Blue chip stock market index
The
DAX
(
Deutscher Aktienindex
(German stock index);
German pronunciation:
[daks]
ⓘ
) is a
stock market index
consisting of the 40 major
German
blue chip
companies trading on the
Frankfurt Stock Exchange
. It is a
total return index
. Prices are taken from the
Xetra
trading venue. According to
Deutsche Borse
, the operator of
Xetra
, DAX measures the performance of the
Prime Standard
's 40 largest German companies in terms of order book volume and market capitalization.
[2]
DAX is the equivalent of the UK
FTSE 100
and the US
Dow Jones Industrial Average
, and because of its small company selection it does not necessarily represent the vitality of the German economy as a whole.
The L-DAX Index is an indicator of the German benchmark DAX index's performance after the
Xetra
trading venue closes based on the
floor trading
at the Borse Frankfurt trading venue. The L-DAX Index basis is the "floor" trade (
Parketthandel
) at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:45 Hours CET.
[3]
The L/E-DAX index (Late/Early DAX) is calculated from 17:55 to 22:00 CET and from 08:00 to 09:00 CET. The
Eurex
, a European electronic futures and options exchange based in
Zurich
,
Switzerland
with a subsidiary in
Frankfurt
, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 01:10 to 22:00 CET or from 02:10 to 22:00 CEST.
[4]
The Base date for the DAX is 30 December 1987, and it was started from a base value of 1,000. The
Xetra
technology calculates the index every second since 1 January 2006.
On 24 Nov 2020, Deutsche Borse announced an expansion of the DAX from 30 to 40 members and a tightening of rules in response to the
Wirecard accounting scandal
.
[5]
The expansion occurred in the 3rd quarter of 2021.
[6]
Versions
[
edit
]
The DAX has two versions, called performance index and price index, depending on whether dividends are counted. The performance index, which measures
total return
, is the more commonly quoted, however the price index is more similar to commonly quoted indexes in other countries.
[
citation needed
]
Contract Specifications
[
edit
]
DAX futures are traded on the Deutsche Borse Indices & ETF exchange (DBIndex). The contract specifications for the DAX Combined Index (ticker symbol DAXA) are listed below:
Contract Specifications
[7]
DAX Combined Index (DAXA)
|
|
Exchange:
|
DBIndex
|
Sector:
|
Index
|
Tick Size:
|
0.01
|
Tick Value:
|
1 EUR
|
Big Point Value (BPV):
|
100
|
Denomination:
|
EUR
|
Decimal Place:
|
2
|
Price history
[
edit
]
On 16 March 2015, the performance index first closed above 12,000.
[8]
On 10 April 2015, the price index first closed above its closing high from 2000.
[
citation needed
]
Record values
[
edit
]
Category
|
All-time highs
[9]
|
Closing
|
18,492.49
|
Thursday, 28 March 2024
|
Intraday
|
18,567.16
|
Tuesday, 2 April 2024
|
Annual returns
[
edit
]
The following collapsible table shows the annual development of the DAX, calculated retroactively up to 1950.
[10]
[11]
Year
|
Closing level
|
Change in Index
in Points
|
Change in Index
in %
|
1950
|
30.18
|
?2.42
|
?7.42
|
1951
|
65.01
|
34.83
|
115.41
|
1952
|
59.75
|
?5.26
|
?8.09
|
1953
|
74.09
|
14.34
|
24.00
|
1954
|
135.28
|
61.19
|
82.59
|
1955
|
148.81
|
13.53
|
10.00
|
1956
|
137.80
|
?11.01
|
?7.40
|
1957
|
144.97
|
7.17
|
5.20
|
1958
|
232.23
|
87.26
|
60.19
|
1959
|
417.79
|
185.56
|
79.90
|
1960
|
534.09
|
116.30
|
27.84
|
1961
|
489.79
|
?44.30
|
?8.29
|
1962
|
386.32
|
?103.47
|
?21.13
|
1963
|
438.95
|
52.63
|
13.62
|
1964
|
477.89
|
38.94
|
8.87
|
1965
|
422.36
|
?55.53
|
?11.62
|
1966
|
333.36
|
?89.00
|
?21.07
|
1967
|
503.22
|
169.86
|
50.95
|
1968
|
555.62
|
52.40
|
10.41
|
1969
|
622.38
|
66.76
|
12.02
|
1970
|
443.86
|
?178.52
|
?28.68
|
1971
|
473.46
|
29.60
|
6.67
|
1972
|
536.36
|
62.90
|
13.29
|
1973
|
403.88
|
?132.48
|
?24.70
|
1974
|
401.79
|
?2.09
|
?0.52
|
1975
|
563.25
|
161.46
|
40.19
|
1976
|
509.02
|
?54.23
|
?9.63
|
1977
|
549.34
|
40.32
|
7.92
|
1978
|
575.15
|
25.81
|
4.70
|
1979
|
497.79
|
?77.36
|
?13.45
|
1980
|
480.92
|
?16.87
|
?3.39
|
1981
|
490.39
|
9.47
|
1.97
|
1982
|
552.77
|
62.38
|
12.72
|
1983
|
773.95
|
221.18
|
40.01
|
1984
|
820.91
|
46.96
|
6.07
|
1985
|
1,366.23
|
545.32
|
66.43
|
1986
|
1,432.25
|
66.02
|
4.83
|
1987
|
1,000.00
|
?432.25
|
?30.18
|
1988
|
1,327.87
|
327.87
|
32.79
|
1989
|
1,790.37
|
462.50
|
34.83
|
1990
|
1,398.23
|
?392.14
|
?21.90
|
1991
|
1,577.98
|
179.75
|
12.86
|
1992
|
1,545.05
|
?32.93
|
?2.09
|
1993
|
2,266.68
|
721.63
|
46.71
|
1994
|
2,106.58
|
?160.10
|
?7.06
|
1995
|
2,253.88
|
147.30
|
6.99
|
1996
|
2,888.69
|
634.81
|
28.17
|
1997
|
4,249.69
|
1,361.00
|
47.11
|
1998
|
5,002.39
|
752.70
|
17.71
|
1999
|
6,958.14
|
1,955.75
|
39.10
|
2000
|
6,433.61
|
?524.53
|
?7.54
|
2001
|
5,160.10
|
?1,273.51
|
?19.79
|
2002
|
2,892.63
|
?2,267.47
|
?43.94
|
2003
|
3,965.16
|
1,072.53
|
37.08
|
2004
|
4,256.08
|
290.92
|
7.34
|
2005
|
5,408.26
|
1,152.18
|
27.07
|
2006
|
6,596.92
|
1,188.66
|
21.98
|
2007
|
8,067.32
|
1,470.40
|
22.29
|
2008
|
4,810.20
|
?3,257.12
|
?40.37
|
2009
|
5,957.43
|
1,147.23
|
23.85
|
2010
|
6,914.19
|
956.76
|
16.06
|
2011
|
5,898.35
|
?1,015.84
|
?14.69
|
2012
|
7,612.39
|
1,714.04
|
29.06
|
2013
|
9,552.16
|
1,939.77
|
24.77
|
2014
|
9,805.55
|
253.39
|
2.65
|
2015
|
10,743.01
|
937.46
|
9.56
|
2016
|
11,481.06
|
738.05
|
6.87
|
2017
|
12,917.64
|
1,436.58
|
12.51
|
2018
|
10,558.96
|
?2,358.68
|
?18.26
|
2019
|
13,249.01
|
2,690.05
|
25.48
|
2020
|
13,718.78
|
469.77
|
3.55
|
2021
|
15,884.86
|
2,166.08
|
15.79
|
2022
|
13,923.59
|
?1,961.27
|
?12.35
|
2023
|
16,751.64
|
2,828.05
|
20.31
|
Components
[
edit
]
Below is the list of companies which are a component of the DAX 40, as of 20 March 2023. The current stock prices and list of DAX companies are available from financial websites.
[12]
[13]
The index weighting refers to the DAX performance index.
[14]
Logo
|
Company
|
Prime Standard
Sector
|
Ticker
|
Index weighting (%)
1
|
Employees
|
Founded
|
|
Adidas
|
Apparel
|
ADS.DE
|
2.0
|
0
61,401 (2021)
|
1924
|
|
Airbus
|
Aerospace & Defence
|
AIR.DE
|
6.0
|
126,495 (2021)
|
1970
|
|
Allianz
|
Financial Services
|
ALV.DE
|
7.1
|
155,411 (2021)
|
1890
|
|
BASF
|
Chemicals
|
BAS.DE
|
3.5
|
111,047 (2021)
|
1865
|
|
Bayer
|
Pharmaceuticals
|
BAYN.DE
|
4.8
|
0
99,637 (2021)
|
1863
|
|
Beiersdorf
|
Consumer goods
|
BEI.DE
|
0.9
|
0
20,567 (2021)
|
1882
|
|
BMW
|
Automotive
|
BMW.DE
|
2.5
|
118,909 (2021)
|
1916
|
|
Brenntag
|
Distribution
|
BNR.DE
|
0.9
|
0
17,200 (2021)
|
1874
|
|
Commerzbank
|
Financial Services
|
CBK.DE
|
0.8
|
0
40,181 (2021)
|
1870
|
|
Continental
|
Automotive
|
CON.DE
|
0.6
|
190,875 (2021)
|
1871
|
|
Covestro
|
Chemicals
|
1COV.DE
|
0.6
|
0
17,909 (2021)
|
2015
|
|
Daimler Truck
|
Automotive
|
DTG.DE
|
1.1
|
0
99,849 (2021)
|
2021
|
|
Deutsche Bank
|
Financial Services
|
DBK.DE
|
1.6
|
0
82,969 (2021)
|
1870
|
|
Deutsche Borse
|
Financial Services
|
DB1.DE
|
2.7
|
0
10,200 (2021)
|
1992
|
|
Deutsche Post
|
Logistics
|
DHL.DE
|
3.4
|
592,263 (2021)
|
1995
|
|
Deutsche Telekom
|
Telecommunication
|
DTE.DE
|
6.5
|
216,528 (2021)
|
1995
|
|
E.ON
|
Utilities
|
EOAN.DE
|
1.9
|
0
78,126 (2021)
|
2000
|
|
Fresenius
|
Healthcare
|
FRE.DE
|
0.8
|
316,078 (2021)
|
1912
|
|
Hannover Re
|
Insurance
|
HNR1.DE
|
0.8
|
0
0
3,346 (2021)
|
1966
|
|
Heidelberg Materials
|
Construction Materials
|
HEI.DE
|
0.7
|
0
51,209 (2021)
|
1874
|
|
Henkel
|
Consumer Goods
|
HEN3.DE
|
0.9
|
0
52,450 (2021)
|
1876
|
|
Infineon Technologies
|
Technology
|
IFX.DE
|
3.9
|
0
50,280 (2021)
|
1999
|
|
Mercedes-Benz Group
|
Automotive
|
MBG.DE
|
4.8
|
172,000 (2021)
|
1926
|
|
Merck
|
Pharmaceuticals
|
MRK.DE
|
1.8
|
0
0
8,081 (2021)
|
1668
|
|
MTU Aero Engines
|
Aerospace & Defence
|
MTX.DE
|
1.0
|
0
10,833 (2022)
|
1934
|
|
Munich Re
|
Financial Services
|
MUV2.DE
|
3.6
|
0
40,177 (2022)
|
1880
|
|
Porsche
|
Automotive
|
P911.DE
|
1.1
|
0
36,996 (2021)
|
1931
|
|
Porsche SE
|
Automotive
|
PAH3.DE
|
0.6
|
0
0
0
882 (2021)
|
2007
|
|
Qiagen
|
Biotech
|
QIA.DE
|
0.8
|
0
0
5,900 (2021)
|
1984
|
|
Rheinmetall
|
Aerospace & Defence
|
RHM.DE
|
|
0
25,486 (2022)
|
1889
|
|
RWE
|
Utilities
|
RWE.DE
|
2.2
|
0
18,246 (2021)
|
1898
|
|
SAP
|
Technology
|
SAP.DE
|
10.1
|
107,415 (2021)
|
1972
|
|
Sartorius
|
Medical Technology
|
SRT3.DE
|
0.8
|
0
18,832 (2021)
|
1870
|
|
Siemens
|
Industrials
|
SIE.DE
|
9.0
|
303,000 (2021)
|
1847
|
|
Siemens Energy
|
Energy technology
|
ENR.DE
|
0.7
|
0
92,000 (2021)
|
2020
|
|
Siemens Healthineers
|
Medical Equipment
|
SHL.DE
|
1.2
|
0
66,000 (2021)
|
2020
|
|
Symrise
|
Chemicals
|
SY1.DE
|
1.1
|
0
11,276 (2021)
|
2003
|
|
Volkswagen Group
|
Automotive
|
VOW3.DE
|
2.4
|
672,800 (2021)
|
1937
|
|
Vonovia
|
Real Estate
|
VNA.DE
|
1.1
|
0
15,900 (2022)
|
2001
|
|
Zalando
|
E-Commerce
|
ZAL.DE
|
0.7
|
0
17,000 (2021)
|
2008
|
^Note 1
: Weightings as of 23 March 2023
[14]
Former DAX components
[
edit
]
This table lists former DAX components and the companies which replaced them.
Date
|
Component excluded
|
Component included
|
Reason for exclusion/
Comments
|
03.09.1990
|
Feldmuhle Nobel
|
Metallgesellschaft
|
Takeover of Feldmuhle Nobel by
Stora Enso
|
Nixdorf Germany
|
Preussag
(now
TUI
)
|
Merged with Siemens to form
Siemens-Nixdorf
|
18.09.1995
|
Deutsche Babcock
|
SAP
|
Replaced by SAP because of lower market capitalisation
|
22.07.1996
|
Kaufhof
|
METRO
|
Merger of Kaufhof and Metro Cash & Carry
|
23.09.1996
|
Continental
|
Munchener Ruck
|
Continental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 and added back again in 2012
|
18.11.1996
|
Metallgesellschaft
|
Deutsche Telekom
|
IPO of Deutsche Telekom
|
22.06.1998
|
Bayerische Hypotheken-
und Wechselbank
|
Adidas
|
Merger of Vereinsbank and Hypobank to form HypoVereinsbank
|
Bayerische Vereinsbank
|
HypoVereinsbank
|
21.12.1998
|
Daimler-Benz
|
DaimlerChrysler
(now
Daimler
)
|
Merger of Daimler-Benz with
Chrysler
|
22.03.1999
|
Degussa
|
Degussa-Huls
|
Merger of Degussa AG with
Huls AG
and renaming to Degussa-Huls AG
|
25.03.1999
|
Thyssen
|
ThyssenKrupp
|
Merger of Thyssen and
Krupp
|
20.09.1999
|
Hoechst
|
Fresenius Medical Care
|
Merger of Hoechst and
Rhone-Poulenc
with
Aventis
|
14.02.2000
|
Mannesmann
|
Epcos
|
Takeover of Mannesmann by
Vodafone
|
19.06.2000
|
Veba
|
E.ON
|
Merger of Veba and Viag to form E.ON
|
VIAG
|
Infineon
|
18.12.2000
|
Degussa-Huls
|
Degussa
|
Merger of Degussa-Huls AG and SKW Trostberg AG to new Degussa AG
|
19.03.2001
|
KarstadtQuelle
|
Deutsche Post
|
IPO of Deutsche Post
|
23.07.2001
|
Dresdner Bank
|
MLP Vz.
|
Takeover of Dresdner Bank by Allianz
|
23.09.2002
|
Degussa
|
Altana
|
Inadequate market capitalisation
|
23.12.2002
|
Epcos
|
Deutsche Borse
|
Fast-exit of Epcos, as Epcos' market capitalisation became inadequate.
[15]
|
22.09.2003
|
MLP
|
Continental
|
Inadequate free float and market capitalisation.
|
31.01.2005
|
|
Lanxess
|
Lanxess was spun off from Bayer, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later. It was added to the DAX in 2012 and removed again in 2015.
|
01.02.2005
|
Lanxess
|
|
19.12.2005
|
HypoVereinsbank
|
Hypo Real Estate
|
Takeover of HypoVereinsbank by
UniCredit
|
18.09.2006
|
Schering
|
Postbank
|
Takeover of Schering by Bayer
|
18.06.2007
|
Altana
|
Merck
|
After the sale of
Nycomed
, inadequate market capitalisation
[16]
|
22.09.2008
|
TUI
|
K+S
|
Fast-entry of K+S, inadequate market capitalisation of TUI
[17]
|
22.12.2008
|
Continental
|
Beiersdorf
|
Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by
Schaeffler Group
|
22.12.2008
|
Hypo Real Estate
|
Salzgitter
|
Fast-exit of Hypo Real Estate because of inadequate free-float market capitalisation after a stake by American investor
JC Flowers
, as well as huge decline in market capitalisation during the
Financial crisis of 2007?2010
|
23.03.2009
|
Deutsche Postbank
|
Hannover Re
|
Fast-exit due to inadequate market capitalisation
[18]
|
Infineon Technologies
|
Fresenius Vz
|
21.09.2009
|
Hannover Re
|
Infineon Technologies
|
Inadequate market capitalisation
|
21.06.2010
|
Salzgitter
|
HeidelbergCement
|
Inadequate market capitalisation
|
24.09.2012
|
MAN
|
Continental
|
Inadequate free-float capitalisation after acquisition by Volkswagen
|
24.09.2012
|
Metro
|
Lanxess
|
Inadequate market capitalisation
|
21.09.2015
|
Lanxess
|
Vonovia
|
Inadequate market capitalisation
|
21.03.2016
|
K+S
|
ProSiebenSat.1 Media
|
Inadequate market capitalisation
|
19.03.2018
|
ProSiebenSat.1 Media
|
Covestro
|
Inadequate market capitalisation
|
24.09.2018
|
Commerzbank
|
Wirecard
|
Inadequate market capitalisation
|
23.09.2019
[19]
|
ThyssenKrupp
|
MTU Aero Engines
|
Inadequate market capitalisation
|
22.06.2020
[20]
|
Deutsche Lufthansa
|
Deutsche Wohnen
|
Inadequate market capitalisation
|
19.08.2020
[21]
|
Wirecard
|
Delivery Hero
|
new Insolvency Rule (section 5.1.1)
|
22.03.2021
[22]
|
Beiersdorf
|
Siemens Energy
|
Inadequate market capitalisation
|
16.09.2021
|
|
Vitesco
|
Vitesco was spun off from Continental, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later.
|
17.09.2021
|
Vitesco
|
|
20.09.2021
|
|
Airbus
|
10 companies added to expand DAX to 40 components
|
|
Brenntag
|
|
HelloFresh
|
|
Porsche SE
|
|
Puma
|
|
Qiagen
|
|
Sartorius
|
|
Siemens Healthineers
|
|
Symrise
|
|
Zalando
|
29.10.2021
|
Deutsche Wohnen
|
Beiersdorf
|
|
10.12.2021
|
|
Daimler Truck
|
Daimler Truck was spun off from Mercedes-Benz, for calculating reasons added to the DAX as a temporary 41st component, and removed next trading day. It was added to the DAX again in 2022.
|
13.12.2021
|
Daimler Truck
|
|
21.03.2022
|
Beiersdorf
|
Daimler Truck
|
|
Siemens Energy
|
Hannover Re
|
|
20.06.2022
|
Delivery Hero
|
Beiersdorf
|
|
19.09.2022
|
HelloFresh
|
Siemens Energy
|
|
19.12.2022
|
Puma
|
Porsche
|
Initial public offering of Porsche
|
27.02.2023
|
Linde
|
Commerzbank
|
Delisting of Linde on Frankfurt stock exchange
|
20.03.2023
|
Fresenius Medical Care
|
Rheinmetall
|
|
See also
[
edit
]
- Stock market lists
- Other lists
- Other stock market indices
- List of stock market indices
- CDAX
, every listed German company
- HDAX
, union of DAX, MDAX and TecDAX (successor to DAX 100, and equivalent of the
FTSE 100
or the
S&P 100
)
- MDAX
, the next 50 largest companies after the DAX
- SDAX
, the next 70 largest companies after the MDAX
- OkoDAX
, top 10 companies in renewable energy
- TecDAX
, top 30 companies trading in the "new economy"
References
[
edit
]
External links
[
edit
]