ZSE sector indices: what they contain, how they are calculated and why they have diverged since 2013
Alongside the headline CROBEX, the Zagreb Stock Exchange publishes five sector indices: CROBEXindustrija, CROBEXkonstrukt, CROBEXnutris, CROBEXtransport and CROBEXturist. All five were launched on the same day, all start from the same base value and all are calculated under the same very simple rule — yet after thirteen and a half years the gap between the best and the worst performer exceeds 500 percentage points.
This article explains what these indices actually measure, which shares they contain, how they are calculated and where the limits of their usefulness lie. All figures come from official Zagreb Stock Exchange data for 28 August 2026 and from its index pages.
The five sector indices in one table
| Index | Symbol | Constituents | Value 28 Aug 2026 | Daily change | Last month | 52-week range |
|---|---|---|---|---|---|---|
| CROBEXindustrija | CBXIN | 6 | 3,877.90 | +0.84 % | −0.79 % | 2,850.47 – 4,163.89 |
| CROBEXkonstrukt | CBXKO | 3 | 1,488.30 | +0.10 % | +1.56 % | 956.93 – 1,529.76 |
| CROBEXnutris | CBXNU | 3 | 834.70 | +0.69 % | +1.72 % | 774.23 – 875.92 |
| CROBEXtransport | CBXTP | 3 | 1,646.74 | −0.78 % | +1.65 % | 1,037.39 – 1,919.64 |
| CROBEXturist | CBXTU | 4 | 6,013.41 | +1.31 % | +2.14 % | 4,579.26 – 6,144.46 |
The first thing that stands out: the sector indices are small. Nineteen shares in total, and three of the five have only three constituents each. That is not a flaw in the methodology but a reflection of the size of the market — and it is the key to everything else in this article.
Composition: which shares go into which index
CROBEXindustrija (6): AD PLASTIK d.d. (ADPL), ĐURO ĐAKOVIĆ GRUPA d.d. (DDJH), ERICSSON NIKOLA TESLA d.d. (ERNT), KONČAR – DISTRIBUTIVNI I SPECIJALNI TRANSFORMATORI d.d. (KODT), KONČAR – Elektroindustrija d.d. (KOEI), BRODOGRADILIŠTE VIKTOR LENAC d.d. (VLEN)
CROBEXkonstrukt (3): Dalekovod d.d. (DLKV), ING-GRAD d.d. (IG), INGRA d.d. (INGR)
CROBEXnutris (3): Atlantic Grupa d.d. (ATGR), Podravka d.d. (PODR), ZITO d.d. (ZITO)
CROBEXtransport (3): JADROPLOV d.d. (JDPL), LUKA RIJEKA d.d. (LKRI), ALPHA ADRIATIC d.d. (ULPL)
CROBEXturist (4): Arena Hospitality Group d.d. (ARNT), HELIOS FAROS d.d. (HEFA), Maistra d.d. (MAIS), Valamar Riviera d.d. (RIVP)
Two things are worth noting. First, both Končar companies sit in the same index — KOEI and KODT together make up one third of CROBEXindustrija. Second, CROBEXturist does not include Adris grupa, even though it is one of the larger issuers with a tourism arm.
How they are calculated: equal weights, no exceptions
According to Zagreb Stock Exchange data, all five sector indices share identical methodological rules:
- Weight: equal — every constituent carries the same share, regardless of company size
- Divisor: 1.00 — in practice the index is a simple average
- Inclusion requirement: traded on at least 60 % of trading days
- Number of constituents: unlimited
- Type: price index — dividends are not included in the calculation
- Revision: semi-annually, third Friday in March and September; last revision 19 June 2026
- Base date: 21 February 2013, base value 1,000.00; launched 22 February 2013
That "equal weight" is not an abstraction. Here is how it looked on 28 August 2026:
| Index | Daily changes of constituents | Arithmetic mean | Published index change |
|---|---|---|---|
| CROBEXtransport | JDPL 0.00 % · LKRI −2.35 % · ULPL not traded | (0 − 2.35 + 0) / 3 = −0.78 % | −0.78 % |
| CROBEXnutris | ATGR +0.99 % · PODR +1.62 % · ZITO −0.54 % | (0.99 + 1.62 − 0.54) / 3 = +0.69 % | +0.69 % |
| CROBEXturist | ARNT 0.00 % · HEFA +4.76 % · MAIS not traded · RIVP +0.46 % | (0 + 4.76 + 0 + 0.46) / 4 = +1.31 % | +1.31 % |
| CROBEXindustrija | ADPL +0.39 % · DDJH not traded · ERNT +0.98 % · KODT +2.35 % · KOEI +2.38 % · VLEN −1.04 % | sum 5.06 / 6 = +0.84 % | +0.84 % |
| CROBEXkonstrukt | DLKV +0.29 % · IG not traded · INGR not traded | (0.29 + 0 + 0) / 3 = +0.10 % | +0.10 % |
All five match to the second decimal. The same arithmetic works for the broader CROBEXplus (26 constituents, also equally weighted): the daily changes of all 26 constituents summed to 12.35, divided by 26 gives +0.48 % — exactly what the index published.
By comparison, CROBEX rose +0.87 % on the same day, almost twice as much as CROBEXplus — and all 22 CROBEX constituents are also in CROBEXplus, which adds four more (ARNT, BSQR, DDJH, ULPL). So the difference comes not from composition but from weighting: CROBEX is free-float market-capitalisation weighted with a 10 % cap per share, so large and liquid shares pull the index harder than small ones.
First consequence: the index moves even when almost nothing happened
Of the 19 shares in the five sector indices, 14 traded on 28 August. In CROBEXkonstrukt one of three constituents traded — the entire daily move of the index (+0.10 %) came from a single share, while the other two entered the average as zero.
CROBEXtransport is even more pronounced. Total turnover for the whole sector that day was EUR 7,060.40. The index fell 0.78 %, and that fall comes entirely from LUKA RIJEKA and its three trades worth EUR 5,279.
For comparison, turnover by index on 28 August 2026 (total equity turnover on ZSE that day was EUR 1,443,729 in 258 trades across 31 shares):
| Index | Constituent turnover | Share of total equity turnover |
|---|---|---|
| CROBEXindustrija | EUR 396,859.52 | 27.5 % |
| CROBEXnutris | EUR 155,905.10 | 10.8 % |
| CROBEXturist | EUR 155,423.09 | 10.8 % |
| CROBEXkonstrukt | EUR 87,535.35 | 6.1 % |
| CROBEXtransport | EUR 7,060.40 | 0.5 % |
| Five sector indices combined | EUR 802,783.46 | 55.6 % |
In CROBEXindustrija, EUR 339,850 of the EUR 396,860 turnover (85.6 %) came from a single share — KOEI. The sector index therefore describes a sector, but its daily turnover often describes one company.
Second consequence: a common base allows direct comparison
This is the most useful property of these five indices. Because all of them start from 1,000.00 on the same day, 21 February 2013, their current values are directly comparable as total price change over thirteen and a half years:
| Index | Value 28 Aug 2026 | Change from base (21 Feb 2013 = 1,000) |
|---|---|---|
| CROBEXturist | 6,013.41 | +501.3 % |
| CROBEXindustrija | 3,877.90 | +287.8 % |
| CROBEXplus (reference) | 2,875.55 | +187.6 % |
| CROBEXtransport | 1,646.74 | +64.7 % |
| CROBEXkonstrukt | 1,488.30 | +48.8 % |
| CROBEXnutris | 834.70 | −16.5 % |
The spread between tourism and food is 518 percentage points. The food index is the only one currently below its 2013 base value — meaning the prices of its three constituents are, on average, lower than they were thirteen and a half years ago.
Two mandatory caveats go with that table:
- These are price indices — dividends are not included. For shares that pay dividends regularly, the total return to holders was higher than the price change. CROBEX and CROBEX10 have separate "tr" versions that include dividends (CROBEXtr, CROBEX10tr); no such versions exist for the sector indices.
- Composition has changed. The indices are revised twice a year, so today's 19 shares are not necessarily the ones that were in the indices in 2013. An index is not a portfolio bought once and held.
Third consequence: the range of movement differs sharply
The 52-week ranges show how much each sector moved over the past year. The ratio of high to low:
| Index | 52-week low | 52-week high | Range width | Position of 28 Aug value within range |
|---|---|---|---|---|
| CROBEXtransport | 1,037.39 | 1,919.64 | +85.0 % | 69 % of range |
| CROBEXkonstrukt | 956.93 | 1,529.76 | +59.9 % | 93 % of range |
| CROBEXindustrija | 2,850.47 | 4,163.89 | +46.1 % | 78 % of range |
| CROBEXturist | 4,579.26 | 6,144.46 | +34.2 % | 92 % of range |
| CROBEXnutris | 774.23 | 875.92 | +13.1 % | 59 % of range |
| CROBEX (reference) | 3,680.22 | 4,513.05 | +22.6 % | 90 % of range |
CROBEXtransport had an 85 % spread between its lowest and highest value over one year; CROBEXnutris 13 %. Given that the transport index consists of three shares with very low turnover, that range says at least as much about liquidity as it does about the underlying businesses.
What the sector indices do not cover
CROBEXplus has 26 constituents, of which 19 sit in one of the five sector indices. Seven shares are not covered by any sector index:
Adris grupa d.d. (ADRS), BOSQAR d.d. (BSQR), HPB d.d. (HPB), HT d.d. (HT), SPAN d.d. (SPAN), TOKIĆ d.d. (TOK) and Zagrebačka banka d.d. (ZABA).
The practical consequence: there is no sector index for banking, telecommunications or information technology on the Zagreb Stock Exchange, even though those companies account for a substantial share of turnover — on 28 August, HT and ZABA alone traded EUR 284,399, nearly 20 % of that day's total equity turnover. Anyone following those sectors has to follow individual shares.
Briefly on the other indices, for context
- CROBEX — 22 constituents, free-float market-capitalisation weighted, 10 % cap, base 1 July 1997 = 1,000, quarterly revision (third Friday in March, June, September and December). Value on 28 Aug 2026: 4,430.06 (+0.87 %).
- CROBEX10 — the 10 most liquid CROBEX constituents, 20 % cap, base 31 July 2009 = 1,000. Value: 2,868.45 (+1.15 %). Constituents: ADPL, ADRS2, ATGR, HPB, HT, KODT, KOEI, PODR, RIVP, ZITO.
- CROBEXprime — 6 Prime Market constituents (ADPL, ARNT, ATGR, HT, PODR, RIVP), 30 % cap, base 28 December 2018 = 1,000. The only one of those listed that is a total return index — dividends are included. Value: 2,298.56 (+0.79 %).
- CROBEXplus — 26 constituents, equal weight, same base as the sector indices. Value: 2,875.55 (+0.48 %).
How to read this in practice
The Zagreb Stock Exchange sector indices are useful for one thing: comparing the direction of sectors over longer periods, because they share a base, a methodology and revision rules. That is what they were built for and they do it well.
They are less reliable as a daily indicator. For an index with three constituents, one or two of which trade on a given day, the daily change is not a picture of "sentiment in the sector" but a picture of one or two transactions. Before reading anything into a daily move in a sector index, it is worth checking how many constituents traded at all and at what turnover — the Zagreb Stock Exchange publishes both.
Individual metrics for every share mentioned here — price, turnover, liquidity, P/E, P/B and our fair-value zone — can be compared in the screener, and the calculation is described in the methodology. Daily values of all indices are on the indices page, and the dividend schedule on the dividends page.
Sources: official Zagreb Stock Exchange index pages (composition, methodology, base dates, 52-week ranges) and official ZSE daily statistics for 28 August 2026 (prices, changes, turnover, number of trades). All figures verified on 29 August 2026.
Disclaimer: this is an informational presentation of publicly available data and its calculation. It is not investment advice, a recommendation to buy or sell, nor a forecast of future movements. Historical index changes say nothing about future movements. Decisions are your own; seek advice from a licensed professional where appropriate.