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S&P 500 Earnings Yield

Written by:
PK

Just below you'll find the current S&P 500 earnings yield, summary statistics on the maximum, minimum, average, and median earnings yield over time, and the history of the S&P 500's earnings yield. Also, find an earnings yield visualization over time, plus a historical database of earnings yield on the S&P 500.

Alternatively, you can view the S&P 500 price to earnings ratio tool.

S&P 500 Earnings Yield History Tool

Historical S&P 500 Earnings Yield

The next section contains the monthly history of the S&P 500 Earnings Yield. The S&P 500 Return Calculator shows details on the most recently updated data.

Historical S&P 500 Earnings Yield by Month

The index value is the average closing price in a given month, while the earnings are based on the trailing 12 month (TTM) earnings. The most recent quarter uses earnings from the previous quarter, until updated.

MonthIndex AverageEarnings/ShEarnings Yield
01-18714.44$0.409.01%
02-18714.50$0.408.89%
03-18714.61$0.408.68%
04-18714.74$0.408.44%
05-18714.86$0.408.23%
06-18714.82$0.408.30%
07-18714.73$0.408.46%
08-18714.79$0.408.35%
09-18714.84$0.408.26%
10-18714.59$0.408.71%
11-18714.64$0.408.62%
12-18714.74$0.408.44%
01-18724.86$0.408.28%
02-18724.88$0.418.30%
03-18725.04$0.418.09%
04-18725.18$0.417.92%
05-18725.18$0.417.96%
06-18725.13$0.428.09%
07-18725.10$0.428.19%
08-18725.04$0.428.33%
09-18724.95$0.428.54%
10-18724.97$0.438.55%
11-18724.95$0.438.64%
12-18725.07$0.438.48%
01-18735.11$0.438.46%
02-18735.15$0.448.45%
03-18735.11$0.448.56%
04-18735.04$0.448.73%
05-18735.05$0.448.76%
06-18734.98$0.458.94%
07-18734.97$0.459.00%
08-18734.97$0.459.05%
09-18734.59$0.459.86%
10-18734.19$0.4610.86%
11-18734.04$0.4611.32%
12-18734.42$0.4610.41%
01-18744.66$0.469.87%
02-18744.80$0.469.58%
03-18744.73$0.469.73%
04-18744.60$0.4610.00%
05-18744.48$0.4610.27%
06-18744.46$0.4610.31%
07-18744.46$0.4610.31%
08-18744.47$0.4610.29%
09-18744.54$0.4610.13%
10-18744.53$0.4610.15%
11-18744.57$0.4610.07%
12-18744.54$0.4610.13%
01-18754.54$0.459.95%
02-18754.53$0.449.79%
03-18754.59$0.449.48%
04-18754.65$0.439.18%
05-18754.47$0.429.36%
06-18754.38$0.419.36%
07-18754.39$0.409.15%
08-18754.41$0.398.92%
09-18754.37$0.398.81%
10-18754.30$0.388.76%
11-18754.37$0.378.43%
12-18754.37$0.368.24%
01-18764.46$0.357.92%
02-18764.52$0.357.67%
03-18764.51$0.347.54%
04-18764.34$0.337.68%
05-18764.18$0.337.82%
06-18764.15$0.327.71%
07-18764.10$0.317.64%
08-18763.93$0.317.80%
09-18763.69$0.308.13%
10-18763.67$0.297.99%
11-18763.60$0.297.96%
12-18763.58$0.287.82%
01-18773.55$0.287.94%
02-18773.34$0.288.48%
03-18773.17$0.298.99%
04-18772.94$0.299.75%
05-18772.94$0.299.81%
06-18772.73$0.2910.62%
07-18772.85$0.2910.24%
08-18773.05$0.299.62%
09-18773.24$0.309.10%
10-18773.31$0.308.96%
11-18773.26$0.309.15%
12-18773.25$0.309.23%
01-18783.25$0.309.26%
02-18783.18$0.309.49%
03-18783.24$0.309.34%
04-18783.33$0.309.11%
05-18783.34$0.309.11%
06-18783.41$0.318.94%
07-18783.48$0.318.79%
08-18783.45$0.318.89%
09-18783.52$0.318.74%
10-18783.48$0.318.86%
11-18783.47$0.318.91%
12-18783.45$0.318.99%
01-18793.58$0.328.82%
02-18793.71$0.328.67%
03-18793.65$0.338.97%
04-18793.77$0.338.84%
05-18793.94$0.348.61%
06-18793.96$0.358.71%
07-18794.04$0.358.68%
08-18794.07$0.368.76%
09-18794.22$0.368.59%
10-18794.68$0.377.87%
11-18794.93$0.377.59%
12-18794.92$0.387.72%
01-18805.11$0.397.62%
02-18805.20$0.407.66%
03-18805.30$0.417.69%
04-18805.18$0.428.04%
05-18804.77$0.438.93%
06-18804.79$0.449.08%
07-18805.01$0.448.87%
08-18805.19$0.458.73%
09-18805.18$0.468.93%
10-18805.33$0.478.85%
11-18805.61$0.488.57%
12-18805.84$0.498.39%
01-18816.19$0.497.85%
02-18816.17$0.487.81%
03-18816.24$0.487.65%
04-18816.22$0.477.61%
05-18816.50$0.477.22%
06-18816.58$0.477.07%
07-18816.35$0.467.26%
08-18816.20$0.467.37%
09-18816.25$0.457.24%
10-18816.15$0.457.29%
11-18816.19$0.447.18%
12-18816.01$0.447.32%
01-18825.92$0.447.42%
02-18825.79$0.447.57%
03-18825.78$0.447.57%
04-18825.78$0.447.56%
05-18825.71$0.447.63%
06-18825.68$0.447.66%
07-18826.00$0.437.24%
08-18826.18$0.437.01%
09-18826.24$0.436.93%
10-18826.07$0.437.11%
11-18825.81$0.437.41%
12-18825.84$0.437.36%
01-18835.81$0.437.36%
02-18835.68$0.437.48%
03-18835.75$0.427.35%
04-18835.87$0.427.16%
05-18835.77$0.427.24%
06-18835.82$0.427.13%
07-18835.73$0.417.20%
08-18835.47$0.417.50%
09-18835.53$0.417.37%
10-18835.38$0.417.53%
11-18835.46$0.407.37%
12-18835.34$0.407.49%
01-18845.18$0.397.58%
02-18845.32$0.397.24%
03-18845.30$0.387.12%
04-18845.06$0.377.31%
05-18844.65$0.367.80%
06-18844.46$0.367.96%
07-18844.46$0.357.79%
08-18844.74$0.347.17%
09-18844.59$0.337.24%
10-18844.44$0.337.32%
11-18844.35$0.327.30%
12-18844.34$0.317.14%
01-18854.24$0.317.23%
02-18854.37$0.306.94%
03-18854.38$0.306.85%
04-18854.37$0.306.79%
05-18854.32$0.296.79%
06-18854.30$0.296.74%
07-18854.46$0.296.43%
08-18854.71$0.286.01%
09-18854.65$0.286.02%
10-18854.92$0.285.62%
11-18855.24$0.275.22%
12-18855.20$0.275.19%
01-18865.20$0.285.29%
02-18865.30$0.285.28%
03-18865.19$0.295.49%
04-18865.12$0.295.66%
05-18865.02$0.305.88%
06-18865.25$0.305.71%
07-18865.33$0.315.72%
08-18865.37$0.315.77%
09-18865.51$0.325.72%
10-18865.65$0.325.66%
11-18865.79$0.335.61%
12-18865.64$0.335.85%
01-18875.58$0.335.96%
02-18875.54$0.346.05%
03-18875.67$0.345.95%
04-18875.80$0.345.86%
05-18875.90$0.345.81%
06-18875.73$0.356.02%
07-18875.59$0.356.22%
08-18875.45$0.356.42%
09-18875.38$0.356.55%
10-18875.20$0.366.83%
11-18875.30$0.366.75%
12-18875.27$0.366.83%
01-18885.31$0.356.62%
02-18885.28$0.346.50%
03-18885.08$0.346.59%
04-18885.10$0.336.41%
05-18885.17$0.326.16%
06-18885.01$0.316.19%
07-18885.14$0.305.87%
08-18885.25$0.295.59%
09-18885.38$0.295.30%
10-18885.35$0.285.17%
11-18885.24$0.275.12%
12-18885.14$0.265.06%
01-18895.24$0.265.02%
02-18895.30$0.275.03%
03-18895.19$0.275.20%
04-18895.18$0.275.28%
05-18895.32$0.285.20%
06-18895.41$0.285.18%
07-18895.30$0.285.35%
08-18895.37$0.295.34%
09-18895.50$0.295.27%
10-18895.40$0.295.43%
11-18895.35$0.305.55%
12-18895.32$0.305.64%
01-18905.38$0.305.56%
02-18905.32$0.305.61%
03-18905.28$0.305.63%
04-18905.39$0.305.50%
05-18905.62$0.305.26%
06-18905.58$0.305.29%
07-18905.54$0.295.31%
08-18905.41$0.295.42%
09-18905.32$0.295.50%
10-18905.08$0.295.74%
11-18904.71$0.296.17%
12-18904.60$0.296.30%
01-18914.84$0.296.08%
02-18914.90$0.306.09%
03-18914.81$0.306.29%
04-18914.97$0.316.17%
05-18914.95$0.316.28%
06-18914.85$0.326.49%
07-18914.77$0.326.69%
08-18914.93$0.326.56%
09-18915.33$0.336.14%
10-18915.33$0.336.22%
11-18915.25$0.346.40%
12-18915.41$0.346.28%
01-18925.51$0.346.22%
02-18925.52$0.356.25%
03-18925.58$0.356.23%
04-18925.57$0.356.28%
05-18925.57$0.356.33%
06-18925.54$0.366.41%
07-18925.54$0.366.45%
08-18925.62$0.366.41%
09-18925.48$0.366.61%
10-18925.59$0.376.53%
11-18925.57$0.376.60%
12-18925.51$0.376.72%
01-18935.61$0.366.43%
02-18935.51$0.356.38%
03-18935.31$0.346.45%
04-18935.31$0.336.28%
05-18934.84$0.326.70%
06-18934.61$0.326.83%
07-18934.18$0.317.32%
08-18934.08$0.307.27%
09-18934.37$0.296.58%
10-18934.50$0.286.18%
11-18934.57$0.275.89%
12-18934.41$0.265.90%
01-18944.32$0.255.83%
02-18944.38$0.245.55%
03-18944.51$0.245.21%
04-18944.57$0.234.96%
05-18944.40$0.224.96%
06-18944.34$0.214.84%
07-18944.25$0.204.75%
08-18944.41$0.194.38%
09-18944.48$0.194.13%
10-18944.34$0.184.07%
11-18944.34$0.173.88%
12-18944.30$0.163.72%
01-18954.25$0.173.94%
02-18954.19$0.184.18%
03-18954.19$0.184.36%
04-18954.37$0.194.35%
05-18954.61$0.204.28%
06-18954.70$0.214.36%
07-18954.72$0.214.50%
08-18954.79$0.224.59%
09-18954.82$0.234.72%
10-18954.75$0.244.95%
11-18954.59$0.245.28%
12-18954.32$0.255.79%
01-18964.27$0.255.78%
02-18964.45$0.245.47%
03-18964.38$0.245.48%
04-18964.42$0.245.36%
05-18964.40$0.235.30%
06-18964.32$0.235.32%
07-18964.04$0.235.61%
08-18963.81$0.225.86%
09-18964.01$0.225.49%
10-18964.10$0.225.29%
11-18964.38$0.214.87%
12-18964.22$0.214.98%
01-18974.22$0.225.17%
02-18974.18$0.235.42%
03-18974.19$0.245.61%
04-18974.06$0.245.99%
05-18974.08$0.256.17%
06-18974.27$0.266.09%
07-18974.46$0.276.02%
08-18974.75$0.285.83%
09-18974.98$0.295.72%
10-18974.82$0.296.09%
11-18974.65$0.306.49%
12-18974.75$0.316.53%
01-18984.88$0.316.42%
02-18984.87$0.326.50%
03-18984.65$0.326.88%
04-18984.57$0.327.07%
05-18984.87$0.336.71%
06-18985.06$0.336.52%
07-18985.08$0.336.56%
08-18985.27$0.346.39%
09-18985.26$0.346.46%
10-18985.15$0.346.67%
11-18985.32$0.356.52%
12-18985.65$0.356.19%
01-18996.08$0.365.93%
02-18996.31$0.375.89%
03-18996.40$0.385.98%
04-18996.48$0.396.07%
05-18996.21$0.406.51%
06-18996.07$0.426.84%
07-18996.28$0.436.78%
08-18996.44$0.446.78%
09-18996.37$0.457.03%
10-18996.34$0.467.23%
11-18996.46$0.477.26%
12-18996.02$0.487.97%
01-19006.10$0.487.87%
02-19006.21$0.487.73%
03-19006.26$0.487.67%
04-19006.34$0.487.57%
05-19006.04$0.487.95%
06-19005.86$0.488.19%
07-19005.86$0.488.19%
08-19005.94$0.488.08%
09-19005.80$0.488.28%
10-19006.01$0.487.99%
11-19006.48$0.487.41%
12-19006.87$0.486.99%
01-19017.07$0.486.81%
02-19017.25$0.486.67%
03-19017.51$0.496.46%
04-19018.14$0.495.98%
05-19017.73$0.496.32%
06-19018.50$0.495.76%
07-19017.93$0.496.20%
08-19018.04$0.496.14%
09-19018.00$0.506.19%
10-19017.91$0.506.28%
11-19018.08$0.506.17%
12-19017.95$0.506.29%
01-19028.12$0.516.29%
02-19028.19$0.526.37%
03-19028.20$0.536.49%
04-19028.48$0.546.41%
05-19028.46$0.556.55%
06-19028.41$0.576.72%
07-19028.60$0.586.70%
08-19028.83$0.596.64%
09-19028.85$0.606.75%
10-19028.57$0.617.10%
11-19028.24$0.627.51%
12-19028.05$0.637.83%
01-19038.46$0.627.35%
02-19038.41$0.617.29%
03-19038.08$0.617.49%
04-19037.75$0.607.70%
05-19037.60$0.597.74%
06-19037.18$0.588.08%
07-19036.85$0.578.35%
08-19036.63$0.568.50%
09-19036.47$0.568.58%
10-19036.26$0.558.73%
11-19036.28$0.548.57%
12-19036.57$0.538.07%
01-19046.68$0.537.88%
02-19046.50$0.528.05%
03-19046.48$0.528.02%
04-19046.64$0.527.78%
05-19046.50$0.517.90%
06-19046.51$0.517.83%
07-19046.78$0.517.47%
08-19047.01$0.507.18%
09-19047.32$0.506.83%
10-19047.75$0.506.41%
11-19048.17$0.496.04%
12-19048.25$0.495.94%
01-19058.43$0.515.99%
02-19058.80$0.525.91%
03-19059.05$0.545.91%
04-19058.94$0.556.15%
05-19058.50$0.576.65%
06-19058.60$0.586.74%
07-19058.87$0.606.71%
08-19059.20$0.616.63%
09-19059.23$0.636.77%
10-19059.36$0.646.84%
11-19059.31$0.667.04%
12-19059.54$0.677.02%
01-19069.87$0.686.86%
02-19069.80$0.696.99%
03-19069.56$0.697.24%
04-19069.43$0.707.42%
05-19069.18$0.717.71%
06-19069.30$0.727.69%
07-19069.06$0.727.97%
08-19069.73$0.737.50%
09-190610.03$0.747.35%
10-19069.73$0.757.66%
11-19069.93$0.757.58%
12-19069.84$0.767.72%
01-19079.56$0.757.86%
02-19079.26$0.748.03%
03-19078.35$0.748.80%
04-19078.39$0.738.66%
05-19078.10$0.728.87%
06-19077.84$0.719.06%
07-19078.14$0.708.62%
08-19077.53$0.699.21%
09-19077.45$0.699.19%
10-19076.64$0.6810.19%
11-19076.25$0.6710.69%
12-19076.57$0.6610.05%
01-19086.85$0.659.54%
02-19086.60$0.659.80%
03-19086.87$0.649.32%
04-19087.24$0.638.75%
05-19087.63$0.638.21%
06-19087.64$0.628.12%
07-19087.92$0.617.74%
08-19088.26$0.617.35%
09-19088.17$0.607.34%
10-19088.27$0.597.17%
11-19088.83$0.596.64%
12-19089.03$0.586.42%
01-19099.06$0.606.57%
02-19098.80$0.616.93%
03-19098.92$0.637.01%
04-19099.32$0.646.87%
05-19099.63$0.666.80%
06-19099.80$0.676.84%
07-19099.94$0.696.89%
08-190910.18$0.706.88%
09-190910.19$0.727.02%
10-190910.23$0.737.14%
11-190910.18$0.757.32%
12-190910.30$0.767.38%
01-191010.08$0.767.51%
02-19109.72$0.767.77%
03-19109.96$0.757.56%
04-19109.72$0.757.72%
05-19109.56$0.757.82%
06-19109.10$0.758.19%
07-19108.64$0.748.59%
08-19108.85$0.748.36%
09-19108.91$0.748.28%
10-19109.32$0.747.89%
11-19109.31$0.737.87%
12-19109.05$0.738.07%
01-19119.27$0.727.75%
02-19119.43$0.717.49%
03-19119.32$0.707.46%
04-19119.28$0.687.36%
05-19119.48$0.677.09%
06-19119.67$0.666.83%
07-19119.63$0.656.73%
08-19119.17$0.646.94%
09-19118.67$0.637.21%
10-19118.72$0.617.03%
11-19119.07$0.606.63%
12-19119.11$0.596.48%
01-19129.12$0.606.57%
02-19129.04$0.616.73%
03-19129.30$0.626.64%
04-19129.59$0.636.53%
05-19129.58$0.646.64%
06-19129.58$0.656.73%
07-19129.59$0.656.82%
08-19129.81$0.666.76%
09-19129.86$0.676.82%
10-19129.84$0.686.93%
11-19129.73$0.697.10%
12-19129.38$0.707.46%
01-19139.30$0.697.46%
02-19138.97$0.697.67%
03-19138.80$0.687.76%
04-19138.79$0.687.70%
05-19138.55$0.677.85%
06-19138.12$0.678.19%
07-19138.23$0.668.01%
08-19138.45$0.657.73%
09-19138.53$0.657.59%
10-19138.26$0.647.77%
11-19138.05$0.647.90%
12-19138.04$0.637.84%
01-19148.37$0.627.42%
02-19148.48$0.617.21%
03-19148.32$0.607.24%
04-19148.12$0.597.31%
05-19148.17$0.587.15%
06-19148.13$0.587.07%
07-19147.68$0.577.37%
08-19147.68$0.567.25%
09-19147.68$0.557.13%
10-19147.68$0.547.01%
11-19147.68$0.536.89%
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03-195842.11$3.147.46%
04-195842.34$3.077.25%
05-195843.70$3.006.86%
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03-20021153.79$24.702.14%
04-20021111.93$25.382.28%
05-20021079.25$26.062.41%
06-20021014.02$26.742.64%
07-2002903.59$27.943.09%
08-2002912.55$29.143.19%
09-2002867.81$30.343.50%
10-2002854.63$29.423.44%
11-2002909.93$28.513.13%
12-2002899.18$27.593.07%
01-2003895.84$28.503.18%
02-2003837.03$29.413.51%
03-2003846.63$30.323.58%
04-2003890.03$31.733.57%
05-2003935.96$33.143.54%
06-2003988.00$34.553.50%
07-2003992.54$35.893.62%
08-2003989.53$37.243.76%
09-20031019.44$38.583.78%
10-20031038.73$41.974.04%
11-20031049.90$45.354.32%
12-20031080.64$48.744.51%
01-20041132.52$49.834.40%
02-20041143.36$50.914.45%
03-20041123.98$52.004.63%
04-20041133.36$53.384.71%
05-20041102.78$54.774.97%
06-20041132.76$56.154.96%
07-20041105.85$56.695.13%
08-20041088.94$57.235.26%
09-20041117.66$57.775.17%
10-20041117.21$58.035.19%
11-20041168.94$58.294.99%
12-20041199.21$58.554.88%
01-20051181.41$59.145.01%
02-20051199.63$59.734.98%
03-20051194.90$60.325.05%
04-20051164.43$61.335.27%
05-20051178.28$62.355.29%
06-20051202.25$63.365.27%
07-20051222.24$64.435.27%
08-20051224.27$65.505.35%
09-20051225.92$66.575.43%
10-20051191.96$67.695.68%
11-20051237.37$68.815.56%
12-20051262.07$69.935.54%
01-20061278.73$70.845.54%
02-20061276.65$71.765.62%
03-20061293.74$72.675.62%
04-20061302.17$73.285.63%
05-20061290.01$73.885.73%
06-20061253.17$74.495.94%
07-20061260.24$75.856.02%
08-20061287.15$77.216.00%
09-20061317.74$78.575.96%
10-20061363.38$79.555.83%
11-20061388.64$80.535.80%
12-20061416.42$81.515.75%
01-20071424.16$82.065.76%
02-20071444.80$82.605.72%
03-20071406.95$83.155.91%
04-20071463.64$83.745.72%
05-20071511.14$84.335.58%
06-20071514.19$84.925.61%
07-20071520.71$82.815.45%
08-20071454.62$80.715.55%
09-20071497.12$78.605.25%
10-20071539.66$74.464.84%
11-20071463.39$70.324.81%
12-20071479.22$66.184.47%
01-20081378.76$64.254.66%
02-20081354.87$62.324.60%
03-20081316.94$60.394.59%
04-20081370.47$57.384.19%
05-20081403.22$54.383.88%
06-20081341.25$51.373.83%
07-20081257.33$49.563.94%
08-20081281.47$47.763.73%
09-20081216.95$45.953.78%
10-2008968.80$35.593.67%
11-2008883.04$25.242.86%
12-2008877.56$14.881.70%
01-2009865.58$12.211.41%
02-2009805.23$9.531.18%
03-2009757.13$6.860.91%
04-2009848.15$7.080.83%
05-2009902.41$7.290.81%
06-2009926.12$7.510.81%
07-2009935.82$9.190.98%
08-20091009.73$10.861.08%
09-20091044.55$12.541.20%
10-20091067.66$25.352.37%
11-20091088.07$38.163.51%
12-20091110.38$50.974.59%
01-20101123.58$54.294.83%
02-20101089.16$57.615.29%
03-20101152.05$60.935.29%
04-20101197.32$62.995.26%
05-20101125.06$65.045.78%
06-20101083.36$67.106.19%
07-20101079.80$68.696.36%
08-20101087.28$70.276.46%
09-20101122.08$71.866.40%
10-20101171.58$73.696.29%
11-20101198.89$75.526.30%
12-20101241.53$77.356.23%
01-20111282.62$78.676.13%
02-20111321.12$79.996.05%
03-20111304.49$81.316.23%
04-20111331.51$82.166.17%
05-20111338.31$83.026.20%
06-20111287.29$83.876.52%
07-20111325.19$84.916.41%
08-20111185.31$85.947.25%
09-20111173.88$86.987.41%
10-20111207.22$86.977.20%
11-20111226.42$86.967.09%
12-20111243.32$86.956.99%
01-20121300.58$87.486.73%
02-20121352.49$88.016.51%
03-20121389.24$88.546.37%
04-20121386.43$88.336.37%
05-20121341.27$88.136.57%
06-20121323.48$87.926.64%
07-20121359.78$87.456.43%
08-20121403.45$86.976.20%
09-20121443.42$86.505.99%
10-20121437.82$86.506.02%
11-20121394.51$86.516.20%
12-20121422.29$86.516.08%
01-20131480.40$86.915.87%
02-20131512.31$87.305.77%
03-20131550.83$87.705.66%
04-20131570.70$88.785.65%
05-20131639.84$89.875.48%
06-20131618.77$90.955.62%
07-20131668.68$92.095.52%
08-20131670.09$93.235.58%
09-20131687.17$94.375.59%
10-20131720.03$96.315.60%
11-20131783.54$98.265.51%
12-20131807.78$100.205.54%
01-20141822.36$100.425.51%
02-20141817.04$100.635.54%
03-20141863.52$100.855.41%
04-20141864.26$101.615.45%
05-20141889.77$102.365.42%
06-20141947.09$103.125.30%
07-20141973.10$104.075.27%
08-20141961.53$105.015.35%
09-20141993.23$105.965.32%
10-20141937.27$104.745.41%
11-20142044.57$103.535.06%
12-20142054.27$102.314.98%
01-20152028.18$101.294.99%
02-20152082.20$100.274.82%
03-20152079.99$99.254.77%
04-20152094.86$97.804.67%
05-20152111.94$96.364.56%
06-20152099.29$94.914.52%
07-20152094.14$93.494.46%
08-20152039.87$92.084.51%
09-20151944.41$90.664.66%
10-20152024.81$89.284.41%
11-20152080.62$87.914.23%
12-20152054.08$86.534.21%
01-20161918.60$86.504.51%
02-20161904.42$86.474.54%
03-20162021.95$86.444.28%
04-20162075.54$86.604.17%
05-20162065.55$86.764.20%
06-20162083.89$86.924.17%
07-20162148.90$87.644.08%
08-20162170.95$88.374.07%
09-20162157.69$89.094.13%
10-20162143.02$90.914.24%
11-20162164.99$92.734.28%
12-20162246.63$94.554.21%
01-20172275.12$96.464.24%
02-20172329.91$98.384.22%
03-20172366.82$100.294.24%
04-20172359.31$101.534.30%
05-20172395.35$102.784.29%
06-20172433.99$104.024.27%
07-20172454.10$105.044.28%
08-20172456.22$106.064.32%
09-20172492.84$107.084.30%
10-20172557.00$108.014.22%
11-20172593.61$108.954.20%
12-20172664.34$109.884.12%
01-20182789.80$111.734.00%
02-20182705.16$113.594.20%
03-20182702.77$115.444.27%
04-20182653.63$117.794.44%
05-20182701.49$120.134.45%
06-20182754.35$122.484.45%
07-20182793.64$125.124.48%
08-20182857.82$127.754.47%
09-20182901.50$130.394.49%
10-20182785.46$131.064.71%
11-20182723.23$131.724.84%
12-20182567.31$132.395.16%
01-20192607.39$133.065.10%
02-20192754.86$133.724.85%
03-20192803.98$134.394.79%
04-20192903.80$134.684.64%
05-20192854.71$134.984.73%
06-20192890.17$135.274.68%
07-20192996.11$134.484.49%
08-20192897.50$133.694.61%
09-20192982.16$132.904.46%
10-20192977.68$135.094.54%
11-20193104.90$137.284.42%
12-20193176.75$139.474.39%
01-20203278.20$131.764.02%
02-20203277.31$124.043.78%
03-20202652.39$116.334.39%
04-20202761.98$111.304.03%
05-20202919.62$104.933.59%
06-20203104.66$99.233.20%
07-20203207.62$100.683.14%
08-20203391.71$98.562.91%
09-20203365.52$98.222.92%
10-20203418.70$95.012.78%
11-20203548.99$93.232.63%
12-20203695.31$90.742.46%
01-20213793.75$90.742.39%
02-20213883.43$90.742.34%
03-20213910.51$90.742.32%

Using the S&P 500 Earnings Yield Tool

The S&P 500 earnings yield visualization tool lets you zoom in and out on the earnings yield of the S&P 500 over time. You can hover on the graph to see the point estimate of the earnings yield; on mobile, click the graph to see yield estimates.

You'll also see a companion brush graph below. You can click and drag the window to zoom in on yield in the past or expand the left and right sides to see more earnings yield data points.

In the upper right-hand corner, expand the hamburger menu to export the working data as a png or svg graphic, or export the backing data to a CSV for your spreadsheet program.

S&P 500 EY Ratio Summary Statistics

Every time you reload the page, the tool recomputes a few summary statistics for the dataset.

  • Current EY – The trailing twelve month price to earnings ratio for the tool's last date/data pair. Note that the most recent quarter uses earnings data from the previous quarter, or perhaps two quarters in the past.
  • Average – The average EY on the S&P 500, including pre-index history (see below)
  • Median – The median earnings yield over history
  • Minimum – The minimum earnings yield found
  • Maximum – The maximum earnings yield found
  • Last Data Point – The last 'full month' on the index (again, see below)

What is the earnings yield?

The earnings yield is the earnings of a security or basket of securities divided by those securities' price.

Earnings yield is generally expressed as a percentage of earnings 'made back' versus the current trading price. On an index like the S&P 500, you traditionally weight earnings and prices by the underlying companies' market capitalization.

Earnings yield is the inverse of the price-to-earnings ratio, and both traditionally use the trailing twelve months earnings. However, you'll often find a forward earnings yield estimate (or price to earnings estimate) that uses company guidance or analyst estimates to guess the earnings yield based on future earnings. NTM earnings yield, or next twelve months, is the most common modification you'll see – pay close attention to the methodology when you're dealing with estimates.

Is the earnings yield useful to value markets?

Yes and no. In my post on the S&P 500 price to earnings ratio, I gave a similar answer – as earnings yield is the inverse of price to earnings, inverting a weak indicator leaves you with a weak indicator.

Earnings yield tells you what percentage of your price is "paid back" by earnings in the last twelve months, while price to earnings tells you how many years it would take to pay off the current price in years.

Both indicators have the same weakness – the concentration on the last twelve months! 

Additionally, industry mix comes into play. Depending on the sector, earnings before interest and taxes (EBIT), and earnings before interest, taxes, depreciation, and amortization (EBITDA), funds from operation (FFO) or free cash flow (FCF) (...or something more exotic!) might be the more appropriate measure. As an index's industry mix changes, the 'appropriate' weighted earnings will change as well.

But there are ways to improve the measure. Introducing an element of history and growth can vastly improve the indicators. As best noted by William Hester of Hussman Funds in 2007, earnings snap back after recessions, and companies aggressively book losses during recession troughs.

S&P 500 Earnings Yield Sources and Methodology

I get monthly S&P earnings and index averages from Robert Shiller's data. The S&P 500 in its current form started in 1957 (with history to 1926.) Data before 1926 comes from the Cowles datasets.

The National Bureau of Economic Research's "peak-to-trough" recession measure provides the sweet grey bars in the graph. Warning: they might be revised in the future.

The index price is the monthly average closing price. Earnings is trailing twelve-month earnings. As mentioned above, when not all companies have reported, the tool will use the most recent quarter's reporting to fill in the gaps. That means earnings might be sticky for 1-2 quarters – note that due to this effect, future data is subject to revisions.

Measures of Market Valuation

I've built several other tools that improve on earnings snapshots as a valuation method. Try a few out:

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