | 1.46% |
| COST | Costco Wholesale Corporation | 1.09% | 47.6 | 40.3 | 1.4 | 0.59% | 0.62% |
| PLTR | Palantir Technologies Inc. | 1.08% | 160.4 | 85.5 | 72.6 | — | 0.18% |
| INTC | Intel Corporation | 1.06% | — | 63.3 | 8.3 | — | −0.68% |
| CSCO | Cisco Systems, Inc. | 1.00% | 32.2 | 19.8 | 6.7 | 1.56% | 0.83% |
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 XLG valuation
Adding up its 50 holdings with company data, XLG trades at 26.7 times trailing earnings and 22.2 times analysts' forward estimates, with a price-to-book ratio of 7.61 and a dividend yield of 0.81%. Its earnings yield of 3.75% is 1.58 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 60.0% of the fund and earn 60.6% of its combined profit. By sector, Healthcare is the most expensive at 45.2 times earnings and Financial Services the cheapest at 16.3. Companies that lost money over the past year are 1.1% 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 99.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XLG chart, XLG performance, XLG holdings, XLG dividends.
XLG valuation FAQ
What is the P/E ratio of XLG?
Based on its holdings, XLG has a trailing P/E of 26.7 and a forward P/E of 22.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLG?
The trailing earnings yield is 3.75% (1 ÷ P/E) and the forward earnings yield 4.50%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLG more expensive than the S&P 500?
XLG trades at 26.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.2 and 19.9.
What is the price-to-book ratio of XLG?
The holdings of XLG trade at 7.61 times book value, with a combined return on equity of 28.6%.
Which sector in XLG has the highest P/E?
Healthcare has the highest P/E at 45.2 and Financial Services the lowest at 16.3.