Research prototypes / Russia IT Index
RITIX

Russia IT Index

RITIX · Personal research prototype · Inception 2025-01-03

Current Level
723.80
Period Return
-29.32%
Constituents
10
Inception
2025-01-03

Index Level — rebased to 1,000 at period start

RITIX MOEXIT IMOEX

Constituents — as of 2026-07-01

Ticker Company Sub-industry Free Float Weight
YDEX Yandex (MKPAO) Internet / Software 26% 32.3%
OZON Ozon Holdings Internet / E-commerce 26% 23.1%
HEAD HeadHunter (MKPAO) Internet / Services 53% 13.6%
VKCO VK Company Internet Platforms 20% 7.7%
CNRU CIAN Internet / Marketplace 40% 6.5%
POSI Positive Technologies Cybersecurity 24% 6.2%
ASTR Astra Group Enterprise Software 17% 4.1%
SOFL Softline IT Services 19% 3.0%
DIAS Diasoft Enterprise Software 15% 2.1%
IVAT IVA Technologies Enterprise Software 11% 1.3%

Sub-sector map

Smaller sub-sector Larger
Internet platforms & e-commerce 63.1%
YDEX 32.3% OZON 23.1% VKCO 7.7%
Classifieds & HR-tech 20.1%
HEAD 13.6% CNRU 6.5%
Enterprise software 7.6%
ASTR 4.1% DIAS 2.1% IVAT 1.3%
Cybersecurity 6.2%
POSI 6.2%
IT services & integration 3.0%
SOFL 3.0%

Tile area is index weight at the last rebalance. The sub-sector grouping is editorial: the methodology screens a single GICS Information Technology universe and does not itself divide the index into sub-sectors.

Performance statistics

Risk-adjusted returns vs benchmark.

As of 2026-09-04

Index
RITIX
Benchmark
MOEXIT
Period returns
1 Month -3.86% -3.93%
3 Months -13.62% -13.69%
YTD -23.37% -21.67%
1 Year -29.32% -30.82%
Since Inception -27.62% -35.98%
Risk & drawdown
Ann. Volatility 25.84% 24.40%
Max Drawdown — RITIX -43.18% (2025-02-25 to 2026-07-17)
Max Drawdown — MOEXIT -48.83% (2025-01-17 to 2026-07-17)
Beta 0.800 1.000
Risk-adjusted ratios
Sharpe Ratio -2.234 -2.345
Sortino Ratio -0.703 —
Calmar Ratio -0.408 —
Methodology disclosure

Sharpe Ratio computed using the Sharpe (1994) ex-post formula: mean(Ra − Rf) / σ(Ra − Rf) × √12, where Ra and Rf are monthly nominal returns. Rf = CBR Key Rate (annual, end-of-month), converted to a monthly decimal rate. Denominator is the standard deviation of the excess-return series (not the standard deviation of returns). Monthly frequency; periods shorter than 12 months use available observations. Sortino Ratio: annualised return / (downside semi-deviation × √12), MAR = 0. Calmar Ratio: annualised return / |Max Drawdown|. Beta: covariance(daily index return, daily benchmark return) / variance(daily benchmark return), computed over full history. Annualised Volatility: σ(daily log returns) × √252.

Constituent snapshot

Every constituent, one period.

The per-constituent pages give one company across five years. This gives one period across all ten, which is the comparison an index actually needs. Figures are generated from the same filings by the same pipeline.

mn RUB YDEX OZON HEAD VKCO POSI ASTR CNRU SOFL DIAS IVAT
Enterprise value
Market capitalisation 1,386,041 735,945 113,804 109,289 57,285 34,724 39,053 18,144 11,025 5,950
+ Net debt 73,975 629,552 -4,555 62,753 13,847 2,859 -4,046 — — 1,030
= Enterprise value 1,460,016 1,365,497 119,750 172,278 71,132 38,142 35,383 — — 6,979
Income statement
Revenue 759,014 635,112 19,641 81,043 9,541 7,779 8,320 — — 978
Gross profit — 148,152 — — 7,278 3,266 — — — 573
EBITDA 193,899 100,833 9,095 13,046 854 1,875 2,575 — — 432
EBITDA margin, % 25.5 15.9 46.3 16.1 8.9 24.1 30.9 — — 44.2
Net income 93,401 14,628 6,900 -3,846 -1,364 1,101 1,927 — — 95
Cash flow
Free cash flow 76,082 -6,425 5,432 2,963 9,877 -79 2,324 — — -374
— of which fintech funding, removed — 261,967 — — — — — — — —
Dividends paid 42,002 17,964 10,378 — 2,000 975 4,333 — — 0
Multiples
EV/EBITDA LTM 4.1 7.9 5.8 7.2 4.5 4.5 8.2 — — 3.7
P/E (basic) LTM 8.3 34.7 7.4 n.m. 5.2 5.4 10.7 — — 5.0
P/E (diluted) LTM 8.7 — 7.5 n.m. 5.2 5.4 — — — 5.0
Net debt/EBITDA LTM 0.2 3.6 -0.2 2.6 0.9 0.3 -0.9 — — 0.5
P/B LTM 3.4 n.m. n.m. 0.8 2.7 3.1 10.6 — — 0.9
Yields and returns
Dividend yield (paid), % LTM 5.2 5.8 18.2 — 3.5 4.6 27.7 — — 0.0
Payout ratio, % LTM 43.2 201.8 131.9 n.m. 18.3 24.8 295.9 — — 0.0
Free cash flow yield, % LTM 12.8 15.1 15.0 -5.9 12.9 1.1 10.7 — — -6.9
Return on equity, % LTM 44.2 n.m. n.m. -11.8 48.2 57.8 82.2 — — 19.8
Return on assets, % LTM 11.7 1.3 49.2 -4.9 19.5 27.7 43.0 — — 14.4
Solvency and efficiency
Finance cost coverage 5.3 1.5 28.2 -0.8 -0.9 6.2 599.8 — — 2.3
Effective tax rate, % 18.1 44.3 7.0 — — — 27.2 — — 5.4
Memo
Adjusted EBITDA (reported) — 106,723 9,813 — — — — 4,449 — —
Adjusted net income (reported) — — 8,981 — — — — — — —
Turnover (reported) — — — — — — — 53,111 — —
Net income incl. NCI — — — — — — 2,045 892 — —
Total assets 1,492,530 1,746,850 29,018 323,599 50,794 22,385 8,062 — — 9,147
Profit before tax 114,006 26,245 8,686 — — 1,028 2,810 — — 91
Finance costs 25,481 39,510 290 6,709 941 136 4 — — 69
Total equity 406,268 -153,968 9,868 129,651 20,977 11,829 4,047 — — 6,654
— attributable to owners 406,268 -153,968 -633 129,415 20,977 11,271 3,671 — — 6,655
— non-controlling interests — — 10,501 236 — 558 376 — — -1
Cash and equivalents 296,024 718,700 7,788 49,571 7,334 736 4,085 — — 51
Total debt 277,302 85,935 0 99,923 20,505 3,577 0 — — 936
Lease liabilities 92,697 372,033 3,233 12,401 676 18 39 — — 145
Short-term investments — — — — — — — — — —
Shares, weighted average basic, mn 382.1 214.7 44.5 573.2 71.2 201.4 77.7 400.0 10.5 100.0
Shares outstanding, period end, mn 380.9 214.7 43.4 573.2 71.2 201.4 77.7 400.0 10.5 100.0
What each row is measured over

Revenue, EBITDA, net income, free cash flow and dividends are the six months to 30 June 2026. The balance sheet is at 30 June 2026.

Multiples, yields and returns — marked LTM — trail the twelve months to 30 June 2026. A price-to-earnings ratio on half a year of earnings is roughly double the real one, and for a company whose year is back-loaded it is not merely scaled but meaningless, so those rows are not shown on a half-year basis.

Market capitalisation is the 30 June 2026 MOEX close times shares outstanding, so the market side of every ratio is struck on the same date as the balance sheet it is compared with.

EBITDA is operating profit plus depreciation and amortisation; free cash flow is operating cash flow less capital expenditure; net income is the share attributable to shareholders. Return on equity and on assets are measured against period-end balances.

Three figures not to read at face value
  • Ozon's free cash flow is not cash earned. Its operating cash flow includes the growth in fintech customer balances — 262 bn in this half alone — so the figure measures cash passing through the group. Net of that, free cash flow for the half is about −6.4 bn rather than +255.5 bn, and the 69% yield is the tell.
  • HeadHunter's 159% return on equity and 12.5× price-to-book are arithmetic, not error: the 40.0 bn dividend paid in 2024 left group equity at a fraction of the profit earned against it. Net income is the share attributable to owners of the Company; equity is the group total including non-controlling interests.
  • CIAN's 27.7% dividend yield is a special dividend, not a run rate.
Two constituents do not report a comparable first half
  • SOFL Softline publishes no interim IFRS statements, and its fact sheet carries no revenue line — it reports turnover, 53,111 mn for the half, which is gross billings before the cost of agency contracts is netted off. For 2025 the two are 132,127 against 95,472 of audited revenue, so turnover sits in the memo rather than the revenue row, where it would have shown a 4.7% EBITDA margin against a real 8.6%. Net income is the group figure including non-controlling interests, also in the memo, because the fact sheet gives no attributable split and for Softline that gap is wide: 288 against 21 in 2025. Adjusted EBITDA is the one figure that maps directly, and with no depreciation line beside it the EBITDA row carries it too, which is why those two cells are identical. There is no interim balance sheet or cash flow at all.
  • DIAS Diasoft's financial year ends 31 March, so its interim covers the six months to 30 September rather than to 30 June — its half never lines up with the others'. The most recent one ended 30 September 2025; the next is not yet published.

Both keep a market capitalisation and a share count, because those are prices rather than filings. Neither figure is hand-entered anywhere in this table: every number is read out of a document by the pipeline, and a figure printed as a label on a slide chart cannot be.

Generated 2026-09-07 from the issuers' own filings. Per-constituent detail, including what each table cannot say, is on the pages linked from the table above.

Disclaimer

Figures on this page are extracted automatically from public filings and are not audited, verified, or endorsed by the issuer. They are published for research and educational purposes only. Nothing here constitutes investment advice, a solicitation, or a recommendation to buy or sell any security.

Description

Concept

RITIX is a personal research prototype that explores how a diversified, rules-based equity index might be constructed for the Russian information-technology sector listed on the Moscow Exchange.

The defining choice is the weighting scheme: instead of weighting by free-float market capitalisation directly, weights are proportional to the square root of free-float market capitalisation. This moderates concentration in the largest names without going as far as equal weighting, and keeps the basket diversified across the ten constituent issuers.

The index is rebalanced quarterly.

Scope

Constituents are Russian IT issuers on the Moscow Exchange across the domestic technology stack — internet, software, infrastructure, and adjacent services. A liquidity and free-float floor is applied so that the resulting basket is investable in principle, though no actual investment vehicle exists or is planned.

Why square-root weighting

Cap-weighting concentrates a sector index in its largest names — a single mega-cap can dominate the basket and the index essentially tracks that one stock. Equal weighting goes to the opposite extreme, over-rewarding small and illiquid names. Square-root weighting sits between the two, and is one of the more widely studied alternative weighting schemes in the academic literature on factor-based and “smart-beta” index design.

RITIX is a research prototype, not an investment product — see full disclaimer below.

Rebalancing history

Changes to constituents and weights, most recent first.

  • 2026-07-01 Q3 2026 quarterly review — no membership change.
  • 2026-04-01 Q2 2026 quarterly review — no membership change.
  • 2026-01-05 Q1 2026 quarterly review — no membership change.
  • 2025-10-01 Q4 2025 quarterly review — no membership change.
  • 2025-07-01 Q3 2025 reconstitution — CNRU added; N increased from 9 to 10.
  • 2025-04-01 Q2 2025 quarterly review — no membership change.
  • 2025-01-03 Inception — initial composition: YDEX, OZON, HEAD, VKCO, POSI, ASTR, SOFL, DIAS, IVAT (9 constituents). Base value 1,000.
Disclaimer

Russia IT Index (RITIX) is a personal research prototype maintained by the author in his personal capacity. It is not an investment product, not a regulated benchmark under IOSCO, ESMA, or any other framework, and is not affiliated with, sponsored by, or endorsed by any current or former employer of the author. All constituent weights, index levels, and historical data are published for research and educational purposes only. Nothing on this page constitutes investment advice, a solicitation, or a recommendation to buy or sell any security.