Shiller Price Earnings (P/E) Ratio for the S&P 500 vs. Long-Term Interest Rates
Cyclically-Adjusted P/E Ratios are 38% higher than the long-term average, suggesting that market valuations are stretched.

Data from 01/01/62-12/01/20.
Source: multpl.com and macrotrends.net. Shiller P/E is also known as CAPE (Cyclically Adjusted Price to Earnings Ratio) Ratio). It is defined by the average of ten years of earnings (moving average), adjusted for inflation.