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Real-time market overview with CAPE valuation context
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CAPE Valuation Context
Cyclically adjusted P/E ratios — as of May 31, 2026
US
41.5xExpensive
0th50th100th
Europe
20.7xExpensive
0th50th100th
Japan
28.5xFair
0th50th100th
UK
17.3xExpensive
0th50th100th
EM
24.2xExpensive
0th50th100th
China
13.6xFair
0th50th100th
Where Are We in the Cycle?
US equities trade at a CAPE of 41.5x, in the 99th percentile of their history since 1880. This is historically expensive territory. China stands out as relatively cheap at the 36th percentile (CAPE: 13.6x). Emerging markets have moved to the 93th percentile, above their historical median.
CAPE ratios compare current prices to 10-year inflation-adjusted earnings, smoothing business cycle effects. Percentile rankings show where each market sits relative to its own history.