History of Market · The Chronicle of the U.S. Stock Market S&P 500
Gathering I · leaf 10 of 27
Shiller CAPE · S&P 500

Shiller CAPE · S&P 500 — Shiller CAPE: Cycle-Smoothed Price-to-Earnings Ratio

Shiller CAPE Ratio — Ten-year cyclically adjusted price-to-earnings ratio (CAPE), tracking secular valuation multiples across economic cycles.

Utilizes ten-year inflation-adjusted earnings as the denominator, filtering out business-cycle volatility. The long-term historical mean is approximately 17×; current readings sit near the upper boundary of its century-long record.

View the interactive chart Download raw JSON

What this page answers

The latest observation for the Shiller CAPE stands at 41.4× (2026-09-04). The historical series spans 1871-02-01 through the present with 1880 data points; its secular mean is 17.6×, with an all-time peak of 44.2× (1999-12-01) and a cyclical floor of 4.8× (1920-12-01).

Utilizes ten-year inflation-adjusted earnings as the denominator, filtering out business-cycle volatility. The long-term historical mean is approximately 17×; current readings sit near the upper boundary of its century-long record. The data is refreshed by the History of Market pipeline and published as a stable JSON endpoint for research, citation, and AI-agent use.

The plate

Shiller CAPE · S&P 500 — Shiller CAPE: Cycle-Smoothed Price-to-Earnings Ratio10×20×30×40×19001950200017.6×
Plate I.10 Utilizes ten-year inflation-adjusted earnings as the denominator, filtering out business-cycle volatility. The long-term historical mean is approximately 17×; current readings sit near the upper boundary of its century-long record. 2026-09-05

Latest Snapshot

Updated
2026-09-05
Latest value
41.4×2026-09-04
Average
17.6×

Shiller CAPE — historical year-end index readings

Shiller CAPE — historical year-end index readings
DateValue
2026-09-0441.4×
2025-12-0139.8×
2024-12-0137.7×
2023-12-0131.5×
2022-12-0128.3×
2021-12-0138.3×
2020-12-0133.8×
2019-12-0130.3×
2018-12-0128.3×
2017-12-0132.1×
2016-12-0127.9×
2015-12-0126.0×
2014-12-0126.8×
2013-12-0124.9×
2012-12-0121.2×
2011-12-0120.5×
2010-12-0122.4×
2009-12-0120.3×
2008-12-0115.4×
2007-12-0126.0×
2006-12-0127.3×
2005-12-0126.4×
2004-12-0127.1×
2003-12-0126.6×
2002-12-0123.1×
2001-12-0130.5×
2000-12-0137.3×
1999-12-0144.2×
1998-12-0138.8×
1997-12-0133.0×
1996-12-0127.7×
1995-12-0125.0×
1994-12-0119.9×
1993-12-0121.2×
1992-12-0120.5×
1991-12-0118.4×
1990-12-0115.9×
1989-12-0117.7×
1988-12-0114.7×
1987-12-0113.4×
1986-12-0114.1×
1985-12-0111.7×
1984-12-019.6×
1983-12-019.8×
1982-12-018.5×
1981-12-017.8×
1980-12-019.4×
1979-12-018.8×
1978-12-019.0×
1977-12-019.7×
1976-12-0111.6×
1975-12-0110.3×
1974-12-018.3×
1973-12-0113.5×
1972-12-0118.7×
1971-12-0116.6×
1970-12-0115.9×
1969-12-0117.3×
1968-12-0122.3×
1967-12-0121.8×
1966-12-0119.7×
1965-12-0123.7×
1964-12-0122.8×
1963-12-0121.0×
1962-12-0118.6×
1961-12-0122.0×
1960-12-0117.6×
1959-12-0118.6×
1958-12-0117.4×
1957-12-0113.7×
1956-12-0117.2×
1955-12-0118.9×
1954-12-0115.8×
1953-12-0111.8×
1952-12-0112.9×
1951-12-0112.2×
1950-12-0111.3×
1949-12-0110.5×
1948-12-0110.2×
1947-12-0110.7×
1946-12-0111.4×
1945-12-0115.0×
1944-12-0111.6×
1943-12-0110.7×
1942-12-019.6×
1941-12-0110.1×
1940-12-0113.9×
1939-12-0116.3×
1938-12-0115.8×
1937-12-0113.0×
1936-12-0121.1×
1935-12-0116.2×
1934-12-0111.6×
1933-12-0112.3×
1932-12-018.3×
1931-12-019.3×
1930-12-0116.1×
1929-12-0122.0×
1928-12-0125.3×
1927-12-0118.7×
1926-12-0113.0×
1925-12-0111.2×
1924-12-019.3×
1923-12-017.8×
1922-12-018.0×
1921-12-016.1×
1920-12-014.8×
1919-12-016.2×
1918-12-016.1×
1917-12-016.4×
1916-12-0111.4×
1915-12-0112.9×
1914-12-0110.2×
1913-12-0111.2×
1912-12-0113.4×
1911-12-0113.9×
1910-12-0113.7×
1909-12-0114.8×
1908-12-0114.6×
1907-12-0111.3×

Displaying the 120 most recent of 1880 observations — complete series in JSON: https://historyofmarket.com/api/sp500/pe.json

Data & Source

GET /api/sp500/pe.json — Canonical dataset endpoint.

Exchange closing prices · Company filings · Robert Shiller · FRED · NBER.

FAQ

What is the latest reading for Shiller CAPE?

41.4× as of 2026-09-04, compared against a long-term historical mean of 17.6×.

What historical period does the Shiller CAPE data cover?

1871-02-01 through 2026-09-04 across 1880 continuous observations.

Where does this data come from?

History of Market combines public market and macro datasets — exchange closing prices, company filings, Robert Shiller, FRED, NBER, and the UBS Global Investment Returns Yearbook (Dimson–Marsh–Staunton). The exact endpoint for this panel is linked below.

How often is it updated?

Daily-tier datasets refresh after the U.S. market close, with a broader weekly refresh on Sunday. The timestamp shown on this page comes from the JSON payload.

Can I use the data?

Yes, for research and education with attribution to History of Market. Upstream data sources retain their own terms.