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 19 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
June 1951	11.57×
May 1951	11.82×
April 1951	11.90×
March 1951	11.79×
February 1951	12.09×
January 1951	11.84×
December 1950	11.25×
November 1950	11.49×
October 1950	11.61×
September 1950	11.29×
August 1950	11.00×
July 1950	10.50×

Show 38 earlier observations on this page

Independently calculated historical CAPE observations, earlier observations on this page
Month	CAPE ratio
June 1950	11.51×
May 1950	11.42×
April 1950	11.14×
March 1950	10.87×
February 1950	10.87×
January 1950	10.70×
December 1949	10.48×
November 1949	10.17×
October 1949	10.12×
September 1949	9.83×
August 1949	9.80×
July 1949	9.55×
June 1949	9.01×
May 1949	9.63×
April 1949	9.72×
March 1949	9.84×
February 1949	9.81×
January 1949	10.18×
December 1948	10.09×
November 1948	10.18×
October 1948	10.76×
September 1948	10.49×
August 1948	10.67×
July 1948	11.09×
June 1948	11.55×
May 1948	11.22×
April 1948	10.76×
March 1948	10.18×
February 1948	10.00×
January 1948	10.43×
December 1947	10.70×
November 1947	10.99×
October 1947	11.15×
September 1947	10.85×
August 1947	11.36×
July 1947	11.72×
June 1947	11.11×
May 1947	10.76×

← 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.