SPDR S&P Semiconductor ETF (XSD) Valuation
XSD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 135.0 trailing earnings
- Forward P/E
- 22.7 analyst estimates
- Price / sales
- 6.50
- Price / book
- 5.69
- EV / EBITDA
- 18.1
- Earnings yield
- 0.74% inverse of P/E
- Dividend yield
- 0.48% of the holdings
- Return on equity
- 4.2% combined
- Net margin
- 4.8% combined
- Beta
- 2.06 weighted, vs S&P 500
XSD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XSD | 135.0 | 22.7 | 6.50 | 5.69 | 0.48% | 4.2% | 4.8% | 25.0% |
| 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.
XSD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 95.7% | 135.0 | 22.7 | 6.50 | 5.69 | 0.48% | 4.2% |
XSD 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 XSD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XSD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SYNA | Synaptics Incorporated | 3.30% | — | 18.3 | 3.9 | — | −50.09% |
| ADI | Analog Devices, Inc. | 2.95% | 47.0 | 23.2 | 13.8 | 1.11% | 8.85% |
| RMBS | Rambus Inc. | 2.94% | 40.0 | 24.2 | 12.5 | — | 10.35% |
| PI | Impinj, Inc. | 2.93% | — | 60.2 | 14.4 | — | −2.14% |
| ON | ON Semiconductor Corporation | 2.89% | 46.5 | 16.5 | 4.5 | — | 8.76% |
| OLED | Universal Display Corporation | 2.85% | 18.8 | 14.9 | 5.9 | 2.57% | 21.37% |
| MPWR | Monolithic Power Systems, Inc. | 2.84% | 73.7 | 38.8 | 18.2 | 0.66% | 5.43% |
| NXPI | NXP Semiconductors N.V. | 2.83% | 19.6 | 12.9 | 4.4 | 1.77% | 20.35% |
| CRDO | Credo Technology Group Holding Ltd | 2.80% | 60.2 | 30.9 | 20.0 | — | 6.56% |
| SWKS | Skyworks Solutions, Inc. | 2.80% | 41.3 | 17.8 | 4.7 | — | 9.56% |
| TXN | Texas Instruments Incorporated | 2.80% | 42.1 | 27.5 | 13.0 | 2.20% | 9.38% |
| MRVL | Marvell Technology, Inc. | 2.77% | 72.3 | 62.1 | 21.7 | 0.11% | 5.39% |
| MCHP | Microchip Technology Incorporated | 2.75% | 108.6 | 20.5 | 7.8 | 2.46% | 3.57% |
| MXL | MaxLinear, Inc. | 2.67% | — | 31.5 | 11.4 | — | −6.23% |
| SLAB | Silicon Laboratories Inc. | 2.67% | — | 51.0 | 8.6 | — | −1.99% |
| CRUS | Cirrus Logic, Inc. | 2.66% | 13.1 | 13.8 | 2.6 | — | 28.62% |
| PENG | Penguin Solutions, Inc. | 2.63% | 22.0 | 12.5 | 1.7 | — | 16.88% |
| ALGM | Allegro MicroSystems, Inc. | 2.61% | 527.0 | 35.8 | 6.2 | — | 0.70% |
| AMD | Advanced Micro Devices, Inc. | 2.60% | 134.9 | 39.5 | 20.9 | — | 2.71% |
| QCOM | QUALCOMM Incorporated | 2.57% | 19.9 | 19.6 | 4.2 | 2.14% | 18.18% |
| MTSI | MACOM Technology Solutions Holdings, Inc. | 2.56% | 83.5 | 32.3 | 17.2 | — | 4.32% |
| ALAB | Astera Labs, Inc. | 2.53% | 140.8 | 55.6 | 41.3 | — | 2.54% |
| NVDA | NVIDIA Corporation | 2.52% | 27.1 | 24.9 | 17.1 | 0.47% | 13.11% |
| AVGO | Broadcom Inc. | 2.46% | 43.3 | 19.4 | 17.6 | 0.79% | 8.00% |
| LSCC | Lattice Semiconductor Corporation | 2.45% | 414.6 | 38.8 | 22.6 | — | 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 XSD valuation
Adding up its 43 holdings with company data, XSD trades at 135.0 times trailing earnings and 22.7 times analysts' forward estimates, with a price-to-book ratio of 5.69 and a dividend yield of 0.48%. Its earnings yield of 0.74% is 4.59 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 29.1% of the fund and earn 39.0% of its combined profit. Companies that lost money over the past year are 25.0% 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 95.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XSD chart, XSD performance, XSD holdings, XSD dividends.
XSD valuation FAQ
What is the P/E ratio of XSD?
Based on its holdings, XSD has a trailing P/E of 135.0 and a forward P/E of 22.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XSD?
The trailing earnings yield is 0.74% (1 ÷ P/E) and the forward earnings yield 4.40%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XSD more expensive than the S&P 500?
XSD trades at 135.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.7 and 19.9.
What is the price-to-book ratio of XSD?
The holdings of XSD trade at 5.69 times book value, with a combined return on equity of 4.2%.