BrokerTH
A few years ago, investing in the S&P 500 from Thailand required a foreign brokerage account and a lot of paperwork. In 2026, you can buy a Thai-listed S&P 500 ETF directly through your existing securities account at any major Thai broker. This has made the choice between investing in Thai stocks versus US stocks a genuine decision for retail investors.
Performance: Historical Returns
| Metric | SET (Thailand) | S&P 500 (USD) |
|---|---|---|
| 10-Year Average Annual Return | ~3–5% in THB | ~12–14% in USD |
| 5-Year Return (2019–2024) | Low single digits | ~85% total |
| Dividend Yield | 3–4% average | 1.2–1.5% average |
| 2024 Return | Approximately -5% | Approximately +23% |
The performance gap is significant. The SET has underperformed the S&P 500 substantially over the past decade. Part of this is structural — the Thai economy grows more slowly than the US, and the SET is dominated by banks, energy companies, and telecoms rather than high-growth tech. Part of it is currency: USD has strengthened against THB over the same period.
Currency Risk: The Hidden Factor
Investing in S&P 500 ETFs from Thailand introduces USD/THB currency risk. If the THB strengthens significantly against the USD — as it has in some periods — your USD-denominated returns shrink when converted back to baht. Conversely, THB weakness amplifies your returns.
Over the past 10 years, THB has depreciated against USD, which amplified returns for Thai investors holding USD assets. This tailwind cannot be assumed to continue indefinitely.
How to Invest in Each
SET (Thai Stocks): Open a securities account with any Thai broker — Kasikorn Securities, SCB Securities, Kiatnakin Phatra, etc. Annual management fees for SET ETFs like TDEX or SET50 ETF typically run 0.1–0.3%.
S&P 500: Easiest via Thai-listed ETFs such as SCBS&P500 or USGQ (available through most Thai brokers). Alternatively, use platforms like Finnomena’s port feature or open an offshore account at Interactive Brokers. Thai-listed S&P 500 ETFs typically have TER (total expense ratio) around 0.5–1.0% annually — higher than US-domiciled equivalents like VOO but no currency conversion friction.
Tax Differences
Thai-listed stocks and ETFs: capital gains are tax-exempt in Thailand (no capital gains tax). Dividends are subject to 10% withholding tax.
Foreign stocks/ETFs held offshore: capital gains must technically be reported as personal income if remitted to Thailand within the same tax year. Rules in this area tightened in 2024. Consult a Thai tax advisor if you hold foreign stocks through an offshore brokerage.
Practical Recommendation
For most Thai retail investors, a split makes sense. A common approach: 30–40% in Thai assets (SET50 ETF or individual quality Thai stocks for dividends and THB base exposure) and 60–70% in international exposure through a Thai-listed S&P 500 ETF for growth.
This avoids the complexity of offshore accounts while capturing both local dividends and US market growth. It is not the optimal portfolio for every situation, but it is practical and accessible.
