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Global CAPE Valuations
Cyclically adjusted P/E ratios for 50 equity markets. See which countries are cheap, fair, or expensive relative to their own history.
As of June 30, 2026 · Source: Research Affiliates
Cheapest Market
Indonesia
9.30.3% percentile
Most Expensive Market
Taiwan
51.6100.0% percentile
Global CAPE (All Country)
All Country
32.291.6% percentile
Cheap (0th)Expensive (100th)
CategoryValuationMedianRangeExpected
Sort:
South KoreaEM44.2Expensive14.29.7–44.225.4
100.0%
South KoreaEM
100.0%
44.2
ExpensiveTaiwanEM51.6Expensive20.610.9–51.630.1
100.0%
TaiwanEM
100.0%
51.6
ExpensiveUS LargeDM41.5Expensive16.64.7–45.628.6
98.9%
US LargeDM
98.9%
41.5
ExpensiveNetherlandsDM33.9Expensive14.84.6–38.023.8
96.3%
NetherlandsDM
96.3%
33.9
ExpensiveAsia ex JapanMulti26.5Expensive16.711.6–35.719.1
96.2%
Asia ex JapanMulti
96.2%
26.5
ExpensiveNew ZealandDM28.8Expensive17.110.7–33.422.6
95.4%
New ZealandDM
95.4%
28.8
ExpensivePortugalDM22.0Expensive13.56.8–23.218.2
95.3%
PortugalDM
95.3%
22.0
ExpensiveEmerging MarketsMulti24.2Expensive15.411.6–32.418.0
93.0%
Emerging MarketsMulti
93.0%
24.2
ExpensiveDeveloped Markets LargeMulti33.7Expensive24.212.5–44.124.9
92.4%
Developed Markets LargeMulti
92.4%
33.7
ExpensiveAll CountryMulti32.2Expensive23.212.5–44.123.8
91.6%
All CountryMulti
91.6%
32.2
ExpensiveBelgiumDM22.6Expensive15.64.9–31.819.0
89.4%
BelgiumDM
89.4%
22.6
ExpensivePeruEM32.9Expensive19.68.9–60.523.3
87.1%
PeruEM
87.1%
32.9
ExpensiveEuropeMulti20.7Expensive17.26.6–39.518.7
81.7%
EuropeMulti
81.7%
20.7
ExpensiveCanadaDM28.0Expensive19.86.0–60.222.9
81.4%
CanadaDM
81.4%
28.0
ExpensiveIndiaEM32.1Expensive22.815.8–50.324.4
81.3%
IndiaEM
81.3%
32.1
ExpensiveNorwayDM18.1Expensive14.46.8–29.416.9
77.9%
NorwayDM
77.9%
18.1
ExpensiveSpainDM21.3Expensive14.46.3–39.518.3
77.9%
SpainDM
77.9%
21.3
ExpensiveUnited KingdomDM17.3Expensive14.86.4–27.016.5
77.0%
United KingdomDM
77.0%
17.3
ExpensiveEurope ex UKMulti22.0Expensive19.210.1–50.819.6
75.4%
Europe ex UKMulti
75.4%
22.0
ExpensiveSouth AfricaEM19.8Expensive18.013.0–27.117.9
74.2%
South AfricaEM
74.2%
19.8
ExpensivePolandEM14.1Expensive11.15.7–28.113.3
74.1%
PolandEM
74.1%
14.1
ExpensiveIsraelEM22.8Expensive15.910.8–40.418.9
72.5%
IsraelEM
72.5%
22.8
ExpensiveAustraliaDM18.5Expensive16.87.7–30.417.9
70.2%
AustraliaDM
70.2%
18.5
ExpensiveHungaryEM14.0Expensive10.95.6–29.113.2
69.1%
HungaryEM
69.1%
14.0
ExpensiveCzech RepublicEM15.5Expensive11.46.0–50.914.3
68.7%
Czech RepublicEM
68.7%
15.5
ExpensiveIrelandDM23.4Expensive17.03.2–44.718.5
68.7%
IrelandDM
68.7%
23.4
ExpensiveSwitzerlandDM23.7Expensive21.67.0–56.621.3
67.7%
SwitzerlandDM
67.7%
23.7
ExpensiveThailandEM18.5Fair17.39.4–126.517.4
65.9%
ThailandEM
65.9%
18.5
FairGermanyDM18.9Fair17.67.8–57.018.2
65.8%
GermanyDM
65.8%
18.9
FairFinlandDM22.7Fair20.27.9–150.020.1
65.7%
FinlandDM
65.7%
22.7
FairItalyDM20.2Fair18.46.2–53.518.1
62.2%
ItalyDM
62.2%
20.2
FairDev ex US LargeMulti21.8Fair19.88.6–42.519.7
58.5%
Dev ex US LargeMulti
58.5%
21.8
FairFranceDM21.2Fair20.05.9–57.419.6
56.7%
FranceDM
56.7%
21.2
FairSwedenDM20.5Fair19.74.9–81.319.4
56.4%
SwedenDM
56.4%
20.5
FairDeveloped Markets SmallMulti25.7Fair25.419.2–31.024.9
53.9%
Developed Markets SmallMulti
53.9%
25.7
FairUS SmallDM21.2Fair21.212.4–28.120.6
49.8%
US SmallDM
49.8%
21.2
FairSingaporeDM17.9Fair18.29.8–38.217.3
48.3%
SingaporeDM
48.3%
17.9
FairJapanDM28.5Fair30.415.8–92.024.8
48.2%
JapanDM
48.2%
28.5
FairEgyptEM11.6Fair11.86.4–54.512.4
47.0%
EgyptEM
47.0%
11.6
FairAustriaDM14.8Fair16.66.9–77.515.2
46.2%
AustriaDM
46.2%
14.8
FairHong KongDM16.1Fair17.18.4–33.016.4
39.7%
Hong KongDM
39.7%
16.1
FairDev ex US SmallMulti23.9Fair24.918.4–30.723.3
39.4%
Dev ex US SmallMulti
39.4%
23.9
FairMexicoEM18.5Fair21.112.3–38.917.8
36.8%
MexicoEM
36.8%
18.5
FairChinaEM13.6Fair14.97.7–47.614.1
36.2%
ChinaEM
36.2%
13.6
FairDenmarkDM20.6Fair26.54.0–64.620.3
34.0%
DenmarkDM
34.0%
20.6
FairMalaysiaEM15.3Cheap19.011.8–35.115.7
27.1%
MalaysiaEM
27.1%
15.3
CheapChileEM15.3Cheap18.510.2–44.915.8
26.7%
ChileEM
26.7%
15.3
CheapColombiaEM13.1Cheap17.57.6–57.614.3
24.3%
ColombiaEM
24.3%
13.1
CheapBrazilEM10.0Cheap13.36.7–28.611.7
19.4%
BrazilEM
19.4%
10.0
CheapTurkeyEM7.5Cheap10.45.9–24.89.4
17.1%
TurkeyEM
17.1%
7.5
CheapPhilippinesEM12.8Cheap20.87.1–34.514.5
12.7%
PhilippinesEM
12.7%
12.8
CheapIndonesiaEM9.3Cheap18.89.3–68.612.4
0.3%
IndonesiaEM
0.3%
9.3
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