Last updated

Foundation1 July 1988
Operator Deutsche Börse
Exchanges Frankfurt Stock Exchange
TypeLarge cap
Market cap 971.8 billion (Feb 28, 2017) [1]
Weighting method Capitalization-weighted
Related indices MDAX, SDAX, TecDAX, ÖkoDAX
Website DAX homepage

The DAX (Deutscher Aktienindex (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. 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 30 largest German companies in terms of order book volume and market capitalization. [2] It is the equivalent of the FT 30 and the Dow Jones Industrial Average, and because of its small selection it does not necessarily represent the vitality of the economy as whole.

Blue chip (stock market)

A blue chip is stock in a corporation with a national reputation for quality, reliability, and the ability to operate profitably in good and bad times. The most popular index that follows United States blue chips is the Dow Jones Industrial Average, a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. All companies in the Dow Jones Industrial Average are blue-chips, but the Dow Jones Industrial Average is an index that does not include all companies that are blue chips. Nevertheless, it has been a widely followed indicator of the stock market since October 1, 1928.

Stock market index method of measuring the value of a section of the stock market

A stock index or stock market index is a measurement of a section of the stock market. It is computed from the prices of selected stocks. It is a tool used by investors and financial managers to describe the market, and to compare the return on specific investments.

Germany Federal parliamentary republic in central-western Europe

Germany, officially the Federal Republic of Germany, is a country in Central and Western Europe, lying between the Baltic and North Seas to the north and the Alps, Lake Constance and the High Rhine to the south. It borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, France to the southwest, and Luxembourg, Belgium and the Netherlands to the west.


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 08:00 and 17:45 Hours CET. The L/E-DAX index (Late/Early DAX) is calculated from 17:45 to 20:00 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 08:00 to 22:00 CET.

Xetra is a trading venue operated by Frankfurter Wertpapierbörse based in Frankfurt, Germany.

Zürich Place in Switzerland

Zürich or Zurich is the largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland at the northwestern tip of Lake Zürich. The municipality has approximately 409,000 inhabitants, the urban agglomeration 1.315 million and the Zürich metropolitan area 1.83 million. Zürich is a hub for railways, roads, and air traffic. Both Zurich Airport and railway station are the largest and busiest in the country.

Switzerland federal republic in Central Europe

Switzerland, officially the Swiss Confederation, is a sovereign state situated in the confluence of western, central, and southern Europe. It is a federal republic composed of 26 cantons, with federal authorities seated in Bern. Switzerland is a landlocked country bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. It is geographically divided between the Alps, the Swiss Plateau and the Jura, spanning a total area of 41,285 km2 (15,940 sq mi), and land area of 39,997 km2 (15,443 sq mi). While the Alps occupy the greater part of the territory, the Swiss population of approximately 8.5 million is concentrated mostly on the plateau, where the largest cities are located, among them the two global cities and economic centres of Zürich and Geneva.

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 1 second since 1 January 2006.


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. There are two versions of futures contract available: FDAX (€25 per point) and FDXM (otherwise known as FDAX mini at €5 per point). [3]

The total return on a portfolio of investments takes into account not only the capital appreciation on the portfolio, but also the income received on the portfolio. The income typically consists of interest, dividends, and securities lending fees. This contrasts with the price return, which takes into account only the capital gain on an investment. In 2010 an academic paper highlighted this issue found with most web charts in the 'compare' mode, and was published in the Journal of Behavioral Finance. The discrepancy between total return charts and "price only" charts was later brought out in the Wall Street Journal.

Price history

On March 16, 2015, the performance index first closed above 12,000. [4] On April 10, 2015, the price index first closed above its closing high from 2000.

Record values

CategoryAll-time highs
Closing13,559.60Tuesday, January 23, 2018
Intraday13,596.89Tuesday, January 23, 2018


Below is the list of companies which are a component of DAX, as of the quarterly review effective on 27 December 2018. Current stock prices are available on the Deutsche Boerse website.

Company Prime Standard industry groupTicker symbolIndex weighting (%) 1 EmployeesFounded
Adidas-group-logo-fr.svg Adidas Clothing ADS 3.5457,016 (2018)1924
Allianz.svg Allianz Insurance ALV 7.81142,460 (2018)1890
BASF-Logo bw.svg BASF Chemicals BAS 7.98122,404 (2018)1865
Bayer Logo.svg Bayer Pharmaceuticals and chemicals BAYN 8.27110,838 (2018)1863
Beiersdorf Logo.svg Beiersdorf Consumer goods and chemicals BEI 0.9520,059 (2018)1882
BMW.svg BMW Manufacturing BMW 2.75134,682 (2018)1916
Continental wordmark.svg Continental Manufacturing CON 2.38243,226 (2018)1871
Covestro Logo.svg Covestro Chemicals 1COV 1.2816,770 (2018)2015
DaimlerLogo.svg Daimler Manufacturing DAI 5.62298,683 (2018)1926
Deutsche Bank logo without wordmark.svg Deutsche Bank Banking DBK 1.7391,463 (2019)1870
Deutsche Börse Securities DB1 2.105,964 (2018)1992
Lufthansa Logo 2018.svg Deutsche Lufthansa Transport Aviation LHA 1.07135,534 (2018)1953
Deutsche Post DHL.svg Deutsche Post Logistics DPW 2.82547,459 (2018)1995
Deutsche Telekom.svg Deutsche Telekom Communications DTE 4.47215,675 (2018)1995
Logo E.ON.svg E.ON Energy EOAN 2.0343,302 (2018)2000
Fresenius.svg Fresenius Medical FRE 2.77276,750 (2018)1912
Fresenius Medical Care logo.svg Fresenius Medical Care Medical FME 1.80118,308 (2018)1996
HeidelbergCement.svg HeidelbergCement Building HEI 1.1157,939 (2018)1874
Henkel-Logo.svg Henkel Consumer goods and chemicals HEN3 1.8853,450 (2018)1876
Infineon Technologies Semiconductors IFX 2.7240,100 (2018)1999
Linde plc.jpg Linde Industrial gases LIN 3.4958,000 (2018)1879
Logo Merck KGaA 2015.svg Merck Pharmaceuticals MRK 1.0651,713 (2018)1668
Munich Re Insurance MUV2 2.7241,410 (2018)1880
RWE Logo 2018.svg RWE Energy RWE 1.0717,748 (2018)1898
SAP 2011 logo.svg SAP Software SAP 10.5696,498 (2018)1972
Siemens AG logo.svg Siemens Industrial, electronics SIE 9.34379,000 (2018)1847
Thyssenkrupp AG Logo 2015.svg ThyssenKrupp Industrial, manufacturing TKA 1.10161,096 (2018)1999
Volkswagen Group.svg Volkswagen Group Manufacturing VOW3 2.88302,554 (2018)1937
Vonovia Logo.svg Vonovia Real estate VNA 1.859,923 (2018)2001
Wirecard Logo.svg Wirecard Financial Technology WDI 0.854,989 (2018)1999

^Note 1 : Weightings as at 27 December 2018 (remained unchanged from the previous quarterly review [5] ). Source: de:DAX.

Former DAX components

DAX 30 chart at the Frankfurt Stock Exchange. Boerse Frankfurt inside.jpg
DAX 30 chart at the Frankfurt Stock Exchange.
A BMW Z4. BMW Z4 M 1.jpg
Inside a branch of Metro's Real hypermarket chain in Wurzburg. Real wuerzburg.jpg
Inside a branch of Metro's Real hypermarket chain in Würzburg.
The RWE-owned Niederaussem Power Station. Rwegewerbegebiet.jpg
The RWE-owned Niederaussem Power Station.
The headquarters of DAX companies in 2013. Hauptsitze der DAX-Unternehmen 2013.jpg
The headquarters of DAX companies in 2013.

This table lists former DAX components and the companies which replaced them.

DateComponent excludedComponent includedReason for exclusion/ Comments
03.09.1990Feldmühle Nobel Metallgesellschaft Takeover of Feldmühle Nobel by Stora Enso
Nixdorf Germany Preussag (now TUI)Merged with Siemens to form Siemens-Nixdorf
18.09.1995Deutsche Babcock SAP Replaced by SAP because of lower market capitalisation
22.07.1996Kaufhof METRO Merger of Kaufhof and Metro Cash & Carry
23.09.1996Continental 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
18.11.1996Metallgesellschaft Deutsche Telekom IPO of Deutsche Telekom
22.06.1998Bayerische Hypotheken-
und Wechselbank
adidas Merger of Vereinsbank and Hypobank to form HypoVereinsbank
Bayerische Vereinsbank HypoVereinsbank
(now Daimler)
Merger of Daimler-Benz with Chrysler
22.03.1999DegussaDegussa-HülsMerger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999Thyssen ThyssenKrupp Merger of Thyssen and Krupp
20.09.1999Hoechst Fresenius Medical Care Merger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000Mannesmann Epcos Takeover of Mannesmann by Vodafone
19.06.2000Veba E.ON Merger of Veba and Viag to form E.ON
VIAG Infineon
18.12.2000Degussa-HülsDegussaMerger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001KarstadtQuelle Deutsche Post IPO of Deutsche Post
23.07.2001Dresdner Bank MLP Vz. Takeover of Dresdner Bank by Allianz
23.09.2002Degussa Altana Inadequate market capitalisation
23.12.2002Epcos Deutsche Börse Fast-exit of Epcos, as Epcos' market capitalisation became inadequate. [6]
22.09.2003MLPContinentalInadequate free float and market capitalisation.
31.01.2005 Lanxess Lanxess was spun off from Bayer. It was added to the DAX in 2012 and removed in 2015.
19.12.2005HypoVereinsbank Hypo Real Estate Takeover of HypoVereinsbank by UniCredit
18.09.2006Schering Postbank Takeover of Schering by Bayer
18.06.2007Altana Merck After the sale of Nycomed, inadequate market capitalisation [7]
22.09.2008TUI K+S Fast-entry of K+S, inadequate market capitalisation of TUI [8]
22.12.2008Continental Beiersdorf Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008Hypo 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
23.03.2009Deutsche Postbank Hannover Re Fast-exit due to inadequate market capitalisation [9]
Infineon TechnologiesFresenius Vz
21.09.2009Hannover ReInfineon TechnologiesInadequate market capitalisation
21.06.2010Salzgitter HeidelbergCement Inadequate market capitalisation
24.09.2012MANContinentalInadequate free-float capitalisation after acquisition by Volkswagen
24.09.2012Metro Lanxess Inadequate market capitalisation
21.09.2015Lanxess Vonovia Inadequate market capitalisation
21.03.2016K+S ProSiebenSat.1 Media Inadequate market capitalisation
19.03.2018ProSiebenSat.1 Media Covestro Inadequate market capitalisation
24.09.2018Commerzbank Wirecard Inadequate market capitalisation

See also

Related Research Articles

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  2. DAX
  3. "TheDaxTrader - The German Dax details". Archived from the original on 11 July 2018.
  4. Dax breaks 12,000 barrier - FT.com
  5. "Carl Zeiss Meditec AG to be included in MDAX". http://deutsche-boerse.com . 5 December 2018. Archived from the original on 27 December 2018. Retrieved 27 December 2018.External link in |website= (help)
  6. Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 12. November 2002
  7. Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
  8. Deutsche Börse: K+S ersetzt TUI in DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 3 September 2008
  9. Deutsche Börse - Pressemitteilung, 18 March 2009 [ permanent dead link ]