DAX
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The DAX (Deutscher Aktienindex (German stock index); 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.[1] 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.[2] 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.[3]
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.[4] The expansion occurred in the 3rd quarter of 2021.[5]
Versions
[edit | edit source]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 | edit source]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:
| 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 | edit source]On 16 March 2015, the performance index first closed above 12,000.[7]
Record values
[edit | edit source]| Category | All-time highs[8][9] | |
|---|---|---|
| Closing | 25,420.66 | Tuesday, 13 January 2026 |
| Intraday | 25,507.79 | Tuesday, 13 January 2026 |
Annual returns
[edit | edit source]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 |
| 2024 | 19,909.14 | 3,157.50 | 18.85 |
| 2025 | 24,490.41 | 4,581.27 | 23.01 |
Components
[edit | edit source]Below is the list of companies which are a component of the DAX 40, as of 22 September 2025. 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]
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^Note 1 : Weightings as of 22 September 2025[14]
Former DAX components
[edit | edit source] | This section needs additional citations for verification. (July 2021) |
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 2008 financial crisis |
| 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[23] |
| 20.03.2023 | Fresenius Medical Care | Rheinmetall | [24] |
| 27.12.2024 | Covestro AG | Fresenius Medical Care | Inadequate free-float capitalisation[25] |
See also
[edit | edit source]- 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
- ÖkoDAX, top 10 companies in renewable energy
- TecDAX, top 30 companies trading in the "new economy"
References
[edit | edit source]- ↑ "DAX". deutsche-boerse.com. Archived from the original on 29 September 2007. Retrieved 1 April 2007.
- ↑ "Trading Parameter Xetra Frankfurt" (PDF). Xetra. 23 November 2020. Archived (PDF) from the original on 26 August 2021.
- ↑ "Extension of trading hours for selected benchmark futures and MSCI futures" (PDF). Eurex Exchange. 15 November 2018. Archived (PDF) from the original on 26 August 2021.
- ↑ "Germany's DAX to expand to 40 members from 30 in index shake-up". Reuters. 24 November 2020. Archived from the original on 8 December 2020. Retrieved 20 May 2021.
- ↑ Ramakrishnan, Shriya; Kumaresan, Shivani (24 November 2020). "Germany's DAX index gets shake-up in wake of Wirecard scandal – Metro US". metro.us. Archived from the original on 8 December 2020. Retrieved 20 May 2021.
- ↑ "Historical DAX Combined Index Intraday Data (DAXA)". PortaraCQG. Retrieved 30 September 2022.[permanent dead link]
- ↑ "Dax breaks 12,000 barrier". Financial Times. London. Archived from the original on 10 December 2022.
- ↑ "Europe stocks close up, Germany's DAX at record high as investors eye U.S.-China trade talks". CNBC. 9 May 2025.
- ↑ "DAX Performance Index (^GDAXI)". Yahoo Finance. Retrieved 9 May 2025.
- ↑ "Index DAX (846900) | Indexstand | Börsenkurs | Kurs | Tool – boerse.de". 19 October 2010. Archived from the original on 19 October 2010. Retrieved 20 January 2020.
- ↑ DAX. "DAX Digital | DAX® (TR) EUR". dax-indices.com. Archived from the original on 27 March 2020. Retrieved 20 January 2020.
- ↑ "DAX 30 Liste | DAX Werte | DAX Aktien". finanzen.net (in German). Archived from the original on 10 March 2020. Retrieved 24 September 2019.
- ↑ "DAX 30 Liste: Dax Realtime-Kursliste | DAX Aktien | DAX Werte | Dax Unternehmen". boerse.de (in German). Archived from the original on 8 October 2019. Retrieved 24 September 2019.
- ↑ 14.0 14.1 dax-indices.com. "Index Composition Report" (xls). Retrieved 17 October 2020.
- ↑ Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 12. November 2002
- ↑ Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
- ↑ Deutsche Börse: K+S ersetzt TUI in DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 3 September 2008
- ↑ "Fresenius und Hannover Rück steigen in Dax auf". Handelsblatt (in German). 4 March 2009. Archived from the original on 23 May 2022. Retrieved 24 June 2021.
- ↑ "Sep 2019 Media release" (PDF).
- ↑ "Deutsche Lufthansa to leave Germany's DAX Index". Marketwatch. 5 June 2020. Retrieved 5 June 2020.
- ↑ "Unscheduled Component Change in DAXSelection Indices" (PDF). STOXX. 19 August 2020.
- ↑ "Composition Changes for DAX, MDAX, SDAX and TecDAX Indices" (PDF). STOXX. 3 March 2021.
- ↑ "Unscheduled Component Change of DAX Index" (PDF). STOXX Ltd. 17 February 2023. Retrieved 26 February 2025.
- ↑ "Rheinmetall schafft Sprung in den Dax". Der Spiegel (in German). 4 March 2023. Retrieved 26 February 2025.
- ↑ "Unscheduled component changes in DAX, MDAX and SDAX (December 19, 2024)". STOXX. 19 December 2024. Retrieved 26 April 2025.
Effective December 27, 2024, Covestro AG will be deleted from the DAX due to breach of basic criteria according to chapter 5.4.2 (DAX Equity Index Methodology Guide) — Minimum Free Float of 10%.
External links
[edit | edit source]- Official website
- Bloomberg page for DAX:IND
- DAX MOBILE
- Eurex Exchange Homepage
- Frankfurt Stock Exchange
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Categories:
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- 1988 establishments in West Germany
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