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
United States VTI 27.76
Expensive
Expensive
Expensive
 20.99 18.68 16.12
+3.79 σ
+4.35 σ
+5.17 σ
 13 Nov
New Zealand ENZL 26.61
Fair
Fair
Overvalued
 27.28 25.70 19.94
-0.15 σ
+0.22 σ
+1.33 σ
 13 Nov
India INDA 24.81
Overvalued
Expensive
Expensive
 22.25 19.64 17.27
+1.83 σ
+2.31 σ
+2.97 σ
 13 Nov
Switzerland EWL 21.33
Expensive
Expensive
Expensive
 18.41 17.46 15.42
+2.11 σ
+3.62 σ
+3.09 σ
 13 Nov
Australia EWA 20.32
Expensive
Expensive
Expensive
 16.49 15.77 14.52
+2.02 σ
+3.92 σ
+4.46 σ
 13 Nov
Canada EWC 19.17
Expensive
Expensive
Expensive
 14.70 14.84 14.20
+3.12 σ
+4.01 σ
+4.98 σ
 13 Nov
Taiwan EWT 18.56
Overvalued
Expensive
Expensive
 15.57 14.15 13.61
+1.44 σ
+2.77 σ
+3.55 σ
 13 Nov
France EWQ 17.28
Fair
Overvalued
Expensive
 15.83 14.86 13.01
+0.81 σ
+1.79 σ
+2.52 σ
 13 Nov
Thailand THD 17.25
Fair
Fair
Fair
 19.00 18.02 15.49
-0.88 σ
-0.42 σ
+0.63 σ
 13 Nov
Denmark EDEN 16.83
Fair
Fair
Fair
 19.50 18.63 16.49
-0.62 σ
-0.76 σ
+0.18 σ
 13 Nov
Argentina ARGT 16.32
Expensive
Expensive
Expensive
 11.86 11.58 10.34
+3.81 σ
+3.30 σ
+2.70 σ
 13 Nov
Perù EPU 16.29
Overvalued
Expensive
Expensive
 12.15 12.60 12.48
+1.90 σ
+2.57 σ
+2.32 σ
 13 Nov
United Kingdom EWU 16.28
Expensive
Expensive
Expensive
 12.09 13.12 12.15
+2.75 σ
+2.24 σ
+2.87 σ
 13 Nov
Belgium EWK 16.15
Fair
Fair
Fair
 16.11 16.93 14.45
+0.01 σ
-0.41 σ
+0.66 σ
 13 Nov
Japan EWJ 15.44
Fair
Overvalued
Fair
 14.77 14.02 14.47
+0.41 σ
+1.17 σ
+0.60 σ
 13 Nov
Germany EWG 15.18
Overvalued
Expensive
Expensive
 13.50 13.15 12.26
+1.06 σ
+2.08 σ
+2.70 σ
 13 Nov
Malaysia EWM 15.14
Fair
Fair
Fair
 14.48 15.08 14.58
+0.72 σ
+0.08 σ
+0.65 σ
 13 Nov
Vietnam VNM 15.08
Fair
-
-
 16.34 - -
-0.41 σ
-
-
 13 Nov
Hong Kong EWH 14.73
Fair
Fair
Fair
 15.24 15.06 15.19
-0.48 σ
-0.37 σ
-0.49 σ
 13 Nov
Ireland EIRL 13.89
Undervalued
Undervalued
Fair
 16.89 16.12 16.12
-1.07 σ
-1.23 σ
-0.91 σ
 13 Nov
Netherlands EWN 13.70
Undervalued
Undervalued
Fair
 19.02 16.80 13.99
-1.99 σ
-1.59 σ
-0.13 σ
 13 Nov
Israel EIS 13.21
Overvalued
Expensive
Overvalued
 11.18 10.97 10.99
+1.24 σ
+2.40 σ
+1.44 σ
 13 Nov
South Africa EZA 13.10
Expensive
Fair
Fair
 10.05 12.35 11.67
+3.39 σ
+0.36 σ
+0.90 σ
 13 Nov
Sweden EWD 12.80
Undervalued
Cheap
Undervalued
 16.01 15.71 14.63
-1.81 σ
-2.53 σ
-1.34 σ
 13 Nov
Indonesia EIDO 12.80
Fair
Undervalued
Fair
 13.81 14.53 13.57
-0.69 σ
-1.53 σ
-0.57 σ
 13 Nov
Singapore EWS 12.32
Fair
Fair
Undervalued
 13.23 12.94 13.30
-0.76 σ
-0.68 σ
-1.15 σ
 13 Nov
Chile ECH 11.54
Fair
Fair
Undervalued
 10.61 13.42 14.82
+0.31 σ
-0.69 σ
-1.95 σ
 13 Nov
Philippines EPHE 10.80
Undervalued
Cheap
Cheap
 14.38 16.14 15.32
-1.61 σ
-2.83 σ
-2.27 σ
 13 Nov
Mexico EWW 10.73
Cheap
Cheap
Cheap
 12.87 14.43 14.27
-2.20 σ
-2.02 σ
-2.05 σ
 13 Nov
Italy EWI 10.71
Fair
Fair
Fair
 10.61 11.56 11.23
+0.05 σ
-0.54 σ
-0.32 σ
 13 Nov
Qatar QAT 10.68
Undervalued
-
-
 13.90 - -
-1.64 σ
-
-
 13 Nov
Norway NORW 10.57
Fair
Undervalued
Fair
 11.48 12.55 11.56
-0.35 σ
-1.11 σ
-0.63 σ
 13 Nov
South Korea EWY 10.31
Fair
Fair
Fair
 10.65 10.02 9.74
-0.29 σ
+0.32 σ
+0.62 σ
 13 Nov
China FXI 9.49
Fair
Undervalued
Fair
 11.19 11.06 11.05
-0.83 σ
-1.09 σ
-0.93 σ
 13 Nov
Spain EWP 9.45
Undervalued
Undervalued
Undervalued
 11.61 12.09 11.61
-1.27 σ
-1.93 σ
-1.44 σ
 13 Nov
Poland EPOL 9.21
Fair
Undervalued
Undervalued
 9.94 11.11 11.50
-0.37 σ
-1.38 σ
-1.86 σ
 13 Nov
Brazil EWZ 9.11
Fair
Fair
Fair
 8.43 10.13 9.74
+0.35 σ
-0.55 σ
-0.39 σ
 13 Nov
Austria EWO 7.90
Fair
Fair
Undervalued
 8.25 9.69 10.06
-0.18 σ
-0.99 σ
-1.30 σ
 13 Nov
Colombia GXG 6.26
Fair
Undervalued
Cheap
 7.69 10.20 13.14
-0.68 σ
-1.60 σ
-2.40 σ
 13 Nov
Greece GREK 5.97
Undervalued
Cheap
Cheap
 10.27 11.32 11.35
-1.87 σ
-2.73 σ
-2.32 σ
 13 Nov
Turkey TUR 4.00
Cheap
Cheap
Cheap
 5.51 6.56 8.07
-2.03 σ
-2.17 σ
-2.50 σ
 13 Nov
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).