Swiss Performance 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.[1] The index covers large, mid and small caps and is weighted by market capitalization. Most constituents, although not all, are domiciled in Switzerland or the Principality of Liechtenstein.

Swiss Performance Index
Foundation1 June 1987 (publication 22 August)
OperatorSIX Swiss Exchange
ExchangesSIX Swiss Exchange
Trading symbolSXGE
Constituents214 (as of November 14, 2020)[1]
TypeAll-caps, total return index
Market capCHF 1,553 billion (full, end 2017)[2]
Weighting methodMarket-value-weighted
Related indicesSMI, SPI 20, SPI Extra
Websitesix-group.com
ISINCH0009987501
Reuters.SSHI
BloombergSPI:IND
Structure of the SPI-Family

The SPI is Switzerland's most closely followed performance index. It is used as a benchmark for mutual funds, index funds and ETFs, and as an underlying index for derivative financial instruments such as options, futures and structured products.

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, which means that it can be used as an underlying for financial products sold in the EU.[3]

SPI Universe

The underlying share universe of the SPI is the Swiss All Share Index and includes approximately 230 equity issues.[4] 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.[2] Exceptions to this rule can be granted to Investment Companies that invest in companies not primarily listed at SIX.[4]

The SPI acts in turn as the universe of several other indices offered by SIX Swiss Exchange:[4]

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.

SymbolCompanySMI FamilyListingRemarks
ABBNABBSMI
ACHIAchiko2020
ADXNAddex Pharmaceuticals2007
ADENAdeccoSMI MID
ADVNAdval Tech Holding
AEVSAevis Victoriapreviously Aevis Holding
AIREAiresis
ALCAlconSMI2019
ALLNAllreal Holding2000
ALSNALSO Holding
AFPAluflexpack2019
AMSams AGSMI MIDheadquarters outside Switzerland
APGNAPG SGA AG
ARBNArboniapreviously AFG Arbonia-Forster-Holding
ARONArundel
ARYNAryzta2008
ASCNAscom
ASWNASmallWorld2018
AUTNAutoneum2011
BANBBachem Holding
BALNBâloiseSMI MID
BPDGBanque Profil de Gestion
BARNBarry CallebautSMI MID
BLKBBasellandschaftliche Kantonalbank
BSLNBasilea Pharmaceutica2004
BSKPBasler Kantonalbank
BIONBB BiotechSMI MID
BCGEBanque Cantonale de Genève
BCJBanque Cantonale du Jura
BCVNBanque Cantonale Vaudoise
BEKNBerner Kantonalbank2000
BEANBelimo Holding
BELLBell Food Group
BBNBellevue Group
LINNBank Linth LLB
BKWBKW Energie2003
BLSBlackstone Resources AG2018
BOBNNBobst Group
BOSNBossard Holding
BUCNBucher Industries
BCHNBurckhardt Compression2006
BRKNBurkhalter Holding2008
BVZNBVZ Holding2007
CALNCalida
SKINCassiopea2015headquarters outside Switzerland
CMBNCembra Money BankSMI MID2013
CIECI Com
CICNCicor Technologies
CFTCompagnie financière Tradition
CLNClariantSMI MID
CLTNColtene Holding
COTNComet Holding2002
CONConzzeta AG
COPNCosmo Pharmaceuticals2007headquarters outside Switzerland
CPHNCPH Chemie + Papier2001
CLXNCrealogix Holding2000
CSGNCredit SuisseSMI
DAEDätwyler Holding
DKSHDKSH2012
DOKADormakaba
DUFNDufrySMI MID2005
ESUNEdisun Power2008
EFGNEFG International2005
ELMNElma Electronic
EMMNEmmi2004
EMSNEms-ChemieSMI MID
EVEEvolva2009
FTONFeintool International Holding
FI-NGeorg FischerSMI MID
FHZNFlughafen Zürich AGSMI MID
FORNForbo Holding
FRENFundamenta Real Estate AG2018
GALEGalenicaSMI MID2017
GAMGAM
GAVCarlo Gavazzi Holding
GEBNGeberitSMI
GIVNGivaudanSMI2000
GLKBNGlarner Kantonalbank2014
GMIGroupe Minoteries
GRKPGraubündner Kantonalbank
GURGurit Holding
HELNHelvetiaSMI MID
HIAGHIAG Immobilien2014
HLEEHighlight Event and Entertainment
HOCNHochdorf Holding2011
HUBNHuber+Suhner
HBLNHypothekarbank Lenzburg
IDIAIdorsia2017
IMPNImplenia
INA Ina Invest 2020
IFCNInficon2001
INRNInterroll Holding
ISNIntershop Holding
IRENInvestis
VBSNIVF Hartmann Holding
BAERJulius BärSMI MID2009
JFNJungfraubahn
KARNKardex Group
KLINKlingelnberg2018
KOMNKomax Holding
KUDKudelski
KNINKühne + NagelSMI MID
KURNKuros Biosciences
LHNLafargeHolcimSMI
LLQLalique Group2018
LANDLandis+Gyr2017
LMNlastminute.comheadquarters outside Switzerland
LECNLeclanché
LEHNLem Holding
LEONLeonteq
LLBNLiechtensteinische Landesbankheadquarters outside Switzerland
LISNLindt & SprüngliSMI MIDregistered share
LISPLindt & SprüngliSMI MIDparticipation certificate
LOGNLogitechSMI MID
LONNLonza GroupSMI
LUKNLuzerner Kantonalbank
MCHNMCH Group2001
MOVEMedacta Group2019
MEDMedartis2018
MTGMeier Tobler
METNMetall Zug
MBTNMeyer Burger Technology2006
MIKNMikron Holding
MOZNMobilezone2001
MOBNMobimo Holding2005
MOLNMolecular Partners2014
NESNNestléSMI
NWRNNewron Pharmaceuticals2006headquarters outside Switzerland
NOVNNovartisSMI
NRENNovavest Real Estate2019
OFNOrell Füssli
OBSNObsEva SA2018
OERLOC OerlikonSMI MID
ODHNOrascom Development Holding2008
ORONOrior2010
PGHNPartners GroupSMI2006
PEANPeach Property2010
PRFNPerfect Holding
PEDUPerrot Duval Holding
PMPhoenix Mecano
PMAGPierer Mobility2016previously KTM Industries
PLANPlazza2015
PNHOPoenina Holding2017
POLNPolyphor2018
PEHNPrivate Equity Holding
PSPNPSP Swiss PropertySMI MID2000
RLFRelief Therapeutics
CFRRichemontSMI
RIENRieter
ROGRocheSMI
HRENRomande Energie Holding
SANNSanthera Pharmaceuticals Holding2006
SAHNSchaffner Holding
SCHNSchindler HoldingSMI MIDregistered share
SCHPSchindler HoldingSMI MIDparticipation certificate
STRNSchlatter Holding
SWTQSchweiter Technologies
SENSSensirion Holding2018
SFPNSF Urban Properties
SFSNSFS Group2014
SGSNSGSSMI
SFZNSiegfried Holding
SIGNSIG Combibloc Services AGSMI MID2018
SIKASika AGSMI
SNBNSchweizerische Nationalbank
SWONSoftwareONE2019
SOONSonovaSMI MID
SPCESpice Private Equity
SGKNSt.Galler Kantonalbank2001
SRAILStadler Rail2019
STGNStarrag Group
STMNStraumann GroupSMI MID
SUNSulzer AG
UHRSwatch GroupSMIbearer share
UHRNSwatch Groupregistered share
SLHNSwiss LifeSMI
SPSNSwiss Prime SiteSMI MID2000
SRENSwiss ReSMI
STLNSwiss Steel Grouppreviously Schmolz + Bickenbach
SCMNSwisscomSMI
SQNSwissquote2000
TECNTecan
TEMNTemenos GroupSMI MID2001
TKBPThurgauer Kantonalbank2014
TIBNTitlis Bergbahnen
TOHNTornos Holding2001
TXGNTX Group2000previously Tamedia
UBXNU-blox2007
UBSGUBSSMI1998
VZUGV-Zug2020
VLRTValartis Group
VATNValiant Holding
VALNValora
VARNVaria US Properties2016
VACNVAT GroupSMI MID2016
VAHNVaudoise Assurances
VETVetropack Holding
VIFNVifor PharmaSMI MID
VILNVillars Holding
ROLVon Roll Holding AG
VONNVontobel
VPBNVP Bankheadquarters outside Switzerland
VZNVZ Holding
WKBWalliser Kantonalbank
WARNWarteck Invest
WIHNWISeKey2016
YPSNYpsomed Holding2004
ZEHNZehnder Group
ZUBNZüblin Immobilien Holding
ZUGNZug Estates2012
ZGZuger Kantonalbank
ROSEZur Rose Group2017
ZURNZurich Insurance GroupSMI
ZWNZwahlen et Mayr

Classification

SPI components are classified by size, by sector as well as by security category.[5]

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.[5]

The SPI 20 is another SPI subindex that contains the same companies as in the Swiss Market Index. It mostly overlaps with the SPI Large, but does not fully coincide because of the rules specific to the SMI.[2] For this reason, another subindex, the SPI Extra, 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 ICB from Dow Jones and FTSE, which simplifies international performance comparisons significantly.[5]

By security category

SPI Stocks are also grouped by security category: registered shares, bearer share, participation certificates.[5]

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.[4] The index is recalculated and published every three minutes. On 1 June 1987, the SPI was standardised at 1000 points.[1]

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.

CompanyRemarks
Alpine SelectInvestment Index
Baumgartner
Castle AltInvestment Index
Castle PrivateInvestment Index
Datacolor
Dottikon ES
EEII
Energiedienst
ENR Russia Invest
HBMInvestment Index
nebagInvestment Index
New ValueInvestment Index
Panalpina
Roche I
SHL Telemedicine
The NativeInvestment Index

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 (-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 (assuming a threshold of -50%).

(Closing price) Value First seen Latest seen
Calibration 1,000.00 June 1, 1987 February 21, 1991
Minimum (all times) 753.44 January 13, 1988 January 13, 1988
Milestone 2,000.00 January 31, 1994 October 30, 1995
Milestone 3,000.00 April 22, 1997 April 2, 2003
Milestone 4,000.00 January 28, 1998 March 31, 2009
Milestone 5,000.00 July 1, 1998 November 28, 2011
Milestone 6,000.00 February 16, 2006 November 19, 2012
Milestone 7,000.00 January 3, 2007 June 26, 2013
Milestone 8,000.00 January 13, 2014 February 15, 2016
Milestone 9,000.00 December 3, 2014 January 3, 2017
Milestone 10,000.00 April 27, 2017 March 24, 2020
Milestone 11,000.00 January 9, 2018 March 30, 2020
Milestone 12,000.00 June 18, 2019 May 18, 2020
Milestone 13,000.00 January 17, 2020 September 21, 2020
Maximum (all times) 13,561.17 February 19, 2020 (February 19, 2020)

Notes and references

  1. "SPI - The Index of Swiss Shares". SIX Swiss Exchange. Retrieved 13 April 2019.
  2. "Swiss Performance Index (SPI) Family – Factsheet" (PDF). SIX Swiss Exchange. Retrieved 13 April 2019.
  3. "Swiss Indices Endorsed Under the EU Benchmarks Regulation". SIX Swiss Exchange. Retrieved 12 April 2020.
  4. "Methodology Rulebook Governing Equity and Real Estate Indices" (PDF). SIX Swiss Exchange. Retrieved 14 April 2019.
  5. "SPI Sectors". SIX Swiss Exchange. Retrieved 14 April 2019.
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