The Swiss All Share Index (SSIP) is a broad market index that encompasses nearly all publicly traded Swiss companies listed on the SIX Swiss Exchange. It serves as a gauge of the Swiss equity market as a whole, capturing both large multinational corporations and smaller domestic firms across various industries.
Unlike more selective indices like the SMI (Swiss Market Index) or the SMI Expanded, which focus on a subset of companies, the Swiss All Share Index provides a complete representation of Switzerland’s stock market, including both foreign and domestic equity instruments.
While it covers the entire universe of SIX-listed stocks, the primary sectors remain healthcare, financials, retail staples, and industrials. Healthcare stocks make up around 34% of the index. Even so, the index’s broad exposure makes it an important benchmark for assessing the overall health and development of Swiss equities.
The Swiss All Share Index was launched in 1995 and currently holds 218 stocks.
Swiss All Share Index Performance
Despite including small and mid-cap stocks, the Swiss All Share Index has performed well so far in 2025, as investors flock to assets that are seen as safer given the recent market, economic and geopolitical uncertainty. However, as we have seen with other indexes, the appeal is primarily in the large-cap, well-established names listed in Switzerland.
| Period | Performance (as of 28/02/2025) |
|---|---|
| 1-year | +11.98% |
| 3-years | +1.18% |
| 7-years | +4.51% |
| 15-years | +4.35% |
Swiss All Share Index Top 10 Companies
The top 10 stocks make up 66.76% of the total index weighting.
| Company | Weight (% as of 28/02/2025) |
|---|---|
| Nestle | 13.45% |
| Roche | 12.39% |
| Novartis | 11.77% |
| Richemont | 5.81% |
| UBS | 5.57% |
| Zurich Insurance | 5.12% |
| ABB | 4.54% |
| Holcim | 3.15% |
| Swiss RE | 2.50% |
| Alcon | 2.46% |
Swiss Stocks Forecast
The Bull Argument: Supporters of Swiss stocks and the country’s economy will note broad exposure to Switzerland’s strong economic fundamentals. By encompassing large, mid, and small-cap stocks, investors will be able to benefit from both established market leaders and high-growth emerging firms.
Switzerland’s reputation for stability, innovation, and strong corporate governance makes it an attractive market for long-term investors. The country is home to some of the world’s largest multinational corporations, which benefit from global revenue streams and resilient business models. Meanwhile, smaller domestic companies within the index are often highly specialised and innovative, particularly in sectors such as industrial automation, precision manufacturing, and life sciences.
Additionally, the Swiss stock market’s international appeal continues to attract foreign investment, reinforcing the strength of SIX-listed companies and their ability to expand into global markets.
The Bear Argument: Despite its diversity, the Swiss market is not without risks. Some analysts argue that its exposure to small and mid-cap stocks introduces greater volatility, particularly during periods of economic downturns or financial instability.
As we have mentioned in our pages on large-cap focused Swiss indexes, the strength of the Swiss franc poses a challenge for export-driven companies, particularly smaller firms that may lack the currency-hedging strategies of larger multinationals. Additionally, Switzerland’s stock market is highly concentrated in specific industries, with sectors such as pharmaceuticals, financial services, and industrials. If these industries face regulatory headwinds, global trade tensions, or sector-specific slowdowns, the overall performance of the index may be impacted.
At the moment, heightened geopolitical uncertainty may present challenges for Swiss multinational corporations (alongside others), potentially limiting growth prospects.
Our View: Gaining overall exposure to the Swiss market will ensure investors can benefit from large-cap stocks that provide stability and defensive characteristics, as well as mid and small-cap stocks, which introduce higher growth potential.
However, investors should also be mindful of the risks explained in the bearish argument above.
Who Should Invest in Swiss Stocks
While ETFs tracking the Swiss All Share Index are hard to come by, investors can look at a mixture of ETFs to gain exposure to large, mid, and small-cap Swiss stocks. For example, the iShares SMIM ETF, which tracks the SMIM, provides exposure to Swiss mid-cap stocks, while the iShares SMI ETF tracks the SMI index and provides exposure to the 20 largest Swiss companies. For small-cap Swiss stocks, investors can look at the BlackRock Swiss Small & MidCap Opportunities Fund.
Investing in a broad range of Swiss stocks is well-suited for a variety of investor profiles:
Broad Market Exposure Seekers: Investors looking to gain exposure to Switzerland’s overall equity market performance (because they are bullish) may find investing in a range of Swiss stocks attractive.
Growth and Stability Investors: Investing in a blend of large, mid, and small-cap stocks ensures a mix of stable blue-chip companies and high-growth firms.
Long-Term Investors: Those with a long-term investment horizon who want to capture both the resilience of established corporations and the expansion potential of emerging companies.
Swiss Market Specialists: Investors with a focus on the Swiss economy and corporate landscape may prefer casting a wide net across a range of Swiss equities.
