Rate S&P 500 Dividend Yield S&P 500 Earnings S&P 500 Real Price more multpl S&P 500 Earnings 12-month real earnings per share — inflation adjusted, constant August 2012 dollars. Sources: Standard & Poor’s for current S&P 500 Earnings. Robert Shiller and his book Irrational Exuberance for historic S&P 500 Earnings. Chart