Swiss Market Index

Rank	Years	SMI ®
1	1990	1'383.1
2	1991	1'670.1	20.75%
3	1992	2'107.0	26.16%
4	1993	2'957.6	40.37%
5	1994	2'628.8	-11.12%
6	1995	3'297.7	25.45%
7	1996	3'942.2	19.54%
8	1997	6'265.5	58.93%
9	1998	7'160.7	14.29%
10	1999	7'570.1	5.72%
11	2000	8'135.4	7.47%
12	2001	6'417.8	-21.11%
13	2002	4'630.8	-27.84%
14	2003	5'487.8	18.51%
15	2004	5'693.2	3.74%
16	2005	7'583.9	33.21%
17	2006	8'785.7	15.85%
18	2007	8'484.5	-3.43%
19	2008	5'534.5	-34.77%
20	2009	6'545.9	18.27%
21	2010	6'436.0	-1.68%
		R m	10.42%
		STD	22.92%

June, 30, 1988 : 1500

Return on the market : R_m = 10.42 %

Risk free rate (Bond rate of Federal State - 10 years - December 2010) : Rf = 1,67%

Risk premium of the market : Rm - Rf : 8.75 %

Note :

The market must be looked on a long term point of view. The Return on market depends on the period you choose.

	Rm (SMI)
1990-2010	10.42%
1990-2000	20.76%
1996-2010	7.11%
1999-2010	1.16%
2000-2010	0.75%
2000-2004	-3.85%

 

© Bernard Jaquier, Professor in Economics & Finance, Ecole Hôtelière de Lausanne, 2011