Fwd PE of S&P 500 equal weight of ~17x is 5 turns below the SPY avg of ~22x. 

That delta was ~0x for 10yrs before 2020 and has blown out to the widest levels post GFC (don’t have equal weight data prior to 2010). 

Current equal weight fwd P/E is ~avg vs last 10yrs and -20% lower than 2021 peak. 

Would like to see this data extending to the 1970s if anyone has it… 

Takeaway is the *whole* mkt is not super expensive after this little pullback.