The STOXX Europe 600 is the broadest widely-tracked European equity benchmark. So it is the natural
choice for anyone who wants “Europe” as a single holding, rather than a blue-chip slice of it.
STOXX calls it “the continent’s benchmark” and describes it as “a broad measure of the European
equity market. With a fixed number of 600 components, the index provides extensive and diversified
coverage across 17 countries and 11 industries within Europe’s developed economies, representing
nearly 90% of the underlying investable market.” It trades under the symbol SXXP with the ISIN
EU0009658202.
Why 17 countries matters
The country count is the single most important difference between this index and the
EURO STOXX 50. And it is not merely a question of breadth.
Its smaller sibling is a eurozone index, covering euro-currency countries only. By contrast, the STOXX
Europe 600 covers Europe’s developed economies more broadly. So it brings in non-euro markets such as the United Kingdom,
Switzerland and the Nordics. Those are not marginal additions. In fact, they include some of Europe’s largest listed
companies, especially in pharmaceuticals, consumer goods and financials.
The practical effect is twofold. First, you get materially different sector exposure. For example, Swiss pharma and
UK energy are absent from a eurozone-only index. Second, you take on currency exposure to sterling, the Swiss franc and
the Nordic currencies alongside the euro. That differs from holding a single-currency bloc.
Fixed count, broad coverage
The 600 is fixed. Some indices have a constituent count that drifts with eligibility. Unlike them,
the STOXX Europe 600 holds a fixed number of components. As a result, its composition rules are unusually
predictable.
Nearly 90% of the investable market. That is the figure that justifies calling it a broad-market
index rather than a large-cap one. It reaches well beyond the mega-caps into mid and smaller companies. That is exactly
what the EURO STOXX 50’s fifty names cannot do.
Eleven industries. STOXX describes the index as achieving “same country and industry
allocation to underlying market”. In other words, the breadth across sectors lets it look like the European market,
rather than like a selection from it.
STOXX publishes the index in price, net and gross return versions. These come in EUR, USD, GBP, CHF, JPY, CAD, AUD and
HKD. There is also an ESG-X version, plus versions meeting EU Climate Benchmark requirements. As always, check which
version your fund actually benchmarks against. Net return is the usual choice for UCITS ETFs, because it accounts for
withholding tax the fund genuinely cannot reclaim.
Comparing index funds? Take the decision workbook with you.
The ETF Comparison Workbook: TER, domicile, withholding and overlap checks in one printable spreadsheet.
What to check in a fund
Replication method. Six hundred constituents across 17 countries is a large basket. So some funds
replicate fully, while others optimise by holding a representative subset. Optimisation is not a flaw. However, it is a
source of tracking difference — see
tracking difference versus tracking
error.
Currency. The index spans multiple currencies by construction. A fund that trades in euros does not
remove that. Instead, it converts it. Only an explicitly hedged share class changes the underlying exposure, and that
comes at a cost.
Distribution policy and domicile follow the usual European rules. Also, the right answer depends on
your country rather than on the fund. See our
tax efficiency guide and
accumulating
versus distributing.
For the funds themselves, see our European ETF guide.
Then compare live costs in the UCITS ETF comparison
tool. Finally, check broker charges in the EU broker
fee dataset.
Where it fits against a global fund
Perhaps you already hold a global index such as the MSCI
World. If so, you already own European equities. So the question is whether you want more of them than
global market weights give you. Global indices lean heavily toward the US. For this reason, adding a European fund on
purpose is one of the more common ways investors reduce US concentration. That is a legitimate tilt. But it is a tilt
rather than diversification. Check the real overlap first with the
overlap calculator.
The sub-index family, and why it is useful
STOXX builds a family of sub-indices on top of the headline benchmark. These include size, sector and ESG variants.
They also include the ESG-X version and versions meeting EU Climate Benchmark requirements. There is, in STOXX’s
description, “a wide and very liquid ecosystem built around the benchmark and its popular size, sector and ESG
sub-indices, consisting of ETFs, exchange-traded derivatives and structured products”.
Two things follow. First, you may want European exposure with a specific tilt, such as a single sector, a size band or
an exclusion screen. If so, a tracker probably exists within the sub-index family. It will use the same underlying
methodology, rather than a different provider’s rules. That consistency makes comparison easier than mixing index
families.
Second, the liquid derivatives ecosystem around the index helps fund investors, if indirectly. It is part of why
trackers on this benchmark tend to be cheap and tightly-tracked. Institutions can hedge and arbitrage an index with deep
futures and options markets efficiently. As a result, everyone else generally sees narrower spreads.
The caution is the same as with any tilted product. An ESG-screened or sector-specific version is no longer the
broad-market index you looked up. So check what the fund actually tracks before assuming it matches the 600-component
benchmark we describe here.
Frequently asked questions
How many companies are in the STOXX Europe 600?
Six hundred, and the number is fixed rather than drifting with eligibility. They span 17 countries and 11 industries
across Europe’s developed economies.
Does the STOXX Europe 600 include the UK and Switzerland?
Yes. It covers Europe’s developed economies rather than the eurozone only, so non-euro markets including the UK,
Switzerland and the Nordics are included. That is the main difference from the EURO STOXX 50.
How is it different from the EURO STOXX 50?
Breadth and currency. The EURO STOXX 50 holds fifty eurozone blue chips in a single currency bloc. The STOXX Europe
600 holds 600 companies across 17 countries and several currencies, reaching about 90% of the investable market.
Is one European fund enough alongside a global one?
A global fund already contains European equities. Adding a European fund is a deliberate overweight to reduce US
concentration, not additional diversification — useful if that is what you intend, redundant if it is not.
Cited sources: STOXX — STOXX Europe 600 index page, and STOXX — EURO STOXX 50 index page. Verify current fund figures before investing. Educational content, not financial advice.
Not personalised financial advice. Verify your situation with a qualified adviser. Operated by Aurum Digital Marketing LTD (UK), Companies House 15203665.
European UCITS/ETF investor with 11+ years building a global dividend and index portfolio, and founder of Financial Expert Class. I write every guide here from first-hand experience investing across EU brokers and tax regimes — not theory. More about me →