This page shows characteristics between value and growth investment styles. The left side shows relative forward price-to-earnings ratios for the MSCI World Value and MSCI World Growth indices. When the line is moving up and above zero, it shows that growth is expensive relative to value, but when the line is below zero and moving down it represents growth as being cheap relative to value. The right hand side compares the earnings of growth and value styles over a longer time period. We can see that historically, growth has outpaced value stocks in earnings.