Cross-asset valuation · 10 assets · monthly · 1970 – 6 Nov 2026 · with or without dividends and rent
Everything priced in gold
Dollars are only one ruler. Pick any asset as the unit of account and every other asset is re-priced in it: a Manhattan apartment in ounces of gold, the S&P 500 in Treasury bonds, a barrel of oil in ounces of silver. Long-run relationships that dollar prices hide become visible in these ratios.
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Pair explorer · full available history
Where today sits in its range
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Ratio map
How stretched is every pair today?
Each cell is the row asset priced in the column asset, shown as today's percentile within that pair's full history. Red means the ratio has rarely been this high; blue means it has rarely been this low. Pairs with platinum start in 1998, housing in 1987. Click a cell to open it in the pair explorer.
Data and caveats
About this page. A tool for exploring historical, publicly available market data. It describes the past, makes no forecast, contains no trading rules or results of any strategy, and is not investment advice or an offer of any kind.
Stocks. S&P 500 and Nasdaq-100 month-end closes from digrin.com (Nasdaq-100 from Oct 1985). Before 1998 the S&P 500 uses Robert Shiller's monthly averages, spliced to the closes. The Dow from 1998 is the DIA ETF rescaled to actual index year-ends; before 1998 it is estimated from S&P 500 moves between actual Dow year-end closes, so the Dow/S&P ratio is smooth in that period.
Metals. Gold and silver are LBMA PM fixes from 1970 to Feb 2026; after that gold is the GLD ETF scaled to the fix and silver is COMEX futures. Platinum is COMEX futures from 1998, with a few missing months interpolated.
Housing. S&P Case-Shiller indices from 1987 (NY metro, not Manhattan alone; Los Angeles), anchored to dollars at June 2026: $2.126M Manhattan average sale (UrbanDigs) and $910,370 LA County median (C.A.R.). Index data ends June 2026; later months hold the June value. The index is smoothed and seasonal.
Oil is WTI spot, month-end, from 1986.
Dividends. S&P 500 from SPY distributions since 1993 and Shiller's dividend series before; Dow from DIA since 1998 and 1.2× the S&P 500 yield before (an estimate); Nasdaq-100 from QQQ since 1999 and an assumed 0.3% before. ETF expense ratios are added back. Each year's dividends are spread evenly across its months. Recent yields: S&P 500 about 1.0%, Dow 1.2%, Nasdaq-100 0.5%.
Rent. Net rental yield after taxes, maintenance, insurance and vacancy, set to 2.0% for Manhattan and 2.3% for LA in June 2026 (gross yields around 3.5%). Earlier yields move with the New York metro rent index (BLS CPI rent of primary residence) relative to home prices, so they were higher in the 1990s (about 3% Manhattan, 3–5% LA) and lower at the 2005 peak. The same rent index is used for LA, whose own index ended at nearly the same level. Total-return series start at the asset's price in its first month.
Treasuries are a total-return index (Jan 1970 = 100) for a constant 10-year Treasury, built from monthly average 10-year yields by repricing a par bond each month. It includes interest, unlike every other series here. Metals and oil have no income in either view, and storage, insurance and futures roll costs are not deducted.