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Stock markets compared by return on capital

Data as of .

Return by market and sector

Cap-weighted across companies, at the cockpit's default liquidity gate ($50M a day); local currency. Ranked by the All-sectors column. Data as of 6 Nov 2026.
MarketAll sectorsCommunication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilities
Norway45.0%———54.3%14.9%—39.6%————
Denmark26.1%—————35.8%11.2%————
South Korea25.8%5.8%6.8%102.7%19.6%4.1%11.2%5.6%54.7%2.9%——
Taiwan21.4%8.6%50.5%—16.5%12.2%47.8%8.2%27.7%1.3%——
Poland17.3%—14.8%——19.4%———16.0%——
United States14.4%13.0%10.8%14.0%13.2%15.4%13.8%13.0%25.3%11.9%8.2%5.0%
Sweden14.2%————13.3%—15.2%—14.1%——
Switzerland13.6%6.7%18.3%12.9%—15.2%12.7%26.1%90.2%8.8%——
Finland13.2%————14.8%——11.1%———
Spain13.0%—46.0%—17.2%15.5%—4.9%20.9%——6.6%
India12.7%11.6%13.2%33.2%6.9%13.6%15.2%9.2%40.5%———
United Kingdom12.2%4.3%28.1%12.5%16.8%12.5%13.3%14.0%8.3%12.1%—4.8%
Australia11.9%7.5%15.5%10.1%4.4%11.1%10.6%10.4%2.9%19.9%10.9%—
Singapore11.2%2.7%———13.1%—40.8%——7.3%—
France10.9%5.7%13.7%10.1%15.7%11.8%8.4%13.3%9.6%9.8%—6.1%
Hong Kong10.8%13.7%4.0%6.3%14.2%10.9%20.7%15.3%5.6%22.9%5.1%—
Canada10.7%5.6%12.3%12.4%9.7%12.8%—8.7%22.0%14.9%—4.1%
Netherlands10.2%10.4%—6.0%—13.3%7.4%19.5%19.4%2.9%——
Italy8.9%—23.8%—6.7%14.5%—4.7%23.2%——7.4%
China7.8%9.6%9.2%10.4%7.2%9.4%10.9%8.1%3.4%13.4%1.0%5.4%
Germany6.9%8.1%3.1%——14.9%6.9%9.0%13.1%6.4%6.0%2.7%
Japan6.6%3.5%4.2%7.5%9.3%10.6%10.3%5.4%18.3%5.0%9.6%1.4%
All markets12.3%10.3%8.4%12.4%12.6%12.6%13.3%9.7%22.2%11.5%7.5%4.9%

Other measures: market capitalisation · market cap to GDP · number of listed companies · forward P/E · P/E ratio · price-to-book · EV/sales · free cash flow yield · revenue growth · EPS growth · operating margin · net debt to EBITDA · share of profitable companies · share of companies expanding margins · share of companies with accelerating revenue · ROIC minus WACC · ROIC · growth the price implies (Req g) · growth hurdle · cost of capital (WACC) · EV/EBITDA · share of companies burning cash · capex intensity · 1-week return · 1-month return · 3-month return · 6-month return · year-to-date return · 1-year return · breadth (share above the 50-day average).

Questions

Which stock market has the highest return on capital?
Norway, at 45.0% (cap-weighted, as of 6 Nov 2026), followed by Denmark (26.1%) and South Korea (25.8%).