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 26 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
April 1922	7.31×
March 1922	6.86×
February 1922	6.50×
January 1922	6.32×
December 1921	6.15×
November 1921	5.87×
October 1921	5.51×
September 1921	5.41×
August 1921	5.19×
July 1921	5.23×
June 1921	5.24×
May 1921	5.64×

Show 38 earlier observations on this page

Independently calculated historical CAPE observations, earlier observations on this page
Month	CAPE ratio
April 1921	5.32×
March 1921	5.22×
February 1921	5.30×
January 1921	5.14×
December 1920	4.80×
November 1920	5.15×
October 1920	5.37×
September 1920	5.32×
August 1920	5.04×
July 1920	5.10×
June 1920	5.06×
May 1920	5.21×
April 1920	5.62×
March 1920	5.82×
February 1920	5.47×
January 1920	6.01×
December 1919	6.18×
November 1919	6.48×
October 1919	6.81×
September 1919	6.57×
August 1919	6.49×
July 1919	7.07×
June 1919	7.03×
May 1919	6.84×
April 1919	6.46×
March 1919	6.36×
February 1919	6.24×
January 1919	6.10×
December 1918	6.14×
November 1918	6.34×
October 1918	6.29×
September 1918	6.15×
August 1918	6.30×
July 1918	6.37×
June 1918	6.49×
May 1918	6.58×
April 1918	6.51×
March 1918	6.68×

← 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.