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 26.50
Fair
Fair
Overvalued
 27.51 26.04 20.18
-0.22 σ
+0.11 σ
+1.23 σ
 21 Feb
United States VTI 25.82
Expensive
Expensive
Expensive
 21.42 18.89 16.21
+2.41 σ
+3.17 σ
+4.06 σ
 21 Feb
Switzerland EWL 23.94
Expensive
Expensive
Expensive
 18.63 17.57 15.50
+3.36 σ
+5.56 σ
+4.31 σ
 21 Feb
India INDA 23.49
Fair
Overvalued
Expensive
 22.53 19.86 17.42
+0.74 σ
+1.57 σ
+2.34 σ
 21 Feb
Australia EWA 20.96
Expensive
Expensive
Expensive
 16.66 15.94 14.56
+2.09 σ
+3.96 σ
+4.76 σ
 21 Feb
France EWQ 19.56
Overvalued
Expensive
Expensive
 16.00 14.97 13.06
+1.98 σ
+3.28 σ
+3.68 σ
 21 Feb
Canada EWC 19.19
Expensive
Expensive
Expensive
 14.90 14.93 14.24
+2.71 σ
+3.73 σ
+4.82 σ
 21 Feb
Sweden EWD 19.08
Overvalued
Expensive
Expensive
 15.91 15.67 14.63
+1.70 σ
+2.88 σ
+3.24 σ
 21 Feb
Taiwan EWT 18.75
Overvalued
Expensive
Expensive
 15.68 14.30 13.70
+1.43 σ
+2.63 σ
+3.46 σ
 21 Feb
Germany EWG 18.54
Expensive
Expensive
Expensive
 13.61 13.26 12.28
+2.94 σ
+5.02 σ
+5.62 σ
 21 Feb
Argentina ARGT 17.85
Expensive
Expensive
Expensive
 11.98 11.77 10.43
+4.24 σ
+4.46 σ
+3.25 σ
 21 Feb
United Kingdom EWU 17.38
Expensive
Expensive
Expensive
 12.28 13.18 12.15
+2.90 σ
+2.87 σ
+3.64 σ
 21 Feb
Denmark EDEN 17.27
Fair
Fair
Fair
 19.19 18.64 16.52
-0.44 σ
-0.58 σ
+0.40 σ
 21 Feb
Belgium EWK 16.17
Fair
Fair
Fair
 16.05 16.89 14.50
+0.04 σ
-0.37 σ
+0.66 σ
 21 Feb
Netherlands EWN 15.65
Undervalued
Fair
Fair
 18.86 16.80 14.02
-1.13 σ
-0.59 σ
+0.71 σ
 21 Feb
Japan EWJ 15.47
Fair
Overvalued
Fair
 14.83 14.07 14.45
+0.39 σ
+1.13 σ
+0.64 σ
 21 Feb
Hong Kong EWH 15.38
Fair
Fair
Fair
 15.24 15.07 15.17
+0.13 σ
+0.35 σ
+0.22 σ
 21 Feb
Thailand THD 15.22
Undervalued
Undervalued
Fair
 18.89 17.98 15.58
-1.76 σ
-1.49 σ
-0.14 σ
 21 Feb
Singapore EWS 14.95
Overvalued
Expensive
Overvalued
 13.27 12.95 13.31
+1.40 σ
+2.15 σ
+1.91 σ
 21 Feb
Malaysia EWM 14.89
Fair
Fair
Fair
 14.47 15.10 14.61
+0.47 σ
-0.29 σ
+0.33 σ
 21 Feb
Israel EIS 14.11
Overvalued
Expensive
Expensive
 11.35 11.05 10.98
+1.60 σ
+3.03 σ
+2.05 σ
 21 Feb
Ireland EIRL 13.93
Fair
Undervalued
Fair
 16.72 16.00 16.12
-0.97 σ
-1.13 σ
-0.89 σ
 21 Feb
Perù EPU 13.75
Fair
Fair
Fair
 12.24 12.63 12.45
+0.67 σ
+0.78 σ
+0.82 σ
 21 Feb
Vietnam VNM 13.44
Fair
-
-
 16.13 - -
-0.86 σ
-
-
 21 Feb
South Africa EZA 13.11
Expensive
Fair
Fair
 10.06 12.29 11.71
+3.33 σ
+0.41 σ
+0.89 σ
 21 Feb
Poland EPOL 12.36
Overvalued
Fair
Fair
 9.90 11.02 11.48
+1.24 σ
+0.99 σ
+0.70 σ
 21 Feb
Spain EWP 11.90
Fair
Fair
Fair
 11.52 11.98 11.57
+0.21 σ
-0.06 σ
+0.22 σ
 21 Feb
Italy EWI 11.52
Fair
Fair
Fair
 10.54 11.49 11.18
+0.55 σ
+0.02 σ
+0.22 σ
 21 Feb
Qatar QAT 11.51
Undervalued
-
-
 13.72 - -
-1.06 σ
-
-
 21 Feb
Indonesia EIDO 11.48
Undervalued
Cheap
Undervalued
 13.60 14.45 13.59
-1.40 σ
-2.43 σ
-1.59 σ
 21 Feb
Mexico EWW 11.42
Undervalued
Undervalued
Undervalued
 12.71 14.25 14.24
-1.25 σ
-1.55 σ
-1.61 σ
 21 Feb
Norway NORW 11.25
Fair
Fair
Fair
 11.32 12.55 11.55
-0.03 σ
-0.73 σ
-0.19 σ
 21 Feb
Chile ECH 10.70
Fair
Fair
Cheap
 10.41 13.29 14.75
+0.10 σ
-0.94 σ
-2.31 σ
 21 Feb
China FXI 10.45
Fair
Fair
Fair
 11.06 11.08 11.03
-0.29 σ
-0.44 σ
-0.34 σ
 21 Feb
South Korea EWY 10.40
Fair
Fair
Fair
 10.54 10.02 9.76
-0.11 σ
+0.41 σ
+0.71 σ
 21 Feb
Austria EWO 9.80
Fair
Fair
Fair
 8.16 9.63 9.99
+0.89 σ
+0.09 σ
-0.11 σ
 21 Feb
Philippines EPHE 9.32
Undervalued
Cheap
Cheap
 14.06 15.91 15.32
-2.00 σ
-3.25 σ
-3.00 σ
 21 Feb
Greece GREK 8.59
Fair
Undervalued
Undervalued
 9.92 11.20 11.25
-0.58 σ
-1.26 σ
-1.14 σ
 21 Feb
Brazil EWZ 8.26
Fair
Fair
Fair
 8.15 10.06 9.76
+0.07 σ
-0.95 σ
-0.94 σ
 21 Feb
Colombia GXG 7.47
Fair
Undervalued
Undervalued
 7.41 10.00 12.97
+0.03 σ
-1.03 σ
-1.89 σ
 21 Feb
Turkey TUR 4.82
Fair
Undervalued
Undervalued
 5.40 6.44 7.98
-0.76 σ
-1.38 σ
-1.93 σ
 21 Feb
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).