道指估值还在低位 Like many gauges, the Dow itself is historically expensive, trading at a 12-month forward P/E of ~20.5 versus a five-year average of ~16.9. And earlier this year it has gotten a bit more expensive versus the Nasdaq 100. But the ratio between the Dow and Nasdaq 100 forward P/Es has leveled out. On a historical basis, the Dow remains relatively cheap versus the NDX. This is another reason why the dowdy Dow’s winning run is unlikely to be over.