% Since 2000

6-1-2025
Updated Monthly

Secular Market Top* - Since January 2000

+267.7% Dow       

+393.3% Transports 

+267.3% Utilities

+302.4%  S&P 500

+369.7%  Nasdaq

+ 24.1%  30yr Treasury Bond

+1035.7% Gold

+137.5% Oil
  +91.5% Swiss Franc 

    

From High to Low - Since Year 2000

+ 1035.7% Gold

+ 393.3% Transports

+ 369.7% Nasdaq

+ 302.4% S&P 500

+ 267.7% Dow
+ 267.3% Utilities
+ 137.5% Oil

+   91.5% Swiss Franc

+   24.1% 30yr Treasury Bonds

December 1999 Shiller PE10 was 44.19               
August 2000 S&P 500 dividend yield was 1.11%  

Shiller PE10 6-1-25 is 36.50  112% above its mean (17.24) since 1871.

S&P 500 dividend yield 6-1-25 is 1.28%  70% below its mean (4.23%) since 1871.

[Shiller PE10 & dividend yield is reported using data from the beginning or end of the month when I update.  It may or may not exactly be the first or last trading day of the month.]

6-1-25

S&P 500 Stock-earnings yield 2.74%

Bond rate 5.53%

Stock-earnings yield/bond yield = 50% of  present bond yield.

Dividend yield/bond yield = 23% of the present bond yield.

*Measured by valuations.  Year 2000 Shiller PE peaked at 44.19 with a scant S&P 500 dividend yield at 1.11%.  These high Shiller PE or low dividend yield has not been surpassed since 1871.

Stock-earnings yield (December 1999) was 2.26%.  High grade corporate bonds were in the 7% range in abundance.  This would push my EYC ratio - [see Ben Graham's Corner] - at 0.36!  Anything below 0.50 is in crash alert range.    

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It is easily seen in the year 2000 the Nasdaq was horribly overvalued and gold was on the give away table, such lopsided returns 25+ years later!