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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 35 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 188413.28×
September 188413.57×
August 188413.86×
July 188413.04×
June 188412.90×
May 188413.46×
April 188414.34×
March 188414.72×
February 188414.79×
January 188414.42×
December 188314.88×
November 188315.39×
Show 35 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
October 188315.03×
September 188315.47×
August 188315.17×
July 188315.92×
June 188315.88×
May 188315.31×
April 188315.45×
March 188315.02×
February 188314.73×
January 188315.24×
December 188215.35×
November 188215.16×
October 188215.72×
September 188216.05×
August 188215.50×
July 188215.21×
June 188214.30×
May 188214.53×
April 188214.88×
March 188215.06×
February 188215.12×
January 188215.64×
December 188115.92×
November 188116.44×
October 188116.22×
September 188116.68×
August 188117.24×
July 188118.06×
June 188118.96×
May 188118.80×
April 188117.88×
March 188118.19×
February 188118.07×
January 188118.39×
December 188017.26×
← Newer 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.