Sovereign Fiscal Quality Index (SFQI-40)
A systematic quantitative macroeconomic index breaking the structural moral hazard of traditional debt benchmarks. Allocates across 40 sovereign debt issuers based on debt-service burden, primary discipline, and refinancing vulnerability rather than debt issuance volume.
Base 100.00 (Jan 2016) · 10Y Cycle
+1960 bps alpha spread
+36 bps yield pickup
vs 7.22 yrs bench
Lower rate shock downside
vs 37.0% debt benchmark
Cumulative Total Return: SFQI-40 vs Debt-Weighted Benchmark
Simulated daily total return mark-to-market since January 2016 across a full 10-year macro cycle (ZIRP, COVID QE, Rate Shock, Normalization).
Calibrated Institutional Model-Based SimulationDelta Allocation: Capital Rebalancing vs Debt Benchmark (Δ%)
Visualizing Δ% = W_sfqi - W_bench. Fiscally solvent nations gain capital allocation (green), while hyper-indebted governments lose allocation (rose).
Saudi Arabia (+2.43%), Switzerland (+1.63%), Norway (+1.61%), Germany (+1.28%), Denmark (+0.92%), Australia (+0.88%). Capital is redirected to sovereigns with high tax revenue coverage and minimal rollover friction.
United States (-21.97% [strictly capped at 15.0%]), Japan (-8.08%), Italy (-1.05%), France (-0.92%). Curbs disproportionate exposure to the world's largest debt issuance machines.
40 Sovereign Constituents & Fundamental Factors
Showing 40 of 40 sovereigns with verified Debt-Service Burden, Primary Balance, and 10Y Yields.
Sovereign | Bucket | FQS Score | SFQI Wgt | Bench Wgt | Δ Delta | DSB (Int/Rev) | Primary Bal | 10Y Yield | Rating |
|---|---|---|---|---|---|---|---|---|---|
NONorway(NOK) | Dev | 76.9 | 1.86% | 0.25% | +1.61% | 1.3% | +12.4% | 3.48% | AAA |
GRGreece(EUR) | EM | 66.9 | 0.64% | 0.42% | +0.21% | 7.2% | +2.4% | 3.16% | BBB- |
DKDenmark(DKK) | Dev | 66.6 | 1.07% | 0.15% | +0.92% | 1.1% | +3.4% | 2.28% | AAA |
SASaudi Arabia(SAR) | EM | 66.2 | 2.74% | 0.32% | +2.42% | 3.5% | -1.5% | 4.86% | A+ |
CHSwitzerland(CHF) | Dev | 61.9 | 2.02% | 0.38% | +1.63% | 1.4% | +0.8% | 0.72% | AAA |
TWTaiwan(TWD) | Dev | 61.9 | 1.81% | 0.26% | +1.56% | 3.0% | +1.2% | 1.58% | AA+ |
SGSingapore(SGD) | Dev | 61.4 | 1.13% | 0.93% | +0.19% | 4.4% | +2.8% | 2.86% | AAA |
IEIreland(EUR) | Dev | 60.5 | 1.18% | 0.25% | +0.93% | 2.8% | +2.6% | 2.62% | AA |
CLChile(CLP) | EM | 60.5 | 0.71% | 0.15% | +0.56% | 6.0% | -1.0% | 5.42% | A |
SESweden(SEK) | Dev | 60.1 | 1.29% | 0.21% | +1.07% | 1.1% | +0.4% | 2.22% | AAA |
THThailand(THB) | EM | 59.0 | 1.04% | 0.36% | +0.68% | 9.7% | -1.5% | 2.46% | BBB+ |
NLNetherlands(EUR) | Dev | 57.9 | 2.26% | 0.59% | +1.67% | 1.8% | +0.3% | 2.56% | AAA |
CZCzech Republic(CZK) | Dev | 56.6 | 0.63% | 0.17% | +0.46% | 3.2% | -1.4% | 3.98% | AA- |
KRSouth Korea(KRW) | Dev | 54.9 | 3.26% | 1.06% | +2.21% | 4.3% | -0.4% | 3.12% | AA |
AUAustralia(AUD) | Dev | 54.6 | 3.10% | 1.04% | +2.06% | 4.0% | +0.9% | 4.22% | AAA |
DEGermany(EUR) | Dev | 53.1 | 7.59% | 3.06% | +4.54% | 2.0% | -1.2% | 2.31% | AAA |
PLPoland(PLN) | EM | 52.8 | 1.41% | 0.49% | +0.92% | 6.3% | -2.9% | 5.58% | A- |
IDIndonesia(IDR) | EM | 51.7 | 2.26% | 0.59% | +1.66% | 15.7% | -0.4% | 6.68% | BBB |
PTPortugal(EUR) | Dev | 50.9 | 0.46% | 0.30% | +0.16% | 5.8% | +2.2% | 2.87% | A- |
MXMexico(MXN) | EM | 50.3 | 2.77% | 1.01% | +1.76% | 16.1% | -1.2% | 9.78% | BBB |
CNChina(CNY) | EM | 50.2 | 15.00% | 15.92% | -0.92% | 8.9% | -3.8% | 2.14% | A+ |
FIFinland(EUR) | Dev | 49.9 | 0.47% | 0.26% | +0.22% | 2.9% | -1.8% | 2.66% | AA+ |
MYMalaysia(MYR) | EM | 49.8 | 0.67% | 0.34% | +0.33% | 15.4% | -2.2% | 3.76% | A- |
ATAustria(EUR) | Dev | 49.0 | 0.81% | 0.45% | +0.35% | 3.6% | -1.5% | 2.68% | AA+ |
ZASouth Africa(ZAR) | EM | 48.0 | 0.58% | 0.32% | +0.26% | 19.6% | +0.2% | 10.48% | BB- |
NZNew Zealand(NZD) | Dev | 47.5 | 0.37% | 0.15% | +0.22% | 6.5% | -1.1% | 4.38% | AA+ |
CACanada(CAD) | Dev | 46.7 | 3.06% | 2.52% | +0.54% | 4.9% | -0.6% | 3.26% | AAA |
PHPhilippines(PHP) | EM | 44.9 | 0.59% | 0.30% | +0.29% | 18.6% | -2.4% | 5.86% | BBB+ |
BRBrazil(BRL) | EM | 44.0 | 2.80% | 2.03% | +0.77% | 27.1% | -0.8% | 12.28% | BB |
ILIsrael(ILS) | Dev | 43.2 | 0.67% | 0.37% | +0.29% | 8.5% | -4.5% | 4.78% | A |
ESSpain(EUR) | Dev | 42.4 | 1.98% | 1.86% | +0.12% | 6.4% | -0.9% | 3.06% | A |
BEBelgium(EUR) | Dev | 42.0 | 0.78% | 0.72% | +0.06% | 4.9% | -2.1% | 2.98% | AA |
FRFrance(EUR) | Dev | 41.5 | 3.65% | 3.65% | +0.01% | 4.0% | -3.2% | 3.04% | AA- |
INIndia(INR) | EM | 40.5 | 4.49% | 3.44% | +1.05% | 32.1% | -1.8% | 6.84% | BBB- |
COColombia(COP) | EM | 37.1 | 0.40% | 0.24% | +0.16% | 24.9% | -0.9% | 10.88% | BB+ |
ITItaly(EUR) | Dev | 36.0 | 2.31% | 3.36% | -1.05% | 8.7% | -0.8% | 3.56% | BBB |
GBUnited Kingdom(GBP) | Dev | 34.5 | 3.31% | 3.69% | -0.38% | 10.2% | -2.2% | 4.16% | AA |
TRTurkey(TRY) | EM | 28.1 | 0.89% | 0.40% | +0.49% | 20.0% | -2.8% | 27.60% | BB- |
JPJapan(JPY) | Dev | 24.4 | 2.94% | 11.02% | -8.07% | 12.5% | -2.8% | 0.96% | A+ |
USUnited States(USD) | Dev | 16.5 | 15.00% | 36.97% | -21.97% | 22.4% | -3.4% | 4.24% | AA+ |
Developer & Quant REST API Endpoints
Directly query live and historical SFQI-40 data in JSON format for backtesting, risk models, and allocation pipelines.