The Swiss Performance Index (SPI) is a wide total-return index that tracks

equity Equity may refer to: Finance, accounting and ownership *Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the diff ...

primarily listed on

SIX Swiss Exchange SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zurich, is Switzerland's principal stock exchange (the other being Berne eXchange). SIX Swiss Exchange also trades other securities such as Swiss government bonds and derivatives suc ...

with a free-float of at least 20%, and excluding investment companies. The index covers large, mid and small caps and is weighted by

market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...

. Most constituents, although not all, are domiciled in

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

or the Principality of

Liechtenstein Liechtenstein (), officially the Principality of Liechtenstein (german: link=no, Fürstentum Liechtenstein), is a German language, German-speaking microstate located in the Alps between Austria and Switzerland. Liechtenstein is a semi-constit ...

. The SPI is Switzerland's most closely followed performance index. It is used as a benchmark for

mutual funds A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV ...

index fund An index fund (also index tracker) is a mutual fund or exchange-traded fund (ETF) designed to follow certain preset rules so that the fund can a specified basket of underlying investments.Reasonable Investor(s), Boston University Law Review, avai ...

s and ETFs, and as an underlying index for

derivative In mathematics, the derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value). Derivatives are a fundamental tool of calculus. ...

financial instruments such as

options Option or Options may refer to: Computing *Option key, a key on Apple computer keyboards *Option type, a polymorphic data type in programming languages *Command-line option, an optional parameter to a command *OPTIONS, an HTTP request method ...

futures Futures may mean: Finance *Futures contract, a tradable financial derivatives contract *Futures exchange, a financial market where futures contracts are traded * ''Futures'' (magazine), an American finance magazine Music * ''Futures'' (album), a ...

and

structured products A structured product, also known as a market-linked investment, is a pre-packaged structured finance investment strategy based on a single security, a basket of securities, options, indices, commodities, debt issuance or foreign currencies, and ...

. In 2020, the SPI, along with other SIX indices, was endorsed under the EU Benchmarks Regulation and is registered with the

European Securities and Markets Authority The European Securities and Markets Authority (ESMA) is an independent European Union Authority located in Paris. ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011. It is one of the three new European Sup ...

, which means that it can be used as an underlying for financial products sold in the EU.

SPI Universe

The underlying share universe of the SPI is the

Swiss All Share Index The Swiss Performance Index (SPI) is a wide total-return index that tracks equity primarily listed on SIX Swiss Exchange with a free-float of at least 20%, and excluding investment companies. The index covers large, mid and small caps and is ...

and includes approximately 230 equity issues. For a company's shares to be included in the SPI, the company must be domiciled in Switzerland and the shares must have a free float equal to or greater than 20%. In 1998, investment companies were taken out of the SPI Family and put into the specially designed Investment Index in order to avoid double (direct + indirect) listing of SPI components. Exceptions to this rule can be granted to Investment Companies that invest in companies not primarily listed at SIX. The SPI acts in turn as the universe of several other indices offered by SIX Swiss Exchange: * the

Swiss Market Index The Swiss Market Index (SMI) is Switzerland's blue-chip stock market index, which makes it the most followed in the country. It is made up of 20 of the largest and most liquid Swiss Performance Index (SPI) stocks. As a price index, the SMI is ...

and the

SPI 20 The SPI 20 is a capitalization-weighted stock index of large-cap companies listed on the SIX Swiss Exchange. It is made up of the same components as the Swiss Market Index, except that it does not have any cap on the maximum percentage that a com ...

* the

SMI MID The SMI MID (SMIM) is a stock index which lists Switzerland's mid-cap companies. The index is calculated by SIX Swiss Exchange. It includes the 30 Prime Standard shares from sectors that rank immediately below the companies included in the Swiss ...

and the

SMI Expanded The SMI Expanded is a capitalization-weighted stock index of large-cap and mid-cap companies listed on the SIX Swiss Exchange. It is made up of the components in the Swiss Market Index (SMI) and in the SMI MID, representing more than 90% of th ...

* the

SPI Extra The SPI Extra is a stock index which tracks mid-cap and small-cap companies primarily listed in Switzerland. The index is calculated by SIX Swiss Exchange. It includes all the shares from the Swiss Performance Index (SPI) that are not included ...

, defined as the complement of the SMI in the SPI universe * the Swiss Leader Index and its complement, the

SPI ex SLI SPI may refer to: Organizations * Indian Protection Service (''Serviço de Proteção ao Índio''), Brazil * Shotmed Paper Industries, an Egyptian paper manufacturers * Simulations Publications, Inc., a former US board game publisher * Sony P ...

* various subindices of the SPI, by size and sector, described further down

Components

Below is the list of the 214 SPI shares as of September 18, 2020. Some of the companies are primarily listed in Switzerland, but have their headquarters outside Switzerland and were included in the underlying share universe upon request. Some companies have two kinds of shares and thus appear twice in the SPI.

Classification

SPI components are classified by size, by sector as well as by security category.

By size

There are three size categories of SPI components: large-cap, mid-cap and small-cap. Three SPI subindices reflect these sizes, respectively the SPI Large, the SPI Middle and the SPI Small. Two more subindices cover Large+Middle as well as Middle+Small. The

is another SPI subindex that contains the same companies as in the

. It mostly overlaps with the SPI Large, but does not fully coincide because of the rules specific to the SMI. For this reason, another subindex, the

, includes all SPI companies not in the SPI 20.

By sector

The SPI is divided into sectors on the basis of economic activity. This classification is based on the

Industry Classification Benchmark The Industry Classification Benchmark (ICB) is an industry classification taxonomy launched by Dow Jones and FTSE in 2005 and now used by FTSE International and STOXX. It is used to segregate markets into sectors within the macroeconomy. The I ...

ICB from Dow Jones and FTSE, which simplifies international performance comparisons significantly.

By security category

SPI Stocks are also grouped by security category: registered shares, bearer share, participation certificates.

Methodology

Paid prices are taken into account in calculating the SPI as a whole. If no paid prices are available, the index is calculated on the basis of bid prices. The index is recalculated and published every three minutes. On 1 June 1987, the SPI was standardised at 1000 points.

Swiss All Share Index

The Swiss All Share Index contains all companies primarily listed at SIX that are headquartered in Switzerland or the Principality of Liechtenstein. It has 232 components. These are all the SPI components, but also equity with less than 20% of free float and investment companies. The additional companies contained in the Swiss All Share Index are listed below, as of November 12, 2019.

Milestones

The following table shows historic milestones of the Swiss Performance Index Total Return. Latest seen values are not final: ''italic'' indicates that the value may be seen again if the

bear market A market trend is a perceived tendency of financial markets to move in a particular direction over time. Analysts classify these trends as ''secular'' for long time-frames, ''primary'' for medium time-frames, and ''secondary'' for short time-fram ...

(-20% from the peak) persists; parentheses indicate that the value will be seen again if we reenter a bull market (maximum value reached again); Other values may be seen again in case of a

crash Crash or CRASH may refer to: Common meanings * Collision, an impact between two or more objects * Crash (computing), a condition where a program ceases to respond * Cardiac arrest, a medical condition in which the heart stops beating * Couch ...

(assuming a threshold of -50%).

External links

Statistical data since 1987

Notes and references

{{Reflist, 2 Swiss stock market indices