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

Change from prior month

+0.03 points

+0.1% vs. May 2026 (ratio change, not an index return)

Historical CAPE chart

June 202639.84×Use ← and → to inspect observations; Home and 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 18 of 35. Newest observations first. CSV, embeds and JSON API are disabled for this source.

Independently calculated historical CAPE observations, newest 12 observations
Month	CAPE ratio
August 1955	18.10×
July 1955	18.33×
June 1955	17.26×
May 1955	16.42×
April 1955	16.59×
March 1955	16.13×
February 1955	16.35×
January 1955	15.91×
December 1954	15.71×
November 1954	15.04×
October 1954	14.55×
September 1954	14.29×

Show 38 earlier observations on this page

Independently calculated historical CAPE observations, earlier observations on this page
Month	CAPE ratio
August 1954	13.98×
July 1954	13.77×
June 1954	13.30×
May 1954	13.25×
April 1954	12.85×
March 1954	12.37×
February 1954	12.16×
January 1954	11.95×
December 1953	11.71×
November 1953	11.60×
October 1953	11.35×
September 1953	11.10×
August 1953	11.68×
July 1953	11.71×
June 1953	11.59×
May 1953	12.10×
April 1953	12.12×
March 1953	12.79×
February 1953	12.82×
January 1953	12.97×
December 1952	12.89×
November 1952	12.43×
October 1952	12.09×
September 1952	12.39×
August 1952	12.64×
July 1952	12.63×
June 1952	12.41×
May 1952	12.16×
April 1952	12.21×
March 1952	12.33×
February 1952	12.33×
January 1952	12.50×
December 1951	12.12×
November 1951	11.83×
October 1951	12.28×
September 1951	12.42×
August 1951	12.23×
July 1951	11.74×

← Newer observations Older 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.