{"id":11334,"date":"2023-05-14T07:50:33","date_gmt":"2023-05-14T06:50:33","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=11334"},"modified":"2026-02-18T20:57:08","modified_gmt":"2026-02-18T20:57:08","slug":"moex-russia-index","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/moex-russia-index\/","title":{"rendered":"The MOEX Russia index"},"content":{"rendered":"

\"Nithisha<\/a><\/p>\n

In this article, Nithisha CHALLA<\/a> (ESSEC Business School, Grande Ecole<\/i> Program – Master in Management, 2021-2023) presents the MOEX Russia index and details its characteristics.<\/p>\n

The MOEX Russia index<\/h2>\n

The Moscow Exchange Russia Index (MOEX Russia Index) is market-capitalization-weighted index of the 50 biggest and most liquid companies listed on the Moscow Exchange. It was first presented in 1997 and serves as the benchmark index for the Russian stock market.<\/p>\n

A wide range of sectors are covered by the MOEX Russia Index, including consumer goods, energy, finance, and telecommunications. By market capitalization, Gazprom, Sberbank, Lukoil, Novatek, and Tatneft were the top five index members as of September 2021.<\/p>\n

The MOEX Russia Index is a market-capitalization-weighted index, which means that rather than using share price to determine a company’s weight in the index, it utilizes market capitalization. This enables it to depict the overall performance of the Russian equity market with greater accuracy.<\/p>\n

Investors and asset managers frequently use the MOEX Russia Index as a benchmark to monitor the performance of the Russian equity market. ETFs and index funds are examples of financial products that are made to track the MOEX Russia Index.<\/p>\n

The MOEX Russia Index has the ticker “IMOEX” in the financial sector.<\/p>\n

Table 1 below gives the Top 10 stocks in the MOEX Russia index in terms of market capitalization as of January 31, 2023.<\/p>\n

Table 1. Top 10 stocks in the MOEX Russia index.
\n\"Top
\nSource: computation by the author (data: Yahoo! Finance website).<\/p>\n

<\/p>\n

Calculation of the MOEX Russia index value<\/h2>\n

As per the free-float methodology, which is used to calculate the MOEX Russia Index, each company’s weight in the index is determined by the percentage of its shares that are available for public trading rather than by its overall market capitalization. The goal of this methodology is to present a more accurate picture of the market value of each company.<\/p>\n

The formula to compute the MOEX Russia is given by<\/p>\n

\"Float<\/p>\n

Where I is the index value, k a given asset, K the number of assets in the index, Pk<\/sup> the market price of asset k, Nk<\/sup> the number of issued shares for asset k, Fk<\/sup> the float factor of asset k, and t the time of calculation of the index.<\/p>\n

In a float-adjusted market-capitalization-weighted index, the weight of asset k is given by formula can be rewritten as<\/p>\n

\"Float<\/p>\n

Use of the MOEX Russia index in asset management<\/h2>\n

For asset managers who make investments in the Russian equity market, the MOEX Russia index serves as a crucial benchmark. It is used as an exchange-traded fund (ETF) and Russian equity fund performance benchmark. The index can be used by investors to assess the performance of their portfolios and compare it to the performance of the complete market.<\/p>\n

Benchmark for equity funds<\/h3>\n

Equity funds that invest in Russian companies use the MOEX Russia Index as a benchmark. The MOEX Russia index can also serve as the foundation for the investment products that track indices, like index funds and ETFs. These goods are made to follow the index’s performance and give buyers access to Russian equity market. Investors can gain broad market exposure through the purchase of these products without picking individual stocks.<\/p>\n

Financial products around the MOEX Russia index<\/h3>\n

There are several financial products tracking the performance of the MOEX Russia Index, allowing investors to gain exposure to the Russian stock market.<\/p>\n