Romania and Slovenia have delivered some of the highest equity returns globally over the past decade, matching the performance of the tech-heavy NASDAQ 100 but at far lower valuations, according to an analysis by Divo Pulitika, board member at asset manager InterCapital, published by mulitple Romanian media outlets. 

Slovenia’s SBITOP blue-chip index has surged +498% over the past ten years and +53% year-to-date, trading at 11.6x earnings with a dividend yield of 4.7%. Romania’s BET-TR, which includes dividends, is up +385% over the decade and +28% so far this year, with a 10.7x earnings multiple and a 4.4% yield.

By comparison, the NASDAQ 100 gained +436% over the past decade, but trades at 33x earnings and offers just a 0.7% dividend yield. The S&P 500 rose +243% in the same period, with a 25x earnings multiple and a 1.2% yield.

The analysis highlights that €1,000 invested in 2015 — assuming dividends were reinvested — would now be worth about €6,000 in Slovenia’s SBITOP, €4,900 in Romania’s BET-TR, €5,400 in the NASDAQ 100, and €3,400 in the S&P 500.

Eastern European markets have also outpaced Western peers in recent years. Germany’s DAX has returned just over +110% in the past decade, France’s CAC 40 +138%, and the UK’s FTSE 100 +62%.

Pulitika noted that Central and Eastern European equities trade at more modest valuations, with higher dividend income contributing materially to long-term returns.