Year |
Earnings Yield |
Dividend Yield |
S&P 500 |
Earnings* |
Dividends* |
Dividends + Buybacks |
Change in Earnings |
Change in Dividends |
T.Bill Rate |
T.Bond Rate |
Bond-Bill |
Smoothed Growth |
Implied Premium (DDM) |
Analyst Growth Estimate |
Implied ERP (FCFE) |
1960 |
5.34% |
3.41% |
58.11 |
3.10 |
1.98 |
|
|
|
2.66% |
2.76% |
0.10% |
2.45% |
|
|
|
1961 |
4.71% |
2.85% |
71.55 |
3.37 |
2.04 |
|
8.60% |
2.91% |
2.13% |
2.35% |
0.22% |
2.41% |
2.92% |
|
2.92% |
1962 |
5.81% |
3.40% |
63.1 |
3.67 |
2.15 |
|
8.79% |
5.21% |
2.73% |
3.85% |
1.12% |
4.05% |
3.56% |
|
3.56% |
1963 |
5.51% |
3.13% |
75.02 |
4.13 |
2.35 |
|
12.75% |
9.45% |
3.12% |
4.14% |
1.02% |
4.96% |
3.38% |
|
3.38% |
1964 |
5.62% |
3.05% |
84.75 |
4.76 |
2.58 |
|
15.23% |
10.08% |
3.54% |
4.21% |
0.67% |
5.13% |
3.31% |
|
3.31% |
1965 |
5.73% |
3.06% |
92.43 |
5.30 |
2.83 |
|
11.20% |
9.42% |
3.93% |
4.65% |
0.72% |
5.46% |
3.32% |
|
3.32% |
1966 |
6.74% |
3.59% |
80.33 |
5.41 |
2.88 |
|
2.23% |
1.96% |
4.76% |
4.64% |
-0.12% |
4.19% |
3.68% |
|
3.68% |
1967 |
5.66% |
3.09% |
96.47 |
5.46 |
2.98 |
|
0.85% |
3.37% |
4.21% |
5.70% |
1.49% |
5.25% |
3.20% |
|
3.20% |
1968 |
5.51% |
2.93% |
103.86 |
5.72 |
3.04 |
|
4.81% |
2.09% |
5.21% |
6.16% |
0.95% |
5.32% |
3.00% |
|
3.00% |
1969 |
6.63% |
3.52% |
92.06 |
6.10 |
3.24 |
|
6.66% |
6.49% |
6.58% |
7.88% |
1.30% |
7.55% |
3.74% |
|
3.74% |
1970 |
5.98% |
3.46% |
92.15 |
5.51 |
3.19 |
|
-9.72% |
-1.61% |
6.53% |
6.50% |
-0.03% |
4.78% |
3.41% |
|
3.41% |
1971 |
5.46% |
3.10% |
102.09 |
5.57 |
3.16 |
|
1.15% |
-0.74% |
4.39% |
5.89% |
1.50% |
4.57% |
3.09% |
|
3.09% |
1972 |
5.23% |
2.70% |
118.05 |
6.17 |
3.19 |
|
10.76% |
0.71% |
3.84% |
6.41% |
2.57% |
5.21% |
2.72% |
|
2.72% |
1973 |
8.16% |
3.70% |
97.55 |
7.96 |
3.61 |
|
28.93% |
13.24% |
6.93% |
6.90% |
-0.03% |
8.30% |
4.30% |
|
4.30% |
1974 |
13.64% |
5.43% |
68.56 |
9.35 |
3.72 |
|
17.48% |
3.14% |
8.00% |
7.40% |
-0.60% |
6.42% |
5.59% |
|
5.59% |
1975 |
8.55% |
4.14% |
90.19 |
7.71 |
3.73 |
|
-17.54% |
0.30% |
5.80% |
7.76% |
1.96% |
5.99% |
4.13% |
|
4.13% |
1976 |
9.07% |
3.93% |
107.46 |
9.75 |
4.22 |
|
26.39% |
13.10% |
5.08% |
6.81% |
1.73% |
8.19% |
4.55% |
|
4.55% |
1977 |
11.43% |
5.11% |
95.1 |
10.87 |
4.86 |
|
11.53% |
15.07% |
5.12% |
7.78% |
2.66% |
9.52% |
5.92% |
|
5.92% |
1978 |
12.11% |
5.39% |
96.11 |
11.64 |
5.18 |
|
7.07% |
6.60% |
7.18% |
9.15% |
1.97% |
8.48% |
5.72% |
|
5.72% |
1979 |
13.48% |
5.53% |
107.94 |
14.55 |
5.97 |
|
25.01% |
15.23% |
10.38% |
10.33% |
-0.05% |
11.70% |
6.45% |
|
6.45% |
1980 |
11.04% |
4.74% |
135.76 |
14.99 |
6.44 |
|
3.01% |
7.81% |
11.24% |
12.43% |
1.19% |
11.01% |
5.03% |
|
5.03% |
1981 |
12.39% |
5.57% |
122.55 |
15.18 |
6.83 |
|
1.31% |
6.08% |
14.71% |
13.98% |
-0.73% |
11.42% |
5.73% |
|
5.73% |
1982 |
9.83% |
4.93% |
140.64 |
13.82 |
6.93 |
|
-8.95% |
1.58% |
10.54% |
10.47% |
-0.07% |
7.96% |
4.90% |
|
4.90% |
1983 |
8.06% |
4.32% |
164.93 |
13.29 |
7.12 |
|
-3.84% |
2.76% |
8.80% |
11.80% |
3.00% |
9.09% |
4.31% |
|
4.31% |
1984 |
10.07% |
4.68% |
167.24 |
16.84 |
7.83 |
|
26.69% |
9.85% |
9.85% |
11.51% |
1.66% |
11.02% |
5.11% |
|
5.11% |
1985 |
7.42% |
3.88% |
211.28 |
15.68 |
8.20 |
|
-6.91% |
4.74% |
7.72% |
8.99% |
1.27% |
7.89% |
4.03% |
6.75% |
3.84% |
1986 |
5.96% |
3.38% |
242.17 |
14.43 |
8.19 |
|
-7.93% |
-0.15% |
6.16% |
7.22% |
1.06% |
5.54% |
3.36% |
6.96% |
3.58% |
1987 |
6.49% |
3.71% |
247.08 |
16.04 |
9.17 |
|
11.10% |
11.99% |
5.47% |
8.86% |
3.39% |
9.66% |
4.18% |
8.58% |
3.99% |
1988 |
8.20% |
3.68% |
277.72 |
24.12 |
10.22 |
|
50.42% |
11.49% |
6.35% |
9.14% |
2.79% |
9.76% |
4.12% |
7.67% |
3.77% |
1989 |
6.80% |
3.32% |
353.4 |
24.32 |
11.73 |
|
0.83% |
14.80% |
8.37% |
7.93% |
-0.44% |
9.58% |
3.85% |
7.46% |
3.51% |
1990 |
6.58% |
3.74% |
330.22 |
22.65 |
12.35 |
|
-6.87% |
5.26% |
7.81% |
8.07% |
0.26% |
7.39% |
3.92% |
7.19% |
3.89% |
1991 |
4.58% |
3.11% |
417.09 |
19.30 |
12.97 |
|
-14.79% |
5.03% |
7.00% |
6.70% |
-0.30% |
6.34% |
3.27% |
7.81% |
3.48% |
1992 |
4.16% |
2.90% |
435.71 |
20.87 |
12.64 |
|
8.13% |
-2.59% |
5.30% |
6.68% |
1.38% |
4.67% |
2.83% |
9.83% |
3.55% |
1993 |
4.25% |
2.72% |
466.45 |
26.90 |
12.69 |
|
28.89% |
0.41% |
3.50% |
5.79% |
2.29% |
4.73% |
2.74% |
8.00% |
3.17% |
1994 |
5.89% |
2.91% |
459.27 |
31.75 |
13.36 |
|
18.03% |
5.34% |
5.00% |
7.82% |
2.82% |
7.23% |
3.06% |
7.17% |
3.55% |
1995 |
5.74% |
2.30% |
615.93 |
37.70 |
14.17 |
|
18.74% |
6.00% |
3.50% |
5.57% |
2.07% |
5.65% |
2.44% |
6.50% |
3.29% |
1996 |
4.83% |
2.01% |
740.74 |
40.63 |
14.89 |
|
7.77% |
5.10% |
5.00% |
6.41% |
1.41% |
6.13% |
2.11% |
7.92% |
3.20% |
1997 |
4.08% |
1.60% |
970.43 |
44.09 |
15.52 |
|
8.52% |
4.25% |
5.35% |
5.74% |
0.39% |
5.45% |
1.67% |
8.00% |
2.73% |
1998 |
3.11% |
1.32% |
1229.23 |
44.27 |
16.20 |
|
0.41% |
4.37% |
4.33% |
4.65% |
0.32% |
4.60% |
1.38% |
7.20% |
2.26% |
1999 |
3.07% |
1.14% |
1469.25 |
51.68 |
16.71 |
|
16.74% |
3.16% |
5.37% |
6.44% |
1.07% |
5.75% |
1.20% |
12.50% |
2.05% |
2000 |
3.94% |
1.23% |
1320.28 |
56.13 |
16.27 |
|
8.61% |
-2.65% |
5.73% |
5.11% |
-0.62% |
3.71% |
1.65% |
12.00% |
2.87% |
2001 |
3.85% |
1.37% |
1148.09 |
38.85 |
15.74 |
30.08 |
-30.79% |
-3.24% |
1.80% |
5.05% |
3.25% |
3.56% |
1.73% |
10.30% |
3.62% |
2002 |
5.23% |
1.83% |
879.82 |
46.04 |
16.08 |
29.83 |
18.51% |
2.15% |
1.20% |
3.81% |
2.61% |
3.57% |
2.29% |
8.00% |
4.10% |
2003 |
4.87% |
1.61% |
1111.91 |
54.69 |
17.88 |
31.58 |
18.79% |
11.19% |
1.00% |
4.25% |
3.25% |
5.35% |
2.12% |
11.00% |
3.69% |
2004 |
5.58% |
1.60% |
1211.92 |
67.68 |
19.407 |
40.60 |
23.75% |
8.54% |
2.18% |
4.22% |
2.04% |
4.90% |
2.02% |
8.50% |
3.65% |
2005 |
5.47% |
1.79% |
1248.29 |
76.45 |
22.38 |
61.17 |
12.96% |
15.32% |
4.31% |
4.39% |
0.08% |
6.16% |
2.20% |
8.00% |
4.08% |
2006 |
6.18% |
1.77% |
1418.3 |
87.72 |
25.05 |
73.16 |
14.74% |
11.93% |
4.88% |
4.70% |
-0.18% |
5.93% |
1.97% |
12.50% |
4.16% |
2007 |
5.62% |
1.89% |
1468.36 |
82.54 |
27.73 |
95.36 |
-5.91% |
10.70% |
3.31% |
4.02% |
0.71% |
5.03% |
2.06% |
5.00% |
4.37% |
2008 |
7.24% |
3.11% |
903.25 |
65.39 |
28.05 |
67.52 |
-20.78% |
1.15% |
1.59% |
2.21% |
0.62% |
2.11% |
4.05% |
4.00% |
6.43% |
2009 |
5.35% |
2.00% |
1115.10 |
59.65 |
22.31 |
37.43 |
-8.78% |
-20.46% |
0.14% |
3.84% |
3.70% |
0.28% |
2.60% |
7.20% |
4.36% |
2010 |
6.65% |
1.84% |
1257.64 |
83.66 |
23.12 |
55.53 |
40.25% |
3.63% |
0.13% |
3.29% |
3.16% |
3.33% |
2.24% |
6.95% |
5.20% |
2011 |
7.72% |
2.07% |
1257.60 |
97.05 |
26.02 |
71.28 |
16.01% |
12.54% |
0.03% |
1.88% |
1.85% |
2.75% |
2.71% |
7.18% |
6.01% |
2012 |
7.18% |
2.13% |
1426.19 |
102.47 |
30.44 |
75.90 |
5.58% |
16.99% |
0.05% |
1.76% |
1.71% |
2.93% |
2.47% |
5.27% |
5.78% |
2013 |
5.81% |
1.96% |
1848.36 |
107.45 |
36.28 |
88.13 |
4.86% |
19.19% |
0.07% |
3.04% |
2.97% |
5.01% |
2.03% |
4.28% |
4.96% |
2014 |
5.49% |
1.92% |
2058.90 |
113.01 |
39.44 |
101.98 |
5.17% |
8.71% |
0.05% |
2.17% |
2.12% |
2.77% |
2.24% |
5.58% |
5.78% |
2015 |
5.20% |
2.11% |
2043.94 |
106.32 |
43.16 |
106.10 |
-5.92% |
9.43% |
0.21% |
2.27% |
2.06% |
2.96% |
2.46% |
5.51% |
6.12% |
2016 |
4.86% |
2.01% |
2238.83 |
108.86 |
45.03 |
108.67 |
2.39% |
4.33% |
0.51% |
2.45% |
1.94% |
2.64% |
2.41% |
5.54% |
5.69% |
2017 |
4.67% |
1.86% |
2673.61 |
124.94 |
49.73 |
108.28 |
14.77% |
10.44% |
1.39% |
2.41% |
1.02% |
3.22% |
2.36% |
7.05% |
5.08% |
2018 |
5.92% |
2.14% |
2506.85 |
148.34 |
53.61 |
136.65 |
18.73% |
7.80% |
2.37% |
2.68% |
0.31% |
3.24% |
2.50% |
4.12% |
5.96% |
2019 |
5.03% |
1.82% |
3230.78 |
162.35 |
58.80 |
150.50 |
9.44% |
9.68% |
1.55% |
1.92% |
0.37% |
2.57% |
2.03% |
3.96% |
5.20% |
2020 |
3.72% |
1.51% |
3756.07 |
139.76 |
56.70 |
127.78 |
-13.91% |
-3.57% |
0.09% |
0.93% |
0.84% |
0.74% |
1.65% |
5.42% |
4.72% |
2021 |
4.33% |
1.24% |
4766.18 |
206.38 |
59.20 |
147.24 |
47.67% |
4.41% |
0.06% |
1.51% |
1.45% |
1.71% |
1.72% |
6.47% |
4.24% |
2022 |
5.72% |
1.78% |
3839.50 |
219.49 |
68.34 |
181.99 |
6.35% |
15.44% |
4.42% |
3.88% |
-0.54% |
5.59% |
2.16% |
6.41% |
5.94% |
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