This page was last edited on 2 February 2018, at 16:53.

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.

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 17:45 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 after every 1 second since 1 January 2006.

DAX performance between 1959 and 2016
Foundation 1 July 1988
Operator Deutsche Börse
Exchanges Frankfurt Stock Exchange
Constituents 30
Type Large 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 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.[3] On April 10, 2015, the price index first closed above its closing high from 2000.

Record values

Category All-time highs
Closing 13,559.60 Tuesday, January 23, 2018
Intraday 13,596.89 Tuesday, January 23, 2018


A list of the current DAX companies, as of the quarterly review effective on 20 March 2017.

Company Prime Standard industry group Ticker symbol Index weighting (%)1 Employees
Adidas-group-logo-fr Adidas Clothing ADS 3.44 60,617
Allianz Allianz Insurance ALV 7.84 140,253
BASF-Logo bw BASF Chemicals BAS 8.30 113,830
Bayer Logo Bayer Pharmaceuticals and chemicals BAYN 8.95 115,200
Beiersdorf Logo Beiersdorf Consumer goods and chemicals BEI 0.88 17,659
BMW BMW Manufacturing BMW 2.71 124,729
Commerzbank (2009) Commerzbank Banking CBK 0.91 51,305
Continental wordmark Continental Manufacturing CON 2.16 220,000
DaimlerLogo Daimler Manufacturing DAI 7.18 282,488
Deutsche Bank logo without wordmark Deutsche Bank Banking DBK 2.49 99,744
Deutsche Börse Securities DB1 1.37 5,283
Deutsche Lufthansa Transport Aviation LHA 0.73 123,287
Deutsche Post DHL Deutsche Post Logistics DPW 3.01 508,036
Deutsche Telekom Deutsche Telekom Communications DTE 5.16 218,341
Logo E.ON E.ON Energy EOAN 1.40 56,490
Fresenius Fresenius Medical FRE 3.07 232,873
Fresenius Medical Care Medical FME 1.69 109,319
HeidelbergCement HeidelbergCement Building HEI 1.34 60,000
Henkel-Logo Henkel Consumer goods and chemicals HEN3 2.14 49,450
Infineon Infineon Technologies Semiconductors IFX 2.05 36,299
Linde Industrial gases LIN 2.90 64,538
Logo Merck KGaA 2015 Merck Pharmaceuticals MRK 1.36 49,613
Munich Re Insurance MUV2 2.86 43,428
ProSiebenSat1 ProSiebenSat.1 Media Media PSM 0.92 6,054
RWE AG RWE Energy RWE 0.73 59,762
SAP 2011 logo SAP Software SAP 8.91 84,183
Siemens AG logo Siemens Industrial, electronics SIE 10.46 364,000
Thyssenkrupp AG Logo 2015 ThyssenKrupp Industrial, manufacturing TKA 1.05 156,487
Volkswagen Group Volkswagen Group Manufacturing VOW3 2.57 626,715
Vonovia Logo Vonovia Real estate VNA 1.43 7,437

^Note 1 : Weightings as at 20 March 2017. Source: de:DAX.

Former DAX components

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

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.[4]
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[5]
22.09.2008 TUI K+S Fast-entry of K+S, inadequate market capitalisation of TUI[6]
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[7]
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

See also


  1. ^ "EQUITY INDEX DAX® INDEX" (PDF). Deutsche Börse. 28 February 2017. Retrieved 2017-05-07.
  2. ^ DAX
  3. ^ Dax breaks 12,000 barrier - FT.com
  4. ^ Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Pressemitteilung, 12. November 2002
  5. ^ Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
  6. ^ Deutsche Börse: K+S ersetzt TUI in DAX Pressemitteilung, 3 September 2008
  7. ^ Deutsche Börse - Pressemitteilung, 18 March 2009

External links

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