The Swiss Performance Index SPI (SPIX) is a broad-based stock market index that tracks the performance of all publicly traded companies listed on the Swiss Stock Exchange (SIX Swiss Exchange). It is considered Switzerland’s overall equity market index.
Unlike the Swiss Market Index (SMI), which focuses only on the 20 largest Swiss stocks, the SPI includes over 200 companies, offering a much wider representation of the Swiss equity market. While it has a variable number of components, as of February 28, 2025, it has 205 stocks.
The SPI encompasses companies from various industries, including healthcare, financial services, retail staples, and industrials. The primary industry is currently healthcare. The Swiss Performance Index (SPI) was launched in 1996.
Swiss Performance Index Performance
While many global equity markets struggled in the first part of 2025, the resilience and stability of Swiss stocks alongside the defensive qualities mean indexes such as the SPI have performed well following a dip towards the end of 2024.
| Period | Performance (as of 28/02/2025) |
|---|---|
| 1-year | +11.99% |
| 3-years | +1.18% |
| 7-years | +4.48% |
| 15-years | +4.36% |
Swiss Performance Index Top 10 Companies
| Company | Weight (% as of 28/02/2025) |
|---|---|
| Nestle | 13.46% |
| Roche | 12.40% |
| Novartis | 11.78% |
| Richemont | 5.82% |
| UBS | 5.58% |
| Zurich Insurance | 5.12% |
| ABB | 4.55% |
| Holcim | 3.15% |
| Swiss RE | 2.50% |
| Alcon | 2.46% |
Swiss Stocks Forecast
The Bull Argument: The current macroeconomic and geopolitical uncertainty has seen Swiss stocks perform well this year, given their defensive qualities. With the headwinds yet to fade (as of March 21, 2025), many investors may expect the recent performance to continue in the near term.
In a 2025 outlook for Swiss stocks (released in December), Stefan Frischknecht, Schroders Deputy CEO and Head of Swiss Equities, said they expected the Swiss stock market would “be capable of navigating through periods of shifting market sentiment, including risk-on and risk-off phases.”
“As a result, Swiss-domiciled companies are expected to be well positioned to withstand these changes, although not being immune against global weaknesses,” stated Frischknecht. He added that the weakening economic growth prospects worldwide and the defensive characteristics of the Swiss market made it favorable compared to other equity markets. “Besides the attractiveness of the Swiss market being defensive, we also expect it to perform better in the long-term thanks to the presence of numerous market leaders and the international revenue diversification of Swiss companies,” stated Frischknecht.
The Bear Argument: On the other hand, some analysts caution that currency fluctuations, particularly a strong Swiss franc, could impact export-driven companies, making their products less competitive abroad. For example, the current geopolitical and macroeconomic uncertainty has seen the CHF gain ground in recent months as investors look for safe-haven assets. Additionally, while the Swiss economy remains stable, the country’s heavy reliance on pharmaceuticals and financial services could pose a risk if those sectors face downturns. Geopolitical risks, regulatory shifts, and changes in trade agreements may also introduce headwinds for Swiss-listed companies.
Our View: Despite the potential headwinds, the ETFs tracking the Swiss Performance Index offer a well-rounded approach to investing in Swiss equities, covering both large, established companies and smaller, high-growth firms. Its diverse range of sectors makes it less concentrated than the SMI, providing a broader snapshot of the Swiss economy.
Switzerland’s reputation for economic resilience, strong governance, and global competitiveness ensures that the SPIX remains an attractive option for long-term investors. While short-term volatility may arise due to external factors such as currency movements or global market fluctuations, the index’s stable core sectors provide relative protection compared to more cyclical markets.
Who Should Invest in the Swiss Equity Market
Investors interested in ETFs tracking the SPIX may want to take a deeper look at the iShares Core SPI ETF (CH).
Meanwhile, the broader Swiss market appeals to a range of investors looking for diversified exposure to various sectors:
Long-Term Investors: Those seeking exposure to high-quality companies with consistent earnings and strong global brands.
Defensive Investors: Given the market’s exposure to pharmaceuticals, financials, and consumer goods, the index is ideal for investors looking for stability and lower volatility.
Diversification Seekers: The broad-based nature of Swiss equities provides exposure to both large and mid-sized companies, reducing concentration risk.
European Market Investors: Those looking to complement Eurozone equity exposure with Switzerland’s more stable market.
