StockCalc

Market valuation question · updated from current data

Developed vs Emerging Market Valuation: Which Looks Cheaper Today?

This comparison uses ETF portfolio proxies to frame developed ex-U.S. and emerging market valuation. It is useful for allocation context, not as a trading signal.

View global table Run P/E calculator
Neutral Fresh · 7 days old As of 2026-09-25

Which looks cheaper today: developed ex-U.S. markets or emerging markets?

On the current data, Developed Markets ex-US has a P/E of 19.14, while Emerging Markets has a P/E of 19.99. On P/E alone, Developed Markets ex-US looks cheaper and Emerging Markets looks more expensive.

That comparison is only a starting point. Different markets can have different sector weights, growth expectations, interest-rate sensitivity, currency risk, accounting rules, and ETF methodology.

P/E
19.14

ETF proxy portfolio PE

P/B
2.36

Price-to-book valuation

Dividend yield
3.1%

Portfolio or index dividend yield

Earnings yield
5.2%

Inverse of P/E

Side-by-side valuation table

MetricDeveloped Markets ex-USEmerging Markets
P/E19.1419.99
P/B2.362.77
Dividend yield3.1%1.7%
Earnings yield5.2%5.0%
As of2026-09-252026-09-25
SourceiShares EFAiShares EEM

Data freshness

Market valuation pages are snapshots. StockCalc labels data as fresh for 14 days, aging through 45 days, and stale after 45 days.

Developed Markets ex-US
Valuation: Fresh · 7 days old Yield: Aging · 32 days old

As of 2026-09-25 · yield as of 2026-08-31

Emerging Markets
Valuation: Fresh · 7 days old Yield: Aging · 32 days old

As of 2026-09-25 · yield as of 2026-08-31

How to read this valuation page

Valuation is context.
High or low P/E does not predict the next market move by itself.
Sources differ.
Index-level data and ETF portfolio proxy data are not directly interchangeable.
Use a workflow.
After broad market context, check single-stock valuation, dividend, return, and position risk.

Frequently asked questions

Which market looks cheaper today: Developed Markets ex-US or Emerging Markets?

On current P/E data, Developed Markets ex-US is 19.14 while Emerging Markets is 19.99. The lower-P/E market looks cheaper on that single metric, but valuation should not be judged by P/E alone.

Can these valuation numbers be compared directly?

Only with caution. Index-level data and ETF proxy metrics can differ by holdings, weighting, timing, provider methodology, fees, sector mix, and market structure.

What else matters besides P/E ratio?

Growth expectations, interest rates, currency risk, sector mix, accounting differences, dividends, drawdowns, and investor time horizon can all affect relative valuation.

Related valuation pages

Global Market Valuation TableContinue the valuation workflow Europe Stock Market ValuationContinue the valuation workflow India Stock Market ValuationContinue the valuation workflow China Stock Market ValuationContinue the valuation workflow Stock P/E CalculatorContinue the valuation workflow