The DAX (Deutscher Aktienindex (German stock index); German pronunciation:[daks]ⓘ) is a stock market index consisting of the 40 major Germanblue 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.[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.
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.[3] 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.[4]
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.[5] The expansion occurred in the 3rd quarter of 2021.[6]
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.[citation needed]
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:
The following collapsible table shows the annual development of the DAX, calculated retroactively up to 1950.[11][12]
Year
Closing level
Change in Index in Points
Change in Index in %
1950
30.18
−2.42
−7.42
1951
65.01
34.83
115.41
1952
59.75
−5.26
−8.09
1953
74.09
14.34
24.00
1954
135.28
61.19
82.59
1955
148.81
13.53
10.00
1956
137.80
−11.01
−7.40
1957
144.97
7.17
5.20
1958
232.23
87.26
60.19
1959
417.79
185.56
79.90
1960
534.09
116.30
27.84
1961
489.79
−44.30
−8.29
1962
386.32
−103.47
−21.13
1963
438.95
52.63
13.62
1964
477.89
38.94
8.87
1965
422.36
−55.53
−11.62
1966
333.36
−89.00
−21.07
1967
503.22
169.86
50.95
1968
555.62
52.40
10.41
1969
622.38
66.76
12.02
1970
443.86
−178.52
−28.68
1971
473.46
29.60
6.67
1972
536.36
62.90
13.29
1973
403.88
−132.48
−24.70
1974
401.79
−2.09
−0.52
1975
563.25
161.46
40.19
1976
509.02
−54.23
−9.63
1977
549.34
40.32
7.92
1978
575.15
25.81
4.70
1979
497.79
−77.36
−13.45
1980
480.92
−16.87
−3.39
1981
490.39
9.47
1.97
1982
552.77
62.38
12.72
1983
773.95
221.18
40.01
1984
820.91
46.96
6.07
1985
1,366.23
545.32
66.43
1986
1,432.25
66.02
4.83
1987
1,000.00
−432.25
−30.18
1988
1,327.87
327.87
32.79
1989
1,790.37
462.50
34.83
1990
1,398.23
−392.14
−21.90
1991
1,577.98
179.75
12.86
1992
1,545.05
−32.93
−2.09
1993
2,266.68
721.63
46.71
1994
2,106.58
−160.10
−7.06
1995
2,253.88
147.30
6.99
1996
2,888.69
634.81
28.17
1997
4,249.69
1,361.00
47.11
1998
5,002.39
752.70
17.71
1999
6,958.14
1,955.75
39.10
2000
6,433.61
−524.53
−7.54
2001
5,160.10
−1,273.51
−19.79
2002
2,892.63
−2,267.47
−43.94
2003
3,965.16
1,072.53
37.08
2004
4,256.08
290.92
7.34
2005
5,408.26
1,152.18
27.07
2006
6,596.92
1,188.66
21.98
2007
8,067.32
1,470.40
22.29
2008
4,810.20
−3,257.12
−40.37
2009
5,957.43
1,147.23
23.85
2010
6,914.19
956.76
16.06
2011
5,898.35
−1,015.84
−14.69
2012
7,612.39
1,714.04
29.06
2013
9,552.16
1,939.77
24.77
2014
9,805.55
253.39
2.65
2015
10,743.01
937.46
9.56
2016
11,481.06
738.05
6.87
2017
12,917.64
1,436.58
12.51
2018
10,558.96
−2,358.68
−18.26
2019
13,249.01
2,690.05
25.48
2020
13,718.78
469.77
3.55
2021
15,884.86
2,166.08
15.79
2022
13,923.59
−1,961.27
−12.35
2023
16,751.64
2,828.05
20.31
2024
19,909.14
3157.50
18.85
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.[13][14] The index weighting refers to the DAX performance index.[15]
Lanxess was spun off from Bayer, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later. It was added to the DAX in 2012 and removed again in 2015.
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 2007–2008 financial crisis
Daimler Truck was spun off from Mercedes-Benz, for calculating reasons added to the DAX as a temporary 41st component, and removed next trading day. It was added to the DAX again in 2022.
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