Invesco S&P MidCap Low Volatility ETF (XMLV) Valuation
XMLV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.9 trailing earnings
- Forward P/E
- 14.3 analyst estimates
- Price / sales
- 2.53
- Price / book
- 1.79
- EV / EBITDA
- 11.7
- Earnings yield
- 6.30% inverse of P/E
- Dividend yield
- 3.40% of the holdings
- Return on equity
- 11.3% combined
- Net margin
- 16.0% combined
- Beta
- 0.72 weighted, vs S&P 500
XMLV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XMLV | 15.9 | 14.3 | 2.53 | 1.79 | 3.40% | 11.3% | 16.0% | 1.3% |
| 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.
XMLV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 32.3% | 11.6 | 10.7 | 2.02 | 1.49 | 2.37% | 12.9% |
| Real Estate | 27.9% | 25.3 | 23.9 | 7.25 | 1.99 | 5.33% | 7.8% |
| Utilities | 20.8% | 19.2 | 14.8 | 2.30 | 1.53 | 3.65% | 8.0% |
| Industrials | 5.3% | 23.9 | 19.6 | 1.98 | 4.19 | 1.35% | 17.6% |
| Consumer Cyclical | 5.0% | 9.7 | 10.9 | 1.34 | 2.55 | 1.85% | 26.2% |
| Energy | 3.8% | 17.7 | 13.3 | 5.20 | 2.73 | 3.32% | 15.4% |
| Consumer Defensive | 1.5% | 10.7 | 8.4 | 0.86 | 1.35 | 3.39% | 12.7% |
| Basic Materials | 1.2% | 23.9 | 16.4 | 1.33 | 2.65 | 1.22% | 11.1% |
| Healthcare | 1.0% | 21.4 | 18.9 | 2.03 | 4.64 | 0.66% | 21.7% |
XMLV 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 XMLV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XMLV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PNM | PNM Resources Inc | 5.15% | — | — | — | — | — |
| OGE | OGE Energy Corp. | 1.75% | 20.9 | 17.2 | 3.0 | 3.61% | 1.42% |
| INGR | Ingredion Incorporated | 1.52% | 10.7 | 8.4 | 0.9 | 3.39% | 2.41% |
| SR | Spire Inc. | 1.51% | 23.8 | 14.9 | 1.8 | 4.02% | 1.08% |
| SWX | Southwest Gas Holdings, Inc. | 1.50% | 21.9 | 17.4 | 3.6 | 2.95% | 1.17% |
| IDA | IDACORP, Inc. | 1.50% | 22.9 | 18.7 | 4.4 | 2.60% | 1.11% |
| OGS | ONE Gas, Inc. | 1.50% | 16.3 | 17.4 | 2.1 | 3.60% | 1.57% |
| ADC | Agree Realty Corporation | 1.50% | 36.0 | 35.1 | 10.7 | 4.85% | 0.70% |
| WPC | W. P. Carey Inc. | 1.49% | 22.3 | 24.2 | 8.2 | 5.83% | 1.13% |
| EGP | EastGroup Properties, Inc. | 1.49% | 34.5 | 42.0 | 14.1 | 3.56% | 0.73% |
| AFG | American Financial Group, Inc. | 1.44% | 13.0 | 11.5 | 1.5 | 2.60% | 1.87% |
| NNN | NNN REIT Inc | 1.42% | 20.6 | 20.4 | 8.4 | 5.97% | 1.17% |
| NJR | New Jersey Resources Corporation | 1.42% | 14.5 | 14.9 | 2.4 | 3.83% | 1.66% |
| THG | The Hanover Insurance Group, Inc. | 1.40% | 11.2 | 11.1 | 1.2 | 1.63% | 2.13% |
| POR | Portland General Electric Company | 1.39% | 19.5 | 12.8 | 1.5 | 4.99% | 1.21% |
| ELS | Equity LifeStyle Properties, Inc. | 1.38% | 29.6 | 28.6 | 7.8 | 3.55% | 0.79% |
| OHI | Omega Healthcare Investors, Inc. | 1.33% | 16.3 | 10.1 | 11.6 | 5.96% | 1.39% |
| BRX | Brixmor Property Group Inc. | 1.33% | 19.8 | 25.2 | 6.0 | 4.45% | 1.14% |
| AMH | American Homes 4 Rent | 1.33% | 24.8 | 200.0 | 6.8 | 4.22% | 0.91% |
| CDP | COPT Defense Properties | 1.31% | 23.1 | 38.2 | 4.9 | 3.84% | 0.96% |
| KRG | Kite Realty Group Trust | 1.30% | 15.4 | 42.6 | 6.3 | 4.71% | 1.44% |
| NFG | National Fuel Gas Company | 1.30% | 11.1 | 9.8 | 3.0 | 2.78% | 1.99% |
| WTRG | Essential Utilities, Inc. | 1.30% | 20.8 | 16.8 | 4.5 | 3.53% | 1.06% |
| GLPI | Gaming and Leisure Properties, Inc. | 1.30% | 11.5 | 11.8 | 7.1 | 8.35% | 1.91% |
| UGI | UGI Corporation | 1.29% | 12.8 | 7.7 | 1.1 | 3.90% | 1.71% |
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 XMLV valuation
Adding up its 78 holdings with company data, XMLV trades at 15.9 times trailing earnings and 14.3 times analysts' forward estimates, with a price-to-book ratio of 1.79 and a dividend yield of 3.40%. Its earnings yield of 6.30% is 0.97 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 18.9% of the fund and earn 13.2% of its combined profit. By sector, Real Estate is the most expensive at 25.3 times earnings and Consumer Cyclical the cheapest at 9.7. Companies that lost money over the past year are 1.3% 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 93.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XMLV chart, XMLV performance, XMLV holdings, XMLV dividends.
XMLV valuation FAQ
What is the P/E ratio of XMLV?
Based on its holdings, XMLV has a trailing P/E of 15.9 and a forward P/E of 14.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XMLV?
The trailing earnings yield is 6.30% (1 ÷ P/E) and the forward earnings yield 7.01%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XMLV more expensive than the S&P 500?
XMLV trades at 15.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.3 and 19.9.
What is the price-to-book ratio of XMLV?
The holdings of XMLV trade at 1.79 times book value, with a combined return on equity of 11.3%.
Which sector in XMLV has the highest P/E?
Real Estate has the highest P/E at 25.3 and Consumer Cyclical the lowest at 9.7.