World Stock Market Valuation

Every major market, ranked from most overvalued to cheapest, scored by how many standard deviations it sits from its own historic norm. The higher the score, the more stretched the market.

Global Aggregate Valuation

+1.43 SD

Moderate Overvaluation

Average across 17 major markets worldwide. A reading near 0 means the world's markets sit close to their historic norms; above +1 signals broadly stretched global valuations, below −1 signals broad cheapness.

#	Market	Aggregate	Valuation	CAPE	Crash Risk	Status
1	South Korea KOSPI	+3.12	+3.6	+3.8	+2.0	Severely Overvalued
2	Spain IBEX 35	+2.85	+3.3	+3.9	+1.3	Severely Overvalued
3	Taiwan TAIEX	+2.59	+2.7	+2.9	+2.2	Severely Overvalued
4	Italy FTSE MIB	+2.32	+2.6	+3.2	+1.1	Severely Overvalued
5	Canada S&P/TSX	+2.22	+2.4	+3.1	+1.1	Severely Overvalued
6	United Kingdom FTSE 100	+1.93	+2.3	+2.8	+0.7	Moderate Overvaluation
7	Japan Nikkei 225	+1.82	+2.1	+2.2	+1.1	Moderate Overvaluation
8	Asia ex-Japan MSCI AC Asia ex-Japan	+1.50	+2.3	+1.5	+0.7	Moderate Overvaluation
9	Eurozone STOXX Europe 600	+1.42	+1.9	+2.1	+0.2	Moderate Overvaluation
10	United States S&P 500	+1.29	+2.0	+1.4	+0.5	Moderate Overvaluation
11	US Small Caps Russell 2000	+1.06	+1.2	+0.9	+1.1	Moderate Overvaluation
12	Brazil Bovespa	+0.94	+1.1	+0.6	+1.2	Fair Value
13	Switzerland SMI	+0.86	+1.1	+1.4	+0.1	Fair Value
14	Germany DAX	+0.74	+1.6	+1.5	-0.8	Fair Value
15	France CAC 40	+0.61	+1.0	+1.4	-0.6	Fair Value
16	China Shanghai Composite	-0.28	+0.3	-0.3	-0.8	Fair Value
17	India Nifty 50	-0.59	-0.8	+0.2	-1.2	Fair Value

All figures in standard deviations (SD) from each market's own historical average. Positive = more expensive than its norm, negative = cheaper. Click any column header to sort. CAPE figures are price-based proxies. Crash Risk is the LPPL bubble model.

How to Read This Ranking

This table is the fastest way to see where the world's stock markets stand relative to their own histories. Rather than compare raw valuation levels across countries, which is misleading, because a CAPE of 20 means something very different in fast-growing India than in slow-growing Italy, every market is scored against its own long-term norm and expressed in standard deviations. That makes the numbers directly comparable: a reading of +2.0 means a market is as stretched as it has been in roughly 98% of its history, whether that market is Japan, Brazil or Germany.

The aggregate score combines each market's three core signals, its overall valuation versus trend, its cyclically-adjusted CAPE proxy, and its LPPL crash-risk reading, into a single number. Markets near the top of the table are the most stretched and carry the most accumulated downside risk; markets near the bottom are the cheapest relative to their own past. None of this is a timing signal: expensive markets can keep rising and cheap ones can keep falling. But as a map of where risk and opportunity are concentrated across the globe, updated automatically and free, it is the clearest single view available.