The SPI 20 Index is a stock market index that tracks the 20 largest and most liquid companies in the Swiss Performance Index (SPI). As a subset of the Swiss Performance Index, it focuses on the most influential Swiss companies, providing investors with exposure to the country’s largest corporations across various industries.
Together, the SPI 20 represents about 80% of the total market capitalisation of the Swiss equity market. Unlike the SMI (Swiss Market Index), which also consists of 20 stocks, the SPI 20 includes additional companies that may not be part of the SMI’s selection criteria but still hold significant market capitalisation and liquidity.
The SPI 20 was introduced to offer a more targeted yet diversified representation of Swiss blue-chip stocks while maintaining the broader characteristics of the SPI. It is afree-float market capitalisation-weighted index.
SPI 20 Performance
As mentioned in many of our other Swiss index pages, Swiss stocks have performed well in the first quarter of 2025, with investors looking for safer assets given the current geopolitical and macroeconomic uncertainty.
| Period | Performance (as of 28/02/2025) |
|---|---|
| 1-year | +13.60% |
| 3-years | +2.05% |
| 7-years | +5.29% |
| 15-years | +4.35% |
SPI 20 Top 10 Companies
The top 10 stocks make up 82.84% of the total index weighting.
| Company | Weight (% as of 28/02/2025) |
|---|---|
| Nestle | 16.69% |
| Roche | 15.37% |
| Novartis | 14.60% |
| Richemont | 7.21% |
| UBS | 6.91% |
| Zurich Insurance | 6.35% |
| ABB | 5.64% |
| Holcim | 3.91% |
| Swiss RE | 3.10% |
| Alcon | 3.05% |
Large-Cap Swiss Stocks Forecast
The Bull Argument: Because the SPI 20 comprises the top 20 stocks from the broader SPIX index, it captures the most established and financially robust Swiss corporations, reinforcing the index’s defensive characteristics. These companies—leaders in their respective industries—benefit from stable cash flows, strong balance sheets, and global diversification, reducing exposure to domestic economic fluctuations. This makes the stocks within the index and established Swiss companies, overall, particularly attractive options for investors seeking stability in uncertain markets, as well as a valuable core holding in diversified portfolios.
Given the current macroeconomic and geopolitical uncertainty, near-term flows into Swiss equities may continue for the time being as look for safer assets.
Investors should also note that Swiss multinational corporations continue expanding into high-growth international markets, leveraging their global reach and strong brand equity. This expansion further supports revenue diversification and shields companies from local economic slowdowns, strengthening their long-term investment appeal.
The Bear Argument: As always, there are still potential negatives that could impact the Swiss equity markets, including the big names, in the future. The Swiss franc’s recent strength can make Swiss exports less competitive in global markets. Since many SPI 20 constituents are multinational corporations, with a significant portion of their revenue generated abroad, currency fluctuations could erode earnings when converted back into Swiss francs.
Additionally, many of the large-cap Swiss stocks are heavily concentrated in a few key sectors. If any of the primary industries experience slowdowns, the stocks could underperform compared to more sector-diverse indices. Meanwhile, lacking exposure to smaller, high-growth Swiss companies that may benefit from emerging industries and technological advancements can also impact potential returns, while geopolitical tensions, evolving trade agreements, and regulatory changes within Switzerland, the European Union, and the US also introduce uncertainty.
Our View: While the bear argument lists various potential downsides, Switzerland’s economic resilience, strong corporate governance, and global competitiveness make large-cap Swiss stocks an appealing investment for long-term investors.
Who Should Invest in the Top Swiss Stocks
Investors looking to gain exposure to the top 20 stocks in the Swiss Performance Index may want to take a look at the iShares Core SPI ETF (CH), which tracks the overall SPI.
Overall, the top Swiss stocks are a potentially compelling investment choice for various investor profiles, particularly those looking for stability and high-quality Swiss stocks:
Long-Term Investors: Investors seeking steady earnings growth and consistent dividend payouts from Switzerland’s most established companies.
Defensive Investors: Given the various well-known names in sectors such as pharmaceuticals, consumer goods, and financials, there are various stocks or ETFs that are ideal for risk-averse investors seeking lower volatility.
Diversification Seekers: Those looking for a more concentrated alternative to the broader SPI will, of course, find Switzerland’s largest and most stable companies a potentially attractive investment option.
European Market Investors: Investors looking to diversify within European equities while reducing exposure to higher-risk regions.
