This page compares valuations across major developed, emerging and Asian markets. The top chart shows forward price-to-earnings (P/E) ratio, while the bottom chart shows trailing price-to-book (P/B) ratio. The P/E ratio indicates how much investors are willing to pay per dollar of earnings. The P/B ratio indicates the valuation of a company's stock relative to the value of its assets. The latter is often a preferred valuation metric relative to the P/E ratio given the volatile nature of projected earnings, which is also prone to frequent revision by analysts. In both charts, the top and bottom grey line shows the 15-year maximum and minimum valuation of that market, the blue line shows the 15-year average valuation, and the green dot shows the latest figure. The lower the P/E and/or P/B ratio, the cheaper the market is seen in valuation terms.