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The DAX (''Deutscher Aktienindex'' (German stock index); ) is a
stock market index In finance, a stock index, or stock market index, is an Index (economics), index that measures the performance of a stock market, or of a subset of a stock market. It helps investors compare current stock price levels with past prices to calcul ...
consisting of the 40 major
German German(s) may refer to: * Germany, the country of the Germans and German things **Germania (Roman era) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizenship in Germany, see also Ge ...
blue chip Blue chip may refer to: * Blue casino token * Blue chip (stock market), a corporation with a national reputation for quality, reliability, and the ability to operate profitably * Blue chip (sports), collegiate athletes who are targeted by professio ...
companies trading on the
Frankfurt Stock Exchange The Frankfurt Stock Exchange (, former German name: , ''FWB'') is the world's 3rd oldest and 12th largest stock exchange by market capitalization. It has operations from 8:00 am to 10:00 pm ( German time). Organisation Located in Frankfurt, ...
. It is a
total return index A total return index is an index that measures the performance of a group of components by assuming that all cash distributions are reinvested, in addition to tracking the components' price movements.
. Prices are taken from the Xetra trading venue. According to
Deutsche Börse Deutsche Börse AG (), or the Deutsche Börse Group, is a German multinational corporation that offers a marketplace for organizing the trading of shares and other securities. It is also a transaction services provider, giving companies and inv ...
, the operator of Xetra, DAX measures the performance of the
Prime Standard The Prime Standard is a market segment of the Frankfurt Stock Exchange that includes companies which comply with transparency standards higher than those of the General Standard, which is regulated by law. The Prime Standard includes quarterly rep ...
's 40 largest German companies in terms of order book volume and market capitalization. DAX is the equivalent of the UK
FTSE 100 The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is the United Kingdom's best-known stock market index of the 100 most market capitalisation, highly capitalised ...
and the US
Dow Jones Industrial Average The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indice ...
, 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 Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell order ...
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 Eurex Exchange is a German derivatives exchange which primarily offers trading in European based derivatives. The products traded on this exchange vary from German and Swiss debt instruments to European stocks and various stock indexes. All tran ...
, a European electronic futures and options exchange based in
Zurich Zurich (; ) is the list of cities in Switzerland, largest city in Switzerland and the capital of the canton of Zurich. It is in north-central Switzerland, at the northwestern tip of Lake Zurich. , the municipality had 448,664 inhabitants. The ...
,
Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...
with a subsidiary in
Frankfurt Frankfurt am Main () is the most populous city in the States of Germany, German state of Hesse. Its 773,068 inhabitants as of 2022 make it the List of cities in Germany by population, fifth-most populous city in Germany. Located in the forela ...
, 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 The total return on a portfolio of investments takes into account both the capital appreciation on the portfolio, and the income received on the portfolio. The income typically consists of interest, dividends, and securities lending fees. This co ...
, 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. : Weightings as of 23 March 2023


Former DAX components

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


See also

;Stock market lists *
List of stock exchanges A list is a set of discrete items of information collected and set forth in some format for utility, entertainment, or other purposes. A list may be memorialized in any number of ways, including existing only in the mind of the list-maker, but ...
*
List of European stock exchanges In the European region, there are multiple stock exchanges among which five are considered major (as having a market cap of over US$1 trillion): *Euronext, which is a pan-European, Dutch-domiciled and France-headquartered stock exchange compo ...
;Other lists *
List of largest German companies A list is a set of discrete items of information collected and set forth in some format for utility, entertainment, or other purposes. A list may be memorialized in any number of ways, including existing only in the mind of the list-maker, but ...
;Other stock market indices *
List of stock market indices Notable stock market indices include: Global Large companies not ordered by any nation or type of business: * Dow Jones Global Titans 50 * FTSE All-World * MSCI World - Developed, large-cap stocks only * OTCM QX ADR 30 Index * S&P Global 1 ...
* CDAX, every listed German company *
HDAX The HDAX is a German stock market index calculated by Deutsche Börse. It consists of all member companies of the DAX, MDAX, and TecDAX, and is a successor to the DAX 100 index. See also * DAX * MDAX * SDAX * TecDAX The TecDAX stock index t ...
, union of DAX, MDAX and TecDAX (successor to DAX 100, and equivalent of the
FTSE 100 The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is the United Kingdom's best-known stock market index of the 100 most market capitalisation, highly capitalised ...
or the
S&P 100 The Standard and Poor's 100, or simply the S&P 100, is a stock market index of United States stocks maintained by Standard & Poor's. The S&P 100 is a subset of the S&P 500 and the S&P 1500, and holds stocks that tend to be the largest and most ...
) *
MDAX The MDAX is a stock index which lists German companies trading on the Frankfurt Stock Exchange. The index is calculated by . It includes the 50 Prime Standard shares that rank in size immediately below the companies included in the DAX index. T ...
, the next 50 largest companies after the DAX *
SDAX The SDAX (German abbreviation for ''Small-Cap-deutsche Aktienindex'') is a stock market index composed of 70 small and medium-sized companies in Germany. These so-called 'Small cap company, small caps' rank directly below the MDAX (mid-cap) shar ...
, the next 70 largest companies after the MDAX *
ÖkoDAX ÖkoDAX is a German stock market index which includes ten companies in the renewable energy sector. It was introduced, 4 June 2007. The constituting companies and their weightings are reviewed quarterly (March, June, September and December). The co ...
, top 10 companies in renewable energy *
TecDAX The TecDAX stock index tracks the performance of the 30 largest German companies from the technology sector. In terms of order book turnover and market capitalization the companies rank below those included in the DAX. The TecDax was introduced ...
, top 30 companies trading in the "new economy"


References


External links


Reuters page for .GDAXI

DAX homepage

Bloomberg page for DAX:IND

DAX MOBILEEurex Exchange HomepageFrankfurt Stock Exchange
{{Authority control 1988 establishments in West Germany German stock market indices European stock market indices