Grizzly Bulls
← All charts

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

0×10×20×30×40×50×1900192019401960198020002020June 2026: 39.84×
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 20 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
April 194710.93×
March 194711.32×
February 194711.98×
January 194711.50×
December 194611.41×
November 194611.15×
October 194611.42×
September 194611.88×
August 194614.03×
July 194614.55×
June 194615.81×
May 194616.05×
Show 38 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
April 194616.07×
March 194615.15×
February 194615.77×
January 194615.63×
December 194515.02×
November 194514.85×
October 194514.38×
September 194513.80×
August 194512.92×
July 194512.87×
June 194513.14×
May 194513.04×
April 194512.63×
March 194512.32×
February 194512.33×
January 194511.94×
December 194411.61×
November 194411.45×
October 194411.56×
September 194411.30×
August 194411.52×
July 194411.71×
June 194411.51×
May 194411.08×
April 194410.91×
March 194411.20×
February 194410.92×
January 194411.02×
December 194310.71×
November 194310.60×
October 194311.15×
September 194311.29×
August 194311.16×
July 194311.73×
June 194311.47×
May 194311.32×
April 194311.00×
March 194310.81×
← 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.