@CaesarHicks:I think if you look at average historical vol over long time scales this makes sense (high vol low PE = TSLA $Tesla Motors(TSLA)$ , low vol high PE =BRK.B $Berkshire Hathaway(BRK.B)$ )Using IV over short time scales the correlation seems to reverse (stock crashes -> IV pops but PE improves, e.g. FB)