Here is a one year chart note the US outperformance during the worst (so far) of the European crisis last year and then the German outperformance as concerns were lowered. There hasn't been a big change in the European situation since then so perhaps the Chinese slowdown is the explanation for the recent performance. Given the latest trend in German exports(see below) one may ask if it is justified.
And here is a 10 year chart note the German outperformance during the US financial crisis and the US outperformance during the peak of the european crisis.
Here are some more interesting charts
|S+P 500 P/E|