The chart on the left shows the price-to-book valuation for the MSCI Emerging Market Index, a broad index of EM companies. The chart shows the current valuation compared to its average as well as +2/-2 standard deviations. Meanwhile, the chart on the right shows the historical returns over the following five years on the index from various price-to-book valuations. The green shaded area is the current valuation, giving investors some indication of the possible returns from this valuation level.