| DAX | |
| Foundation: | 1 July 1988 |
| Operator: | STOXX (Qontigo, Deutsche Börse) |
| Exchanges: | Frankfurt Stock Exchange |
| Constituents: | 40 (expanded from 30 in 2021) |
| Cap Level: | Large cap |
| Mcap: | €1,245 billion (7 May 2021)[1] |
| Weighting: | Capitalization-weighted |
| Related: | MDAX, SDAX, TecDAX, ÖkoDAX |
| Homepage: | DAX homepage |
The DAX (Deutscher Aktienindex (German stock index); pronounced as /de/) 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.
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.
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:
| 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.
| 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 (%) | Employees | Founded | |
|---|---|---|---|---|---|---|---|
| Adidas | Apparel | 2.0 | 61,401 (2021) | 1924 | |||
| Aerospace & Defence | 6.0 | 126,495 (2021) | 1970 | ||||
| Allianz | Financial Services | 7.1 | 155,411 (2021) | 1890 | |||
| BASF | Chemicals | 3.5 | 111,047 (2021) | 1865 | |||
| Bayer | Pharmaceuticals | 4.8 | 99,637 (2021) | 1863 | |||
| Beiersdorf | Consumer goods | 0.9 | 20,567 (2021) | 1882 | |||
| BMW | Automotive | 2.5 | 118,909 (2021) | 1916 | |||
| Brenntag | Distribution | 0.9 | 17,200 (2021) | 1874 | |||
| Commerzbank | Financial Services | 0.8 | 40,181 (2021) | 1870 | |||
| Continental | Automotive | 0.6 | 190,875 (2021) | 1871 | |||
| Covestro | Chemicals | 0.6 | 17,909 (2021) | 2015 | |||
| Daimler Truck | Automotive | 1.1 | 99,849 (2021) | 2021 | |||
| Deutsche Bank | Financial Services | 1.6 | 82,969 (2021) | 1870 | |||
| Deutsche Börse | Financial Services | 2.7 | 10,200 (2021) | 1992 | |||
| Deutsche Post | Logistics | 3.4 | 592,263 (2021) | 1995 | |||
| Deutsche Telekom | Telecommunication | 6.5 | 216,528 (2021) | 1995 | |||
| E.ON | Utilities | 1.9 | 78,126 (2021) | 2000 | |||
| Fresenius | Healthcare | 0.8 | 316,078 (2021) | 1912 | |||
| Hannover Re | Insurance | 0.8 | 3,346 (2021) | 1966 | |||
| Heidelberg Materials | Construction Materials | 0.7 | 51,209 (2021) | 1874 | |||
| Henkel | Consumer Goods | 0.9 | 52,450 (2021) | 1876 | |||
| Infineon Technologies | Technology | 3.9 | 50,280 (2021) | 1999 | |||
| Mercedes-Benz Group | Automotive | 4.8 | 172,000 (2021) | 1926 | |||
| Merck | Pharmaceuticals | 1.8 | 8,081 (2021) | 1668 | |||
| MTU Aero Engines | Aerospace & Defence | 1.0 | 10,833 (2022) | 1934 | |||
| Munich Re | Financial Services | 3.6 | 40,177 (2022) | 1880 | |||
| Porsche | Automotive | 1.1 | 36,996 (2021) | 1931 | |||
| Porsche SE | Automotive | 0.6 | 882 (2021) | 2007 | |||
| Qiagen | Biotech | 0.8 | 5,900 (2021) | 1984 | |||
| Rheinmetall | Aerospace & Defence | 25,486 (2022) | 1889 | ||||
| RWE | Utilities | 2.2 | 18,246 (2021) | 1898 | |||
| SAP | Technology | 10.1 | 107,415 (2021) | 1972 | |||
| Sartorius | Medical Technology | 0.8 | 18,832 (2021) | 1870 | |||
| Siemens | Industrials | 9.0 | 303,000 (2021) | 1847 | |||
| Siemens Energy | Energy technology | 0.7 | 92,000 (2021) | 2020 | |||
| Siemens Healthineers | Medical Equipment | 1.2 | 66,000 (2021) | 2020 | |||
| Symrise | Chemicals | 1.1 | 11,276 (2021) | 2003 | |||
| Volkswagen Group | Automotive | 2.4 | 672,800 (2021) | 1937 | |||
| Vonovia | Real Estate | 1.1 | 15,900 (2022) | 2001 | |||
| Zalando | E-Commerce | 0.7 | 17,000 (2021) | 2008 |
Weightings as of 23 March 2023[14]
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 | Metallgesellschaft | Takeover of Feldmühle 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 | Münchener Rück | 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-Hüls | Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG | |
| 25.03.1999 | Thyssen | ThyssenKrupp | Merger of Thyssen and Krupp | |
| 20.09.1999 | Hoechst | Fresenius Medical Care | Merger of Hoechst and Rhône-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-Hüls | Degussa | Merger of Degussa-Hüls 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 Börse | 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 |