An 18-metric relative value framework scoring the S&P 500 against each metric's own long-run history. The Refresh button pulls current readings for the 12 metrics with public sources via a live research agent; 6 metrics requiring proprietary index-level data remain manual inputs.
This tool is provided for informational and educational purposes only. Nothing on this page constitutes investment advice, a solicitation, or a recommendation to buy, sell, or hold any security or asset class. The output of this model — including valuation verdicts, z-scores, and mean-reversion sensitivities — should not be relied upon as the basis for any investment decision.
Data accuracy is not guaranteed. Current values are sourced via automated web search and may be incomplete, delayed, or incorrect. Static defaults were compiled as of Jun 20, 2026. Historical averages and standard deviations are estimates and will differ from proprietary research figures. Qubera Wealth Management makes no representation that any data displayed is accurate, complete, or current.
Valuation is a poor short-term timing tool. Expensive markets can remain expensive for extended periods. Past relationships between valuation levels and subsequent returns may not repeat. Always consult a qualified financial professional before making investment decisions.
Equity risk premium metrics are excluded — they depend on proprietary implied-return models with no standardized public source. Live fields highlight in teal after a successful refresh. Any field can still be overridden by hand. Data vintages: each row shows the as-of date of its current value. Historical averages and σ are estimated from published academic and institutional sources, compiled Jun 20, 2026; treat them as approximations.
Implied S&P 500 level if each anchor metric reverted to its historical average, holding fundamentals constant. Illustrative sensitivity only — not a forecast or price target. Index level and current multiples follow the data vintages shown in the table; historical averages are static estimates compiled Jun 20, 2026. The analyst target card reflects the year-end estimate entered in the controls above.
This dashboard scores the S&P 500 on 18 valuation metrics, each benchmarked against its own long-run historical average. The approach — often called a "relative value scorecard" — is a standard technique in institutional equity strategy research: rather than relying on any single multiple, it aggregates signals across earnings, book value, cash flow, macro, and cross-asset dimensions to form a view on whether the broad market is historically cheap or expensive. A metric is flagged statistically expensive when it trades above (or, for risk-premium metrics, below) its sample-period mean. Z-scores express how many standard deviations above or below average each reading sits.
The 18 metrics span five families. Absolute earnings multiples: trailing P/E, trailing GAAP P/E, forward consensus P/E, trailing normalized P/E, and the Shiller cyclically adjusted P/E (CAPE). Growth-adjusted multiples: trailing PEG and forward PEG. Balance-sheet and cash-flow multiples: price-to-book, price-to-operating-cash-flow, price-to-free-cash-flow, EV/EBITDA, and EV/sales. Real-asset and macro measures: the S&P 500 priced in WTI oil terms, the S&P 500 priced in gold terms, and total US market capitalization to GDP (the Buffett indicator). Cross-asset relative multiples: the S&P 500's forward P/E relative to the Russell 2000, MSCI EAFE, and MSCI Emerging Markets indices. The two equity risk-premium metrics included in some institutional scorecards are omitted here because they depend on proprietary implied-return models with no standardized public equivalent.
Mean-reversion sensitivity is computed as current index level × (historical average multiple ÷ current multiple) — the level implied if a multiple normalized while earnings, book value, and cash flows held constant. Elevated valuation is a historically poor short-term timing tool; the market can remain expensive for years. The inverse argument — that index composition has shifted toward asset-light, higher-margin businesses that may structurally warrant higher multiples — is a legitimate counterpoint and is not dismissed here. This tool presents the data; it does not express a view on market direction. Static defaults were compiled June 10, 2026; live fields carry their refresh timestamp.