State Street Real Estate Select Sector SPDR ETF(XLRE)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily concentrated in real estate, with an overwhelming 99.6% of its assets devoted to this single category. This suggests that investors seeking exposure to real estate through this ETF are getting a highly focused bet on the sector. At a macro level, the fund's weighted P/E ratio of 33.8x and weighted P/B ratio of 4.79x indicate that it is positioned in the higher end of valuation spectrum compared to the broader market.
The top holdings reveal a mix of large-cap real estate investment trusts (REITs) with a focus on logistics, data centers, and office spaces. WELL and PLD stand out as the largest holdings, which could potentially amplify sector-specific risks. The fund's sector mix is heavily skewed towards the US, with no notable international exposure. A favorable macro environment for this portfolio would likely involve sustained demand for real estate assets, particularly in logistics and data centers, while an unfavorable environment might be characterized by rising interest rates or a decline in commercial property values.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:56:14.963155+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name Real Estate Select Sector SPDR is executed with near-perfect fidelity, as every top holding and sector allocation falls squarely within the real estate industry. The portfolio consists entirely of companies engaged in property ownership, management, or development, ranging from residential REITs to industrial logistics providers and data center operators. There are no outliers or unrelated mega-cap technology firms included to artificially stabilize returns; instead, the concentration remains strictly thematic without deviation into other sectors that might dilute the specific exposure promised by the fund's designation.
Sector coherence is absolute, with ninety-nine point eight percent of assets allocated directly to real estate activities, ensuring a singular focus on this vertical. The top-ten concentration of fifty-eight point eight percent indicates a portfolio driven by established leaders in the sector rather than broad market diversification, which creates a distinct profile compared to general equity indices. While this high weighting amplifies sensitivity to interest rate fluctuations and specific sub-sector dynamics like office or residential markets, it confirms that the fund functions as a pure-play vehicle for real estate exposure without the noise of unrelated industries or index-tracking dilution found in broader market products.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 08:53:34.605557+00
🏢 Sector Analysis
AI GeneratedThe State Street Real Estate Select Sector SPDR ETF exhibits an almost exclusive concentration within the real estate sector, with holdings comprising 99.8% of assets across just thirty-one positions. This extreme specificity indicates a fund structure designed to provide targeted exposure strictly to equity securities classified under this industry classification, effectively isolating performance drivers unique to property markets from broader economic variables affecting other sectors. The top five constituents collectively account for nearly one-third of the portfolio's total value, with individual weights ranging between 4.6% and 10.3%, while the aggregate concentration within the top ten holdings reaches 58.7%.
This heavy weighting suggests an investment thesis predicated on capturing sector-wide trends through a small universe of large-cap leaders rather than diversifying across numerous mid-tier or smaller entities. The presence of diversified REITs alongside specialized data center and retail operators implies that the fund seeks to balance traditional income generation with exposure to specific sub-sectors experiencing distinct growth cycles. However, such a narrow allocation profile inherently amplifies idiosyncratic risks associated with any single holding; a significant decline in just one or two of these top positions would materially impact overall portfolio volatility without the cushioning effect typically provided by multi-sector diversification.
Furthermore, the composition reflects a tilt toward established market leaders capable of sustaining substantial asset bases and dividend payouts, as evidenced by their dominant share weights relative to peers not listed among the top five. This concentration strategy may result in higher sensitivity to interest rate fluctuations that disproportionately affect high-yield real estate assets compared to more diversified portfolios. Consequently, while the fund offers precise alignment with a specific industrial vertical, its risk-return profile is heavily dependent on the collective performance of these thirty-one entities and their ability to navigate macroeconomic headwinds unique to the property sector.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 16:04:16.170831+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLRE's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLRE's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPLGSPLG | $97B | — | 32 | 100.0% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 32 | 100.0% |
| SPTMSPTM | $12B | — | 32 | 100.0% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 31 | 99.9% |
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 31 | 99.9% |
100% of XLRE's portfolio by weight is also held by SPLG, which commands 13× more assets under management. When SPLG receives inflows, it mechanically buys these shared stocks — dragging XLRE's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLRE'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 99% 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 XLRE collectively pay out 79% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 57% 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
ProprietaryXLRE is up 10.6% over the last 12 months. The underlying weighted earnings growth of its constituents is +34.7%. Despite earnings growth, valuations have contracted by 24.1% — 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 98% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLRE's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLRE's analyzed weight, 7% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 93% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 100% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDXLRE's top holding WELL at 11.4% is above the 8% elevated-concentration threshold. The effective number of stocks is 20 vs. the actual count of 33.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
HIGHHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XLRE has a Passive Crowding Score of 53/100. On average, 15.8% of the market capitalization of XLRE'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 30 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 | WELL | WELLTOWER INC Real Estate | 11.36% | 116.4x | 7/9 |
| 2 | PLD | PROLOGIS INC Real Estate | 9.32% | 37.7x | 4/9 |
| 3 | EQIX | EQUINIX INC Real Estate | 6.63% | 69.9x | 5/9 |
| 4 | AMT | AMERICAN TOWER CORP Real Estate | 5.25% | 27.3x | 6/9 |
| 5 | SPG | SIMON PROPERTY GROUP INC Real Estate | 4.94% | 15.9x | 4/9 |
| 6 | O | REALTY INCOME CORP Real Estate | 4.68% | 53.9x | 5/9 |
| 7 | VTR | VENTAS INC Real Estate | 4.64% | 171.6x | 6/9 |
| 8 | DLR | DIGITAL REALTY TRUST INC Real Estate | 4.47% | 46.1x | 6/9 |
| 9 | PSA | PUBLIC STORAGE Real Estate | 4.43% | 33.5x | 4/9 |
| 10 | CBRE | CBRE GROUP INC A Real Estate | 4.23% | 32.8x | 5/9 |
| 11 | IRM | IRON MOUNTAIN INC Real Estate | 3.64% | 131.7x | 4/9 |
| 12 | CCI | CROWN CASTLE INC Real Estate | 3.45% | 33.3x | 5/9 |
| 13 | EXR | EXTRA SPACE STORAGE INC Real Estate | 3.19% | 33.7x | 7/9 |
| 14 | VICI | VICI PROPERTIES INC Real Estate | 2.98% | 9.3x | 6/9 |
| 15 | AVB | AVALONBAY COMMUNITIES INC Real Estate | 2.73% | 24.2x | 4/9 |
Historical Holdings Snapshots
Browse how XLRE’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 76.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 11.36% | 4,059,454 | — |
| 2 | PLD | 9.32% | 5,361,532 | — |
| 3 | EQIX | 6.63% | 567,157 | — |
| 4 | AMT | 5.25% | 2,679,235 | — |
| 5 | SPG | 4.94% | 1,864,845 | — |
| 6 | O | 4.68% | 6,146,446 | — |
| 7 | VTR | 4.64% | 4,215,337 | — |
| 8 | DLR | 4.47% | 2,223,273 | — |
| 9 | PSA | 4.43% | 1,178,736 | — |
| 10 | CBRE | 4.23% | 2,538,823 | — |
| 11 | IRM | 3.64% | 2,579,709 | — |
| 12 | CCI | 3.45% | 3,784,203 | — |
| 13 | EXR | 3.19% | 1,831,754 | — |
| 14 | VICI | 2.98% | 9,475,445 | — |
| 15 | AVB | 2.73% | 1,204,548 | — |
2026-07-17
15 holdings · 75.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 11.17% | 4,034,602 | — |
| 2 | PLD | 9.07% | 5,328,664 | — |
| 3 | EQIX | 6.84% | 563,717 | — |
| 4 | AMT | 5.33% | 2,662,751 | — |
| 5 | SPG | 4.88% | 1,853,441 | — |
| 6 | DLR | 4.62% | 2,209,341 | — |
| 7 | VTR | 4.59% | 4,189,493 | — |
| 8 | O | 4.59% | 6,108,694 | — |
| 9 | PSA | 4.37% | 1,171,524 | — |
| 10 | CBRE | 4.23% | 2,523,283 | — |
| 11 | IRM | 3.76% | 2,563,849 | — |
| 12 | CCI | 3.55% | 3,761,027 | — |
| 13 | EXR | 3.12% | 1,820,458 | — |
| 14 | VICI | 2.94% | 9,417,357 | — |
| 15 | AVB | 2.70% | 1,197,132 | — |
2026-07-16
15 holdings · 75.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 11.32% | 4,034,602 | — |
| 2 | PLD | 9.02% | 5,328,664 | — |
| 3 | EQIX | 6.86% | 563,717 | — |
| 4 | AMT | 5.34% | 2,662,751 | — |
| 5 | SPG | 4.87% | 1,853,441 | — |
| 6 | O | 4.63% | 6,108,694 | — |
| 7 | VTR | 4.60% | 4,189,493 | — |
| 8 | DLR | 4.55% | 2,209,341 | — |
| 9 | PSA | 4.44% | 1,171,524 | — |
| 10 | CBRE | 3.99% | 2,523,283 | — |
| 11 | IRM | 3.74% | 2,563,849 | — |
| 12 | CCI | 3.53% | 3,761,027 | — |
| 13 | EXR | 3.15% | 1,820,458 | — |
| 14 | VICI | 2.94% | 9,417,357 | — |
| 15 | AVB | 2.73% | 1,197,132 | — |
2026-07-15
15 holdings · 75.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 11.20% | 4,032,460 | — |
| 2 | PLD | 8.96% | 5,325,836 | — |
| 3 | EQIX | 6.93% | 563,417 | — |
| 4 | AMT | 5.34% | 2,661,337 | — |
| 5 | SPG | 4.81% | 1,852,457 | — |
| 6 | DLR | 4.65% | 2,208,169 | — |
| 7 | O | 4.64% | 6,105,452 | — |
| 8 | VTR | 4.56% | 4,187,269 | — |
| 9 | PSA | 4.46% | 1,170,902 | — |
| 10 | CBRE | 4.12% | 2,521,943 | — |
| 11 | IRM | 3.71% | 2,562,489 | — |
| 12 | CCI | 3.55% | 3,759,031 | — |
| 13 | EXR | 3.13% | 1,819,492 | — |
| 14 | VICI | 2.94% | 9,412,359 | — |
| 15 | AVB | 2.76% | 1,196,496 | — |
2026-07-14
15 holdings · 75.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 11.11% | 4,032,460 | — |
| 2 | PLD | 8.93% | 5,325,836 | — |
| 3 | EQIX | 7.05% | 563,417 | — |
| 4 | AMT | 5.34% | 2,661,337 | — |
| 5 | SPG | 4.82% | 1,852,457 | — |
| 6 | DLR | 4.74% | 2,208,169 | — |
| 7 | O | 4.60% | 6,105,452 | — |
| 8 | VTR | 4.52% | 4,187,269 | — |
| 9 | PSA | 4.47% | 1,170,902 | — |
| 10 | CBRE | 4.19% | 2,521,943 | — |
| 11 | IRM | 3.70% | 2,562,489 | — |
| 12 | CCI | 3.56% | 3,759,031 | — |
| 13 | EXR | 3.12% | 1,819,492 | — |
| 14 | VICI | 2.91% | 9,412,359 | — |
| 15 | AVB | 2.73% | 1,196,496 | — |
2026-07-13
15 holdings · 75.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 11.20% | 4,032,460 | — |
| 2 | PLD | 9.01% | 5,325,836 | — |
| 3 | EQIX | 6.97% | 563,417 | — |
| 4 | AMT | 5.25% | 2,661,337 | — |
| 5 | SPG | 4.87% | 1,852,457 | — |
| 6 | DLR | 4.74% | 2,208,169 | — |
| 7 | O | 4.61% | 6,105,452 | — |
| 8 | VTR | 4.59% | 4,187,269 | — |
| 9 | PSA | 4.47% | 1,170,902 | — |
| 10 | CBRE | 4.26% | 2,521,943 | — |
| 11 | IRM | 3.66% | 2,562,489 | — |
| 12 | CCI | 3.45% | 3,759,031 | — |
| 13 | EXR | 3.11% | 1,819,492 | — |
| 14 | VICI | 2.92% | 9,412,359 | — |
| 15 | AVB | 2.71% | 1,196,496 | — |
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.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove XLRE Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedXLRE is currently trading slightly above its 50-day moving average of $42.06 but remains below the longer-term 200-day moving average at $41.19, suggesting a near-term bullish bias amidst an overall neutral trend. The RSI reading of 41.9 indicates that momentum is currently lacking and tilts towards being in oversold territory, which could signal potential for a bounce or continued weakness depending on further developments.
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 XLRE’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.
Positions Increased (33)
Positions Decreased (0)
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.