“Based on this metric, the spread between U.S. large-cap value and U.S. large-cap growth is greater than at any time since the bursting of the technology bubble in 2000,” Koesterich added.

The S&P 500 Value ETF showed a 14.62 price-to-earnings and a 1.65 price-to-book. In contrast, the S&P 500 Growth ETF has a 19.34 P/E and a 3.99 P/B while the S&P 500 Index ETF was trading at a 16.7 P/E and a 2.34 P/B.

Value stocks typically trade at cheaper prices relative to fundamental measures of value, such as earnings and the book value of assets. In contrast, growth stocks tend to run at higher valuations since investors expect rapid growth in those company measures. However, with things slowing down, valuations look pricey for growth stocks.

iShares S&P 500 Value ETF