Stock market valuations by country
Price-to-earnings, price-to-book, price-to-sales and dividend yield for major markets, on one consistent basis — sorted cheapest to dearest by P/E. Right now China screens cheapest on earnings; the US sits at the expensive end.
Snapshot as of 19 June 2026.
By Dominic Roe · Data Engineer & Business Intelligence Developer
| Country | P/E | P/B | P/S | Div yield |
|---|---|---|---|---|
| Whole worldVT | 22.6 | 3.3 | 2.5 | 1.59% |
| ChinaFXI | 10.1 | 1.1 | 1.3 | 2.63% |
| ItalyEWI | 14.0 | 1.7 | 1.4 | 2.56% |
| SpainEWP | 14.8 | 2.0 | 1.8 | 2.12% |
| SwedenEWD | 15.8 | 2.6 | 2.7 | 3.06% |
| FranceEWQ | 17.9 | 2.0 | 1.5 | 2.58% |
| United KingdomEWU | 18.0 | 2.2 | 1.6 | 3.51% |
| GermanyEWG | 18.1 | 1.8 | 1.2 | 1.56% |
| JapanEWJ | 19.1 | 1.9 | 1.6 | 3.92% |
| NetherlandsEWN | 19.2 | 2.5 | 1.9 | 4.28% |
| CanadaEWC | 19.5 | 2.8 | 2.8 | 1.32% |
| South KoreaEWY | 20.9 | 2.3 | 1.9 | 0.99% |
| AustraliaEWA | 21.1 | 2.7 | 3.3 | 2.87% |
| IndiaINDA | 22.8 | 3.2 | 2.6 | — |
| SwitzerlandEWL | 23.0 | 4.1 | 2.7 | 1.62% |
| TaiwanEWT | 25.5 | 3.5 | 2.3 | 0.97% |
| United StatesIVV | 27.3 | 5.4 | 3.7 | 1.06% |
Lower P/E, P/B and P/S mean a cheaper market relative to earnings, assets and sales; a higher dividend yield likewise points to a cheaper one. Figures are the index ETFs’ reported trailing multiples (MSCI methodology), in USD terms. The shaded whole-world row is Vanguard Total World (VT, FTSE Global All Cap) — a genuine all-world multiple to read each country against.
How to read this table
No single multiple settles whether a market is cheap. Earnings-based P/E can be distorted by the profit cycle; price-to-book is skewed by how asset-heavy a market is; price-to-sales ignores margins; the dividend yield is shaped by payout culture. A market that looks cheap on all four at once is more interesting than one cheap on a single measure. Cross-check the long-run picture with the cyclically adjusted country CAPE ranking, and read the US gauges in full for the one market with a century of history.
A note on the data
These are current, fund-reported index multiples used as a consistent cross-country comparison — a snapshot, not a time series. There is no free long history for per-country price-to-book or price-to-sales, which is why this is a table rather than a chart, and why the per-country CAPE figures elsewhere on the site are clearly labelled estimates. Information only — not investment advice.
Frequently asked questions
How are these country valuations measured?
Each row shows a single-country index ETF's aggregate trailing valuation multiples — price-to-earnings, price-to-book and price-to-sales — plus its dividend yield, as reported by the fund provider on MSCI index methodology. Using the same fund family for every country gives a consistent, comparable basis. The US row uses the iShares Core S&P 500 ETF (IVV).
What is the “whole world” row at the top?
It is Vanguard Total World Stock ETF (VT), which tracks the FTSE Global All Cap index of developed and emerging markets. It gives a real, current whole-world price-to-earnings, price-to-book, price-to-sales and dividend yield on the same fund-fundamentals basis as the country rows — a single benchmark to judge each market against. It differs from the site's headline Global CAPE, which is a cyclically adjusted estimate rather than a trailing multiple.
Why do these US figures differ from the rest of the site?
The dedicated US pages use long-history S&P 500 series from Robert Shiller and multpl, which run back over a century. This table instead uses the index-ETF snapshot so the US sits on the exact same basis as every other country here. Small differences between the two are expected and reflect the different sources and methods.
Does a low P/E mean a country is a better investment?
Not on its own. Cheaper markets often carry more risk, slower expected growth or a heavier weighting of low-multiple sectors (banks, energy, materials), all of which can justify lower multiples. Valuation is a useful starting point for where future returns may be higher, not a buy signal in isolation.
How current is this, and how often does it update?
It is a point-in-time snapshot, refreshed periodically rather than streamed live — see the 'as of' date above the table. Unlike the US series, there is no free long history for per-country price-to-book or price-to-sales, so this is a current comparison rather than a charted time series.
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