COMP <GO>

XLV vs SPY // PIOTROSKI F-SCORE QUALITY

Health Care Select Sector SPDR Fund (NYSE) VS. SPDR S&P 500 ETF Trust (NYSE) • 15-METRIC TALLY: XLV 1 — SPY 1

■ METRIC PARITY

LAST: $184.87 (+0.45%) • MKT CAP: $40.00B

piotroski-score

7/9

LAST: $755.72 (-1.77%) • MKT CAP: $620.00B

piotroski-score

7/9

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (XLV VS. SPY) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	XLV	SPY	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	58.00%	58.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	19.50%	19.50%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	3.40%	3.40%	0.00	TIE	/fcf-yield <GO>
Operating Margin	24.00%	24.00%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	18.50%	18.50%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	9.20%	9.20%	0.00	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.30%	1.30%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	4.80	4.80	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality ACTIVE	7/9	7/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	3.20%	3.20%	0.00	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	72.5	40.2	+32.30	XLV	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.00	1.00	0.00	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	19.8x	19.8x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$40.00B	$620.00B	-$580.00B	SPY	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	XLV REV	SPY REV	XLV GROSS %	SPY GROSS %	XLV FCF	SPY FCF
INSPECT INDIVIDUAL XBRL MODELS AT XLV FA <GO> AND SPY FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

XLV // BETA 1.00

SPY // BETA 1.00