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Charting the Market: Where are there value opportunities?


Head of SPDR Americas Research

Source: Bloomberg Finance, L.P. as of January 31, 2021. Past performance is not a guarantee of future results.

 

 

Valuation to Region History (Percentile)

Absolute Valuation Composite
Z-Score

P/E

NTM P/E

P/B

P/S

US/Style/Region

S&P 500

99%

96%

99%

99%

2.90

S&P Mid Cap 400 Index

99%

96%

94%

100%

2.17

S&P SmallCap 600 Index

98%

88%

68%

83%

1.53

S&P 500 Value

96%

97%

99%

99%

2.09

S&P 500 Growth

99%

99%

99%

99%

3.51

MSCI EAFE

99%

96%

80%

99%

1.87

MSCI Europe

95%

96%

79%

99%

1.49

MSCI EM

100%

100%

81%

99%

2.89

 

 

Valuation to Region History (Percentile)

Absolute Valuation Composite
Z-Score

P/E

NTM P/E

P/B

P/S

Major Countries

S&P 500

99%

96%

99%

99%

2.90

MSCI Canada

93%

82%

48%

88%

0.76

MSCI Japan

92%

85%

81%

98%

0.78

MSCI Germany

94%

95%

66%

99%

1.51

MSCI France

100%

96%

72%

100%

2.15

MSCI UK

98%

73%

13%

73%

0.92

MSCI China

96%

96%

88%

93%

1.50

MSCI Russia

99%

74%

73%

71%

0.83

MSCI Brazil

98%

51%

85%

88%

0.95

MSCI India

99%

97%

38%

85%

1.40

 

Valuation Relative to S&P 500 (Percentile)

Relative Valuation
Z-Score

P/E

NTM P/E

P/B

P/S

S&P 500

S&P Mid Cap 400 Index

39%

3%

6%

13%

-1.42

S&P SmallCap 600 Index

95%

2%

7%

6%

-1.01

S&P 500 Value

17%

3%

4%

5%

-1.61

S&P 500 Growth

84%

100%

100%

100%

2.65

MSCI EAFE

36%

3%

3%

5%

-1.25

MSCI Europe

10%

3%

2%

4%

-1.66

MSCI EM

55%

86%

25%

49%

-0.10

Source: Bloomberg Finance, L.P. as of January 31, 2021. Communication Services and Real Estate sectors are excluded as historical GICS reclassifications on the two sectors made valuations incomparable.

Source: FactSet, as of January 31, 2021. Characteristics are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. EPS estimates are based on Consensus Analyst Estimates compiled by FactSet.

Footnotes
Disclosures