Grizzly Bulls
← All charts

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 29 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
October 190914.96×
September 190915.23×
August 190915.39×
July 190915.21×
June 190915.02×
May 190914.93×
April 190914.62×
March 190914.31×
February 190914.14×
January 190914.74×
December 190814.56×
November 190814.41×
Show 38 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
October 190813.66×
September 190813.67×
August 190813.85×
July 190813.31×
June 190813.02×
May 190813.03×
April 190812.41×
March 190811.94×
February 190811.51×
January 190811.86×
December 190711.29×
November 190710.55×
October 190710.79×
September 190712.28×
August 190712.46×
July 190713.53×
June 190713.08×
May 190713.72×
April 190714.59×
March 190714.60×
February 190716.12×
January 190717.10×
December 190617.53×
November 190618.01×
October 190617.97×
September 190619.07×
August 190618.84×
July 190618.07×
June 190618.05×
May 190617.94×
April 190618.75×
March 190619.14×
February 190619.74×
January 190620.01×
December 190519.46×
November 190519.32×
October 190519.77×
September 190519.62×
← 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.