Definition of 'Subindex'
A group of securities that are part of a larger classification, but that are also tracked as a separate group because of a common subcharacteristic.
A subsurvey that is a single component of a broader survey. A subindex answers a smaller question that is part of a larger question.
Investopedia explains 'Subindex'
For example, a grains subindex might only track soybeans, wheat and corn, providing a snapshot of just one part of the overall agriculture sector. Similarly, a copper subindex would track the performance of just one metal, while a broad-based metals index would track the performance of all metals.
The Present Situation Index is a subindex of the Consumer Confidence Index. The CCI is a broad measure of people's expectations about near-future economic performance, while the PSI emphasizes attitudes toward business and employment conditions. The PSI is combined with another subindex, the Expectations Index, which asks consumers about their expectations for economic activity. Together, these two subindices form the CCI.