Country rankings

CAPE Ratio by Country

India has the highest CAPE Ratio in 2023 (34.87), followed by United States (28.32) and Japan (24.93). Russia has the lowest (5.66).

Economics27 countries · 3 metricsUpdated Aug 7, 2024Original page
3 sources
27 of 235 countries
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CAPE Ratio, 2023

Darker means higher. Click a place to highlight it.

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All 27 ranked

Highest first.

Distribution Median and middle halfThe median is the middle value: half of places are above it, half below. The middle half is the range holding the central 50% of places.More in the glossary →

Each dot is one country; the lines mark the median and the middle half.

Median
13.18
Middle half 9.1 – 19.15
Average
14.9
27 countries
Highest
34.87
India
Lowest
5.66
Russia

Over time · 2007–2025

The top 5 in 2023, against the median.

  • Median of all countries
  • India
  • United States
  • Japan
  • Italy
  • Australia

Data

Click a column to sort, a row to highlight that place on the charts.

27 countries · # = rank by CAPE Ratio
#
1India34.87-56.7%24.7
2United States28.3235.4%24.2
3Japan24.93——
4Italy22.09——
5Australia19.93——
6Canada19.5——
7Germany19.3——
8Saudi Arabia19——
9United Kingdom18.33——
10Mexico17-45.6%20.26
11Spain16.2——
12Taiwan15.2-5.83%18.7
13Indonesia14.2-55.3%20.7
14China13.18-61.7%16.2
15Peru12.8-26.4%16.3
16Philippines12.3-24.5%15.3
16Thailand12.3-2.63%11.3
18Argentina11.9——
19Malaysia10-54.7%18.7
20Brazil9.4-67.3%13.6
21South Africa8.8-26.9%15.6
22Chile8.5-52.3%22.2
23Hong Kong7.53——
24Turkey7.2-61.2%11.8
25South Korea7-38.2%15.4
26Colombia6.8-70.9%22.8
27Russia5.66-75.3%10.8

What correlates with CAPE Ratio (2023)?

Pearson r against 2,028 other country metrics sharing at least 17 countries. Correlation is not causation.

Higher together

Places that have a higher CAPE Ratio tend to score higher on these

  1. GNI PPP MethodGross National Product (GNP) by Country
    r = +0.78 · very strong · n = 20
    Plot
  2. Snapchat UsersSnapchat Users by Country
    r = +0.75 · very strong · n = 23
    Plot
  3. Restaurants with Michelin StarsMichelin Star Restaurants by Country
    r = +0.75 · very strong · n = 17
    Plot
  4. 1-Star RestaurantsMichelin Star Restaurants by Country
    r = +0.75 · very strong · n = 17
    Plot
  5. Median IncomeMedian Income by Country
    r = +0.74 · very strong · n = 22
    Plot
  6. Other Non-Surgical ProceduresPlastic Surgery by Country
    r = +0.72 · very strong · n = 20
    Plot

Opposite directions

Places that have a higher CAPE Ratio tend to score lower on these

  1. Openness for BusinessEntrepreneurial Countries
    r = −0.70 · very strong · n = 26
    Plot
  2. Openness %Countries with Open Borders
    r = −0.67 · strong · n = 27
    Plot
  3. Openness Score (out of 198)Countries with Open Borders
    r = −0.67 · strong · n = 27
    Plot
  4. Literacy Rate - FemaleLiteracy Rate by Country
    r = −0.61 · strong · n = 20
    Plot
  5. Genital Herpes RateSTD Rates by Country
    r = −0.61 · strong · n = 25
    Plot
  6. STD Rate FemaleSTD Rates by Country
    r = −0.58 · strong · n = 25
    Plot

Quick answers

Which country has the highest CAPE Ratio?
India has the highest CAPE Ratio in 2023, at 34.87, followed by United States (28.32) and Japan (24.93).
Which country has the lowest CAPE Ratio?
Russia has the lowest CAPE Ratio in 2023, at 5.66.
What is the median CAPE Ratio across countries?
The median is 13.18 across the 27 countries with data in 2023.
Where does this cape ratio by country data come from?
Rankodex compiles it from World Population Review and the primary sources it cites: The Next Ten Years in Emerging Markets - The Emerging Markets Investor; CAPE Ratios by Country (Global Shiller PE Ratios) - Siblis Research; 3Q 2023 Expected Returns for Emerging Market Stocks - The Emerging Markets Investor.