The guys at Bespoke came up with some lovely graphics. These 2 metrics as a whole is what the general folks determine if a country is cheap or expensive. I would think you need more than that. Perhaps a comparison to historical PE and Dividend Yield
PE wise Singapore is rather attractive. as we are heavy on 3 banks and a slow moving telecom, we never reach back to the highs of 3500-3800.
Was surprised by the prevailing dividend yield at 3.29%. I always thought its closer to 2.5%
Here are the list of US NYSE listed ETFs to gain general exposure to the index.