DAX

The DAX (Deutscher Aktienindex (German stock index)) is a stock market index consisting of the 30 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 30 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.

DAX
Foundation1 July 1988
OperatorDeutsche Börse
ExchangesFrankfurt Stock Exchange
Constituents30 (expanding to 40 in 2021)
TypeLarge cap
Market cap1,245 billion (May 7, 2021)[1]
Weighting methodCapitalization-weighted
Related indicesMDAX, SDAX, TecDAX, ÖkoDAX
WebsiteDAX homepage

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.

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 Nov 24, 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.[3] The expansion will occur in the 3rd quarter of 2021.[4]

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.

Price history

On March 16, 2015, the performance index first closed above 12,000.[5] On April 10, 2015, the price index first closed above its closing high from 2000.

Record values

Category All-time highs
Closing15,729.52Tuesday, June 15, 2021
Intraday15,802.67Monday, June 14, 2021

Annual returns

The following table shows the annual development of the DAX, calculated retroactively up to 1950.[6][7]

Year Closing level Change in Index
in Points
Change in Index
in %
195030.18−2.42−7.42
195165.0134.83115.41
195259.75−5.26−8.09
195374.0914.3424.00
1954135.2861.1982.59
1955148.8113.5310.00
1956137.80−11.01−7.40
1957144.977.175.20
1958232.2387.2660.19
1959417.79185.5679.90
1960534.09116.3027.84
1961489.79−44.30−8.29
1962386.32−103.47−21.13
1963438.9552.6313.62
1964477.8938.948.87
1965422.36−55.53−11.62
1966333.36−89.00−21.07
1967503.22169.8650.95
1968555.6252.4010.41
1969622.3866.7612.02
1970443.86−178.52−28.68
1971473.4629.606.67
1972536.3662.9013.29
1973403.88−132.48−24.70
1974401.79−2.09−0.52
1975563.25161.4640.19
1976509.02−54.23−9.63
1977549.3440.327.92
1978575.1525.814.70
1979497.79−77.36−13.45
1980480.92−16.87−3.39
1981490.399.471.97
1982552.7762.3812.72
1983773.95221.1840.01
1984820.9146.966.07
19851,366.23545.3266.43
19861,432.2566.024.83
19871,000.00−432.25−30.18
19881,327.87327.8732.79
19891,790.37462.5034.83
19901,398.23−392.14−21.90
19911,577.98179.7512.86
19921,545.05−32.93−2.09
19932,266.68721.6346.71
19942,106.58−160.10−7.06
19952,253.88147.306.99
19962,888.69634.8128.17
19974,249.691,361.0047.11
19985,002.39752.7017.71
19996,958.141,955.7539.10
20006,433.61−524.53−7.54
20015,160.10−1,273.51−19.79
20022,892.63−2,267.47−43.94
20033,965.161,072.5337.08
20044,256.08290.927.34
20055,408.261,152.1827.07
20066,596.921,188.6621.98
20078,067.321,470.4022.29
20084,810.20−3,257.12−40.37
20095,957.431,147.2323.85
20106,914.19956.7616.06
20115,898.35−1,015.84−14.69
20127,612.391,714.0429.06
20139,552.161,939.7724.77
20149,805.55253.392.65
201510,743.01937.469.56
201611,481.06738.056.87
201712,917.641,436.5812.51
201810,558.96−2,358.68−18.26
2019 13,249.01 2,690.05 25.48
2020 13,718.78 469.77 3.55

Components

Below is the list of companies which are a component of the DAX 30, as of September 21, 2020. The current stock prices and list of DAX companies are available from financial websites.[8][9] The index weighting refers to the DAX performance index.[10]

CompanyPrime Standard SectorTicker symbolIndex weighting (%)1EmployeesFounded
AdidasFootwearADS.DE4.9157,016 (2018)1924
AllianzFinancial ServicesALV.DE7.22142,460 (2018)1890
BASFBasic MaterialsBAS.DE4.89122,404 (2018)1865
BayerHealthcareBAYN.DE5.52110,838 (2018)1863
BMWAutomobileBMW.DE2.00134,682 (2018)1916
ContinentalAutomotiveCON.DE0.99243,226 (2018)1871
CovestroBasic Materials1COV.DE0.8116,770 (2018)2015
DaimlerAutomobileDAI.DE3.84298,683 (2018)1926
Delivery HeroOnline Food OrderingDHER.DE1.2824,617 (2019)2011
Deutsche BankFinancial ServicesDBK.DE1.5691,463 (2019)1870
Deutsche BörseFinancial ServicesDB1.DE2.675,964 (2018)1992
Deutsche PostIndustrialsDPW.DE3.91547,459 (2018)1995
Deutsche TelekomCommunication ServicesDTE.DE4.93215,675 (2018)1995
Deutsche WohnenReal EstateDWNI.DE1.413.549 (2019)1998
E.ONUtilitiesEOAN.DE2.1043,302 (2018)2000
FreseniusHealthcareFRE.DE1.63276,750 (2018)1912
Fresenius Medical CareHealthcareFME.DE1.44118,308 (2018)1996
HeidelbergCementBasic MaterialsHEI.DE0.7857,939 (2018)1874
HenkelConsumer GoodsHEN3.DE1.5353,450 (2018)1876
Infineon TechnologiesTechnologyIFX.DE3.0640,100 (2018)1999
LindeBasic MaterialsLIN.DE10.4758,000 (2018)1879
MerckHealthcareMRK.DE1.6151,713 (2018)1668
MTU Aero EnginesIndustrialsMTX.DE0.8010,206 (2019)1934
Munich ReFinancial ServicesMUV2.DE3.3141,410 (2018)1880
RWEUtilitiesRWE.DE1.9117,748 (2018)1898
SAPTechnologySAP.DE10.1896,498 (2018)1972
SiemensIndustrialsSIE.DE8.65379,000 (2018)1847
Siemens EnergyEnergy technologyENR.DE88,000 (2019)2020
Volkswagen GroupAutomobileVOW3.DE2.55302,554 (2018)1937
VonoviaReal EstateVNA.DE3.119,923 (2018)2001

^Note 1 : Weightings as of September 21, 2020[10]

Former DAX components

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.[11]
22.09.2003 MLP Continental Inadequate 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.
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[12]
22.09.2008 TUI K+S Fast-entry of K+S, inadequate market capitalisation of TUI[13]
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[14]
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[15] ThyssenKrupp MTU Aero Engines Inadequate market capitalisation
22.06.2020[16] Deutsche Lufthansa Deutsche Wohnen Inadequate market capitalisation
19.08.2020[17] Wirecard Delivery Hero new Insolvency Rule (section 5.1.1)
22.03.2021[18] Beiersdorf AG Siemens Energy AG Inadequate market capitalisation
DAX 30 chart at the Frankfurt Stock Exchange.
A BMW Z4.
The RWE-owned Niederaussem Power Station.
The headquarters of DAX companies in 2013.

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 60 companies after the DAX
  • SDAX, the next 70 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. Staff, Reuters (24 November 2020). "Germany's DAX to expand to 40 members from 30 in index shake-up" via www.reuters.com.
  4. Ramakrishnan, Shriya; Kumaresan, Shivani. "Germany's DAX index gets shake-up in wake of Wirecard scandal - Metro US". www.metro.us.
  5. "Dax breaks 12,000 barrier". Financial Times.
  6. "Index DAX (846900) | Indexstand | Börsenkurs | Kurs | Tool - boerse.de". 19 October 2010. Archived from the original on 19 October 2010. Retrieved 20 January 2020.
  7. DAX. "DAX Digital | DAX® (TR) EUR". dax-indices.com. Retrieved 20 January 2020.
  8. "DAX 30 Liste | DAX Werte | DAX Aktien". finanzen.net (in German). Retrieved 24 September 2019.
  9. "DAX 30 Liste: Dax Realtime-Kursliste | DAX Aktien | DAX Werte | Dax Unternehmen". boerse.de (in German). Retrieved 24 September 2019.
  10. dax-indices.com. "Index Composition Report" (xls). Retrieved 17 October 2020.
  11. Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 12. November 2002
  12. Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
  13. Deutsche Börse: K+S ersetzt TUI in DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 3 September 2008
  14. "Fresenius und Hannover Rück steigen in Dax auf". Handelsblatt (in German). 4 March 2009. Retrieved 24 June 2021.
  15. "Sep 2019 Media release" (PDF).
  16. "Deutsche Lufthansa to leave Germany's DAX Index". Marketwatch. 5 June 2020. Retrieved 5 June 2020.
  17. "Unscheduled Component Change in DAXSelection Indices" (PDF). STOXX. 19 August 2020.
  18. "Composition Changes for DAX, MDAX, SDAX and TecDAX Indices" (PDF). STOXX. 3 March 2021.
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