Capital Markets: Observations & Insights
What Is In and Out of Favor? Valuation
• Sector valuation varies with the more bond-like equity sectors trading at premiums to the market
P/E Relative to 20-Year Median
Source: FactSet and UBS, based on S&P 500 Index as of 3/31/19. The Communication Services, Consumer Discretionary, and Technology sectors’ historical data have been restated to reflect September 2018 changes to the GICS sector classifications. Note that Consumer Discretionary ex-Internet Retail is a 1% premium to its 20-year median.
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