The 10-year Treasury yield was 5.13% at the open on Friday, according to Charles Schwab's November 13 market update. Utilities, real estate and banks are the groups investors most often connect to the level of rates, and each has a different story against its own history. This is the second question after our earlier look at the market and the December Fed hike: which rate-sensitive stocks already trade low against their own five-year range, and which do not?
What has been reported
Each item is as reported, with the outlet and date.
- Charles Schwab's November 13 update said October's Producer Price Index rose 0.3% for the month against a 0.4% consensus, while the annual rate of 6.5% was the highest since November 2022. It also quoted Collin Martin, head of fixed income research and strategy at the Schwab Center for Financial Research, saying "We expect a rate hike next month at the December meeting." (Charles Schwab)
- CNBC reported on November 12 that the 2-year Treasury yield reached 4.87% and the 10-year topped 5.11% on Thursday. It said fed funds futures, per the CME FedWatch tool, were last pricing three quarter-point increases by March, which would move the target range to 4.50% to 4.75% from 3.75% to 4.00%. Warren Pies of 3Fourteen Research told CNBC the market "is not priced for another two plus hikes, which are probably coming." (CNBC)
- CNBC reported on November 13 that the iShares Mortgage Real Estate ETF (REM) fell 1.3% after the wholesale inflation report sent Treasury yields higher, reaching its lowest level since April 2020. (CNBC)
We do not forecast rates or the stocks that respond to them. What we can show is where each group's P/E sits against its own five-year readings today.
Three groups, three different positions
We rank each stock's P/E against its own weekly readings from the last five years, then summarize each sector. These are readings as of November 13, 2026.
| Sector | Stocks ranked | Median P/E | Median rank in own range | In the bottom tenth | In the bottom quarter | In the top quarter |
|---|---|---|---|---|---|---|
| Utilities | 32 | 19.8x | 51st percentile | 2 | 8 | 5 |
| Real Estate | 46 | 28.8x | 34th percentile | 12 | 18 | 8 |
| Financials | 107 | 13.1x | 43rd percentile | 11 | 36 | 21 |
Real estate shows the most compression. Eighteen of its 46 stocks, about two in five, sit in the bottom quarter of their own P/E range. Utilities look ordinary: the median stock is at the 51st percentile, and 8 of 32 are in the bottom quarter. Financials are split. Thirty-six of 107 are in the bottom quarter, and 21 are in the top quarter. One sector label hides two very different groups of banks, insurers and payment companies.
Individual names
| Stock | P/E | Rank in own five-year range |
|---|---|---|
| Duke Energy | 18.8x | 11th percentile |
| American Electric Power | 21.0x | 89th percentile |
| Equinix | 64.4x | 2nd percentile |
| American Tower | 26.7x | 6th percentile |
| Realty Income | 40.6x | 6th percentile |
| Public Storage | 34.9x | 89th percentile |
| Charles Schwab Corporation | 15.7x | 8th percentile |
| JPMorgan Chase | 14.4x | 76th percentile |
Two utilities with similar business models sit at opposite ends: Duke is near the bottom of its range and American Electric Power is near the top. The same split shows up among REITs, where Equinix, American Tower and Realty Income are all in the bottom tenth and Public Storage is in the top quarter.
One caution applies to the REIT rows. GAAP earnings for a REIT are reduced by property depreciation, which is why REIT investors usually look at funds from operations instead. Our P/E uses reported earnings. Equinix shows the gap: its P/E is at the 2nd percentile of its range, while its price-to-sales ratio of 10.6x is at the 88th and its EV/EBITDA of 28.3x is at the 80th. Duke's readings disagree less, with EV/EBITDA at the 14th percentile alongside the P/E at the 11th. Check more than one measure before drawing a conclusion from a single rank.
What the numbers cannot tell you
- Why a multiple is low. A stock can sit low in its range because the price fell, which is what higher yields can do to income-oriented stocks, or because earnings rose. The rank does not separate the two.
- Where yields go next. A low reading can get lower if the 10-year keeps rising. Nothing in a P/E measures borrowing costs, debt maturities or dividend coverage.
- Which names are exposed. Two companies in one sector can carry very different debt loads. The sector table is a starting point, not a verdict on any holding.
How to use this today
We do not make buy or sell calls, and nothing here is a recommendation or a price prediction. A practical use is a holding-by-holding check. Open each rate-sensitive position's page, see where its P/E and its other multiples sit against its own five-year range, and compare that with why you own it. The bottom-decile screen lists stocks currently at the low end of their P/E range across every sector, and our guide to valuation percentiles explains how each rank is built.
Data: SEC EDGAR XBRL filings and weekly closing prices, computed by StockResearch. Sector tallies and stock readings are as of November 13, 2026. News items are attributed to the outlets named, with the dates shown. This article is for information only and is not investment advice.