Xtrackers S&P 100 Ex Top 20 ETF (XOEX) Valuation
XOEX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 23.2 trailing earnings
- Forward P/E
- 16.6 analyst estimates
- Price / sales
- 2.90
- Price / book
- 4.25
- EV / EBITDA
- 15.1
- Earnings yield
- 4.31% inverse of P/E
- Dividend yield
- 2.08% of the holdings
- Return on equity
- 18.3% combined
- Net margin
- 12.5% combined
- Beta
- 0.86 weighted, vs S&P 500
XOEX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XOEX | 23.2 | 16.6 | 2.90 | 4.25 | 2.08% | 18.3% | 12.5% | 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.
XOEX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 19.6% | 40.8 | 15.9 | 2.15 | 4.87 | 2.28% | 11.9% |
| Technology | 18.3% | 28.8 | 21.0 | 5.79 | 8.89 | 1.08% | 30.9% |
| Financial Services | 17.0% | 15.5 | 13.2 | 3.96 | 2.31 | 1.85% | 14.9% |
| Industrials | 11.9% | 28.0 | 22.9 | 2.55 | 7.17 | 1.46% | 25.6% |
| Consumer Defensive | 9.5% | 23.4 | 19.4 | 4.30 | 9.69 | 3.23% | 41.5% |
| Communication Services | 6.5% | 13.2 | 11.2 | 1.66 | 2.09 | 3.02% | 15.9% |
| Consumer Cyclical | 6.1% | 22.2 | 15.8 | 1.74 | 11.67 | 2.53% | 52.5% |
| Energy | 4.2% | 20.7 | 14.4 | 2.25 | 2.18 | 2.93% | 10.5% |
| Utilities | 2.5% | 19.1 | 17.0 | 3.99 | 2.30 | 3.30% | 12.1% |
| Basic Materials | 1.5% | 32.2 | 23.6 | 6.48 | 5.48 | 1.28% | 17.0% |
| Real Estate | 0.5% | 25.5 | 24.6 | 7.89 | 21.39 | 3.86% | 83.9% |
XOEX 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 XOEX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XOEX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ABBV | AbbVie Inc. | 3.37% | 80.6 | 16.4 | 7.8 | 2.42% | 0.99% |
| MA | Mastercard Incorporated | 3.24% | 34.0 | 24.2 | 15.4 | 0.56% | 2.27% |
| CVX | Chevron Corporation | 3.06% | 21.2 | 15.2 | 2.1 | 3.16% | 3.43% |
| PLTR | Palantir Technologies Inc. | 2.92% | 160.4 | 85.5 | 72.6 | — | 0.43% |
| UNH | UnitedHealth Group Incorporated | 2.59% | 25.8 | 16.6 | 0.8 | 2.31% | 2.39% |
| MRK | Merck & Co., Inc. | 2.46% | 115.8 | 15.3 | 5.4 | 2.33% | 0.51% |
| KO | The Coca-Cola Company | 2.45% | 28.2 | 25.3 | 8.1 | 2.26% | 2.07% |
| PG | The Procter & Gamble Company | 2.43% | 24.1 | 21.2 | 4.3 | 2.73% | 2.40% |
| HD | The Home Depot, Inc. | 2.20% | 21.5 | 19.8 | 1.8 | 3.01% | 2.42% |
| BAC | Bank of America Corporation | 2.18% | 12.2 | 10.8 | 3.1 | 2.50% | 4.24% |
| GCP | General Electric Company | 2.10% | — | — | — | — | — |
| CAT | Caterpillar Inc. | 2.05% | 31.5 | 25.4 | 4.5 | 0.89% | 1.55% |
| AMAT | Applied Materials, Inc. | 2.03% | 35.3 | 23.4 | 10.5 | 0.52% | 1.37% |
| PM | Philip Morris International Inc. | 2.00% | 29.5 | 20.9 | 7.5 | 3.12% | 1.61% |
| LRCX | Lam Research Corporation | 1.90% | 45.8 | 33.7 | 14.2 | 0.50% | 0.99% |
| NFLX | Netflix, Inc. | 1.82% | 22.2 | 18.7 | 6.1 | — | 1.95% |
| RTX | RTX Corporation | 1.77% | 34.1 | 24.6 | 2.8 | 1.51% | 1.23% |
| GS | The Goldman Sachs Group, Inc. | 1.77% | 12.7 | 12.8 | 3.6 | 2.27% | 3.31% |
| WFC | Wells Fargo & Company | 1.72% | 11.8 | 10.2 | 3.0 | 2.38% | 3.45% |
| TMO | Thermo Fisher Scientific Inc. | 1.68% | 37.1 | 24.2 | 5.5 | 0.27% | 1.07% |
| TXN | Texas Instruments Incorporated | 1.62% | 42.1 | 27.5 | 13.0 | 2.20% | 0.91% |
| AMGN | Amgen Inc. | 1.62% | 26.9 | 16.7 | 6.1 | 2.33% | 1.43% |
| IBM | International Business Machines Corporation | 1.51% | 20.6 | 17.4 | 3.2 | 2.91% | 1.74% |
| LIN | Linde plc | 1.50% | 32.2 | 23.6 | 6.5 | 1.28% | 1.11% |
| GEV | GE Vernova Inc. | 1.44% | 26.4 | 38.8 | 5.9 | 0.22% | 1.30% |
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 XOEX valuation
Adding up its 75 holdings with company data, XOEX trades at 23.2 times trailing earnings and 16.6 times analysts' forward estimates, with a price-to-book ratio of 4.25 and a dividend yield of 2.08%. Its earnings yield of 4.31% is 1.02 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 26.9% of the fund and earn 21.1% of its combined profit. By sector, Healthcare is the most expensive at 40.8 times earnings and Communication Services the cheapest at 13.2. 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 97.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XOEX chart, XOEX performance, XOEX holdings, XOEX dividends.
XOEX valuation FAQ
What is the P/E ratio of XOEX?
Based on its holdings, XOEX has a trailing P/E of 23.2 and a forward P/E of 16.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XOEX?
The trailing earnings yield is 4.31% (1 ÷ P/E) and the forward earnings yield 6.04%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XOEX more expensive than the S&P 500?
XOEX trades at 23.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.6 and 19.9.
What is the price-to-book ratio of XOEX?
The holdings of XOEX trade at 4.25 times book value, with a combined return on equity of 18.3%.
Which sector in XOEX has the highest P/E?
Healthcare has the highest P/E at 40.8 and Communication Services the lowest at 13.2.