Robert Shiller's cyclically adjusted price earnings ratio (( CAPE )) The CAPE ratio, defined as the ratio of the inflation-adjusted S&P 500 Index to the average of the past ten-year inflation-adjusted trailing S&P 500 annual earnings, is currently at 21.39. CAPE ratio and future growth combined In the graphs below I have combined the CAPE ratio with the future returns based on average dividend yields over ten and 70 years respectively. Prieur du Plessis submits: The surge in global stock markets led me to have a look at the valuation of the equities and especially the S&P 500 Index.