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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
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×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 24 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
August 193021.21×
July 193021.45×
June 193021.76×
May 193024.18×
April 193025.70×
March 193024.44×
February 193023.55×
January 193022.17×
December 192921.86×
November 192921.04×
October 192928.79×
September 192932.39×
Show 38 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
August 192931.32×
July 192929.79×
June 192927.81×
May 192927.57×
April 192927.45×
March 192927.57×
February 192927.04×
January 192926.99×
December 192825.22×
November 192825.06×
October 192823.53×
September 192822.98×
August 192821.75×
July 192821.08×
June 192820.93×
May 192821.86×
April 192821.30×
March 192820.00×
February 192818.93×
January 192818.88×
December 192718.73×
November 192718.22×
October 192717.63×
September 192717.91×
August 192716.96×
July 192715.92×
June 192715.21×
May 192715.10×
April 192714.59×
March 192714.14×
February 192713.74×
January 192713.30×
December 192613.12×
November 192612.72×
October 192612.52×
September 192612.79×
August 192612.57×
July 192611.94×
← 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.