Valuation
Am I buying expensive or cheap?
Overall valuation
Mean of three camp scores. Each camp answers a different question and gets equal weight, so the composite can't be dominated by whichever camp has more tiles. Inputs use the last-30y percentile, not full history, to avoid comparing today's market to pre-1990 regimes.
Classic ratios
RichHow rich vs. its own history — earnings, book, sales, GDP.
Median of SHILLER_CAPE, SP500_TOTAL_PAYOUT_YIELD, SP500_PB_RATIO, SP500_PS_RATIO, TOBINS_Q, BUFFETT_INDICATOR
Rate-adjusted
FairEquity yield vs. bond yield, two ways: ECY (uses earnings yield) and the market-implied ERP (uses analyst-growth-derived required return). Both monthly.
Median of EXCESS_CAPE_YIELD, IMPLIED_ERP
Growth-adjusted
FairAdjusted for earnings growth — additive (implied real return) and multiplicative (PEG).
Median of EARNINGS_YIELD_PLUS_GROWTH, CAPE_PEG
Classic ratios
How rich is the market vs. its own history?
SHILLER_CAPE
Long-term equity valuation (price ÷ 10-year avg real earnings)
38.94
2026-02-01 · Monthly
MAPE_RATIO
Margin-adjusted CAPE — penalises CAPE when corporate margins are cyclically high
63.96
2025-10-01 · Quarterly
SP500_PE_TTM
Trailing 12-month P/E — the canonical equity valuation ratio
29.02
2026-04-01 · Monthly
SP500_FORWARD_PE
S&P 500 Forward 12-month P/E — price ÷ analyst-consensus next-12m EPS
21.37
2026-04-01 · Monthly
EARNINGS_YIELD
Inverse of P/E — equity earnings as a yield you can compare to bonds
4.17
2026-03-01 · Monthly
SP500_DIV_YIELD
S&P 500 dividend yield — the income side of equity returns
1.16
2026-04-30 · Monthly
SP500_TOTAL_PAYOUT_YIELD
S&P 500 Total Payout Yield — dividends + buybacks ÷ price
2.76
2026-05-01 · Monthly
SP500_PB_RATIO
S&P 500 price-to-book — equity price vs accounting equity
5.39
2025-12-31 · Annual
SP500_PS_RATIO
S&P 500 price-to-sales — equity price vs aggregate revenue
3.35
2025-12-31 · Annual
TOBINS_Q
Tobin's Q — market value of equities ÷ replacement cost of corporate net worth
2.42
2025-10-01 · Quarterly
BUFFETT_INDICATOR
Total US corporate equity market cap ÷ GDP — Buffett's 'best single measure'
232.74
2025-10-01 · Quarterly
Rate-adjusted?
Does it still look rich after accounting for the discount rate?
FED_MODEL_SPREAD
Fed Model — TTM earnings yield minus 10-year Treasury yield
-0.88
2026-04-01 · Monthly
EXCESS_CAPE_YIELD
Earnings yield minus the real bond yield — CAPE adjusted for rates
1.70
2026-02-01 · Monthly
IMPLIED_ERP
Market-implied equity risk premium — required return − bond yield
4.36
2026-05-01 · Monthly
Growth-adjusted?
Does it still look rich after accounting for earnings growth?
REAL_EPS_GROWTH_10Y
Trailing 10-year real S&P EPS growth — the missing growth dimension to CAPE
7.88
2025-12-01 · Monthly
EARNINGS_YIELD_PLUS_GROWTH
Implied real return on equities — earnings yield plus EPS growth (Bogle decomposition)
11.57
2025-12-01 · Monthly
CAPE_PEG
Growth-adjusted CAPE — multiple per point of trailing real growth
5.02
2025-12-01 · Monthly
TTM_PEG
TTM PEG — trailing P/E divided by real EPS growth (the canonical PEG)
3.72
2025-12-01 · Monthly