VHT(VHT)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Healthcare, with a significant majority of assets concentrated in this single sector. This concentration within a specific industry group may amplify potential risks associated with regulatory changes or disruptions in the healthcare landscape. The fund's weighted P/E and P/B ratios indicate that it holds stocks with relatively high valuations, suggesting a growth-oriented approach.
The top holdings are dominated by large-cap pharmaceutical companies, such as LLY and MRK, which contribute significantly to the portfolio's overall exposure. In contrast, Industrials and Financial Services sectors are entirely absent from the fund's composition. A favorable macro environment for this portfolio would likely be one with sustained demand for healthcare services and continued growth in the pharmaceutical industry. Conversely, a downturn in these areas could have a more pronounced impact on the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-06 08:12:30.746791+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the ETF name, VHT (Healthcare Select Sector SPDR Fund), exhibits an exceptionally strong alignment with its actual portfolio composition. Every single top holding listed is categorized strictly within the healthcare sector, ranging from large-cap pharmaceutical giants like Eli Lilly and Johnson & Johnson to diversified medical device firms such as Intuitive Surgical. There are no apparent outliers or unrelated mega-cap stocks that would dilute the thematic focus; instead, the fund appears to utilize broad names specifically to maintain stability while adhering tightly to its designated industry mandate. The absence of holdings from technology, consumer discretionary, or financial sectors further reinforces the integrity of this classification.
Sector coherence is virtually absolute, with healthcare comprising 88.2% of the total assets and all other listed sectors registering negligible weights that do not meaningfully impact the fund's identity. This heavy concentration within a single sector distinguishes the vehicle from broad market indices, which typically distribute exposure across multiple industries to mitigate idiosyncratic risks associated with any one field. However, this structural differentiation also introduces significant concentration risk, as evidenced by the top-10 holdings accounting for over half of the portfolio's value. While the fund successfully avoids sector drift, its performance will remain highly correlated with the specific fortunes and regulatory environments facing the healthcare industry, potentially leading to higher volatility compared to more diversified equity strategies.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 02:12:45.185147+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of this fund exhibits an extreme concentration within the healthcare industry, which comprises over 88% of total assets. This near-total dedication to a single economic vertical signals a highly specialized investment thesis focused exclusively on pharmaceuticals, biotechnology, and medical devices while deliberately excluding exposure to financial services or industrials. Such a structure implies that the fund's performance is almost entirely dependent on the macroeconomic health of the healthcare sector rather than providing broad market diversification across different industries.
The composition of the top holdings further clarifies the specific factor tilts inherent in this approach, as the leading positions are dominated by large-cap established players like Eli Lilly and Johnson & Johnson alongside major pharmaceutical firms such as AbbVie and Merck. This weighting pattern suggests a tilt toward stability and market leadership within healthcare rather than aggressive exposure to smaller biotech innovators or volatile growth stocks outside of traditional drugmakers. The top-10 concentration metric, which accounts for more than half of the portfolio's value, highlights significant idiosyncratic risk; adverse developments affecting just one or two of these massive constituents could disproportionately impact overall fund returns due to the lack of sectoral buffering.
From a risk management perspective, this allocation profile presents substantial single-sector and top-ten-name concentration risks that differ markedly from diversified equity strategies. By holding only sixteen healthcare companies despite representing nearly ninety percent of assets, the fund sacrifices breadth for deep specialization in specific sub-sectors of medicine. Investors analyzing this data must recognize that while the strategy offers targeted exposure to potential breakthroughs or innovations within drug development and patient care, it simultaneously removes protective hedges found in other economic cycles, making the portfolio's trajectory closely tied to regulatory changes, patent expirations, and clinical trial outcomes specific to the healthcare landscape.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 02:43:45.207148+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VHT's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VHT's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 165 | 92.6% |
| ONEOONEO | $25M | — | 91 | 90.9% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 57 | 86.8% |
| VONEVONE | $10B | — | 56 | 86.5% |
| QUSQUS | $1B | — | 55 | 85.9% |
93% of VHT's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VHT's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVHT's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 91% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VHT collectively pay out 56% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 74% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVHT is up 23.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +29.3%. Despite earnings growth, valuations have contracted by 5.8% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 92% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VHT's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VHT's analyzed weight, 68% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 32% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 88% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHLLY at 14.0% contributes an estimated 45% of portfolio variance.VHT holds 50 stocks but behaves like an 23-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VHT has a Passive Crowding Score of 38/100. On average, 11.4% of the market capitalization of VHT's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 36 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | LLY | Eli Lilly & Co. Healthcare | 14.01% | 43.1x | 7/9 |
| 2 | JNJ | Johnson & Johnson Healthcare | 8.45% | 30.5x | 4/9 |
| 3 | ABBV | AbbVie Inc. Healthcare | 6.08% | 128.0x | 7/9 |
| 4 | UNH | UnitedHealth Group Inc. Healthcare | 5.45% | 32.1x | 6/9 |
| 5 | MRK | Merck & Co. Inc. Healthcare | 4.63% | 36.5x | 4/9 |
| 6 | TMO | Thermo Fisher Scientific Inc. Healthcare | 2.89% | 28.7x | 4/9 |
| 7 | AMGN | Amgen Inc. Healthcare | 2.87% | 26.0x | 7/9 |
| 8 | GILD | Gilead Sciences Inc. Healthcare | 2.63% | 17.9x | 8/9 |
| 9 | ISRG | Intuitive Surgical Inc. Healthcare | 2.38% | 51.8x | 7/9 |
| 10 | ABT | Abbott Laboratories Healthcare | 2.35% | 26.7x | 5/9 |
| 11 | PFE | Pfizer Inc. Healthcare | 2.35% | 18.6x | 5/9 |
| 12 | BMY | Bristol-Myers Squibb Co. Healthcare | 1.84% | 16.3x | 9/9 |
| 13 | DHR | Danaher Corp. Healthcare | 1.84% | 38.3x | 4/9 |
| 14 | CVS | CVS Health Corp. Healthcare | 1.83% | 45.9x | 6/9 |
| 15 | VRTX | Vertex Pharmaceuticals Inc. Healthcare | 1.80% | 31.4x | 6/9 |
Historical Holdings Snapshots
Browse how VHT’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-10
15 holdings · 61.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 14.01% | 2,407,824 | $2.7B |
| 2 | JNJ | 8.45% | 7,121,446 | $1.6B |
| 3 | ABBV | 6.08% | 5,303,061 | $1.2B |
| 4 | UNH | 5.45% | 2,721,374 | $1.0B |
| 5 | MRK | 4.63% | 7,412,681 | $880.0M |
| 6 | TMO | 2.89% | 1,114,159 | $548.7M |
| 7 | AMGN | 2.87% | 1,616,218 | $544.3M |
| 8 | GILD | 2.63% | 3,721,407 | $500.3M |
| 9 | ISRG | 2.38% | 1,064,855 | $452.2M |
| 10 | ABT | 2.35% | 5,221,565 | $447.0M |
| 11 | PFE | 2.35% | 17,054,767 | $446.5M |
| 12 | BMY | 1.84% | 6,121,464 | $350.0M |
| 13 | DHR | 1.84% | 1,909,565 | $348.8M |
| 14 | CVS | 1.83% | 3,814,318 | $347.0M |
| 15 | VRTX | 1.80% | 762,619 | $341.3M |
2026-07-09
15 holdings · 61.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 14.01% | 2,407,824 | $2.7B |
| 2 | JNJ | 8.45% | 7,121,446 | $1.6B |
| 3 | ABBV | 6.08% | 5,303,061 | $1.2B |
| 4 | UNH | 5.45% | 2,721,374 | $1.0B |
| 5 | MRK | 4.63% | 7,412,681 | $880.0M |
| 6 | TMO | 2.89% | 1,114,159 | $548.7M |
| 7 | AMGN | 2.87% | 1,616,218 | $544.3M |
| 8 | GILD | 2.63% | 3,721,407 | $500.3M |
| 9 | ISRG | 2.38% | 1,064,855 | $452.2M |
| 10 | ABT | 2.35% | 5,221,565 | $447.0M |
| 11 | PFE | 2.35% | 17,054,767 | $446.5M |
| 12 | BMY | 1.84% | 6,121,464 | $350.0M |
| 13 | DHR | 1.84% | 1,909,565 | $348.8M |
| 14 | CVS | 1.83% | 3,814,318 | $347.0M |
| 15 | VRTX | 1.80% | 762,619 | $341.3M |
2026-07-08
15 holdings · 61.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 14.01% | 2,407,824 | $2.7B |
| 2 | JNJ | 8.45% | 7,121,446 | $1.6B |
| 3 | ABBV | 6.08% | 5,303,061 | $1.2B |
| 4 | UNH | 5.45% | 2,721,374 | $1.0B |
| 5 | MRK | 4.63% | 7,412,681 | $880.0M |
| 6 | TMO | 2.89% | 1,114,159 | $548.7M |
| 7 | AMGN | 2.87% | 1,616,218 | $544.3M |
| 8 | GILD | 2.63% | 3,721,407 | $500.3M |
| 9 | ISRG | 2.38% | 1,064,855 | $452.2M |
| 10 | PFE | 2.35% | 17,054,767 | $446.5M |
| 11 | ABT | 2.35% | 5,221,565 | $447.0M |
| 12 | BMY | 1.84% | 6,121,464 | $350.0M |
| 13 | DHR | 1.84% | 1,909,565 | $348.8M |
| 14 | CVS | 1.83% | 3,814,318 | $347.0M |
| 15 | VRTX | 1.80% | 762,619 | $341.3M |
2026-07-07
15 holdings · 61.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 14.01% | 2,407,824 | $2.7B |
| 2 | JNJ | 8.45% | 7,121,446 | $1.6B |
| 3 | ABBV | 6.08% | 5,303,061 | $1.2B |
| 4 | UNH | 5.45% | 2,721,374 | $1.0B |
| 5 | MRK | 4.63% | 7,412,681 | $880.0M |
| 6 | TMO | 2.89% | 1,114,159 | $548.7M |
| 7 | AMGN | 2.87% | 1,616,218 | $544.3M |
| 8 | GILD | 2.63% | 3,721,407 | $500.3M |
| 9 | ISRG | 2.38% | 1,064,855 | $452.2M |
| 10 | PFE | 2.35% | 17,054,767 | $446.5M |
| 11 | ABT | 2.35% | 5,221,565 | $447.0M |
| 12 | DHR | 1.84% | 1,909,565 | $348.8M |
| 13 | BMY | 1.84% | 6,121,464 | $350.0M |
| 14 | CVS | 1.83% | 3,814,318 | $347.0M |
| 15 | VRTX | 1.80% | 762,619 | $341.3M |
2026-07-06
15 holdings · 61.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 14.01% | 2,407,824 | $2.7B |
| 2 | JNJ | 8.45% | 7,121,446 | $1.6B |
| 3 | ABBV | 6.08% | 5,303,061 | $1.2B |
| 4 | UNH | 5.45% | 2,721,374 | $1.0B |
| 5 | MRK | 4.63% | 7,412,681 | $880.0M |
| 6 | TMO | 2.89% | 1,114,159 | $548.7M |
| 7 | AMGN | 2.87% | 1,616,218 | $544.3M |
| 8 | GILD | 2.63% | 3,721,407 | $500.3M |
| 9 | ISRG | 2.38% | 1,064,855 | $452.2M |
| 10 | ABT | 2.35% | 5,221,565 | $447.0M |
| 11 | PFE | 2.35% | 17,054,767 | $446.5M |
| 12 | BMY | 1.84% | 6,121,464 | $350.0M |
| 13 | DHR | 1.84% | 1,909,565 | $348.8M |
| 14 | CVS | 1.83% | 3,814,318 | $347.0M |
| 15 | VRTX | 1.80% | 762,619 | $341.3M |
2026-07-05
15 holdings · 61.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LLY | 14.01% | 2,407,824 | $2.7B |
| 2 | JNJ | 8.45% | 7,121,446 | $1.6B |
| 3 | ABBV | 6.08% | 5,303,061 | $1.2B |
| 4 | UNH | 5.45% | 2,721,374 | $1.0B |
| 5 | MRK | 4.63% | 7,412,681 | $880.0M |
| 6 | TMO | 2.89% | 1,114,159 | $548.7M |
| 7 | AMGN | 2.87% | 1,616,218 | $544.3M |
| 8 | GILD | 2.63% | 3,721,407 | $500.3M |
| 9 | ISRG | 2.38% | 1,064,855 | $452.2M |
| 10 | ABT | 2.35% | 5,221,565 | $447.0M |
| 11 | PFE | 2.35% | 17,054,767 | $446.5M |
| 12 | BMY | 1.84% | 6,121,464 | $350.0M |
| 13 | DHR | 1.84% | 1,909,565 | $348.8M |
| 14 | CVS | 1.83% | 3,814,318 | $347.0M |
| 15 | VRTX | 1.80% | 762,619 | $341.3M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove VHT Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VHT’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-09.
SecuritiesDB is for informational purposes only. Not investment advice.