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 — The Cycle-Smoothed P/E

Shiller CAPE — Where the ten-year smoothed P/E sits in its century-long range — is the market expensive now.

Uses ten-year inflation-adjusted earnings as the denominator, filtering out business-cycle noise. Historical mean is roughly 17×; today's reading sits near the upper edge of its century-long range.

View the interactive chart Download raw JSON

What this page answers

The latest reading for the Shiller CAPE is 42.2× (2026-08-28). The series starts 1871-02-01 and holds 1879 observations; the long-run mean is 17.6×, the all-time high 44.2× (1999-12-01) and the low 4.8× (1920-12-01).

Uses ten-year inflation-adjusted earnings as the denominator, filtering out business-cycle noise. Historical mean is roughly 17×; today's reading sits near the upper edge of its century-long range. 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 — The Cycle-Smoothed P/E10×20×30×40×19001950200017.6×
Plate I.10 Uses ten-year inflation-adjusted earnings as the denominator, filtering out business-cycle noise. Historical mean is roughly 17×; today's reading sits near the upper edge of its century-long range. 2026-08-29

Latest Snapshot

Updated
2026-08-29
Latest value
42.2×2026-08-28
Average
17.6×

Shiller CAPE — year-end readings

Shiller CAPE — year-end readings
DateValue
2026-08-2842.2×
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×

Showing the 120 most recent of 1879 observations — the full series is in the 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 Shiller CAPE reading?

42.2× as of 2026-08-28. The long-run average is 17.6×.

What period does the Shiller CAPE data cover?

1871-02-01 through 2026-08-28 — 1879 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.