The Real Estate Select Sector SPDR Fund (XLRE) Valuation
XLRE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 34.1 trailing earnings
- Forward P/E
- 30.5 analyst estimates
- Price / sales
- 5.68
- Price / book
- 2.98
- EV / EBITDA
- 19.3
- Earnings yield
- 2.93% inverse of P/E
- Dividend yield
- 3.49% of the holdings
- Return on equity
- 8.7% combined
- Net margin
- 16.7% combined
- Beta
- 0.96 weighted, vs S&P 500
XLRE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLRE | 34.1 | 30.5 | 5.68 | 2.98 | 3.49% | 8.7% | 16.7% | 0.8% |
| 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.
XLRE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 100.2% | 34.1 | 30.5 | 5.68 | 2.98 | 3.49% | 8.7% |
XLRE 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 XLRE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLRE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 12.18% | 105.3 | 78.1 | 13.3 | 1.45% | 4.11% |
| PLD | Prologis, Inc. | 8.29% | 27.7 | 29.2 | 12.4 | 3.40% | 10.64% |
| EQIX | Equinix, Inc. | 6.47% | 63.4 | 52.1 | 9.8 | 2.09% | 3.63% |
| AMT | American Tower Corporation | 5.79% | 25.5 | 24.6 | 7.9 | 3.86% | 8.08% |
| PSA | Public Storage | 4.63% | 28.5 | 27.2 | 11.4 | 4.02% | 5.78% |
| VTR | Ventas, Inc. | 4.58% | 159.0 | 128.2 | 6.9 | 2.42% | 1.02% |
| SPG | Simon Property Group, Inc. | 4.55% | 14.5 | 30.7 | 11.2 | 4.33% | 11.15% |
| O | Realty Income Corporation | 4.42% | 40.6 | 33.7 | 8.7 | 5.81% | 3.87% |
| CCI | Crown Castle Inc. | 4.34% | 33.4 | 21.2 | 8.4 | 5.17% | 4.62% |
| EQR | Equity Residential | 4.28% | — | — | — | — | — |
| DLR | Digital Realty Trust, Inc. | 4.10% | 85.4 | 66.2 | 9.8 | 2.77% | 1.71% |
| IRM | Iron Mountain Incorporated | 3.90% | 80.4 | 58.5 | 4.4 | 3.07% | 1.73% |
| CBRE | CBRE Group, Inc. | 3.89% | 30.5 | 14.9 | 0.9 | — | 4.54% |
| EXR | Extra Space Storage Inc. | 3.40% | 30.8 | 29.0 | 8.8 | 4.64% | 3.92% |
| VICI | VICI Properties Inc. | 3.02% | 9.2 | 7.8 | 6.3 | 7.80% | 11.70% |
| SBAC | SBA Communications Corporation | 2.18% | 20.2 | 19.4 | 6.9 | 2.67% | 3.84% |
| ESS | Essex Property Trust, Inc. | 1.97% | 41.9 | 43.9 | 9.4 | 3.85% | 1.67% |
| KIM | Kimco Realty Corporation | 1.88% | 27.0 | 27.5 | 7.0 | 4.89% | 2.48% |
| HST | Host Hotels & Resorts, Inc. | 1.86% | 16.2 | 22.2 | 2.7 | 3.34% | 4.09% |
| WY | Weyerhaeuser Company | 1.61% | 30.2 | 29.1 | 2.1 | 4.28% | 1.90% |
| INVH | Invitation Homes Inc. | 1.61% | 24.8 | 30.4 | 5.6 | 4.43% | 2.30% |
| MAA | Mid-America Apartment Communities, Inc. | 1.57% | 34.1 | 33.6 | 6.3 | 5.25% | 1.63% |
| CSGP | CoStar Group, Inc. | 1.55% | 179.5 | 18.3 | 3.7 | — | 0.31% |
| DOC | Healthpeak Properties, Inc. | 1.54% | 54.2 | 169.5 | 4.6 | 6.43% | 1.01% |
| REG | Regency Centers Corporation | 1.47% | 24.7 | 28.9 | 8.1 | 4.12% | 2.12% |
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 XLRE valuation
Adding up its 29 holdings with company data, XLRE trades at 34.1 times trailing earnings and 30.5 times analysts' forward estimates, with a price-to-book ratio of 2.98 and a dividend yield of 3.49%. Its earnings yield of 2.93% is 2.40 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 59.5% of the fund and earn 54.6% of its combined profit. Companies that lost money over the past year are 0.8% 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 95.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XLRE chart, XLRE performance, XLRE holdings, XLRE dividends.
XLRE valuation FAQ
What is the P/E ratio of XLRE?
Based on its holdings, XLRE has a trailing P/E of 34.1 and a forward P/E of 30.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLRE?
The trailing earnings yield is 2.93% (1 ÷ P/E) and the forward earnings yield 3.28%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLRE more expensive than the S&P 500?
XLRE trades at 34.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 30.5 and 19.9.
What is the price-to-book ratio of XLRE?
The holdings of XLRE trade at 2.98 times book value, with a combined return on equity of 8.7%.