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×Browse plotted points with the controls below or use ← and →. 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 22 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
December 1938	15.84×
November 1938	16.23×
October 1938	16.14×
September 1938	14.35×
August 1938	14.96×
July 1938	14.82×
June 1938	12.32×
May 1938	12.01×
April 1938	11.80×
March 1938	12.38×
February 1938	13.25×
January 1938	13.49×

Show 38 earlier observations on this page

Independently calculated historical CAPE observations, earlier observations on this page
Month	CAPE ratio
December 1937	12.98×
November 1937	13.13×
October 1937	14.33×
September 1937	16.81×
August 1937	19.76×
July 1937	19.61×
June 1937	18.67×
May 1937	19.44×
April 1937	20.53×
March 1937	22.02×
February 1937	22.22×
January 1937	21.61×
December 1936	21.12×
November 1936	21.50×
October 1936	20.92×
September 1936	19.87×
August 1936	19.64×
July 1936	19.38×
June 1936	18.41×
May 1936	17.77×
April 1936	18.75×
March 1936	18.69×
February 1936	18.14×
January 1936	17.12×
December 1935	16.19×
November 1935	16.16×
October 1935	14.85×
September 1935	14.44×
August 1935	14.12×
July 1935	13.21×
June 1935	12.55×
May 1935	11.99×
April 1935	11.11×
March 1935	10.41×
February 1935	11.10×
January 1935	11.52×
December 1934	11.67×
November 1934	11.48×

← 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.