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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 25 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
June 192611.26×
May 192610.63×
April 192610.44×
March 192610.75×
February 192611.43×
January 192611.37×
December 192511.17×
November 192510.91×
October 192510.74×
September 192510.38×
August 192510.13×
July 19259.98×
Show 38 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
June 19259.81×
May 19259.74×
April 19259.48×
March 19259.52×
February 19259.83×
January 19259.69×
December 19249.31×
November 19248.89×
October 19248.42×
September 19248.58×
August 19248.72×
July 19248.38×
June 19248.05×
May 19247.90×
April 19247.93×
March 19248.06×
February 19248.17×
January 19248.08×
December 19237.82×
November 19237.55×
October 19237.33×
September 19237.47×
August 19237.46×
July 19237.36×
June 19237.69×
May 19238.02×
April 19238.40×
March 19238.73×
February 19238.56×
January 19238.18×
December 19228.00×
November 19228.03×
October 19228.47×
September 19228.30×
August 19228.06×
July 19227.64×
June 19227.59×
May 19227.63×
← 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.