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. 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|
|Exchanges||Frankfurt Stock Exchange|
|Market cap||€971.8 billion (Feb 28, 2017)|
|Related indices||MDAX, SDAX, TecDAX, ÖkoDAX|
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.
On March 16, 2015, the performance index first closed above 12,000. On April 10, 2015, the price index first closed above its closing high from 2000.
|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|
|Bayer||Pharmaceuticals and chemicals||BAYN||8.95||115,200|
|Beiersdorf||Consumer goods and chemicals||BEI||0.88||17,659|
|Deutsche Lufthansa||Transport Aviation||LHA||0.73||123,287|
|Fresenius Medical Care||Medical||FME||1.69||109,319|
|Henkel||Consumer goods and chemicals||HEN3||2.14||49,450|
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|
|adidas||Merger of Vereinsbank and Hypobank to form HypoVereinsbank|
|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|
|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.|
|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.|
|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|
|22.09.2008||TUI||K+S||Fast-entry of K+S, inadequate market capitalisation of TUI|
|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|
|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|