InvestorsFriend's one-stop Canadian ETF reference Site provides: (For stock, bond, gold and other ETFs)

1. Selected Canadian Exchange Traded Funds (ETFs) and ETF trading symbols
2. Fundamental data for each of approximately 48 selected Canadian ETFs (P/E ratio and dividend yield on the fund as well as dividend yield on the under-lying index)
3. Links  (where available) to updated P/E ratio, dividend yield and other info. on each ETF's underlying index
4. Links to for each Canadian ETF for an updated price and for news items
5. Management Expense Ratio (MER) of each selected Canadian ETF.
6. Fundamentals on TSX market segments for which no Canadian ETF is available.
7. Includes Canadian Fixed Income Bond Exchange Traded Funds ETFs as well
8. Links to the sponsor web site of each ETF for updated fundamentals and where the companies in each ETF and the weight of each company can be seen
9. Includes physical Gold ETFs, physical Silver ETFs, Oil ETFs, and Natural Gas ETFs

 

With this one article a diversified Canadian ETF Exchange Traded Fund portfolio could be selected and purchased within an hour or so.

We provide the P/E and dividend yields as of May 2, 2013. But we also provide links (where available) so that you can check the latest P/E, dividend yield and Canadian ETF prices. Therefore this Canadian ETF reference article can be used at any date, not just near the date it was last updated.

Keep in mind that P/E ratios and yields (and the resulting valuation comments) are based on the earnings and dividend information available at a point in time. For example the figures below updated May 2 would generally reflect 2012 earnings. Ratios are always subject to change as financial results change and as the ETF prices change. You can click to see the updated P/E and dividend yield as earnings get reported and as the ETF prices change. 

It appears that P/E ratios may be getting far less reliable under the new IFRS accounting. Also, if the earnings are expected to rise or fall substantially compared to the earnings in the most recent four quarters reported, then the most recent P/E ratio would not be reliable as a valuation indicator. Nevertheless, the trailing P/E ratios are what they are, and investors should find value in being aware of them.

Keep in mind that stocks are volatile and a segment that looks attractive on trailing earnings may not be attractive if earnings fall sharply, but the opposite applies if earnings start to rise rapidly.

See also our article on selected global ETFs Exchange Traded Funds.

TSX Segment Index	Trailing P/E  (Click for update)	Dividend Yield % (Click for update)	ETF Stock Symbol, Price as at May 2, '13 and MER (Click for updated price)	Comment Note the valuation comments are based on the trailing P/E ratios and the yields. As noted below the P/E at times may not represent a good indication of value if the earnings are expected to change readily compared to the trailing earnings.
HIGHER YIELDING DIVIDEND CANADIAN EQUITY STOCK ETFs - (updated May 4, 2013) Note that ETF dividends can be volatile and therefore the indicated dividend yields can sometimes be misleading.
S&P/TSX Income Trust Index	11.7	4.9%	No ETF	15 Trusts, 13 of which are RIETs. Appears attractive. But P/E may not be meaningful due to mark to market accounting of rental properties. There is no Income Trust ETF (to our knowledge) but see the REIT ETF below.
S&P/TSX Capped Financials Index and TSX Financials ETF double bull ETF and TSX Financials single and double bear ETF	11.9	4.6% (index) 3.3% XFN 0% HFU, HIE and HFD	XFN $24.72 (0.55% MER) HFU $14.45 (1.15% MER) 2 times bull HIF  $?.?? Single Bear 1.15% MER HFD $5.07 (1.15% MER) 2 times bear	26 companies in the ETF dominated by the big banks and life insurance companies.  XFN Looks attractive  Note that leveraged ETFs (2 or three times bull or bear) are known to perform as expected for short-term holding periods but may not perform as expected over longer holding periods. Click on the ETF symbol to see a graph that illustrates the problem.
S&P/TSX Capped Real Estate Index and ETF	12.0	3.9% (index)	No ETF but see REIT ETF below	18 entities. Most but not all are REITs. P/E may be unreliable due to mark to market valuation of properties of REITS under IFRS accounting and will be highly volatile.  Attractive yield. There is no ETF to our knowledge.
S&P/TSX Capped Telecommunications Index	15.4	4.5%	No ETF	Only 5 companies. No ETF to our knowledge.
S&P/TSX Capped Utilities Index	52	4.2% 4.0% XUT	XUT  $20.89 (0.55% MER)	11 companies. The Dividend yield is attractive. The P/E ratio appears to be distorted, probably by some unusual losses.
S&P/TSX Capped REIT Index	11.0	5.0% 4.2% XRE	XRE  $17.85 (0.55% MER)	13 REITs. P/E may be unreliable due to IFRS mark to market valuations of properties held by REITs. Dividend is attractive.
Dow Jones Canada Select Dividend Yield Index TSX Dividend ETF	12.9 P/B = 1.9	4.2% index 4.1% XDV	XDV  $22.20 (0.50% MER)	Appears attractive. About 30 companies in the ETF. Their is a heavy exposure to the big bank stocks.
Dow Jones Canada Select Value Index TSX Value ETF	12.2 P/B = 1.6	4.2% index 3.4% XCV	XCV  $20.61 (0.50% MER)	73 companies. Appears attractive.
S&P/TSX Canadian Dividend Aristocrats Index	22.7 17.1 CDZ P/B = 1.8	4.2 index  3.4% CDZ	CDZ $22.88 (0.65% MER)	62 companies. Appears neutral in attractiveness at best.
S&P / TSX Preferred Share Index	not Applicable to Preferred	4.7% index  4.5% CPD	CPD $17.31 (0.45% MER)	About 150 preferred share issues. This appears to be moderately attractive. But keep in mind there is little chance of a price increase here, and if interest rates rise much there will be a price decline.
TSX Segment Index	Trailing P/E  (Click for update)	Dividend Yield % (Click for update)	ETF Stock Symbol,  (Click for updated price)	Comment
CANADIAN EQUITY ETFs (dated May 2, 2013)
S&P/TSX Composite index and TSX Composite ETF	18.8	3.2% index 2.6% XIC	XIC  TSX $19.67 (0.25% MER)	237 companies. Appears not particularly attractive. Has a heavy weighting to volatile finance and energy sectors.
S&P/TSX 60 (Large Cap) Index and TSX 60 ETF and TSX 60 bull ETF and TSX 60 bear ETF	18.0	3.2% index 2.9% XIU No dividend on HXU, HIX or HXD	XIU $17.87 (0.17% MER) HXU $18.86 (1.15% MER) 2 times bull HIX $10.28 Single Bear 1.15% MER HXD $8.15 (1.15% MER) 2 times bear	60 companies. Note the very low management expense fee (ratio). This allows broad exposure to the Canadian stock market at a low fee. Appears not particularly attractive. Has a heavy weighting to volatile finance and energy sectors. Note that leveraged ETFs (2 or three times bull or bear) are known to perform as expected for short-term holding periods but may not perform as expected over longer holding periods. Click on the symbol HXU to see a graph that illustrates the problem.
S&P/TSX Mid and Small Cap Index (Completion Index) and TSX mid-cap ETF	21.8	3.0% index 2.0% XMD	XMD  $21.70 (0.55% MER)	Seems unattractive.177 companies.
S&P/TSX Small Cap Index and TSX small cap ETF	79.2	2.8% index 1.8% XCS	XCS  $15.52 (0.55% MER)	Seems highly unattractive. But this may be due to IFRS accounting. 225 companies.
S&P/TSX Capped Consumer Discretionary Index	14.9	2.5%	No ETF	There are only about 18 companies in the index, some are poor fits. (Magna, Thompson Reuters??) Seems like a meaningless sector.
S&P/TSX Capped Consumer Staples Index	15.9	1.7% index 0.8% XST	XST $27.87 (0.55% MER)	Neutral in attractiveness. Only 11 companies mostly grocery and drug stores.
S&P/TSX Capped Metals & Mining Index	13.7	1.6%	No ETF	About 11 companies.
S&P/TSX Capped Energy Index and TSX Energy ETF and TSX Energy double bull ETF and TSX Energy single and double bear ETF	42	3.3% index 2.5% XEG No dividend on HEU, HIF or HED	XEG $15.31 (0.55% MER) HEU $4.76 (1.15% MER) 2 times bull HIE  $?.?? Single Bear1.15% MER HED $4.41 (1.15% MER) 2 times bear	47 companies. Looks unattractive but that depends on oil and gas prices.
S&P/TSX Capped Health Care Index	25.8	3.6%	No ETF	Only 4 companies.
S&P/TSX Capped Industrials Index	20.1	2.1	No ETF	20 companies.
S&P/TSX Capped Information technology Index and TSX Information Technology Tech ETF	negative earnings	0.9% index n.a. XIT	XIT  $7.88 (0.55% MER)	Appears quite unattractive but is particularly  unpredictable - only about  7  companies in this ETF
S&P/TSX Capped Materials Index TSX Materials ETF	28.5	2.1% index 1.6% XMA	XMA  $13.65 (0.55% MER)	59 companies, looks unattractive but earnings here are particularly unpredictable moving with commodity prices
Dow Jones Canada Select Growth Index TSX Growth ETF	20.4 P/B = 2.4	2.1% index 1.4% XCG	XCG  $22.28 (0.50% MER)	58 companies appears unattractive.
Claymore Oil Sands Sector ETF	15.6 P/B = 1.3	0.0% index 0.0% CLO	CLO  $12.24 (0.60% MER)	13 companies. Looks neutral in  attractiveness but valuation will change with Alberta oil prices.
CANADIAN FIXED INCOME BOND ETFs (dated May 2, 2013)
Bond Type (Click for updated yield to maturity and to see the individual bonds in the index)	Average Term of Bonds in Years	Average  Yield to Maturity before MER on index and cash yield on ETF	ETF Stock Symbol,  (Click for updated price)	Comment  (Bonds and Bond ETFs are more suitable to tax-sheltered accounts than taxable) ETF yield may be higher than the true return you will get because these bonds trade at a premium
ishares Canadian Bond ETF (Mix of Government and Corporate)	9.8	2.1% YTM index 3.2% cash yield XBB	XBB $31.49 (0.30% MER)	Appears highly unattractive and it will fall in price if interest rates rise. This will slowly fall in price if interest rates remain stable.  Expect a capital loss even if interest rates are stable, best indication of true expected return is index yield to maturity minus MER! Actual return is unpredictable.
ishares Canadian Corporate Bond ETF	8.5	2.5% YTM index 3.7% cash yield XCB	XCB $21.64 (0.42% MER)	Not attractive  It will fall in price if the probability of corporate bankruptcies rises, and/or if interest rates rise. Expect a capital loss even if interest rates are stable, best indication of true expected return is index yield to maturity minus MER !Actual return is unpredictable.
ishares Canadian Government Bond ETF	10.3	1.9% YTM index 2.9% XBG	XGB $21.84 (0.35% MER)	Not attractive. Expect a capital loss even if interest rates are stable. The best indication of true expected return is index yield to maturity minus MER! Actual return is unpredictable.
ishares Canadian Long Bond ETF (mix of government and corporate)	22.2	3.1% YTM index 3.8% XLB	XLB $23.40 (0.37% MER)	Not an attractive yield and  with its long maturity it will fall heavily if long-term interest rates rise.  Expect a capital loss even if interest rates remain stable. The best indication of true expected return is index yield to maturity minus MER! Actual return is unpredictable.
ishares Canadian Real Return Bond ETF	20.2	0.2% YTM plus inflation index 1.8% XRB	XRB $25.63 (0.37% MER)	Real return bonds protect against inflation but pay tiny yields and do not at all protect against a rise in the real (before inflation) interest rates. Real interest rates are at historic lows so that represents a danger with this ETF fund.
ishares Canadian Short Bond ETF	2.8	1.4% YTM index 2.8% XSB	XSB $28.90 (0.26% MER)	1.4% YTM minus the MER seems unattractive.  Expect a capital loss even if interest rates are stable, best indication of true expected return is index yield minus MER!, not the cash yield on the ETF
General comments on Bonds: Bond interest is taxed more heavily than share dividends or capital gains. Therefore they are more suitable for tax-sheltered savings accounts. (RRSP, RESP, Tax Free Savings Account). Bonds, and especially longer term bonds fall in price when interest rates rise. Interest rates are currently at record lows and therefore there is a high risk that interest rates will rise and that bond prices will fall. The real return bond partly protects against that risk. Corporate Bonds fall in price when corporate profits fall and or whenever corporations are viewed as more risky or when interest rates rise in general. Bond and Bond ETF cash yields can be higher than the underlying yield to maturity - don't be misled - the offset would be an expected capital loss as the bonds are trading at a premium to their maturity price. See also our articles on bond investing.
GOLD AND COMMODITY ETFs (updated May 2, 2012)
Commodity Type	P/E Ratio	Yield	ETF Stock Symbol,  (Click for updated price)	Comment
S&P/TSX Global Gold Index TSX Global Gold ETF	12.4	1.4% XGD 2.5% index 1.4% XGD No dividends on the bear/bull ETFs	XGD $12.33 (0.55% MER) HGU $12.24 (1.15% MER) 2 times bull HIG  $?.?? Single Bear 1.15% MER HGD  $21.05 (1.15% MER) 2 times bear	54 Global gold companies. My experience has been that gold companies tend to be often over-priced due to a "lottery ticket" mentality. This appears to be attractive The symbols starting with H here trade on Toronto in Canadian dollars - but not hedged. Note that leveraged ETFs (2 or three times bull or bear) are known to perform as expected for short-term holding periods but may not perform as expected over longer holding periods. Click on the ETF symbol to see a graph that illustrates the problem.
HBP COMEX® GOLD ETF (HUG)	not applicable	not applicable	HUG $14.52 MER 0.65%	Gold itself as a commodity in Canadian dollars and hedged to remove currency risk Endeavors to correspond to the performance of the COMEX® gold futures contract for a subsequent delivery month i.e. It does not own physical gold In a stable market with an upward sloping futures price, it would by nature lose money as each futures bought each month tends to be more expensive than the value of the expiring contract being sold.
iShares Gold Bullion Trust	not applicable	not applicable	CGL  $13.08 MER = 0.50%	This is gold itself as a commodity.   This Trust owns physical Gold
ISHARES COMEX Gold Trust TSX Gold Commodity ETF	not applicable	not applicable	IGT  $14.40 (0.40% MER) This is the American MER, possibly it is higher in Canada.	This is gold itself as a commodity. This is a U.S. gold ETF that also happens to trade on the TSX in Canadian dollars.  This Trust owns physical Gold
ishares Silver Bullion Fund	not applicable	not applicable	SVR.un  $13.90 MER = 0.60%	This is silver itself as a commodity. Trades in Canadian dollars but is hedged.   This Trust owns physical Silver
HBP COMEX® SILVER ETF (HUZ)	not applicable	not applicable	HUZ  $15.27 MER 0.65%	Silver as a commodity  in Canadian dollars and hedged to remove currency risk Endeavors to correspond to the performance of the COMEX® silver futures contract for a subsequent delivery month - it does not own physical silver. In a stable market with an upward sloping futures price, it would by nature lose money as each futures bought each month tends to be more expensive than the value of the expiring contract being sold.
HBP WINTER NYMEX® CRUDE OIL ETF (HUC)	not applicable	not applicable	HUC  $10.38 MER 0.75%	Emulates December contract for NYMEX light sweet Crude. Priced in Canadian dollars and Hedged. This should go up if December futures price for oil rises. And the reverse. This ETF may lose money when it sells the December 2013 contract and presumably buys the December 2014 contract
HBP NYMEX® Crude Oil Bull Plus ETF          HBP NYMEX® Crude Oil Bear Plus ETF	not applicable	not applicable	HOU    $4.47 MER 1.15%           HOD    $5.22 MER 1.15%	2x Bull Attempts to emulate a 200% continuous exposure to the next month's oil futures contract on the New York Mercantile Exchange  2x Bear Attempts to emulate a 200% continuous exposure to selling the next month oil futures contract on the New York Mercantile Exchange  In Hedged Canadian dollars Note that leveraged ETFs (2 or three times bull or bear) are known to perform as expected for short-term holding periods but may not perform as expected over longer holding periods. Click on the links to see a graph that illustrates the problem.
HBP WINTER NYMEX® NATURAL GAS ETF (HUN)	not applicable	not applicable	HUN  $11.02 MER 0.75%	Emulates January contract for NYMEX Natural Gas. Priced in Canadian dollars and Hedged This ETF should go up if the January natural gas price rises. And the reverse. Also may lose money when it has to sell January 2013 to buy January 2014.
HBP NYMEX® Natural Gas Bull Plus ETF         HBP NYMEX® Natural Gas Bear Plus ETF	not applicable	not applicable	HNU   $15.17 MER 1.15%         HND  $5.58 MER 1.15%	2x Bull Attempts to emulate a 200% exposure to the next month Natural gas future on New York Mercantile Exchange  2x Bear Attempts to emulate a 200% exposure to selling the next month Natural gas future contract on the New York Mercantile Exchange  In Hedged Canadian dollars Note that leveraged ETFs (2 or three times bull or bear) are known to perform as expected for short-term holding periods but may not perform as expected over longer holding periods. Click on the links to see a graph that illustrates the problem.

For those interested in Canadian ETFs this is an excellent reference article. You can bookmark it and also join our free newsletter list to be advised of periodic updates to this table.

For those segments that show an entry in the Canadian "ETF" column, this means that a Canadian Exchange Traded Fund is available. These Canadian ETFs trade just like stocks on the Toronto Stock Exchange and the trading symbol is provided. Buying the Exchange Traded Fund gives convenient exposure to the segment.

Where an ETF exists, you can buy it just like buying a stock.

With the information above investors can make a judgment as to the desirability of various segments of the Canadian market and  we provide the trading symbol under which each can be purchased. (Or sold short for that matter).

This can help you decide which sectors are most (or least) attractive. (Financial, Energy, Real Estate etc.). For those sectors with an ETF available, you can then easily buy that sector by buying the Exchange Traded Fund.

While it can be very difficult to interpret whether a particular P/E ratio is attractive or not, it is useful to be aware of these ratios. Note that most of the indexes are "capped" which means that the contribution of any one company to the index is capped or limited to a certain level. In theory the P/E ratio of an index should be more meaningful than the P/E for an individual stock since the group of companies that make up an index are less prone to unusual gains and losses since these tend to average out. But in some cases they do not average out and an index P/E could be affected by large unusual gains or losses at individual companies or something unusual that is affecting the entire sector.

Note that some of these sectors contain less than 10 companies which is really not enough to be representative of a sector.

Where there is no ETF, you cannot buy the index and would need to pick and choose individual stocks or find mutual funds that focus on the sector.

The ETF's that start with "X" are from from www.ishares.ca The Canadian ETF's that start with "H" are by Horizon beta pro and are either a two times bullish bet on the segment or a two times bear bet against the segment. Use caution and see http://www.hbpETFs.com/ for more information. The ETF's that start with a "C" are formerly by Claymore Investments but now by ishares. We have not so far included the Bank of Montreal ETFs partly because we could not find the P/E and yield data. Also we have not so far included the new Vanguard Canadian ETFs partly due to time constraints. If there is a particular Canadian ETF that you would like to see added and for which fundamental data like the P/E ratios is available, please let us know and we will consider adding it.

In buying or selling any of these Canadian ETFs be cautious about the trading volume and the bid/ask spread. Higher volume ETFs are preferred, all else being equal.

In buying any of these, be careful to double check the Canadian ETF trading symbol with other sources. I believe the symbols above are correct, but please double check. A wrong symbol could lead to to the wrong investment. Also check the latest P/E ratios and dividend yield by clicking the links above. When clicking links check that it goes to the Canadian ETF name that you expect.

Investors may wish to consider the expected growth or contraction of the earnings that are driving the P/E for a particular segment. High growth can justify a high P/E and low or negative growth leads to lower P/E ratios. Also for some industries like mining and real estate, the GAAP earnings may arguably understate sustainable free cash flow therefore justifying a higher P/E. For more on this see our articles on understanding P/E ratios. Possibly, some segments, which may not have a lot of companies in the sector, are affected by one or two companies within the sector having unusual losses or gains.

END

Shawn Allen, CFA, CMA, MBA, P.Eng.

President, InvestorsFriend Inc.

Last updated: May 2, 2013