SPY / M2 Money Supply Ratio
This ratio divides SPY's month-end price by the M2 money supply, asking a deflated-valuation question: how expensive are equities relative to the stock of money in the economy? When money supply grows faster than stocks, the denominator absorbs nominal gains; when stocks outrun liquidity, the ratio stretches.
Latest reading
As of April 2026, SPY / Money (SPY ÷ M2 (scaled)) stands at 31.51 — up from 28.67 the prior reading. The ratio's secular highs (2000, 2021-era peaks) flag markets that outran their monetary base; lows (2009) marked generational entries. Because M2 growth varies regime-to-regime, treat this as a slow valuation context layer — not a timing tool. The YoY rate shows whether equities are currently re-rating faster than money creation. Series history runs from 1993 to present.
SPY ÷ M2 (scaled)
Full history
How to read it
The ratio's secular highs (2000, 2021-era peaks) flag markets that outran their monetary base; lows (2009) marked generational entries. Because M2 growth varies regime-to-regime, treat this as a slow valuation context layer — not a timing tool. The YoY rate shows whether equities are currently re-rating faster than money creation.