The Haymarket Research (HMR) Sovereign Risk Rating scores each covered country from 0 to 100 across six dimensions. Each dimension is anchored to published, independently sourced indicators, and ratings are refreshed quarterly and on material events.
The six dimensions
| Dimension | What it captures |
|---|---|
| Governance | Government effectiveness, rule of law, control of corruption, regulatory quality |
| Fiscal | Public debt burden, debt-carrying capacity, budget balance |
| External Balance | Current account position and foreign-exchange reserve cover |
| Growth | Forward economic growth and inflation |
| Geopolitical | Realised conflict and exposure to interstate coercion, war or chokepoint disruption |
| Social Stability | Political stability, absence of violence, income inequality |
HMR Stance
Each covered country ETF carries a directional HMR Stance (Selective Accumulate, Neutral, or Reduce) linked directly to the sovereign rating. Stances are a research view, not a buy or sell recommendation or price target.
Sources
Our models are built in-house on publicly available data, including the IMF World Economic Outlook, the World Bank’s Worldwide Governance Indicators and World Development Indicators, the Institute for Economics & Peace Global Peace Index, and national statistics agencies.
Tier 1: Ratings & Scores · $9.99/month
- Full HMR ratings for all 14 countries across 6 dimensions
- HMR Stance for each country ETF
- Country risk rankings dashboard
- Full four-part Weekly Brief and rating change bulletins
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