Global P/E Ratios by Country

P/E Ratio
 
7
12
17
22
27
P/E vs 1Y Avg
P/E vs 5Y Avg
P/E vs 10Y Avg
P/E vs 20Y Avg
< -2σ
-2σ
-σ
+σ
+2σ
> +2σ
 
 
 
 
 
 
 
Undervalued
Fair
Overvalued
 
 
Cheap
 
 
 
Expensive

It is important to consider the P/E Ratio of a market before investing because it gives an indication of how much investors are willing to pay per dollar of earnings.

A market with a high P/E ratio may indicate that investors are optimistic about future earnings, but may also be overvalued. Similarly, a low P/E ratio may indicate undervaluation but may also indicate low growth prospects.

Therefore, comparing the current P/E ratio to historical values can help investors make informed decisions and identify potential risks and opportunities.

WORLD COUNTRIES P/E RATIO
Individual stock markets
Swipe left to see all data
P/E Evaluation Historical P/E Average P/E Deviation vs Avg
Country Trend P/E▾ 5 Years 10 Years 20 Years 5 Years 10 Years 20 Years 5 Years 10 Years 20 Years
New Zealand ENZL 26.68
Fair
Fair
Overvalued
 27.28 25.79 20.01
-0.14 σ
+0.22 σ
+1.33 σ
 05 Dec
United States VTI 26.42
Expensive
Expensive
Expensive
 21.15 18.75 16.15
+2.99 σ
+3.62 σ
+4.48 σ
 05 Dec
India INDA 25.97
Expensive
Expensive
Expensive
 22.36 19.71 17.32
+2.64 σ
+2.77 σ
+3.38 σ
 05 Dec
Switzerland EWL 21.58
Expensive
Expensive
Expensive
 18.50 17.50 15.45
+2.13 σ
+3.74 σ
+3.18 σ
 05 Dec
Australia EWA 20.80
Expensive
Expensive
Expensive
 16.55 15.83 14.53
+2.18 σ
+4.16 σ
+4.77 σ
 05 Dec
Canada EWC 19.72
Expensive
Expensive
Expensive
 14.77 14.87 14.21
+3.35 σ
+4.42 σ
+5.46 σ
 05 Dec
Taiwan EWT 18.94
Overvalued
Expensive
Expensive
 15.62 14.21 13.64
+1.57 σ
+2.89 σ
+3.73 σ
 05 Dec
Argentina ARGT 18.00
Expensive
Expensive
Expensive
 11.87 11.64 10.37
+5.18 σ
+4.54 σ
+3.40 σ
 05 Dec
Thailand THD 17.83
Fair
Fair
Fair
 18.97 18.03 15.53
-0.57 σ
-0.11 σ
+0.84 σ
 05 Dec
France EWQ 17.55
Fair
Overvalued
Expensive
 15.89 14.90 13.03
+0.93 σ
+1.94 σ
+2.63 σ
 05 Dec
Denmark EDEN 17.02
Fair
Fair
Fair
 19.41 18.62 16.50
-0.55 σ
-0.68 σ
+0.28 σ
 05 Dec
United Kingdom EWU 17.02
Expensive
Expensive
Expensive
 12.15 13.14 12.15
+3.02 σ
+2.71 σ
+3.38 σ
 05 Dec
Perù EPU 16.65
Overvalued
Expensive
Expensive
 12.22 12.61 12.48
+1.96 σ
+2.78 σ
+2.54 σ
 05 Dec
Germany EWG 16.24
Overvalued
Expensive
Expensive
 13.54 13.20 12.27
+1.67 σ
+3.06 σ
+3.64 σ
 05 Dec
Japan EWJ 16.19
Fair
Overvalued
Overvalued
 14.81 14.05 14.46
+0.85 σ
+1.75 σ
+1.08 σ
 05 Dec
Belgium EWK 16.12
Fair
Fair
Fair
 16.12 16.93 14.47
+0.00 σ
-0.42 σ
+0.65 σ
 05 Dec
Malaysia EWM 15.46
Overvalued
Fair
Overvalued
 14.48 15.09 14.59
+1.07 σ
+0.50 σ
+1.01 σ
 05 Dec
Vietnam VNM 15.28
Fair
-
-
 16.28 - -
-0.32 σ
-
-
 05 Dec
Hong Kong EWH 14.70
Fair
Fair
Fair
 15.25 15.06 15.19
-0.52 σ
-0.41 σ
-0.51 σ
 05 Dec
Netherlands EWN 14.23
Undervalued
Undervalued
Fair
 18.98 16.80 13.99
-1.74 σ
-1.31 σ
+0.10 σ
 05 Dec
Israel EIS 14.16
Overvalued
Expensive
Expensive
 11.24 10.99 10.99
+1.75 σ
+3.31 σ
+2.06 σ
 05 Dec
Ireland EIRL 14.00
Fair
Undervalued
Fair
 16.83 16.08 16.12
-1.00 σ
-1.14 σ
-0.86 σ
 05 Dec
South Africa EZA 13.74
Expensive
Fair
Overvalued
 10.06 12.35 11.69
+4.01 σ
+0.67 σ
+1.29 σ
 05 Dec
Sweden EWD 13.37
Undervalued
Undervalued
Fair
 15.95 15.70 14.62
-1.41 σ
-1.99 σ
-0.91 σ
 05 Dec
Singapore EWS 12.84
Fair
Fair
Fair
 13.22 12.94 13.30
-0.32 σ
-0.11 σ
-0.53 σ
 05 Dec
Indonesia EIDO 12.78
Fair
Undervalued
Fair
 13.76 14.51 13.58
-0.67 σ
-1.51 σ
-0.60 σ
 05 Dec
Chile ECH 11.84
Fair
Fair
Undervalued
 10.57 13.38 14.80
+0.43 σ
-0.56 σ
-1.75 σ
 05 Dec
Italy EWI 11.12
Fair
Fair
Fair
 10.60 11.55 11.21
+0.29 σ
-0.27 σ
-0.06 σ
 05 Dec
Mexico EWW 11.07
Undervalued
Undervalued
Undervalued
 12.83 14.38 14.26
-1.76 σ
-1.80 σ
-1.84 σ
 05 Dec
Philippines EPHE 11.00
Undervalued
Cheap
Cheap
 14.27 16.07 15.32
-1.44 σ
-2.62 σ
-2.17 σ
 05 Dec
Norway NORW 10.91
Fair
Fair
Fair
 11.44 12.55 11.56
-0.20 σ
-0.92 σ
-0.41 σ
 05 Dec
Qatar QAT 10.45
Undervalued
-
-
 13.84 - -
-1.69 σ
-
-
 05 Dec
South Korea EWY 10.25
Fair
Fair
Fair
 10.64 10.03 9.75
-0.34 σ
+0.23 σ
+0.54 σ
 05 Dec
Spain EWP 9.99
Fair
Undervalued
Undervalued
 11.57 12.05 11.60
-0.92 σ
-1.50 σ
-1.07 σ
 05 Dec
Poland EPOL 9.72
Fair
Fair
Undervalued
 9.90 11.07 11.49
-0.09 σ
-0.98 σ
-1.42 σ
 05 Dec
China FXI 9.55
Fair
Undervalued
Fair
 11.17 11.07 11.05
-0.78 σ
-1.06 σ
-0.89 σ
 05 Dec
Brazil EWZ 8.53
Fair
Fair
Fair
 8.35 10.10 9.75
+0.10 σ
-0.84 σ
-0.76 σ
 05 Dec
Austria EWO 8.19
Fair
Fair
Undervalued
 8.21 9.66 10.03
-0.01 σ
-0.81 σ
-1.11 σ
 05 Dec
Colombia GXG 6.80
Fair
Undervalued
Cheap
 7.60 10.13 13.08
-0.39 σ
-1.36 σ
-2.18 σ
 05 Dec
Greece GREK 6.13
Undervalued
Cheap
Cheap
 10.14 11.27 11.32
-1.74 σ
-2.57 σ
-2.22 σ
 05 Dec
Turkey TUR 4.30
Undervalued
Undervalued
Cheap
 5.47 6.52 8.04
-1.54 σ
-1.89 σ
-2.30 σ
 05 Dec
Methodology
The Average P/E (μ) and the Standard Deviation (σ) are calculated excluding 20% outliers (i.e. over a range of values excluding 10% of observations from the top and 10% from the bottom of the dataset).
A P/E between (μ - σ) and (μ + σ) is considered "Fair", over a specific timeframe.
A P/E greater than (μ + σ) is defined "Overvalued", greater than (μ + 2σ) is defined "Expensive".
A P/E less than (μ - σ) is defined "Undervalued", less than (μ - 2σ) is defined "Cheap".
The Trend is considered positive if the ETF price is higher than the 200-day moving average (SMA).