Swiss All Shares Index: The complete market universe
The Swiss All Shares Index is the most comprehensive Swiss stock index. It tracks almost all stocks listed on the SIX Swiss Exchange, regardless of company size, liquidity, or shareholder structure. There is no free float criterion, which is why the index primarily serves analytical purposes. It serves as a theoretical total universe of the Swiss market and is particularly interesting for market studies and statistical analyses. However, it plays hardly any role in traditional investment products.
Swiss Performance Index (SPI): The central investable benchmark
The Swiss Performance Index (SPI) comprises over 200 stocks and covers around 95 percent of freely tradable market capitalization. One of the requirements for inclusion is a free float of at least 20 percent. The SPI is a total return index, meaning dividends are reinvested. This makes it particularly suitable for long-term performance comparisons and as a benchmark for funds. The SPI also forms the basis for numerous sub-indices and offers investors a clearly investable entry point into the Swiss market.
SPI Large, SPI Mid, and SPI Small: Segmentation by company size
The SPI is structured into three segments based on market capitalization:
SPI Large comprises the 20 largest SPI companies, which account for the majority of market capitalization and are mostly internationally active. It differs from the SMI in that it does not impose any liquidity requirements.
SPI Mid represents medium-sized companies that often offer additional growth potential and strike a balance between stability and dynamism. It includes the 80 largest stocks not included in SPI Large.
SPI Small comprises smaller companies, often with specialized business models, which offer high growth opportunities but also exhibit more volatile price movements. It includes those SPI stocks that are not included in either the SPI Large or the SPI Mid.
This segmentation enables targeted management of risk and return within the SPI universe.
SPI Extra: The small-cap index
The SPI Extra is calculated as the SPI minus the SMI. It comprises all SPI stocks that are not included in the SMI and thus covers the entire Swiss mid- and small-cap landscape, including SMIM stocks. Historically, the SPI Extra has shown higher risk diversification due to smaller, more volatile companies, but at the same time has regularly outperformed the SMI or SPI. Investors benefit from diversified exposure to Swiss small caps.
Swiss Market Index (SMI): Selective blue chips
The Swiss Market Index (SMI) comprises the 20 largest and most liquid Swiss stocks. The 20 largest SPI stocks are not automatically included; they must also be among the most liquid stocks in Switzerland in terms of trading volume. The SMI is a price-return index: dividends are not taken into account. In addition, there is a weighting cap of 18 percent per stock to limit the dominance of individual heavyweights. Despite this cap, the index remains concentrated and strongly focused on globally active blue chips.
Swiss Market Index Mid (SMIM): The leading mid caps
The Swiss Market Index Mid (SMIM) comprises the 30 largest and most liquid stocks outside the SMI. It represents the higher-capitalized segment of mid caps, which are often internationally active, have solid business models, and offer higher growth potential than blue chips. The SMIM is also a price-return index and is often used to invest specifically in medium-sized Swiss companies without having to directly bet on the very large SMI heavyweights.
Swiss Leader Index (SLI): Broader blue-chip coverage with cap
The Swiss Leader Index (SLI) combines features of the SMI and SPI. It comprises 30 of the largest and most liquid Swiss stocks and expands the classic universe of all large-cap companies. Its special feature is a strict weighting limit of a maximum of 9 percent per stock, which significantly reduces dependence on individual heavyweights. Like the SMI, the SLI is a price-return index and offers investors balanced large-cap exposure.
Conclusion
The Swiss stock market is diverse and clearly structured. While the Swiss All Shares Index provides a complete picture of the market, the SPI is the central investable benchmark. Segmentation by company size and specialized indices such as the SMI, SMIM, SPI Extra, and SLI enable targeted representation of different market segments.
Investors can choose between two of our products: one is based on the SPI and covers the entire investable Swiss market, while the other is based on the SPI Extra, which invests specifically in small caps. Although the universes of the two funds overlap considerably, the two products are very different. Historically, the SPI Extra has shown greater risk diversification, but has also regularly outperformed the SMI or SPI. Those who are aware of the methodological differences can analyze the Swiss stock market in depth and integrate it into their investment strategy in a targeted manner.
