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Stock markets compared by ROIC minus WACC

Data as of .

ROIC−WACC 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
South Korea+36.1 pp——————-2.1 pp+43.1 pp———
Taiwan+17.4 pp——————+0.4 pp+18.6 pp-4.9 pp——
Switzerland+11.0 pp—————+7.5 pp+20.7 pp————
Australia+10.4 pp————————+10.4 pp——
India+9.9 pp—-0.1 pp———+2.3 pp-6.1 pp+26.6 pp———
United States+7.1 pp+0.6 pp-0.1 pp+6.9 pp+6.3 pp—+6.1 pp+3.3 pp+13.0 pp+2.9 pp—-1.8 pp
Sweden+6.5 pp——————+6.5 pp————
Netherlands+5.8 pp——+0.3 pp———+7.3 pp+6.5 pp———
United Kingdom+4.1 pp——+4.3 pp——+4.3 pp+3.7 pp————
Canada+3.8 pp+0.2 pp+5.2 pp—+2.8 pp——+1.3 pp+8.4 pp+4.7 pp—-1.0 pp
Hong Kong+2.2 pp+5.2 pp-6.8 pp—+8.3 pp—+11.1 pp+8.2 pp-2.5 pp+9.3 pp——
France+2.0 pp—+2.2 pp+1.3 pp———+2.8 pp+0.0 pp———
Japan-0.3 pp-3.5 pp-3.1 pp+1.9 pp——+3.9 pp-3.1 pp+5.9 pp-3.7 pp——
Germany-0.9 pp—-3.0 pp————-0.2 pp————
China-1.8 pp+2.7 pp+1.3 pp+3.9 pp+2.0 pp—+3.5 pp-0.4 pp-8.8 pp+4.5 pp——
Italy-3.4 pp——————-3.4 pp————
Spain————————————
Singapore————————————
Denmark————————————
Norway————————————
Finland————————————
Poland————————————
All markets+6.4 pp+0.8 pp-0.5 pp+5.8 pp+5.3 pp—+6.0 pp+2.0 pp+12.8 pp+3.8 pp—-1.7 pp

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 · return on capital · net debt to EBITDA · share of profitable companies · share of companies expanding margins · share of companies with accelerating revenue · 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 ROIC minus WACC?
South Korea, at +36.1 pp (cap-weighted, as of 6 Nov 2026), followed by Taiwan (+17.4 pp) and Switzerland (+11.0 pp).