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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 March 31, 2026 · Source: Research Affiliates
Cheapest Market
Indonesia
11.13.4% percentile
Most Expensive Market
Portugal
23.199.3% percentile
Global CAPE (All Country)
All Country
28.786.5% percentile
Cheap (0th)Expensive (100th)
CategoryValuationMedianRangeExpected
Sort:
PortugalDM23.1Expensive13.56.8–23.218.6
99.3%
PortugalDM
99.3%
23.1
ExpensiveTaiwanEM36.4Expensive20.610.9–41.425.3
99.2%
TaiwanEM
99.2%
36.4
ExpensiveUS LargeDM36.9Expensive16.64.7–45.626.9
97.0%
US LargeDM
97.0%
36.9
ExpensiveSouth KoreaEM24.4Expensive14.29.7–31.118.9
93.7%
South KoreaEM
93.7%
24.4
ExpensiveNew ZealandDM26.5Expensive17.010.7–33.421.6
91.0%
New ZealandDM
91.0%
26.5
ExpensiveNetherlandsDM29.2Expensive14.84.6–38.022.1
89.6%
NetherlandsDM
89.6%
29.2
ExpensiveDeveloped Markets LargeMulti30.4Expensive24.212.5–44.123.8
87.8%
Developed Markets LargeMulti
87.8%
30.4
ExpensivePeruEM32.6Expensive19.68.9–60.523.2
86.6%
PeruEM
86.6%
32.6
ExpensiveAll CountryMulti28.7Expensive23.112.5–44.122.6
86.5%
All CountryMulti
86.5%
28.7
ExpensiveNorwayDM20.0Expensive14.46.8–29.417.8
84.5%
NorwayDM
84.5%
20.0
ExpensiveEmerging MarketsMulti19.6Expensive15.311.6–32.416.9
81.8%
Emerging MarketsMulti
81.8%
19.6
ExpensiveSouth AfricaEM20.5Expensive18.013.0–27.118.3
80.7%
South AfricaEM
80.7%
20.5
ExpensiveBelgiumDM20.6Expensive15.64.9–31.818.1
79.7%
BelgiumDM
79.7%
20.6
ExpensiveAsia ex JapanMulti20.6Expensive16.711.6–35.717.5
79.1%
Asia ex JapanMulti
79.1%
20.6
ExpensiveCanadaDM26.9Expensive19.76.0–60.222.4
78.6%
CanadaDM
78.6%
26.9
ExpensiveEuropeMulti19.7Expensive17.26.6–39.518.3
77.4%
EuropeMulti
77.4%
19.7
ExpensiveUnited KingdomDM17.2Expensive14.86.4–27.016.5
76.9%
United KingdomDM
76.9%
17.2
ExpensiveIndiaEM30.0Expensive22.715.8–50.323.6
75.6%
IndiaEM
75.6%
30.0
ExpensiveSpainDM20.5Expensive14.46.3–39.518.0
75.1%
SpainDM
75.1%
20.5
ExpensiveIsraelEM21.8Expensive15.810.8–40.418.5
71.2%
IsraelEM
71.2%
21.8
ExpensivePolandEM12.8Expensive11.15.7–28.112.7
70.4%
PolandEM
70.4%
12.8
ExpensiveCzech RepublicEM15.6Expensive11.46.0–50.914.3
69.3%
Czech RepublicEM
69.3%
15.6
ExpensiveAustraliaDM18.3Expensive16.87.7–30.417.8
68.9%
AustraliaDM
68.9%
18.3
ExpensiveEurope ex UKMulti20.6Expensive19.210.1–50.819.0
66.5%
Europe ex UKMulti
66.5%
20.6
ExpensiveHungaryEM12.7Fair10.95.6–29.112.6
63.9%
HungaryEM
63.9%
12.7
FairIrelandDM22.2Fair17.03.2–44.718.0
61.8%
IrelandDM
61.8%
22.2
FairSwitzerlandDM22.6Fair21.67.0–56.620.7
59.3%
SwitzerlandDM
59.3%
22.6
FairThailandEM17.7Fair17.39.4–126.517.0
57.9%
ThailandEM
57.9%
17.7
FairItalyDM18.9Fair18.46.2–53.517.5
55.4%
ItalyDM
55.4%
18.9
FairFranceDM20.8Fair20.05.9–57.419.4
54.7%
FranceDM
54.7%
20.8
FairDev ex US LargeMulti20.5Fair19.88.6–42.519.1
53.6%
Dev ex US LargeMulti
53.6%
20.5
FairGermanyDM17.8Fair17.57.8–57.017.7
53.2%
GermanyDM
53.2%
17.8
FairFinlandDM19.6Fair20.27.9–150.018.6
47.3%
FinlandDM
47.3%
19.6
FairSwedenDM19.2Fair19.74.9–81.318.8
44.5%
SwedenDM
44.5%
19.2
FairAustriaDM13.7Fair16.86.9–77.514.6
42.6%
AustriaDM
42.6%
13.7
FairSingaporeDM17.1Fair18.29.8–38.216.9
42.6%
SingaporeDM
42.6%
17.1
FairJapanDM25.3Fair30.515.8–92.023.4
41.8%
JapanDM
41.8%
25.3
FairEgyptEM11.0Fair11.86.4–54.512.1
40.0%
EgyptEM
40.0%
11.0
FairMexicoEM18.7Fair21.112.3–38.917.9
37.4%
MexicoEM
37.4%
18.7
FairHong KongDM15.8Fair17.28.4–33.016.2
36.2%
Hong KongDM
36.2%
15.8
FairChinaEM13.5Fair14.97.7–47.614.1
35.7%
ChinaEM
35.7%
13.5
FairDeveloped Markets SmallMulti23.7Fair25.419.2–31.024.5
33.7%
Developed Markets SmallMulti
33.7%
23.7
FairBrazilEM11.2Cheap13.46.7–28.612.4
32.3%
BrazilEM
32.3%
11.2
CheapChileEM15.9Cheap18.510.2–44.916.1
31.7%
ChileEM
31.7%
15.9
CheapDev ex US SmallMulti21.9Cheap24.918.4–30.722.3
30.1%
Dev ex US SmallMulti
30.1%
21.9
CheapDenmarkDM18.8Cheap26.54.0–64.619.4
28.4%
DenmarkDM
28.4%
18.8
CheapColombiaEM14.3Cheap17.57.6–57.615.0
28.1%
ColombiaEM
28.1%
14.3
CheapMalaysiaEM15.3Cheap19.111.8–35.115.7
27.6%
MalaysiaEM
27.6%
15.3
CheapUS SmallDM18.7Cheap21.212.4–28.119.4
26.9%
US SmallDM
26.9%
18.7
CheapTurkeyEM7.5Cheap10.45.9–24.89.4
18.9%
TurkeyEM
18.9%
7.5
CheapPhilippinesEM13.7Cheap20.87.1–34.515.0
13.5%
PhilippinesEM
13.5%
13.7
CheapIndonesiaEM11.1Cheap18.99.4–68.613.6
3.4%
IndonesiaEM
3.4%
11.1
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