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Portfolio Risk Management — November 11, 2020

New ICB Classification: Impact from a Risk-Oriented Perspective

Impact on Industries and Supersectors within the STOXX Global 1800 and STOXX Europe 600 from a Risk-Oriented Perspective

On Sep. 21, STOXX indices transitioned to the new Industry Classification Benchmark (ICB) structure that reflects the new realities of an ever-changing global economy. This study explores the impact of the reclassification, from a risk-oriented perspective, on the STOXX® Global 1800 and STOXX® Europe 600 indices. We focus our analysis on the highest two tiers of the classification: Industry and Supersectors.

Investors, exchange-traded product (ETP) and structured-product issuers, market makers, and any others using these indices as investment underlyings or as benchmarks could see their strategies impacted by the classification changes.


Diana R. Baechle, PhD

Director, Applied Research