U.S. stocks are scuffling to start 2018, but even with the S&P 500’s recent struggles, the benchmark U.S. equity gauge is not attractively valued relative to historical norms.

“The S&P 500 ended January at nearly 23 times trailing earnings. Outside of the immediate aftermath of the financial crisis, when earnings were depressed, this is the highest multiple since the early 2000s,” said BlackRock in a recent note. “Even after the recent correction, you would struggle to characterize U.S. stocks as cheap. The S&P 500 is still trading at 21 times trailing earnings, approximately 20% above the post-crisis norm.”

So where are compelling valuations hidden?

Investors looking for attractively valued stocks may want to consider ex-US developed markets, available via a plethora of exchange traded funds, including the popular iShares Core MSCI EAFE ETF (CBOE: IEFA).

Related: 3 Best Performing Long Bond ETFs of Past Month

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