What the Data Shows
S&P 500 valuation is compared with the United States 10-year Treasury yield using S&P factsheet and FRED Treasury-rate data. The data includes forward P/E, trailing P/E, their implied earnings yields and the 10-year Treasury constant maturity yield. The forward P/E of 21.03 implies a 4.76% earnings yield, 0.31 percentage points above the 4.45% Treasury yield. The trailing P/E of 28.45 implies a 3.51% earnings yield, which is 0.94 percentage points below the Treasury yield, and the two P/E measures have different S&P underlying dates.
Data table
Unit: P/E multiple, percent yield and percentage-point gap · Period: S&P factsheet as of May 29, 2026; forward P/E as of Apr. 30, 2026; 10-year yield as of May 28, 2026
| Rank | Entry | Value | Period |
|---|
| 1 | S&P 500 forward P/E | 21.03x | Forward P/E as of Apr 30, 2026 in S&P May 29 factsheet |
| 2 | Forward earnings yield | 4.76% | from forward P/E |
| 3 | 10-year Treasury yield | 4.45% | 2026-05-28 |
| 4 | Trailing earnings yield | 3.51% | from trailing P/E as of Dec 31, 2025 |
Sources
Source 1: S&P Dow Jones Indices
Publisher: S&P Dow Jones Indices
Dataset/table: Fundamentals
Units: P/E multiples and dividend yield
Date checked: 2026-05-30
Evidence: Supports the S&P 500 projected and trailing P/E values.
Data notes & caveats
S&P reports projected P/E and trailing P/E with different underlying dates. The FRED Treasury yield observation is May 28, 2026, which is one day earlier than the S&P factsheet snapshot.
Methodology
Projected and trailing earnings yields use 100 divided by the corresponding P/E multiple; yield gaps subtract the 10-year Treasury yield from each earnings yield.
Source consistency notes
The S&P valuation fields and FRED Treasury yield are mixed-date latest-available observations and should be read as a timestamped comparison.
Related graphics
LicensingBranded MarketStats graphics are free to use*
Keep the visible MarketStats attribution, source line and canonical page link intact. For clean unbranded assets, commercial use or higher-volume reuse, choose one of the licensing tiers below.
This specific graphic needs a source-rights review before an unbranded download. Branded use remains available.
* Free branded use is subject to the Terms and requires attribution/canonical-link preservation. MarketStats licenses the graphic presentation and MarketStats-created editorial layer, not the underlying third-party source data. Source attribution and source-provider obligations still apply.
