The energy sector is one of the better-performing groups in the S&P 500 this year, a trend reflected by an array of ETFs. For instance, the iShares U.S. Energy ETF (NYSEArca: IYE) is higher by 5 percent year-to-date.

Energy is one of just four sectors sporting year-to-date gains. Some market observers believe the sector remains attractively valued. Data points confirm as much.

“At two times trailing price-to-book (P/B) the sector looks cheap relative to its own history. Since 1995 the large cap S&P Energy Sector Index has traded at an average of approximately 2.4 P/B,” said BlackRock.

The $1.03 billion IYE tracks the Dow Jones U.S. Oil & Gas Index and holds 68 stocks. Like other traditional cap-weighted energy ETFs, IYE devotes a significant portion of its lineup to Dow components Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX), the two largest U.S. oil companies. Those stocks combine for 36% of the ETF’s weight.

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More Value Energy Confirmation

Data support the notion that energy stocks are cheap relative to the broader market.