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DAX

Blue chip stock market index

DAX

Blue chip stock market index

FieldValue
nameDAX
logoDAX-logo.svg
imageDax-chart-1959-2019.png
Currency Eurofoundation1 July 1988
operatorSTOXX (Qontigo, Deutsche Börse)
exchangesFrankfurt Stock Exchange
constituents40 (expanded from 30 in 2021)
cap_levelLarge cap
mcap€1.891 trillion (March 2025)
weightingCapitalization-weighted
relatedMDAX, SDAX, TecDAX
homepageOfficial website

|Currency Euro|foundation = 1 July 1988

The DAX (Deutscher Aktienindex (German stock index); ) is a stock market index consisting of the 40 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 40 largest German companies in terms of order book volume and market capitalization. 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. 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 Zurich, 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.

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, 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:

DAX Combined Index (DAXA)
Exchange:
Sector:
Tick Size:
Tick Value:
Big Point Value (BPV):
Denomination:
Decimal Place:

Price history

On 16 March 2015, the performance index first closed above 12,000.

Record values

CategoryAll-time highs
Closing25,420.66
Intraday25,507.79

Annual returns

The following collapsible table shows the annual development of the DAX, calculated retroactively up to 1950.

YearClosing levelChange in Index
in PointsChange 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
201913,249.012,690.0525.48
202013,718.78469.773.55
202115,884.862,166.0815.79
202213,923.59−1,961.27−12.35
202316,751.642,828.0520.31
202419,909.143,157.5018.85
202524,490.414,581.2723.01

Components

Below is the list of companies which are a component of the DAX 40, as of 22 September 2025. The current stock prices and list of DAX companies are available from financial websites. The index weighting refers to the DAX performance index.

TickerLogoCompanyPrime Standard SectorIndex weighting (%)EmployeesFounded
[[File:Adidas-group-logo-fr.svg80px]]AdidasApparel2.562,035 (2024)1924
[[File:Airbus Logo 2017.svg80px]]AirbusAerospace & Defence6.1126,495 (2021)1970
[[File:Allianz.svg80px]]AllianzFinancial Services8.4156,626 (2024)1890
[[File:BASF-Logo bw.svg80px]]BASFChemicals2.8111,822 (2024)1865
[[File:Logo Bayer.svg40px]]BayerPharmaceuticals1.594,081 (2024)1863
[[File:Beiersdorf Logo.svg80px]]BeiersdorfConsumer goods0.722,678 (2024)1882
[[File:BMW logo (gray).svg40px]]BMWAutomotive1.5159,104 (2024)1916
[[File:Brenntag Logo 2022.svg80px]]BrenntagDistribution0.518,122 (2024)1874
[[File:Commerzbank (2009).svg80px]]CommerzbankFinancial Services1.540,233 (2024)1870
[[File:Continental wordmark.svg80px]]ContinentalAutomotive0.5190,875 (2021)1871
[[File:Daimler Truck Logo.svg80px]]Daimler TruckAutomotive1.399,849 (2021)2021
[[File:Deutsche Bank logo without wordmark.svg40px]]Deutsche BankFinancial Services2.882,969 (2021)1870
[[File:Deutsche Börse Group Logo.svg80px]]Deutsche BörseFinancial Services3.110,200 (2021)1992
[[File:Deutsche Post DHL.svg80px]]Deutsche PostLogistics2.5482,638 (2024)1995
[[File:Deutsche Telekom 2022.svg30px]]Deutsche TelekomTelecommunication7.5204,414 (2024)1995
[[File:Logo E.ON.svg80px]]E.ONUtilities1.872,242 (2024)2000
[[File:Fresenius Logo.svg80px]]FreseniusHealthcare1.0316,078 (2021)1912
[[File:Fresenius Medical Care logo.svg80px]]Fresenius Medical CareHealthcare0.6130,251 (2021)1996
[[File:GEA Logo 2022.svg80px]]GEA GroupMechanical EngineeringTBD18,500 (2024)1881
[[File:Hannover RE Logo 2024.svg80px]]Hannover ReInsurance1.03,346 (2021)1966
[[File:HeidelbergCement 2022 logo.svg80px]]Heidelberg MaterialsConstruction Materials1.551,209 (2021)1874
[[File:Henkel-Logo.svg80px]]HenkelConsumer Goods0.852,450 (2021)1876
[[File:Infineon-Logo.svg80px]]Infineon TechnologiesTechnology2.750,280 (2021)1999
[[File:Mercedes-Benz Group black.svg80px]]Mercedes-Benz GroupAutomotive2.5175,000 (2024)1926
[[File:Logo Merck KGaA 2015.svg80px]]MerckPharmaceuticals1.162,557 (2024)1668
[[File:MTU Aero Engines Logo.svg80px]]MTU Aero EnginesAerospace & Defence1.110,833 (2022)1934
[[File:Münchener Rück logo.svg80px]]Munich ReFinancial Services4.840,177 (2022)1880
[[File:Porsche SE Logo.svg80px]]Porsche SEAutomotive0.4882 (2021)2007
[[File:Qiagen.svg40px]]QiagenBiotech0.55,765 (2024)1984
[[File:Rheinmetall Logo 2021.svg80px]]RheinmetallAerospace & Defence3.528,539 (2024)1889
[[File:RWE Logo 2020.svg80px]]RWEUtilities1.318,246 (2021)1898
[[File:SAP 2011 logo.svg80px]]SAPTechnology14.0109,972 (2024)1972
[[File:Scout24 Logo 2020.svg80px]]Scout24E-CommerceTBD1,200 (2024)2012
[[File:Siemens AG logo.svg80px]]SiemensIndustrials10.7327,000 (2024)1847
[[File:Siemens Energy logo.svg80px]]Siemens EnergyEnergy technology2.592,000 (2021)2020
[[File:Siemens Healthineers logo.svg80px]]Siemens HealthineersMedical Equipment0.966,000 (2021)2020
[[File:Symrise wordmark logo.svg80px]]SymriseChemicals0.711,276 (2021)2003
[[File:Volkswagen Group.svg80px]]Volkswagen GroupAutomotive1.3679,472 (2024)1937
[[File:Vonovia Logo.svg80px]]VonoviaReal Estate1.115,900 (2022)2001
[[File:Zalando Logo 2024.svg80px]]ZalandoE-Commerce0.517,000 (2021)2008

: Weightings as of 22 September 2025

Former DAX components

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

DateComponent excludedComponent includedReason for exclusion/ Comments
03.09.1990Feldmühle NobelMetallgesellschaftTakeover of Feldmühle Nobel by Stora Enso
Nixdorf GermanyPreussag (now TUI)Merged with Siemens to form Siemens-Nixdorf
18.09.1995Deutsche BabcockSAPReplaced by SAP because of lower market capitalisation
22.07.1996KaufhofMETROMerger of Kaufhof and Metro Cash & Carry
23.09.1996ContinentalMünchener RückContinental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 and added back again in 2012
18.11.1996MetallgesellschaftDeutsche TelekomIPO of Deutsche Telekom
22.06.1998Bayerische Hypotheken-
und WechselbankAdidasMerger of Vereinsbank and Hypobank to form HypoVereinsbank
Bayerische VereinsbankHypoVereinsbank
21.12.1998Daimler-BenzDaimlerChrysler
(now Daimler)Merger of Daimler-Benz with Chrysler
22.03.1999DegussaDegussa-HülsMerger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999ThyssenThyssenKruppMerger of Thyssen and Krupp
20.09.1999HoechstFresenius Medical CareMerger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000MannesmannEpcosTakeover of Mannesmann by Vodafone
19.06.2000VebaE.ONMerger of Veba and Viag to form E.ON
VIAGInfineon
18.12.2000Degussa-HülsDegussaMerger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001KarstadtQuelleDeutsche PostIPO of Deutsche Post
23.07.2001Dresdner BankMLP Vz.Takeover of Dresdner Bank by Allianz
23.09.2002DegussaAltanaInadequate market capitalisation
23.12.2002EpcosDeutsche Börseurl=https://web.archive.org/web/20090111213136/http://deutsche-boerse.com/dbag/dispatch/de/notescontent/gdb_navigation/press/10_Latest_Press_Releases/10_All/INTEGRATE/mr_pressreleases?notesDoc=92B7DA7B354D09EAC12573D5004E4579&newstitle=deutscheboerseabdem23.dezember&location=pressdate=11 January 2009}} Pressemitteilung, 12. November 2002
22.09.2003MLPContinentalInadequate free float and market capitalisation.
31.01.2005LanxessLanxess 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.
01.02.2005Lanxess
19.12.2005HypoVereinsbankHypo Real EstateTakeover of HypoVereinsbank by UniCredit
18.09.2006ScheringPostbankTakeover of Schering by Bayer
18.06.2007AltanaMerckAfter the sale of Nycomed, inadequate market capitalisation
22.09.2008TUIK+Surl=https://web.archive.org/web/20090111181443/http://deutsche-boerse.com/dbag/dispatch/de/notescontent/gdb_navigation/press/10_Latest_Press_Releases/INTEGRATE/mr_pressreleases?notesDoc=B34593A00B1F173CC12574B900704103&newstitle=k+sersetzttuiindax&location=pressdate=11 January 2009 }} Pressemitteilung, 3 September 2008
22.12.2008ContinentalBeiersdorfFast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008Hypo Real EstateSalzgitterFast-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 2008 financial crisis
23.03.2009Deutsche PostbankHannover ReFast-exit due to inadequate market capitalisation
Infineon TechnologiesFresenius Vz
21.09.2009Hannover ReInfineon TechnologiesInadequate market capitalisation
21.06.2010SalzgitterHeidelbergCementInadequate market capitalisation
24.09.2012MANContinentalInadequate free-float capitalisation after acquisition by Volkswagen
24.09.2012MetroLanxessInadequate market capitalisation
21.09.2015LanxessVonoviaInadequate market capitalisation
21.03.2016K+SProSiebenSat.1 MediaInadequate market capitalisation
19.03.2018ProSiebenSat.1 MediaCovestroInadequate market capitalisation
24.09.2018CommerzbankWirecardInadequate market capitalisation
23.09.2019ThyssenKruppMTU Aero EnginesInadequate market capitalisation
22.06.2020Deutsche LufthansaDeutsche WohnenInadequate market capitalisation
19.08.2020WirecardDelivery Heronew Insolvency Rule (section 5.1.1)
22.03.2021BeiersdorfSiemens EnergyInadequate market capitalisation
16.09.2021VitescoVitesco was spun off from Continental, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later.
17.09.2021Vitesco
20.09.2021Airbus10 companies added to expand DAX to 40 components
Brenntag
HelloFresh
Porsche SE
Puma
Qiagen
Sartorius
Siemens Healthineers
Symrise
Zalando
29.10.2021Deutsche WohnenBeiersdorf
10.12.2021Daimler TruckDaimler 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.
13.12.2021Daimler Truck
21.03.2022BeiersdorfDaimler Truck
Siemens EnergyHannover Re
20.06.2022Delivery HeroBeiersdorf
19.09.2022HelloFreshSiemens Energy
19.12.2022PumaPorscheInitial public offering of Porsche
27.02.2023LindeCommerzbankDelisting of Linde on Frankfurt stock exchange
20.03.2023Fresenius Medical CareRheinmetalltitle=Rheinmetall schafft Sprung in den Daxurl=https://www.spiegel.de/wirtschaft/unternehmen/ruestungsindustrie-rheinmetall-schafft-sprung-in-den-dax-a-9c9ed3c8-10be-4aeb-9869-5460432334a1access-date=26 February 2025work=Der Spiegeldate=4 March 2023language=de}}
27.12.2024Covestro AGFresenius Medical Caretitle=Unscheduled component changes in DAX, MDAX and SDAX (December 19, 2024)url=https://stoxx.com/unscheduled-component-changes-in-dax-mdax-and-sdax-december-19-2024/access-date=26 April 2025work=STOXXdate=19 December 2024quote=Effective December 27, 2024, Covestro AG will be deleted from the DAX due to breach of basic criteria according to chapter 5.4.2 (DAX Equity Index Methodology Guide) — Minimum Free Float of 10%.}}
DAX 30 chart at the Frankfurt Stock Exchange
The headquarters of DAX companies in 2013

References

References

  1. "1-DAX (DAXNR) (DE000A1A4D00)".
  2. "DAX".
  3. (23 November 2020). "Trading Parameter Xetra Frankfurt". [[Xetra (trading system).
  4. (15 November 2018). "Extension of trading hours for selected benchmark futures and MSCI futures". [[Eurex Exchange]].
  5. (24 November 2020). "Germany's DAX to expand to 40 members from 30 in index shake-up".
  6. (24 November 2020). "Germany's DAX index gets shake-up in wake of Wirecard scandal – Metro US".
  7. (May 2025). "Historical DAX Combined Index Intraday Data (DAXA)".
  8. "Dax breaks 12,000 barrier".
  9. (9 May 2025). "Europe stocks close up, Germany's DAX at record high as investors eye U.S.-China trade talks". CNBC.
  10. "DAX Performance Index (^GDAXI)". Yahoo Finance.
  11. (2010-10-19). "Index DAX (846900) {{!}} Indexstand {{!}} Börsenkurs {{!}} Kurs {{!}} Tool – boerse.de".
  12. DAX. "DAX Digital {{!}} DAX® (TR) EUR".
  13. "DAX 30 Liste {{!}} DAX Werte {{!}} DAX Aktien".
  14. "DAX 30 Liste: Dax Realtime-Kursliste {{!}} DAX Aktien {{!}} DAX Werte {{!}} Dax Unternehmen".
  15. dax-indices.com. "Index Composition Report".
  16. link. (11 January 2009 Pressemitteilung, 12. November 2002)
  17. Frankfurter Allgemeine Zeitung: [https://www.faz.net/s/RubC8BA5576CDEE4A05AF8DFEC92E288D64/Doc~E3978D7E828BC40709D96F5A2B3076A86~ATpl~Ecommon~Scontent.html Merck ersetzt Altana im DAX]
  18. link. (11 January 2009 Pressemitteilung, 3 September 2008)
  19. (2009-03-04). "Fresenius und Hannover Rück steigen in Dax auf". Handelsblatt.
  20. "Sep 2019 Media release".
  21. (5 June 2020). "Deutsche Lufthansa to leave Germany's DAX Index". [[Marketwatch]].
  22. (19 August 2020). "Unscheduled Component Change in DAXSelection Indices". [[STOXX]].
  23. (3 March 2021). "Composition Changes for DAX, MDAX, SDAX and TecDAX Indices". [[STOXX]].
  24. (17 February 2023). "Unscheduled Component Change of DAX Index". STOXX Ltd.
  25. (4 March 2023). "Rheinmetall schafft Sprung in den Dax". Der Spiegel.
  26. (19 December 2024). "Unscheduled component changes in DAX, MDAX and SDAX (December 19, 2024)". STOXX.
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