Swiss Performance Index

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Swiss Performance Index
Foundation1 June 1987 (publication 22 August)
OperatorSIX Swiss Exchange
ExchangesSIX Swiss Exchange
Trading symbolSXGE
Constituents216 (as of September 18, 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 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.

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[edit]

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[edit]

Below is the list of the 216 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.

Symbol Company SMI Family Listing Remarks
ABBN ABB SMI
ACHI Achiko 2020
ADXN Addex Pharmaceuticals 2007
ADEN Adecco SMI MID
ADVN Adval Tech Holding
AEVS Aevis Victoria previously Aevis Holding
AIRE Airesis
ALC Alcon SMI 2019
ALLN Allreal Holding 2000
ALSN ALSO Holding
AFP Aluflexpack 2019
AMS ams AG SMI MID headquarters outside Switzerland
APGN APG SGA AG
ARBN Arbonia previously AFG Arbonia-Forster-Holding
ARON Arundel
ARYN Aryzta 2008
ASCN Ascom
ASWN ASmallWorld 2018
AUTN Autoneum 2011
BANB Bachem Holding
BALN Bâloise SMI MID
BPDG Banque Profil de Gestion
BARN Barry Callebaut SMI MID
BLKB Basellandschaftliche Kantonalbank
BSLN Basilea Pharmaceutica 2004
BSKP Basler Kantonalbank
BION BB Biotech SMI MID
BCGE Banque Cantonale de Genève
BCJ Banque Cantonale du Jura
BCVN Banque Cantonale Vaudoise
BEKN Berner Kantonalbank 2000
BEAN Belimo Holding
BELL Bell Food Group
BBN Bellevue Group
BLIN BFW Liegenschaften 2007
LINN Bank Linth LLB
BKW BKW Energie 2003
BLS Blackstone Resources AG 2018
BOBNN Bobst Group
BOSN Bossard Holding
BUCN Bucher Industries
BCHN Burckhardt Compression 2006
BRKN Burkhalter Holding 2008
BVZN BVZ Holding 2007
CALN Calida
SKIN Cassiopea 2015 headquarters outside Switzerland
CMBN Cembra Money Bank SMI MID 2013
CIE CI Com
CICN Cicor Technologies
CFT Compagnie financière Tradition
CLN Clariant SMI MID
CLTN Coltene Holding
COTN Comet Holding 2002
CON Conzzeta AG
COPN Cosmo Pharmaceuticals 2007 headquarters outside Switzerland
CPHN CPH Chemie + Papier 2001
CLXN Crealogix Holding 2000
CSGN Credit Suisse SMI
DAE Dätwyler Holding
DKSH DKSH 2012
DOKA Dormakaba
DUFN Dufry SMI MID 2005
ESUN Edisun Power 2008
EFGN EFG International 2005
ELMN Elma Electronic
EMMN Emmi 2004
EMSN Ems-Chemie SMI MID
EVE Evolva 2009
FTON Feintool International Holding
FI-N Georg Fischer SMI MID
FHZN Flughafen Zürich AG SMI MID
FORN Forbo Holding
FREN Fundamenta Real Estate AG 2018
GALE Galenica SMI MID 2017
GAM GAM
GAV Carlo Gavazzi Holding
GEBN Geberit SMI
GIVN Givaudan SMI 2000
GLKBN Glarner Kantonalbank 2014
GMI Groupe Minoteries
GRKP Graubündner Kantonalbank
GUR Gurit Holding
HELN Helvetia SMI MID
HIAG HIAG Immobilien 2014
HLEE Highlight Event and Entertainment
HOCN Hochdorf Holding 2011
HUBN Huber+Suhner
HBLN Hypothekarbank Lenzburg
IDIA Idorsia 2017
IMPN Implenia
INA Ina Invest 2020
IFCN Inficon 2001
INRN Interroll Holding
ISN Intershop Holding
IREN Investis
VBSN IVF Hartmann Holding
BAER Julius Bär SMI MID 2009
JFN Jungfraubahn
KARN Kardex Group
KLIN Klingelnberg 2018
KOMN Komax Holding
KUD Kudelski
KNIN Kühne + Nagel SMI MID
KURN Kuros Biosciences
LHN LafargeHolcim SMI
LLQ Lalique Group 2018
LAND Landis+Gyr 2017
LMN lastminute.com headquarters outside Switzerland
LECN Leclanché
LEHN Lem Holding
LEON Leonteq
LLBN Liechtensteinische Landesbank headquarters outside Switzerland
LISN Lindt & Sprüngli SMI MID registered share
LISP Lindt & Sprüngli SMI MID participation certificate
LOGN Logitech SMI MID
LONN Lonza Group SMI
LUKN Luzerner Kantonalbank
MCHN MCH Group 2001
MOVE Medacta Group 2019
MED Medartis 2018
MTG Meier Tobler
METN Metall Zug
MBTN Meyer Burger Technology 2006
MIKN Mikron Holding
MOZN Mobilezone 2001
MOBN Mobimo Holding 2005
MOLN Molecular Partners 2014
NESN Nestlé SMI
NWRN Newron Pharmaceuticals 2006 headquarters outside Switzerland
NOVN Novartis SMI
NREN Novavest Real Estate 2019
OFN Orell Füssli
OBSN ObsEva SA 2018
OERL OC Oerlikon SMI MID
ODHN Orascom Development Holding 2008
ORON Orior 2010
PGHN Partners Group SMI 2006
PEAN Peach Property 2010
PRFN Perfect Holding
PEDU Perrot Duval Holding
PM Phoenix Mecano
PMAG Pierer Mobility 2016 previously KTM Industries
PLAN Plazza 2015
PNHO Poenina Holding 2017
POLN Polyphor 2018
PEHN Private Equity Holding
PSPN PSP Swiss Property SMI MID 2000
RLF Relief Therapeutics
CFR Richemont SMI
RIEN Rieter
ROG Roche SMI
HREN Romande Energie Holding
SANN Santhera Pharmaceuticals Holding 2006
SAHN Schaffner Holding
SCHN Schindler Holding SMI MID registered share
SCHP Schindler Holding SMI MID participation certificate
STRN Schlatter Holding
STLN Schmolz + Bickenbach
SWTQ Schweiter Technologies
SENS Sensirion Holding 2018
SFPN SF Urban Properties
SFSN SFS Group 2014
SGSN SGS SMI
SFZN Siegfried Holding
SIGN SIG Combibloc Services AG SMI MID 2018
SIKA Sika AG SMI
SNBN Schweizerische Nationalbank
SWON SoftwareONE 2019
SOON Sonova SMI MID
SPCE Spice Private Equity
SGKN St.Galler Kantonalbank 2001
SRAIL Stadler Rail 2019
STGN Starrag Group
STMN Straumann Group SMI MID
SUN Sulzer AG
SRCG Sunrise SMI MID 2015
UHR Swatch Group SMI bearer share
UHRN Swatch Group registered share
SLHN Swiss Life SMI
SPSN Swiss Prime Site SMI MID 2000
SREN Swiss Re SMI
SCMN Swisscom SMI
SQN Swissquote 2000
TECN Tecan
TEMN Temenos Group SMI MID 2001
TKBP Thurgauer Kantonalbank 2014
TIBN Titlis Bergbahnen
TOHN Tornos Holding 2001
TXGN TX Group 2000 previously Tamedia
UBXN U-blox 2007
UBSG UBS SMI 1998
VZUG V-Zug 2020
VLRT Valartis Group
VATN Valiant Holding
VALN Valora
VARN Varia US Properties 2016
VACN VAT Group SMI MID 2016
VAHN Vaudoise Assurances
VET Vetropack Holding
VIFN Vifor Pharma SMI MID
VILN Villars Holding
ROL Von Roll Holding AG
VONN Vontobel
VPBN VP Bank headquarters outside Switzerland
VZN VZ Holding
WKB Walliser Kantonalbank
WARN Warteck Invest
WIHN WISeKey 2016
YPSN Ypsomed Holding 2004
ZEHN Zehnder Group
ZUBN Züblin Immobilien Holding
ZUGN Zug Estates 2012
ZG Zuger Kantonalbank
ROSE Zur Rose Group 2017
ZURN Zurich Insurance Group SMI
ZWN Zwahlen et Mayr

Classification[edit]

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

By size[edit]

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[edit]

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[edit]

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

Methodology[edit]

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[edit]

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.

Company Remarks
Alpine Select Investment Index
Baumgartner
Castle Alt Investment Index
Castle Private Investment Index
Datacolor
Dottikon ES
EEII
Energiedienst
ENR Russia Invest
HBM Investment Index
nebag Investment Index
New Value Investment Index
Panalpina
Roche I
SHL Telemedicine
The Native Investment Index


Milestones[edit]

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)


External links[edit]

Notes and references[edit]

  1. ^ a b c "SPI - The Index of Swiss Shares". SIX Swiss Exchange. Retrieved 13 April 2019.
  2. ^ a b c "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. ^ a b c d "Methodology Rulebook Governing Equity and Real Estate Indices" (PDF). SIX Swiss Exchange. Retrieved 14 April 2019.
  5. ^ a b c d "SPI Sectors". SIX Swiss Exchange. Retrieved 14 April 2019.