US stocks are omnipresent, partly because of their heavy weighting in most of the important global stock indexes. But an evaluation by moneyland.ch shows that it was other regions – and European stocks in particular – that brought the highest returns to Swiss investors in 2025.
For the evaluation, moneyland.ch compared the performance of major stock indexes in 2025. The evaluation used the performance index versions, which account for both price changes and shareholder dividends. The total returns of foreign stock indexes were converted to Swiss francs.
The DAX tops the performance comparison
Of the indexes included In the evaluation, the DAX yielded the highest returns for Swiss investors in 2025. Germany’s main stock index delivered performance of 21.94 percent, when converted to Swiss francs. The pan-European stock index Stoxx Europe 600, which also includes some Swiss stocks, also yielded substantial returns (19.89 percent growth in Swiss francs).
Investments in the best known Swiss stock indexes, the SMI (17.61 percent) and the SPI (17.20 percent) also brought notable returns to investors.
US indexes lag behind
The relatively weak rankings of the Nasdaq 100 and the S&P 500 may come as a surprise, considering the fact that these US indexes reached record highs in 2025. But while it is true that the indexes grew substantially in terms of points, the devaluation of the US dollar against the Swiss franc had a balancing effect for Swiss investors. The Swiss franc gained 12 percent in value against the US dollar in 2025.
The impact of currency exchange rates can also be seen in the Swiss franc performance of the MSCI World. The global index has a huge US component.
Investors should pay attention to fees and charges
It is important to understand that custody fees and brokerage fees charged by stockbrokers, and the total expense ratios (TERs) of investment funds are not accounted for in the evaluation. In practice, these investment costs can substantially alter your real returns.
When using a fund to invest in an entire stock index, it is beneficial to choose a fund that has low fees. Index funds and exchange-traded funds (ETFs) that passively track an index typically have lower fees than actively-managed mutual funds. The checklist for finding the right ETF tells you what to look for when choosing an ETF.
Using the right stockbroker is also key, because brokerage and custody fees can take a heavy toll on your returns. There are huge differences between stockbrokers when it comes to costs. You can compare costs based on your specific needs using the interactive stockbroker comparison on moneyland.ch.
A longer investment term lowers the risk of loss
It is also important to understand that the one-year term used for the evaluation is much shorter than the recommended term for stock investments. When investing in a broadly-diversified stock portfolio, it is recommended to hold your investments for a minimum of 10 years.
The probability of stocks losing value is much higher for short terms, even if you have a diversified stock portfolio. For example, all of the indexes included in the evaluation had negative performance in 2022, but have since recovered.
Note: This article is provided for informational purposes only, and should not be considered as investment advice. The publisher does not accept any liability in connection to this publication.
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