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Shiller PE / VIX Ratio
The daily Shiller CAPE divided by the VIX: how expensive stocks are compared with the fear priced into options. See today's ratio, its history and what each zone has meant.
Questions this answers
- Are stocks expensive right now?
- Is the market complacent or fearful today?
- How does today compare with past peaks?
- What has a high or low ratio meant historically?
Understanding the Ratio
The PE/VIX ratio provides insight into market valuation relative to expected volatility. This metric combines the Shiller PE (10-year cyclically adjusted price-to-earnings ratio) with the VIX (volatility index) to assess market conditions.
📈 High Ratio (>2.5)
Markets are expensive relative to earnings, with low expected volatility. Historically associated with investor complacency.
📊 Moderate (1.0-2.5)
Balanced relationship between valuations and volatility expectations. Neither extreme optimism nor pessimism dominates.
📉 Low Ratio (<1.0)
Markets are cheaper relative to earnings or volatility expectations are elevated. May indicate fear or attractive entry points.
Latest daily reading (Nov 12, 2026): Shiller PE 40.24, VIX 18.77, ratio 2.14. Across 194 daily readings since Feb 13, 2026: average ratio 2.29, high 2.99, low 1.18.
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Shiller PE: Market Valuation History
S&P 500 CAPE ratio since 1871 with key market events, forward return estimates, and mean reversion analysis
Current CAPE
-
Historical average
-
All-time high
44.2 (2000)
% above avg
-
Estimating forward returns…
Mean reversion gauge: how overvalued vs. history
-
Fair value
+25%
+50%
+75%
+100%+
Shiller PE (CAPE)
Historical average
Overvalued (>30)
Caution (25–30)
Peak / crash
Market bottom / buy
Notable event
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Key figures
As of Nov 12, 2026, the Shiller PE (CAPE) was 40.24, the VIX was 18.77 and the CAPE to VIX ratio was 2.14. Source: Robert Shiller CAPE data and CBOE VIX via FRED. By Martin Goetzinger, Enterprise Account Executive.
More key figures
- The CAPE to VIX ratio was 2.14, down 0.13 over the past 90 days.
- Across 194 daily readings from Feb 13, 2026 to Nov 12, 2026, the ratio averaged 2.29, with a high of 2.99 and a low of 1.18.
- On this page’s scale, today’s ratio reading is classed as HIGH.
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Frequently asked questions
What is the Shiller PE (CAPE) ratio?
The S&P 500 price divided by the average of the last 10 years of inflation-adjusted earnings. Robert Shiller popularized it to smooth out one-year swings in profits, so it reads valuation over a full business cycle.
What is the VIX?
The Cboe Volatility Index. It is calculated from S&P 500 option prices and shows how much volatility the market expects over the next 30 days. It tends to jump when investors are fearful and sink when they are calm.
What does the PE/VIX ratio tell me?
It divides CAPE by the VIX. A high ratio means stocks are expensive while the market expects little turbulence, a mix often linked to complacency. A low ratio means valuations are cheaper or fear is elevated.
What counts as a high or low ratio?
This page treats a ratio above 2.5 as high, 1.0 to 2.5 as moderate and below 1.0 as low. The historical table colors each day by those zones so you can see how often each one occurs.
Can I use this to time the market?
Not on its own. Valuation and volatility measures can stay extreme for years, so they are better at framing long-run risk than at calling short-term tops or bottoms. This page is educational and is not investment advice.
Where does the data come from?
The table and timeline pull from a live data feed when the page loads, so the latest ratio, the history and the Today marker stay current without manual updates.
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