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 28 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 1913	11.18×
November 1913	11.08×
October 1913	11.48×
September 1913	11.85×
August 1913	11.85×
July 1913	11.54×
June 1913	11.50×
May 1913	12.23×
April 1913	12.44×
March 1913	12.45×
February 1913	12.68×
January 1913	13.15×

Show 38 earlier observations on this page

Independently calculated historical CAPE observations, earlier observations on this page
Month	CAPE ratio
December 1912	13.39×
November 1912	13.75×
October 1912	13.90×
September 1912	13.93×
August 1912	13.99×
July 1912	13.81×
June 1912	13.79×
May 1912	13.65×
April 1912	13.66×
March 1912	13.64×
February 1912	13.53×
January 1912	13.79×
December 1911	13.92×
November 1911	13.72×
October 1911	13.06×
September 1911	12.99×
August 1911	13.89×
July 1911	15.07×
June 1911	15.31×
May 1911	15.03×
April 1911	14.73×
March 1911	14.35×
February 1911	14.69×
January 1911	14.02×
December 1910	13.72×
November 1910	14.14×
October 1910	13.89×
September 1910	12.92×
August 1910	12.73×
July 1910	12.32×
June 1910	13.00×
May 1910	13.55×
April 1910	13.54×
March 1910	14.03×
February 1910	13.98×
January 1910	14.52×
December 1909	14.72×
November 1909	14.72×

← 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.