The S&P 500's equity risk premium is sitting at just 2.3 percentage points—pretty tight, but here's the thing: it's still above water. That means stocks are fundamentally offering better value than parking cash in the 10-year Treasury right now. Not exactly explosive upside, but in this environment, relative advantage matters. The data paints a clear picture: equities still have the edge over fixed income when you're thinking about risk-adjusted returns.