S&P 500 Cyclically-Adjusted Price to Earnings (CAPE) Ratio* By Month since January 1985
The CAPE ratio is a stock market valuation measure created by economist Robert Shiller. It is defined as the current price of the S&P 500 divided by the moving-average of 10 years of inflation-adjusted earnings and is principally used to assess likely future returns over longer periods. A higher CAPE ratio can suggest investors are expecting higher future growth, or that the stock market is overvalued.
50
1999-2000
45
2025
40
Dotcom bubble
2021
As of December 1, 2025, the CAPE ratio is at its highest reading since the dotcom bubble.
Pandemic boom
35
2018
▲ Tariff shock
30
2007
Historical average since 1985
25
Pandemic hits
20
Dotcom crash
1987
Financial markets crash
15
2008-2010
Updated December 1, 2025
10
*Source: Robert Shiller, https://shillerdata.com/. Reading are sometimes subsequently revised. Data from sources deemed reliable but not guaranteed and should be considered approximate.
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