Shiller CAPE Ratio
S&P 500 Shiller CAPE (PE10) — 150-Year Historical Chart
56.6x
▲ 44.37% YoYOct 2026
All-Time High
56.6x
All-Time Low
4.8x
Data Since
1881
Source: Robert Shiller / Yale University (shillerdata.com)Shaded = NBER recessions
The Cyclically Adjusted Price-to-Earnings ratio (CAPE or PE10) divides current S&P 500 prices by the 10-year average of inflation-adjusted earnings. Developed by Nobel laureate Robert Shiller, it is widely used to assess long-term market valuations. Historical average is ~17x; the market has traded well above that since the mid-1990s.