SPDR S&P Metals and Mining ETF (XME) Valuation
XME valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 54.7 trailing earnings
- Forward P/E
- 12.8 analyst estimates
- Price / sales
- 1.26
- Price / book
- 2.23
- EV / EBITDA
- 12.6
- Earnings yield
- 1.83% inverse of P/E
- Dividend yield
- 0.64% of the holdings
- Return on equity
- 4.1% combined
- Net margin
- 2.3% combined
- Beta
- 1.34 weighted, vs S&P 500
XME valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XME | 54.7 | 12.8 | 1.26 | 2.23 | 0.64% | 4.1% | 2.3% | 28.5% |
| 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.
XME valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Basic Materials | 79.8% | 48.2 | 12.7 | 1.35 | 2.49 | 0.60% | 5.2% |
| Energy | 12.7% | n/m | 20.4 | 1.57 | 1.64 | 0.42% | −2.6% |
| Industrials | 6.7% | 18.9 | 7.9 | 0.60 | 1.44 | 1.45% | 7.6% |
XME 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 XME weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XME largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CLF | Cleveland-Cliffs Inc. | 6.93% | — | 16.0 | 0.4 | — | −51.68% |
| RS | Reliance Steel & Aluminum Co. | 6.06% | 23.9 | 16.4 | 1.3 | 1.22% | 14.22% |
| STLD | Steel Dynamics, Inc. | 5.81% | 21.8 | 10.0 | 1.7 | 0.88% | 14.94% |
| NUE | Nucor Corporation | 5.71% | 20.4 | 11.4 | 1.6 | 0.87% | 15.66% |
| CMC | Commercial Metals Company | 5.36% | 11.1 | 10.4 | 0.8 | 1.23% | 27.12% |
| FCX | Freeport-McMoRan Inc. | 4.96% | 34.3 | 18.1 | 3.9 | 0.86% | 8.12% |
| RGLD | Royal Gold, Inc. | 4.90% | 26.4 | 24.2 | 13.1 | 0.80% | 10.42% |
| NEM | Newmont Corporation | 4.83% | 15.0 | 11.6 | 4.8 | 0.88% | 18.10% |
| MTRN | Materion Corporation | 4.60% | 57.2 | 29.7 | 2.4 | 0.24% | 4.51% |
| AA | Alcoa Corporation | 4.40% | 7.2 | 8.0 | 0.8 | 0.97% | 34.23% |
| MP | MP Materials Corp. | 4.24% | — | 47.4 | 17.2 | — | −1.95% |
| HL | Hecla Mining Company | 4.07% | 19.9 | 21.0 | 5.9 | 0.10% | 11.50% |
| UEC | Uranium Energy Corp. | 3.84% | — | 178.6 | 105.2 | — | −7.63% |
| HCC | Warrior Met Coal, Inc. | 3.69% | 21.6 | 16.2 | 2.8 | 0.36% | 9.58% |
| CNR | Core Natural Resources, Inc. | 3.69% | 45.6 | 8.9 | 1.1 | 0.44% | 4.54% |
| CDE | Coeur Mining, Inc. | 3.65% | 13.2 | 8.7 | 5.0 | 0.26% | 15.50% |
| BTU | Peabody Energy Corporation | 2.86% | — | 19.1 | 0.7 | 1.26% | −10.02% |
| USAR | USA Rare Earth, Inc. | 2.34% | — | 33.3 | 300.4 | — | −31.00% |
| CENX | Century Aluminum Company | 2.06% | 6.1 | 6.5 | 1.3 | — | 19.12% |
| LEU | Centrus Energy Corp. | 1.96% | 53.7 | 114.9 | 5.0 | — | 2.04% |
| AMR | Alpha Metallurgical Resources, Inc. | 1.81% | — | 2.7 | 1.0 | — | −2.19% |
| KALU | Kaiser Aluminum Corporation | 1.73% | 10.9 | 27.7 | 0.6 | 2.09% | 8.91% |
| RYZ | Ryerson Holding Corporation | 1.12% | — | 3.5 | 0.2 | 2.73% | −2.80% |
| IE | Ivanhoe Electric Inc. | 1.08% | — | — | 455.6 | — | −1.83% |
| WS | Worthington Steel, Inc. | 0.87% | — | 8.1 | 0.4 | 1.61% | −0.87% |
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 XME valuation
Adding up its 33 holdings with company data, XME trades at 54.7 times trailing earnings and 12.8 times analysts' forward estimates, with a price-to-book ratio of 2.23 and a dividend yield of 0.64%. Its earnings yield of 1.83% is 3.50 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 53.5% of the fund and earn 95.6% of its combined profit. By sector, Basic Materials is the most expensive at 48.2 times earnings and Industrials the cheapest at 18.9. Companies that lost money over the past year are 28.5% 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 97.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XME chart, XME performance, XME holdings, XME dividends.
XME valuation FAQ
What is the P/E ratio of XME?
Based on its holdings, XME has a trailing P/E of 54.7 and a forward P/E of 12.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XME?
The trailing earnings yield is 1.83% (1 ÷ P/E) and the forward earnings yield 7.80%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XME more expensive than the S&P 500?
XME trades at 54.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.8 and 19.9.
What is the price-to-book ratio of XME?
The holdings of XME trade at 2.23 times book value, with a combined return on equity of 4.1%.
Which sector in XME has the highest P/E?
Basic Materials has the highest P/E at 48.2 and Industrials the lowest at 18.9.