(Bloomberg) -- Rising Treasury yields and the biggest equity market rally in 16 years are leading one measure of stock valuations to the most bearish level since 2011.

Profits as a percentage of the Standard & Poor’s 500 Index’s price, known as the earnings yield, totaled 5.76 percent last week, compared with the 2.86 percent payout on 10-year Treasuries, according to data compiled by Bloomberg. At 2.9 percentage points, the gap, which narrows as equities get more expensive relative to debt, is the smallest since March 2011.

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