Overview
The Russian Healthcare Index (RHIX) is a free-float market-capitalisation weighted equity index tracking the performance of core healthcare, pharmaceutical, and biotechnology companies listed on the Moscow Exchange (MOEX). The index is designed to serve as a transparent, rules-based benchmark for the Russian healthcare sector.
RHIX provides a representative, investable, and replicable measure of the performance of publicly listed Russian healthcare companies. The index is constructed using GICS Sector 35 (Health Care) classification as the primary eligibility screen, with additional criteria to ensure constituent quality and independence.
Eligibility
To be eligible for inclusion in RHIX, a security must satisfy all of the following criteria at the time of each semi-annual review:
- Listed and actively traded on MOEX in the TQBR (T+2 main market) regime. Securities listed solely on SPB Exchange, OTC venues, or foreign exchanges are not eligible.
- The issuer must derive significant revenues from one or more GICS Sector 35 sub-industries: Health Care Equipment & Supplies, Health Care Providers & Services, Biotechnology, Pharmaceuticals, or Life Sciences Tools & Services.
- Related-company rule. Where a parent company and one or more of its subsidiaries are separately listed on MOEX and both qualify, only the parent company is included. Subsidiaries and controlled affiliates are excluded to prevent hidden concentration risk and double-counting.
Version 2.0 of this methodology does not impose a minimum free-float market-cap or minimum average daily trading value threshold. This policy will be reviewed at the first annual methodology review.
Index calculation
The index level at time t is calculated as:
RHIX(t) = [ Σ Pᵢ(t) × Sᵢ × FFᵢ ] ÷ Divisor(t)
Where Pᵢ(t) is the closing price of constituent i, Sᵢ is shares outstanding (fixed between rebalancings), FFᵢ is the free-float factor (0–1), and Divisor(t) is the index divisor adjusted at each rebalancing and for corporate actions.
At the base date (1 January 2025), the divisor is set such that the index equals 1,000. Whenever a constituent change or corporate action would cause a discontinuous jump in the index level, the divisor is adjusted to maintain continuity.
Rebalancing
RHIX is rebalanced semi-annually:
| Review | Reference date | Announcement | Effective date |
|---|---|---|---|
| March review | 28 February | 15 March | 31 March |
| September review | 31 August | 15 September | 30 September |
A buffer rule applies: a current constituent that fails eligibility is retained for one additional review period before removal, unless it has been delisted or suspended. The buffer rule does not apply to the related-company rule — subsidiary exclusions are applied immediately.
Corporate actions
| Corporate action | Treatment |
|---|---|
| Cash dividend | Price-only index; dividends are not reinvested. |
| Stock split | Shares updated and price adjusted; divisor preserves level. |
| Rights issue | New shares added; divisor adjusted. |
| Share buyback | Shares reduced; divisor adjusted. |
| M&A / merger | Surviving entity assessed; removed if ineligible. |
| Delisting | Removed at last available price; divisor adjusted. |
| Spin-off | Assessed against related-company rule at next review. |
Version history
- v1.0 — January 2025. Initial launch. Nine constituents.
- v2.0 — May 2026. Revised to five core constituents. Applied the related-company rule (removed GEMA and GECO as ABIO subsidiaries). Removed APTK (non-core sector) and LIFE (marginal quality). Added explicit buffer rules and a corporate-action table.