As of January 1, 2025, the CAPE ratio (Shiller P/E) for the global stock market stands at 24.72. This figure is based on an index comprising the 3,000 largest public companies worldwide, including firms from the United States, other developed markets, and emerging markets. U.S. companies make up around 66% of the index, with the Technology sector being clearly the largest, followed by the Financial sector. The current CAPE ratio is slightly above its long-term historical average, suggesting that the global stock market may be somewhat overvalued.
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Global Stock Market CAPE Ratio
| Date | Global Stock Markets Price Level | Global Stock Markets CAPE Ratio |
|---|---|---|
| 12/31/2024 | 789.79 | 24.72 |
| 9/30/2024 | 797.49 | 25.28 |
| 6/30/2024 | 751.34 | 24.00 |
| 3/31/2024 | 734.52 | 23.74 |
| 12/31/2023 | 680.18 | 22.31 |
| 9/30/2023 | 613.9 | 20.33 |
| 6/30/2023 | 638.25 | 21.45 |
| 3/31/2023 | 603.45 | 20.52 |
| 12/31/2022 | 564.27 | 19.54 |
| 9/30/2022 | 515.78 | 18.16 |
| 6/30/2022 | 555.21 | 19.97 |
| 3/31/2022 | 662.42 | 24.61 |
| 12/31/2021 | 691.43 | 26.38 |
| 9/30/2021 | 643.04 | 25.11 |
| 6/30/2021 | 651.72 | 26.05 |
| 3/31/2021 | 607.53 | 24.80 |
| 12/31/2020 | 583.14 | 23.88 |
| 9/30/2020 | 509.95 | 20.90 |
| 6/30/2020 | 475.00 | 19.72 |
| 3/31/2020 | 402.79 | 16.67 |
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Cyclically Adjusted Price-to-Earnings (CAPE) ratio
The Cyclically Adjusted Price-to-Earnings (CAPE) ratio, also known as the Shiller P/E ratio, is a valuation measure that assesses the average inflation-adjusted earnings of a market over the past ten years. This approach smooths out short-term fluctuations, providing a more comprehensive view of market valuation.