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DAX

Foundation	1 July 1988
Operator	STOXX (Qontigo, Deutsche Börse)
Exchanges	Frankfurt Stock Exchange
Constituents	40 (expanded from 30 in 2021)
Type	Large cap
Market cap	€1,245 billion (7 May 2021)
Weighting method	Capitalization-weighted
Related indices	MDAX, SDAX, TecDAX, ÖkoDAX
Website	DAX homepage

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. 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. 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.

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. The expansion occurred in the 3rd quarter of 2021.

Versions

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.

Contract specifications

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:

Price history

On 16 March 2015, the performance index first closed above 12,000.

Record values

Annual returns

The following collapsible table shows the annual development of the DAX, calculated retroactively up to 1950.

Components

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. The index weighting refers to the DAX performance index.

Logo	Company	Prime Standard Sector	Ticker	Index weighting (%)	Employees	Founded
	Adidas	Apparel	ADS.DE	2.0	061,401 (2021)	1924
	Airbus	Aerospace & Defence	AIR.PA	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	099,637 (2021)	1863
	Beiersdorf	Consumer goods	BEI.DE	0.9	020,567 (2021)	1882
	BMW	Automotive	BMW.DE	2.5	118,909 (2021)	1916
	Brenntag	Distribution	BNR.DE	0.9	017,200 (2021)	1874
	Commerzbank	Financial Services	CBK.DE	0.8	040,181 (2021)	1870
	Continental	Automotive	CON.DE	0.6	190,875 (2021)	1871
	Covestro	Chemicals	1COV.DE	0.6	017,909 (2021)	2015
	Daimler Truck	Automotive	DTG.DE	1.1	099,849 (2021)	2021
	Deutsche Bank	Financial Services	DBK.DE	1.6	082,969 (2021)	1870
	Deutsche Börse	Financial Services	DB1.DE	2.7	010,200 (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	078,126 (2021)	2000
	Fresenius	Healthcare	FRE.DE	0.8	316,078 (2021)	1912
	Hannover Re	Insurance	HNR1.DE	0.8	003,346 (2021)	1966
	Heidelberg Materials	Construction Materials	HEI.DE	0.7	051,209 (2021)	1874
	Henkel	Consumer Goods	HEN3.DE	0.9	052,450 (2021)	1876
	Infineon Technologies	Technology	IFX.DE	3.9	050,280 (2021)	1999
	Mercedes-Benz Group	Automotive	MBG.DE	4.8	172,000 (2021)	1926
	Merck	Pharmaceuticals	MRK.DE	1.8	008,081 (2021)	1668
	MTU Aero Engines	Aerospace & Defence	MTX.DE	1.0	010,833 (2022)	1934
	Munich Re	Financial Services	MUV2.DE	3.6	040,177 (2022)	1880
	Porsche	Automotive	P911.DE	1.1	036,996 (2021)	1931
	Porsche SE	Automotive	PAH3.DE	0.6	000882 (2021)	2007
	Qiagen	Biotech	QIA.DE	0.8	005,900 (2021)	1984
	Rheinmetall	Aerospace & Defence	RHM.DE		025,486 (2022)	1889
	RWE	Utilities	RWE.DE	2.2	018,246 (2021)	1898
	SAP	Technology	SAP.DE	10.1	107,415 (2021)	1972
	Sartorius	Medical Technology	SRT3.DE	0.8	018,832 (2021)	1870
	Siemens	Industrials	SIE.DE	9.0	303,000 (2021)	1847
	Siemens Energy	Energy technology	ENR.DE	0.7	092,000 (2021)	2020
	Siemens Healthineers	Medical Equipment	SHL.DE	1.2	066,000 (2021)	2020
	Symrise	Chemicals	SY1.DE	1.1	011,276 (2021)	2003
	Volkswagen Group	Automotive	VOW3.DE	2.4	672,800 (2021)	1937
	Vonovia	Real Estate	VNA.DE	1.1	015,900 (2022)	2001
	Zalando	E-Commerce	ZAL.DE	0.7	017,000 (2021)	2008

^Note 1 : Weightings as of 23 March 2023

Former DAX components

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources in this section. Unsourced material may be challenged and removed. Find sources: "DAX" – news · newspapers · books · scholar · JSTOR (July 2021) (Learn how and when to remove this message)

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

See also

Stock market lists

• List of stock exchanges
• List of European stock exchanges

Other lists

• List of largest German companies

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

1. "DAX Market capitalization | Markets Insider". markets.businessinsider.com.
2. "DAX". deutsche-boerse.com.
3. "Trading Parameter Xetra Frankfurt" (PDF). Xetra. 23 November 2020. Archived (PDF) from the original on 26 August 2021.
4. "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.
5. "Germany's DAX to expand to 40 members from 30 in index shake-up". Reuters. 24 November 2020 – via www.reuters.com.
6. Ramakrishnan, Shriya; Kumaresan, Shivani (24 November 2020). "Germany's DAX index gets shake-up in wake of Wirecard scandal - Metro US". www.metro.us.
7. "Historical DAX Combined Index Intraday Data (DAXA)". PortaraCQG. Retrieved 30 September 2022.
8. "Dax breaks 12,000 barrier". Financial Times. Archived from the original on 10 December 2022.
9. "DAX Ends 0.63% Higher at 20358.80 — Data Talk". Morningstar. 5 December 2024 – via Dow Jones Newswires.
10. "DAX Performance Index (^GDAXI)". Yahoo! Finance. Retrieved 5 December 2024.
11. "Index DAX (846900) | Indexstand | Börsenkurs | Kurs | Tool - boerse.de". 19 October 2010. Archived from the original on 19 October 2010. Retrieved 20 January 2020.
12. DAX. "DAX Digital | DAX® (TR) EUR". dax-indices.com. Retrieved 20 January 2020.
13. "DAX 30 Liste | DAX Werte | DAX Aktien". finanzen.net (in German). Retrieved 24 September 2019.
14. "DAX 30 Liste: Dax Realtime-Kursliste | DAX Aktien | DAX Werte | Dax Unternehmen". boerse.de (in German). Retrieved 24 September 2019.
15. ^ dax-indices.com. "Index Composition Report" (xls). Retrieved 17 October 2020.
16. Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 12. November 2002
17. Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
18. Deutsche Börse: K+S ersetzt TUI in DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 3 September 2008
19. "Fresenius und Hannover Rück steigen in Dax auf". Handelsblatt (in German). 4 March 2009. Retrieved 24 June 2021.
20. "Sep 2019 Media release" (PDF).
21. "Deutsche Lufthansa to leave Germany's DAX Index". Marketwatch. 5 June 2020. Retrieved 5 June 2020.
22. "Unscheduled Component Change in DAXSelection Indices" (PDF). STOXX. 19 August 2020.
23. "Composition Changes for DAX, MDAX, SDAX and TecDAX Indices" (PDF). STOXX. 3 March 2021.

External links

• Reuters page for .GDAXI
• DAX homepage
• Bloomberg page for DAX:IND
• DAX MOBILE
• Eurex Exchange Homepage
• Frankfurt Stock Exchange

v t e DAX companies of Germany

Adidas Airbus Allianz BASF Bayer Beiersdorf BMW Brenntag Commerzbank Continental Covestro Daimler Truck Deutsche Bank Deutsche Börse Deutsche Telekom DHL Group E.ON Fresenius Hannover Rück Heidelberg Materials Henkel Infineon Technologies Mercedes-Benz Merck MTU Aero Engines Munich Re Porsche AG Porsche SE Qiagen RWE Rheinmetall SAP Sartorius Siemens Siemens Energy Siemens Healthineers Symrise Volkswagen Vonovia Zalando

• 1988 establishments in West Germany
• German stock market indices
• Companies listed on the Frankfurt Stock Exchange
• European stock market indices