Swiss Stocks and the SMI: Switzerland's Leading Index at a Glance

The Swiss Market Index (SMI) bundles the 20 largest and most liquid stocks from the Swiss exchange and serves as the country's leading index. It is calculated in real-time at the SIX Swiss Exchange, based on free-float market capitalization, and covers approximately 90 percent of total market capitalization. Heavyweights such as Novartis, Roche and Nestlé significantly shape its performance.

What the Swiss Market Index Is

The SMI is Switzerland's most important stock index and serves as the blue-chip index of the SIX Swiss Exchange. It represents the 20 most liquid and largest values from the Swiss Performance Index. Anyone dealing with Swiss stocks SMI encounters this index first because it most clearly reflects the pulse of the domestic stock market.

The SMI started with a base of 1,500 points on June 30, 1988, first published on July 1, 1988. Its ISIN is CH0009980894, the WKN is 969000.

Price Index Rather Than Performance Index

Unlike the German DAX, the SMI is a pure price index. Dividends are not included in the calculation. For actual total return, there is the dividend-adjusted variant SMIC (SMI Cum Dividend). If you only look at the pure index level, you underestimate the return that flows to investors through dividends.

Calculation and Weighting

The index level is calculated continuously. Every new trade of an SMI security leads to a recalculation. The weighting is based on the free-float market capitalization of the components, that is, the freely tradable public float. The recalculation thus responds directly to trading volume on the Swiss Exchange.

The SMI Index Companies and Their Composition

Since September 24, 2007, the SMI has contained exactly 20 securities. Previously, the number fluctuated between 18 and 29 stocks. The composition is reviewed once annually. The quarterly ranking based on sales and capitalization is decisive.

The largest SMI index companies by weighting (as of October 2025):

• Novartis (Pharmaceuticals): 15.45%
• Roche Genussscheine (Pharmaceuticals): 15.37%
• Nestlé (Food and Beverages): 14.43%
• ABB (Electrical Engineering): 8.08%
• UBS Group (Banks): 7.72%
• Zurich Insurance Group (Insurance): 6.15%
• Richemont (Luxury Goods): 5.86%

Further positions include Swiss Re, Holcim, Lonza Group, Givaudan, Swisscom, Alcon, Sika, Partners Group, Swiss Life, Amrize and Geberit. These stock corporations represent the breadth of the Swiss stock market.

Admission Criteria for the SMI

For a security to be included, it must achieve at least 50 percent of average SPI liquidity. Additionally, there is a minimum free-float capitalization of 0.45 percent of SPI capitalization. A security's liquidity thus has a say in its access to the index.

Concentration Risk in the SMI

Over 50 percent of the weighting falls on just three brands: Novartis, Roche and Nestlé. This concentration risk is the index's greatest weakness. As an alternative, the SIX offers the SMI Equal Weighted Index, where each component is weighted equally. This significantly reduces concentration risk in the representation.

The SMI Compared to Other Stock Indices

In international comparison, the SMI's defensive orientation stands out. While many stock indices are heavily driven by technology, the Swiss stock index SMI is dominated by pharmaceuticals, food and beverages, and financial services. Technology stocks are underrepresented. This makes the index more stable in times of crisis, but limits upside potential during boom phases.

The Swiss Market Index is not alone. Alongside it are other indices such as the SPI and SMI MID, which together paint a broader picture of the stock market.

SMI and Swiss Performance Index (SPI)

The Swiss Performance Index is significantly broader than the SMI. It encompasses nearly all stock corporations listed on the SIX and is run as a performance index, thus including dividends. The SMI draws its 20 stocks from this very SPI. Those who want to represent the total capitalization of the Swiss stock market are more likely to use the SPI than the pure blue-chip index.

Current Developments Regarding the SMI and Market Conditions

At trading close on July 27, 2026, the SMI was quoted at 14,421.97 points according to dpa-AFX from ZÜRICH, a gain of 0.66 percent compared to the previous day. The daily high was at 14,472.74 points, the daily low at 14,366.63. A new all-time high was narrowly missed. On the previous day, the index had lost 101 points.

Stock markets were weighed down by Nestlé's quarterly results and sharply rising oil prices. Kazakhstan halved its oil production following attacks on an export terminal. Internationally, stock markets declined: the NASDAQ 100 lost 1.2 percent, the DAX 0.34 percent to 24,831 points.

Historical Statistics for the SMI

A look at the statistics reveals the range of the index:

• All-time high: 13,166.68 points during trading on March 3, 2025
• Year-end 2025: 13,267.48 points, a gain of 14.37 percent
• Best day: October 13, 2008 with +11.39 percent
• Weakest year: 2008 with −34.77 percent

During the 2008/09 financial crisis, the SMI fell from a high of 9,531 points by 54.8 percent to 4,308 points. Such figures demonstrate that even defensive stocks can experience severe setbacks.

Winners and Losers in the SMI

Daily movements of individual stocks are reflected in winner-loser lists. As of July 27, 2026, the strongest stocks according to Statista and dpa-AFX were:

• Sika: 161.25 CHF (+3.46%)
• Lonza Group: 559.40 CHF (+2.08%)
• Swiss Re: 136.45 CHF (+1.45%)
• Novartis: 128.52 CHF (+1.28%)

On the losing side were Kuehne+Nagel at 201.70 CHF (−1.42%) and ABB at 79.00 CHF (−1.25%). Nestlé limited losses to −0.35 percent. Such winner-loser lists provide a quick overview of daily market sentiment.

Best Swiss Stocks and Swiss Blue Chips

Those looking for the best Swiss stocks almost automatically land on the big names of the SMI. Blue chips Switzerland are stocks with high market capitalization, solid business fundamentals and long stock exchange history. Novartis, Roche and Nestlé are prime examples.

These brands benefit from defensive business models. In difficult times, Swiss stocks are considered a relatively safe haven because many SMI companies are rooted in pharmaceuticals, food and beverages, and insurance. This exact sector structure makes these stocks more predictable than cyclical stocks.

What Makes Blue Chips Special

Blue chips are large-cap companies with stable earnings and high trading volume. Their high liquidity ensures tight spreads and easy trading. This reduces risks in buying and selling because even larger positions can be executed without significant price movements.

SMI ETFs as Cost-Effective Access

An SMI ETF tracks the entire index and provides simple access to the Swiss stock market. Instead of buying 20 individual positions, investors acquire the entire index package with a single share. Such Exchange Traded Funds are among the most popular financial products for broad diversification.

Before purchasing, it is worthwhile to review the accompanying documents. Base prospectus, terms and conditions, and key information sheets describe the structure, costs and risks of the respective product. These documents, often accessible via a document icon, are part of due diligence for every investment decision.

What Investors Should Consider with ETFs

Using an index ETF reduces costs compared to individual purchases. At the same time, the concentration risk of the three heavyweights remains, since the ETF adopts the index weighting one-to-one. An equal-weighted approach can mitigate this concentration.

Practical Use of Price Data and Charts

For daily use, investors turn to stock prices, charts and factsheets. A daily chart shows opening, high, low and closing prices; a chart over longer periods makes trends visible. Portals such as onvista and Smartbroker+ bundle index data, stocks and statistics in one overview.

Access to current prices is often time-delayed in many cases; real-time data is usually tied to an account or portfolio. Those seeking access to analyses and factsheets can find historical index data and trading volume from data providers such as Statista.

From Stock Prices to Futures

In addition to stock prices, many platforms also cover futures, cryptocurrencies and other stock indices. Trading futures on the SMI allows you to take positions on the index as an underlying asset, but carries its own risks. For getting started, simple access to prices and charts is usually sufficient.

Opportunities and Risks When Investing in the SMI

The opportunities lie in the stability of blue chips and the defensive orientation. The risks are concrete: the concentration risk of the three heavyweights, currency risk from the strong franc, limited sector diversification, and geopolitical stress. On "Liberation Day," the U.S. government announced reciprocal tariffs of 31 percent on goods imports from Switzerland.

A thoughtful strategy thus diversifies beyond the SMI. Additions from SPI mid-caps and international markets reduce dependence on a few stocks. Regular rebalancing keeps positions at the desired ratio.

Best Practices for Building a Portfolio

• Diversification: consider not only SMI stocks but also broader indices
• Investment horizon: capital for 15 years and more can flow more strongly into equities
• Note SMIC: for actual returns, use the dividend-adjusted index
• Sector diversification: complement pharmaceuticals and food with technology and industry

Frequently Asked Questions About the SMI

Which stocks are included in the SMI?

The SMI contains 20 stocks from the Swiss Performance Index, including Novartis, Roche, Nestlé, ABB, UBS Group, Zurich Insurance Group and Richemont. The composition is reviewed once annually and is based on sales and market capitalization.

Is the SMI a price index or a performance index?

The SMI is a pure price index without dividends. For total return, the SMIC serves this purpose, which includes dividends. This distinction is important when assessing actual returns.

What are Swiss blue chips?

Blue chips are the largest and most liquid Swiss stock corporations with high total capitalization and long stock exchange history. They form the core of the SMI and stand for defensive, predictable business models.

How do I get access to current SMI stock prices?

Current stock prices and charts can be found at data portals and brokers. Free quotes are usually time-delayed; real-time data is often tied to an account. Factsheets and index data additionally provide historical statistics for the index.