Invesco S&P SmallCap High Dividend Low… (XSHD) Valuation
XSHD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 18.6 trailing earnings
- Forward P/E
- 12.0 analyst estimates
- Price / sales
- 1.15
- Price / book
- 1.22
- EV / EBITDA
- 8.7
- Earnings yield
- 5.37% inverse of P/E
- Dividend yield
- 7.70% of the holdings
- Return on equity
- 6.5% combined
- Net margin
- 6.2% combined
- Beta
- 0.82 weighted, vs S&P 500
XSHD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XSHD | 18.6 | 12.0 | 1.15 | 1.22 | 7.70% | 6.5% | 6.2% | 15.6% |
| 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.
XSHD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 33.8% | 12.0 | 11.9 | 2.86 | 0.90 | 12.85% | 7.5% |
| Consumer Defensive | 14.8% | n/m | 14.3 | 0.49 | 1.15 | 5.68% | −5.0% |
| Utilities | 11.7% | 19.4 | 19.1 | 2.33 | 1.61 | 4.11% | 8.3% |
| Energy | 7.8% | 21.7 | 12.9 | 2.73 | 1.48 | 5.06% | 6.8% |
| Basic Materials | 7.2% | 22.1 | 10.6 | 0.69 | 1.48 | 3.71% | 6.7% |
| Industrials | 6.1% | 11.0 | 11.7 | 1.10 | 1.66 | 3.21% | 15.0% |
| Consumer Cyclical | 5.6% | 17.2 | 10.6 | 0.80 | 1.75 | 3.78% | 10.2% |
| Financial Services | 2.7% | 5.0 | 3.9 | 0.48 | 2.08 | 15.24% | 41.4% |
| Healthcare | 2.0% | 72.6 | 17.2 | 1.80 | 2.88 | 1.80% | 4.0% |
| Services | 1.3% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
| Communication Services | 1.0% | 15.2 | 9.7 | 2.81 | 10.97 | 1.86% | 72.0% |
| Technology | 0.7% | 20.2 | 17.2 | 1.00 | 2.23 | 1.15% | 11.1% |
XSHD 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 XSHD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XSHD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NRZ | New Residential Investment Corp | 3.97% | — | — | — | — | — |
| CAG | Conagra Brands, Inc. | 3.81% | — | 10.6 | 0.6 | 4.84% | −21.63% |
| EFC | Ellington Financial Inc. | 3.37% | 7.2 | 9.1 | 3.5 | 13.39% | 9.28% |
| MRP | Millrose Properties, Inc. | 3.24% | 7.8 | — | 4.9 | 14.04% | 8.24% |
| IIPR | Innovative Industrial Properties, Inc. | 3.17% | 11.9 | 12.4 | 5.5 | 14.51% | 5.33% |
| ARR | ARMOUR Residential REIT, Inc. | 2.84% | 3.3 | 5.1 | 3.8 | 21.82% | 17.43% |
| KNTK | Kinetik Holdings Inc. | 2.82% | 19.3 | 21.4 | 5.0 | 5.86% | 2.91% |
| CPB | Campbell Soup Company | 2.81% | 15.2 | 11.9 | 0.6 | 5.03% | 3.69% |
| FLO | Flowers Foods, Inc. | 2.77% | 22.6 | 22.9 | 0.2 | 8.18% | 2.44% |
| GNL | Global Net Lease, Inc. | 2.76% | — | — | 3.7 | 10.23% | −2.07% |
| PMT | PennyMac Mortgage Investment Trust | 2.67% | 4.8 | 8.4 | 0.9 | 23.12% | 11.09% |
| WU | The Western Union Company | 2.65% | 5.0 | 3.9 | 0.5 | 15.24% | 10.55% |
| LTC | LTC Properties, Inc. | 2.59% | 15.6 | 12.5 | 6.9 | 5.22% | 3.31% |
| DEA | Easterly Government Properties, Inc. | 2.55% | 114.8 | 73.0 | 2.9 | 8.25% | 0.44% |
| HIW | Highwoods Properties, Inc. | 2.41% | 19.4 | 65.8 | 3.9 | 6.82% | 2.47% |
| BXMT | Blackstone Mortgage Trust, Inc. | 2.31% | 131.6 | 57.1 | 4.4 | 17.85% | 0.35% |
| NE | Noble Corporation | 2.31% | 46.9 | 21.0 | 2.4 | 4.54% | 0.98% |
| DEI | Douglas Emmett, Inc. | 2.15% | — | 9.0 | 1.9 | 7.79% | −0.55% |
| BFS | Saul Centers, Inc. | 2.02% | 30.1 | 178.6 | 3.4 | 8.00% | 1.34% |
| EMN | Eastman Chemical Company | 1.98% | 16.3 | 9.2 | 0.8 | 5.39% | 2.43% |
| JJSF | J&J Snack Foods Corp. | 1.98% | 30.5 | 23.8 | 1.0 | 4.06% | 1.29% |
| CWEN | Clearway Energy, Inc. | 1.90% | 38.9 | 39.4 | 4.7 | 6.20% | 0.98% |
| FDP | Fresh Del Monte Produce Inc | 1.86% | — | — | — | — | — |
| UVV | Universal Corporation | 1.78% | 53.5 | 12.0 | 0.4 | 8.16% | 0.66% |
| AVA | Avista Corporation | 1.72% | 13.2 | 13.0 | 1.6 | 5.37% | 2.59% |
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 XSHD valuation
Adding up its 53 holdings with company data, XSHD trades at 18.6 times trailing earnings and 12.0 times analysts' forward estimates, with a price-to-book ratio of 1.22 and a dividend yield of 7.70%. Its earnings yield of 5.37% is 0.05 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 31.5% of the fund and earn 36.7% of its combined profit. By sector, Healthcare is the most expensive at 72.6 times earnings and Financial Services the cheapest at 5.0. Companies that lost money over the past year are 15.6% 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 93.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XSHD chart, XSHD performance, XSHD holdings, XSHD dividends.
XSHD valuation FAQ
What is the P/E ratio of XSHD?
Based on its holdings, XSHD has a trailing P/E of 18.6 and a forward P/E of 12.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XSHD?
The trailing earnings yield is 5.37% (1 ÷ P/E) and the forward earnings yield 8.31%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XSHD more expensive than the S&P 500?
XSHD trades at 18.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.0 and 19.9.
What is the price-to-book ratio of XSHD?
The holdings of XSHD trade at 1.22 times book value, with a combined return on equity of 6.5%.
Which sector in XSHD has the highest P/E?
Healthcare has the highest P/E at 72.6 and Financial Services the lowest at 5.0.