US Stock Market Valuation
Three independent gauges of how expensive US equities are — the CAPE ratio, the Buffett Indicator, and the dividend yield — each measured against its own history so they sit on one cheap-to-expensive scale.
Every measure we track sits in the expensive third of its own history — by these gauges, the US market looks historically expensive.
US CAPE
41.4
Expensive
CheapExpensive
Dearer than 99% of its history · avg 17.4
Buffett Indicator
218.5%
Expensive
CheapExpensive
Dearer than 99% of its history · avg 86.1%
Dividend Yield
1.33%
Expensive
CheapExpensive
Dearer than 98% of its history · avg 4.25%
Each gauge is placed on the cheap-to-expensive scale by its percentile rank within its own recorded history (the dividend yield is inverted, since a higher yield means a cheaper market). No single metric is decisive — see how each is built and where it is weak on the methodology page.