The SPI Extra (SPIEXX) is a stock market index representing Swiss mid- and small-cap companies listed on the SIX Swiss Exchange. It is a subset of the Swiss Performance Index (SPI) but excludes the largest blue-chip stocks found in the Swiss Market Index (SMI).
As a result, the SPI Extra provides a more focused view of Switzerland’s mid-sized and smaller publicly traded firms, many of which are leaders in specialist industries such as precision engineering, life sciences, and industrial automation.
Unlike the SPI or SMI, which are heavily weighted toward Switzerland’s largest multinational corporations, the SPI Extra highlights companies with higher growth potential but also greater market sensitivity.
The index is market-capitalisation-weighted. It was launched in 2004 and currently holds 185 stocks.
SPI Extra Performance
The SPI Extra’s performance over recent years has lagged that of Swiss large-cap indices. So far this year, as of March 28, 2025, the index is down. However, this is probably to be expected given the absence of Swiss large cap names, whcih are seen as safer assets during times of macro and/or economic uncertainty.
| Period | Performance (as of 28/02/2025) |
|---|---|
| 1-year | +5.66% |
| 3-years | -2.42% |
| 7-years | +1.22% |
| 15-years | +5.24% |
SPI Extra Index Top 10 Companies
The top 10 stocks make up 36.91% of the total index weighting.
| Company | Weight (% as of 28/02/2025) |
|---|---|
| Sandoz Group | 5.31% |
| Straumann | 4.40% |
| SGS | 4.33% |
| Julius Baer | 3.81% |
| Lindt N | 3.80% |
| Lindt PS | 3.43% |
| Schindler | 3.42% |
| Galderma Group | 2.83% |
| Roche I | 2.82% |
| VAT Group | 2.76% |
Swiss Mid and Small-Cap Stocks Forecast
The Bull Argument: Of course, investors bullish on Swiss mid and small-cap stocks will highlight that they often have higher growth potential than their large-cap counterparts. These companies tend to be more adaptable and innovative, enabling them to capitalise on emerging market trends and sector-specific opportunities.
Additionally, domestic-focused companies within the index can benefit from Switzerland’s economic stability and high consumer spending power, while export-oriented firms can take advantage of global expansion opportunities. Historically, Swiss mid-caps have been strong performers, particularly in economic upswings, when investor sentiment favours growth and innovation.
The Bear Argument: Despite their potential for strong returns, mid- and small-cap stocks are more sensitive to market volatility and economic uncertainty. They lack the financial resilience and global market reach of Switzerland’s largest companies, making them more vulnerable during periods of economic downturns or geopolitical instability. For example, the recent downturn in the SPI Extra is reflective of the macroeconomic and geopolitical uncertainty stemming from Trump’s tariffs and tensions in Russia/Ukraine and the Middle East.
Additionally, companies can also be more exposed to Swiss franc fluctuations, which can impact their export competitiveness. Unlike multinational giants in the SMI, which hedge against currency movements through diversified global operations, mid- and small-cap firms tend to be more reliant on the Swiss economy and may struggle with rising production costs or weaker foreign demand.
Our View: Swiss mid- and small-cap stocks are known for higher growth potential, making them a strong addition for investors seeking capital appreciation. While these companies do not have the same financial strength as blue-chip firms, they often outperform during economic recoveries and periods of strong market sentiment.
However, investors should be aware of the higher volatility associated with mid- and small-cap stocks. Even so, Swiss mid and small-cap stocks can provide investors with significant large-cap exposure, a balance of growth potential, and sector diversification.
Who Should Invest in Swiss Mid and Small-Cap Stocks
Investors looking for exposure to Swiss mid and small cap stocks can look to ETFs such as the SPI Mid-Cap ETF, which aims to replicate the price performance and returns of the Swiss Market Mid Cap Index SPI Mid, and the Swiss Small & MidCap Opportunities Fund, which invests in securities of small and mid capitalisation companies in Switzerland.
Investors considering exposure to Swiss mid- and small-cap stocks may find them an attractive option, particularly if they:
Seek Growth Opportunities: Mid- and small-cap stocks generally offer higher growth potential than large caps, making the mid and small-cap stocks appealing for investors looking to capture long-term capital appreciation.
Prefer Diversification: By also including stocks outside of the largest Swiss companies, investors may be able to gain a more balanced exposure across industries, reducing reliance on pharmaceuticals and financials.
Are Comfortable with Higher Volatility: Investors with a higher risk tolerance may be better-suited to small-cap stocks, as they often experience greater price swings than large-cap stocks.
Have a Long-Term Investment Horizon: Given the short-term volatility, small-cap stocks, especially, are best suited for long-term investors who can withstand market fluctuations in pursuit of higher returns.
