Best Stoxx Europe 600 ETF : live comparison and PEA eligibility
Which Stoxx Europe 600 ETFs are available in Europe ? Comparison of funds (MEUD, S6EW), differences vs MSCI Europe and Eurostoxx 50, PEA eligibility via physical replication, FAQ.
The Stoxx Europe 600 index in brief
The Stoxx Europe 600 tracks 600 companies listed in 17 European countries (Eurozone plus United Kingdom, Switzerland, Sweden, Norway, Denmark). It covers large, mid and small caps, accounting for roughly 90% of the European free-float capitalization.
Weighting is by free-float capitalization. No country exceeds 25% of the index : the UK, France, Switzerland and Germany dominate at similar shares. The top 10 includes Nestle, ASML, Novo Nordisk, LVMH, AstraZeneca, Shell, Roche, HSBC, SAP, Novartis.
The Stoxx Europe 600 is the most diversified European index commonly tracked by ETFs. It differs from the MSCI Europe (which excludes small caps) and from the Eurostoxx 50 (limited to 50 Eurozone large caps).
Comparison of available Stoxx Europe 600 ETFs
Data from our live database. The displayed TER is the annual management cost ; AUM represents assets under management.
Stoxx Europe 600 ETF rankings
Descriptive rankings computed on live data : fund size (assets under management) and listed fees (TER). Each criterion tells a different story : the largest is not always the cheapest.
Largest by AUM
Ranked by assets under management
- 1MEUD17.9 B€
Amundi Stoxx Europe 600 UCITS ETF Acc
- 2191 M€
Stoxx 600 or Eurostoxx 50 : a factor of 12 on line count
The Eurostoxx 50 contains 50 Eurozone large caps (excluding UK and Switzerland). The Stoxx Europe 600 contains 600 companies across 17 countries, Eurozone plus neighboring markets. The difference goes well beyond line count : the Stoxx 600 includes sectors (British pharma, Swiss banks, Norwegian energy) absent from the Eurostoxx 50.
Overlap between the two indices is significant (Eurozone large caps appear in both) but generally does not exceed 60% in weight, since geographic and sector diversification broadens the Stoxx 600 base.
Overlap between ETFs tracking the Stoxx Europe 600
When several ETFs track the same index, their overlap is mechanically very high. The matrix below computes the real overlap from current holdings (with physical proxy resolution for PEA-eligible synthetic ETFs).
| MEUD | S6EW | |
|---|---|---|
| MEUD | — | 100 % |
| S6EW | — |
Overlap percentage computed on latest holdings. Click a cell to open the detailed comparison page.
Criteria to differentiate them
When overlap between two ETFs tracking the same index exceeds 95%, the following criteria become the actual differentiators.
Listed TER and compounded cost
Total Expense Ratio is deducted yearly from the fund's assets. Over 20 years, the gap between a 0.07% and 0.38% TER represents several thousand euros on a €50,000 investment, all else being equal.
Replication method
Physical replication directly holds the index securities. Synthetic replication uses a swap : a counterparty commits to deliver the index performance. Synthetics are required to make non-EU equity ETFs eligible for the French PEA.
PEA eligibility and proxy mechanism
A PEA-eligible synthetic ETF holds European equities (to satisfy the PEA quota) and receives the target index performance via swap. To compute real overlap, our tool resolves each synthetic to its reference physical ETF tracking the same index.
AUM and liquidity
High AUM (above €500M) typically ensures tight bid/ask spreads and a low fund closure probability. Very small ETFs (below €50M) carry a liquidation risk.
Listing currency and distribution policy
An ETF listed in USD with an EUR/USD hedge has an implicit hedging cost. A distributing (D) ETF pays dividends to the cash account ; an accumulating (C) ETF reinvests them automatically. Within the French PEA the taxation is unaffected ; in a standard brokerage account distribution triggers withholding tax.
Per tax wrapper
In PEA (French tax wrapper)
The Stoxx Europe 600 is almost entirely PEA-eligible (rare non-EU stocks stay below the 25% threshold). Main physical ETFs (MEUD) are PEA-eligible via direct replication, without a swap, making them particularly transparent.
For a PEA investor seeking diversified European exposure, the Stoxx 600 is a relevant alternative to a narrower index like the CAC 40 or Eurostoxx 50. TER remains competitive (around 0.07% to 0.20%).
In a standard brokerage account
In a standard brokerage account, Stoxx Europe 600 ETFs are accessible with standard taxation (capital income tax on dividends for distributing versions). Accumulating versions reinvest dividends (around 3% per year on the index), avoiding annual fiscal friction.
For those already holding an MSCI World, adding a Stoxx 600 ETF increases European exposure but creates significant overlap : European large caps (Nestle, ASML, LVMH…) are already in the MSCI World. Checking the exact overlap helps decide whether the addition brings real diversification.
Our Stoxx Europe 600 podium
Multi-criteria global ranking on 7 weighted criteria : TER, AUM, share price, 1Y performance vs peers, replication vs index, accumulating vs distributing, track record. Methodology detailed at the bottom of the block.
Ossiam STOXX Europe 600 ESG Equal Weight NR UCITS ETF 1C (EUR)
Amundi Stoxx Europe 600 UCITS ETF Acc
Ranking methodology
Global score out of 100 computed from 7 weighted criteria, aggregated from the ETF Overlap live database. Synthetic and physical ETFs are scored on the same grid.
- TER (30%) : lower is better, normalized on the range observed for this index.
- AUM (25%) : assets under management, log scale to avoid crushing mid-sized ETFs.
- Track record (10%) : number of years since launch, normalized.
- Share price (10%) : lower is better. A low unit price (e.g. €5 for WPEA vs €640 for CW8) makes regular investments (DCA) easier and reduces order rounding friction.
- 1Y performance vs peers (10%) : 12-month gross performance ranked across all ETFs tracking the same index. Top performer scores 100, lowest scores 0. Computed from closing prices in our base.
- Replication vs index (10%) : distance to the pool median performance, used as a proxy for the index return. An ETF whose return drifts significantly above or below the median reflects looser replication (hedging, aggressive sampling, hidden costs). 100 = on median, 0 = maximum observed deviation.
- Accumulating vs distributing (5%) : 100 for accumulating ETFs (acc), 0 for distributing (dist). Accumulating reinvests dividends automatically and avoids annual dividend taxation in standard brokerage accounts.
This ranking is a multi-criteria synthesis, not a personalized recommendation. It depends on the freshness of AUM, TER, price and performance data in our base.
Frequently asked questions
Stoxx Europe 600 or MSCI Europe : what difference ?
The MSCI Europe covers 15 European countries and about 430 large and mid caps (excludes small caps). The Stoxx Europe 600 covers 17 countries and 600 lines (including small caps). The two indices' long-term performance is very close (under 1% annual gap) ; the Stoxx 600 is slightly more diversified.
Why does the Stoxx 600 include the United Kingdom post-Brexit ?
The Stoxx Europe 600 is defined by STOXX (Deutsche Boerse subsidiary) on a broad geographic basis : Europe in the broad sense, not just European Union. The UK represents about 22%, just behind the Eurozone. For a Stoxx 600 ETF, this means about 78% of assets are PEA-eligible (EU zone plus Switzerland, Norway, etc.), maintaining overall eligibility.
Does the Stoxx Europe 600 overlap with an MSCI World ETF ?
Partially. The MSCI World contains European large caps (about 18% of the index). Top 30 Stoxx 600 constituents are almost all in the MSCI World. Overlap between MSCI World and Stoxx 600 exceeds 30% on average. Combining the two makes sense if you want to deliberately over-weight Europe versus the MSCI World default allocation.
What is the best-known Stoxx Europe 600 ETF ?
MEUD (Amundi Stoxx Europe 600 UCITS ETF) is one of the most used European ETFs in France thanks to its competitive TER (around 0.07%) and PEA eligibility via direct physical replication. Other issuers (iShares, Lyxor) offer equivalent trackers.
Does the Stoxx 600 include small caps ?
Yes, partially. Out of 600 lines, about 200 are small/mid caps (under €5B capitalization). This inclusion distinguishes the Stoxx 600 from the MSCI Europe (limited to large and mid caps) or Stoxx Europe 50 (limited to large caps). For pure European small caps exposure, dedicated ETFs (Stoxx Europe Small 200) exist but are rarely replicated.
Why does the healthcare sector weigh so much in the Stoxx 600 ?
The healthcare sector (Novo Nordisk, AstraZeneca, Roche, Novartis, Sanofi, GSK) accounts for about 15% of the Stoxx 600. It reflects Europe's presence in global pharma, with historical leaders in oncology, vaccines, biotechnology. This sector weight distinguishes Europe from a US index like the S&P 500, which is more tech-centric.
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