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 27 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
February 1918	6.78×
January 1918	6.63×
December 1917	6.40×
November 1917	6.74×
October 1917	7.37×
September 1917	7.93×
August 1917	8.55×
July 1917	8.97×
June 1917	9.12×
May 1917	9.11×
April 1917	9.61×
March 1917	10.28×

Show 38 earlier observations on this page

Independently calculated historical CAPE observations, earlier observations on this page
Month	CAPE ratio
February 1917	10.02×
January 1917	10.94×
December 1916	11.35×
November 1916	11.99×
October 1916	11.99×
September 1916	11.89×
August 1916	11.69×
July 1916	11.75×
June 1916	11.96×
May 1916	11.99×
April 1916	11.88×
March 1916	12.15×
February 1916	12.33×
January 1916	12.53×
December 1915	12.87×
November 1915	12.85×
October 1915	12.54×
September 1915	12.01×
August 1915	11.58×
July 1915	11.11×
June 1915	11.16×
May 1915	11.03×
April 1915	11.40×
March 1915	10.71×
February 1915	10.33×
January 1915	10.37×
December 1914	10.18×
November 1914	10.52×
October 1914	10.62×
September 1914	10.51×
August 1914	10.50×
July 1914	10.70×
June 1914	11.44×
May 1914	11.48×
April 1914	11.53×
March 1914	11.69×
February 1914	11.91×
January 1914	11.64×

← 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.