--- title: "sWIG80: Methodology" description: "sWIG80 is maintained by GPW Benchmark and covers Polish small-cap equity benchmark. How the index selects and weights its constituents, and what it measures." canonical: https://www.getswoopr.com/stocks/indexes/swig80/ source: "Swoopr Investment: https://www.getswoopr.com" --- # sWIG80: What It Measures and How It Is Built ## Direct Answer > The sWIG80 is a rule-based measurement of Polish small-cap equity benchmark, maintained by GPW Benchmark. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets. ## What this index covers The sWIG80 covers Polish small-cap equity benchmark, within the Poland market. GPW Benchmark defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number. The name states a target of 80 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it. ## How constituents are weighted Weighted by free float shares times price, with a single company reduced proportionally when it exceeds 10% of the index value. sWIG80 is a price index without dividend income, and sWIG80TR is the total return version. The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little. ## What qualifies for inclusion 80 smaller companies from the GPW Main List drawn from the joint ranking, excluding WIG20 and mWIG40 participants and foreign companies whose market capitalization at the ranking date is above 100 million euros. The base criteria and the Monthly Turnover Ratio liquidity test also apply. Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does. ## How long a listing must exist first A large IPO is added between reviews if its free float capitalization at the IPO date is at least 1.25% of the free float capitalization of the sWIG80 companies, and the lowest ranked member leaves. Fast track entrants are exempt from the turnover ratio test for their first 12 months. A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time. ## When the membership is revised Rankings use data four weeks before the third Friday of March, June, September and December. March is the annual revision and the others are quarterly adjustments, effective after the session on the third Friday with two weeks of notice. Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider. ## The rule that surprises people The cut offs are positions in the shared joint ranking, so sWIG80 sits below WIG20 and mWIG40: companies ranked 120th or better are in and 161st or lower are out at the annual revision (110th and 181st quarterly), with those between added or dropped only as needed to keep 80 members. ## References - [GPW Benchmark: GPW Benchmark, GPW Benchmark Indices, March 2026 edition (index profiles, calculation principles and periodic modifications)](https://www.gpwbenchmark.pl/pub/BENCHMARK/files/PDF/opis_indeksow/IndicesGPWB_0326.pdf), as published 2026. Every rule described on this page is taken from this document. ## Current sWIG80 constituents GPW Benchmark publishes and licenses the sWIG80 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [GPW Benchmark: official sWIG80 page](https://gpwbenchmark.pl/en-home) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Europe indexes](https://www.getswoopr.com/stocks/indexes/europe/): others covering the same region. - [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings. - [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes. ## Frequently Asked Questions ### Who maintains the sWIG80? GPW Benchmark maintains the sWIG80 and publishes the methodology document that defines its eligibility and weighting rules. ### What does the sWIG80 measure? It measures Polish small-cap equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself. ### Where can I see the current sWIG80 constituents? GPW Benchmark publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence. ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.