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 Börse, 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.
DAX
Foundation
1 July 1988
Operator
STOXX (Qontigo, Deutsche Börse)
Constituents
40 (expanded from 30 in 2021)
Type
Large cap
€1,245 billion (7 May 2021)[1]
Weighting method
Related indices
Website
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 Börse 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 Zürich, 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 Börse 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]
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]
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
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]
Category
All-time highs[9]
Closing
18,492.49
Thursday, 28 March 2024
Intraday
18,567.16
Tuesday, 2 April 2024
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
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
Apparel
2.0
061,401 (2021)
1924
Aerospace & Defence
6.0
126,495 (2021)
1970
Financial Services
7.1
155,411 (2021)
1890
Chemicals
3.5
111,047 (2021)
1865
Pharmaceuticals
4.8
099,637 (2021)
1863
Consumer goods
0.9
020,567 (2021)
1882
Automotive
2.5
118,909 (2021)
1916
Distribution
0.9
017,200 (2021)
1874
Financial Services
0.8
040,181 (2021)
1870
Automotive
0.6
190,875 (2021)
1871
Chemicals
0.6
017,909 (2021)
2015
Automotive
1.1
099,849 (2021)
2021
Financial Services
1.6
082,969 (2021)
1870
Financial Services
2.7
010,200 (2021)
1992
Logistics
3.4
592,263 (2021)
1995
Telecommunication
6.5
216,528 (2021)
1995
Utilities
1.9
078,126 (2021)
2000
Healthcare
0.8
316,078 (2021)
1912
Insurance
0.8
003,346 (2021)
1966
Construction Materials
0.7
051,209 (2021)
1874
Consumer Goods
0.9
052,450 (2021)
1876
Technology
3.9
050,280 (2021)
1999
Automotive
4.8
172,000 (2021)
1926
Pharmaceuticals
1.8
008,081 (2021)
1668
Aerospace & Defence
1.0
010,833 (2022)
1934
Financial Services
3.6
040,177 (2022)
1880
Automotive
1.1
036,996 (2021)
1931
Automotive
0.6
000882 (2021)
2007
Biotech
0.8
005,900 (2021)
1984
Aerospace & Defence
025,486 (2022)
1889
Utilities
2.2
018,246 (2021)
1898
Technology
10.1
107,415 (2021)
1972
Medical Technology
0.8
018,832 (2021)
1870
Industrials
9.0
303,000 (2021)
1847
Energy technology
0.7
092,000 (2021)
2020
Medical Equipment
1.2
066,000 (2021)
2020
Chemicals
1.1
011,276 (2021)
2003
Automotive
2.4
672,800 (2021)
1937
Real Estate
1.1
015,900 (2022)
2001
E-Commerce
0.7
017,000 (2021)
2008
This table lists former DAX components and the companies which replaced them.
Date
Component excluded
Component included
Reason for exclusion/ Comments
03.09.1990
Feldmühle Nobel
Takeover of Feldmühle Nobel by Stora Enso
Nixdorf Germany
Merged with Siemens to form Siemens-Nixdorf
18.09.1995
Deutsche Babcock
Replaced by SAP because of lower market capitalisation
22.07.1996
Kaufhof
Merger of Kaufhof and Metro Cash & Carry
23.09.1996
Continental
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
IPO of Deutsche Telekom
22.06.1998
Bayerische Hypotheken-
und Wechselbank
Merger of Vereinsbank and Hypobank to form HypoVereinsbank
Bayerische Vereinsbank
21.12.1998
Daimler-Benz
DaimlerChrysler
(now Daimler)
Merger of Daimler-Benz with Chrysler
22.03.1999
Degussa
Degussa-Hüls
Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999
Thyssen
Merger of Thyssen and Krupp
20.09.1999
Hoechst
Merger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000
Mannesmann
Takeover of Mannesmann by Vodafone
19.06.2000
Veba
Merger of Veba and Viag to form E.ON
VIAG
18.12.2000
Degussa-Hüls
Degussa
Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001
KarstadtQuelle
IPO of Deutsche Post
23.07.2001
Dresdner Bank
Takeover of Dresdner Bank by Allianz
23.09.2002
Degussa
Inadequate market capitalisation
23.12.2002
Epcos
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 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
Takeover of HypoVereinsbank by UniCredit
18.09.2006
Schering
Takeover of Schering by Bayer
18.06.2007
Altana
After the sale of Nycomed, inadequate market capitalisation[16]
22.09.2008
TUI
Fast-entry of K+S, inadequate market capitalisation of TUI[17]
22.12.2008
Continental
Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008
Hypo Real Estate
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
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
Inadequate market capitalisation
24.09.2012
MAN
Continental
Inadequate free-float capitalisation after acquisition by Volkswagen
24.09.2012
Metro
Inadequate market capitalisation
21.09.2015
Lanxess
Inadequate market capitalisation
21.03.2016
K+S
Inadequate market capitalisation
19.03.2018
ProSiebenSat.1 Media
Inadequate market capitalisation
24.09.2018
Inadequate market capitalisation
23.09.2019[19]
MTU Aero Engines
Inadequate market capitalisation
22.06.2020[20]
Inadequate market capitalisation
19.08.2020[21]
new Insolvency Rule (section 5.1.1)
22.03.2021[22]
Inadequate market capitalisation
16.09.2021
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
10 companies added to expand DAX to 40 components
29.10.2021
Deutsche Wohnen
Beiersdorf
10.12.2021
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
Commerzbank
Delisting of Linde on Frankfurt stock exchange
20.03.2023
Fresenius Medical Care
