SPYD
SPDR Portfolio S&P 500 High Dividend ETF
The SPDR S&P 500 High Dividend ETF tracks an index of the 80 highest-yielding stocks selected from the S&P 500. Stocks are equally weighted.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
7 bp
EXPENSES
$6.2 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | State Street Global Advisors |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 21, 2015 |
| Assets (mns) | $6,208 |
| Expense ratio | 7 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Dividends |
| Weighting | Equal |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| IRON MOUNTAIN INC | 1.8 % |
| PUBLIC SERVICE ENTERPRISE GP | 1.6 % |
| WILLIAMS COS INC | 1.6 % |
| KINDER MORGAN INC | 1.5 % |
| FORD MOTOR CO | 1.5 % |
| INTERNATIONAL PAPER CO | 1.5 % |
| ALTRIA GROUP INC | 1.5 % |
| HASBRO INC | 1.5 % |
| CITIGROUP INC | 1.5 % |
| CITIZENS FINANCIAL GROUP, INC. | 1.5 % |
Constituent Breakdown
| Number of holdings | 75 |
| Herfindahl-Hirschman Index | 133 |
| Wgt avg mkt cap (mns) | $50,146 |
| Large cap (>$10bn) | 92.2% |
| Mid cap ($2-10bn) | 7.8% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 96.5 % |
 |
BRITAIN | 2.6 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 4.9% | 15.2% | 5.9% | 5.1% | 6.4% | -- | 8.5% | Volatility | 13.8% | 15.6% | 18.1% | 17.5% | 25.1% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.81 | 62% |
| MSCI EAFE | 0.91 | 73% |
| MSCI Emg Mkts | 0.70 | 45% |
Liquidity Measures
| Avg. volume (000) | 891 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.03% |
| ADV of underlying (mns) | $34,081 |
Technical Indicators
| Recent close | $42.39 |
| 30d moving avg. | $40.86 |
| Annualized volatility | 18.5% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 3.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SPYD |
Expenses vs. SPYD |
ALTAR Score™ vs. SPYD |
|---|---|---|---|---|
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | 54.0% | +23 bp | -0.3% |
| CDL | VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 46.3% | +28 bp | -0.6% |
| CDC | VictoryShares US EQ Income Enhanced Volatility Wtd ETF | 46.3% | +31 bp | -0.6% |
| DVY | iShares Select Dividend ETF | 45.2% | +31 bp | -0.2% |
| SDOG | ALPS Sector Dividend Dogs ETF | 44.5% | +29 bp | +0.5% |
| SPDV | AAM S&P 500 High Dividend Value ETF | 39.1% | +22 bp | +1.4% |
| FDL | First Trust Morningstar Dividend Leaders Index Fund | 38.8% | +38 bp | +0.4% |
| DHS | WisdomTree U.S. High Dividend Fund | 38.6% | +31 bp | -0.7% |
| RDIV | Invesco S&P Ultra Dividend Revenue ETF | 38.3% | +32 bp | -0.1% |
| LVHD | Franklin U.S. Low Volatility High Dividend Index ETF | 32.7% | +20 bp | -1.3% |
Risk and Returns: SPYD vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SPYD
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
SPYD
8.8%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.8% |
Recommendation
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. SPYD's ALTAR Score™ is approximately
1.3 standard deviations
above
the category average. This places SPYD in the 89th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
SPYD
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| SPYD (7 bp) Percentile rank | 12 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SPYD | 7.0 | 2.8 | 9.8 |
| Peer Avg. | 36.9 | 15.0 | 51.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .