Even though 2016 got off to a rough start, the average stock in the S&P 500 is trading at about 23.8 times trailing earnings — far above its historical average of about 16.7 since its inception. So you might be surprised to learn the average stock in the iShares Nasdaq Biotechnology Index (NASDAQ: IBB) with profits to report is trading at just 20.7 times trailing earnings, which is significantly cheaper than the broad market.