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Shiller P/E Ratio (CAPE)

Ten-year cyclically adjusted P/E of the historical U.S. stock market. Monthly observations, not a real-time S&P 500 estimate.
Latest complete month
39.84×
June 2026

Historical CAPE chart

0×10×20×30×40×50×1900192019401960198020002020June 2026: 39.84×
June 202639.84×Use ←/→ to inspect points; Home/End jump to range boundaries.
Calculated from Shiller's monthly index prices, earnings and CPI. Incomplete earnings months are excluded; the figure is not a live quote.
Showing 1,747 observations from December 1880 through June 2026, with 260 representative points plotted. The full history begins December 1880. Latest complete earnings month: June 2026. This chart is not a current valuation estimate.
Historical mean
17.71×
1,747 months
Historical high
44.00×
Historical low
4.80×
Retained history
1,747 months
December 1880 to June 2026

Monthly observation history

Page 17 of 35. Newest observations first. CSV, embeds and JSON API are disabled for this source.
Independently calculated historical CAPE observations, newest 12 observations
MonthCAPE ratio
October 195918.00×
September 195918.10×
August 195918.93×
July 195919.07×
June 195918.43×
May 195918.67×
April 195918.42×
March 195918.19×
February 195917.75×
January 195917.97×
December 195817.35×
November 195816.98×
Show 38 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
October 195816.54×
September 195815.91×
August 195815.52×
July 195814.93×
June 195814.61×
May 195814.29×
April 195813.88×
March 195813.89×
February 195813.74×
January 195813.74×
December 195713.62×
November 195713.68×
October 195714.09×
September 195715.09×
August 195715.80×
July 195716.79×
June 195716.65×
May 195716.52×
April 195716.04×
March 195715.82×
February 195715.75×
January 195716.62×
December 195617.09×
November 195617.01×
October 195617.30×
September 195617.71×
August 195618.53×
July 195618.71×
June 195618.02×
May 195618.40×
April 195619.22×
March 195619.22×
February 195618.12×
January 195618.15×
December 195518.80×
November 195518.70×
October 195517.65×
September 195518.71×
← Newer observationsOlder observations →

Source, calculation & limitations

Historical index: Before 1957, this dataset uses earlier U.S. equity market composites and reconstructions, not the modern 500-stock S&P 500. Parts of historical earnings were interpolated. This is retrospective latest-known revised history, not historical point-in-time earnings availability.

Freshness: Last complete month June 2026. Later workbook rows lacking earnings are excluded, not estimated. No intraday or spot valuation claim is made.

Primary source: Robert Shiller, Online Data: U.S. Stock Markets 1871–Present. Retrieved 2026-11-03; includes historical CPI reconstructions.

“Shiller P/E” describes the method. Grizzly Bulls is not endorsed by or affiliated with Robert Shiller or Yale. Informational only, not investment advice.

Viewing this reviewed chart and monthly table is permitted for this release; data downloads, third-party embeds, and API redistribution are not enabled.

Calculation and independent verification

Calculation: Monthly-average index price divided by the mean of 120 consecutive months of annualized trailing earnings, adjusted for inflation to the observation month. Values are independently calculated, not copied from the source's published CAPE column.

Independent check: 1,746 values compared with the original workbook CAPE column; maximum relative difference 1.097%. Agreement does not certify identical methodology.