@harley_slamm @jessefelder Agree, but I want to do apples to apples and since valuation data is readily available (through factset) on full yr fwd P/E, I'd rather go there.  Don't get me wrong, on any measure the $SPX is insanely over-valued. But factset does keep fwd P/E data on SPX. 5yr avg is 16.7.