GROWTH STOCK VALUATIONS HAVE SIGNIFICANTLY COMPRESSED 

• Relative price-to-earnings (P/E) valuations of growth-to-value stocks peaked at 2.0x during the pandemic. 
• Growth-value valuations have erased their “COVID premium” with growth stocks now trading below their historical average. 

S&P 500 Growth Index (Growth) is a stock index that represents the fastest-growing companies in the S&P 500. S&P 500 Value Index (Value) represents the value companies of the S&P 500 Index. An investment cannot be made directly in an index. Past performance is no guarantee of future returns. 

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