DAX

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Logo of the DAX '
Performance index
ISIN DE0008469008
WKN 846900
symbol DAX
RIC .GDAXI
Bloomberg code DAX <Index>
Price index
ISIN DE0008467440
WKN 846744
symbol DAXK
RIC .GDAXIP
Bloomberg code DAXK index

The DAX (abbreviation for D eutscher A ktieninde x ) is the most important German share index . It measures the performance of the 30 largest and most (based on the free float - market capitalization ) liquidate most representative companies in the German stock market and represents around 80 percent of the market capitalization of listed companies in Germany. The index is a product and registered word mark and figurative mark of Deutsche Börse AG , whose shares are themselves included in the DAX. It is the most important member of the DAX index family .

The stock corporations included in the DAX are listed in the Prime Standard on the Frankfurt Stock Exchange . The index is based on trading data in the Xetra electronic trading system and is calculated every trading day from around 9 a.m. to 5:30 p.m.

The DAX was developed jointly by the Working Group of German Stock Exchanges , the Frankfurt Stock Exchange and the Börsen-Zeitung . It was introduced on July 1, 1988 and continues the Börsen-Zeitung index, the history of which goes back to 1959. For December 31, 1987, it was normalized to 1,000 index points. Initially, the DAX was only seen as a supplement to the already established German stock indices, but has since left the other indices behind and is recognized nationally and internationally as the leading index for the German stock market.

The DAX is published both as a performance index and as a price index . With the performance index , the dividends of the companies included in the DAX are arithmetically reinvested; dividends are not taken into account in the price index. Colloquially, the simple designation "DAX" means the performance index. In the case of other indices (e.g. the Euro Stoxx 50 ), the simple description usually means the respective price index.

The total market capitalization of the DAX was 985.07 billion euros in September 2019. According to the World Federation of Exchanges , in August 2017 the DAX was 10th among the world's largest stock exchanges by market capitalization.

Further DAX indices

In the spring of 1994 the so-called DAX 100 was introduced. This index should document the performance of the 100 most liquid stocks on the stock market . With the introduction of the MDAX in 1996, it comprised the 30 stocks of the DAX and the 70 of the MDAX. By changing the MDAX to 50 stocks, since September 24, 2018 to 60 stocks, the DAX 100 was replaced by the HDAX . The CDAX , on the other hand, includes all shares traded in Frankfurt. The SDAX since 24 September 2018 includes 70 smaller values behind the MDAX.

The so-called strategy index includes: a. the ShortDAX . It is inversely proportional to the daily development of the DAX and thus enables investors who can only take long positions to participate in negative price developments. For example, if the DAX loses 5% on one day, the ShortDAX will increase by the same percentage. This z. For example, index providers have the option of offering a product that rises when the DAX performs negatively and opens up opportunities for the “buyer” to generate profits even when the price trend is negative.

There are also industry indices such as, since 2007, the ÖkoDAX for companies in the field of renewable energies or strategy indices such as the DivDAX for companies with high dividends. The TecDAX , which contains 30 of the largest technology stocks , is one of the most important German indices .

The VDAX-NEW , a volatility index also published by Deutsche Börse AG, measures the implied volatility , i.e. the expected fluctuation range of the DAX for the next 30 days . Its predecessor, the VDAX , indicates the implied volatility of the DAX over 45 days based on a different methodological approach. Both vola indices are quoted in annualized form.

The Eurex offers options (ODAX) and Futures (FDAX) on the DAX.

calculation

DAX price table in the Frankfurt Stock Exchange

Since June 21, 1999, the index has been based on the prices of the Xetra electronic trading system . Since January 2016, its calculation has started every trading day at 9:06 a.m. CET / CEST . If no opening prices are available for individual shares at this point in time, the respective closing prices of the previous trading day are used. The calculation ends with the prices of the Xetra closing auction , which begins at 5:30 p.m. and can last 5 to 15 minutes. Until December 31, 2005, the DAX was updated every 15 seconds, every second since January 1, 2006.

For the calculation, which is based on the index formula of Étienne Laspeyres , the share prices of the selected listed companies are weighted according to their market capitalization . Only the shares in free float are taken into account. If the capital of a company is divided into several types of shares (e.g. common shares and preference shares ), the type of share with the higher liquidity is used. Special cases are also taken into account, e.g. B. the shares of Deutsche Börse AG traded for exchange in 2011/2012.

For times outside of Xetra trading (before the start of trading and after the closing auction), Deutsche Börse AG calculates the LDAX from 8:00 a.m. to 9:00 a.m. and from 5:30 p.m. to 8:00 p.m. (also L-DAX, L / E-DAX) based on share prices on the Frankfurt Stock Exchange , which has correspondingly longer trading hours. In addition, from 8:00 a.m. to 9:00 a.m. and from 5:30 p.m. to 10:15 p.m., the XDAX (also X-DAX) is calculated on the basis of DAX futures traded on the Eurex derivatives exchange .

Companies in the DAX

Selection criteria

For a company to be included in the DAX, it must be listed in the Prime Standard , continuously traded in Xetra and have a free float of at least 10% (until October 2008 this limit was 5%). In addition, the company must have a seat in Germany or have the focus of its trading turnover in shares in Frankfurt and a seat in the EU. Both the legal seat and the operational headquarters, i.e. the seat of the business or administrative management, can be considered the seat of the company.

Among the companies that meet these basic requirements, the further selection is based on the following two characteristics:

The DAX is adjusted according to the following four rules:

Fast exit (45/45)
A company is removed from the DAX if it no longer belongs to the 45 largest companies according to one of the two criteria (stock exchange turnover or market capitalization), but a non-index value reaches at least 35th place for market capitalization and at least 45th place for stock exchange turnover.
Fast Entry (25/25)
A company is included in the DAX if it is at least one of the 25 largest companies according to both criteria. The DAX is then excluded from the value that ranks below 35 in at least one of the two criteria (if one exists) and has the lowest market capitalization.
Regular exit (40/40)
A company is removed from the DAX if it no longer belongs to the 40 largest companies according to one of the two criteria, but a non-index value reaches at least 35th place in both criteria.
Regular-Entry (30/30)
A company is newly included in the DAX if it is at least one of the 30 largest companies according to both criteria and if an index value exists that is no longer among the 35 largest companies according to at least one criterion.

All four rules are only applied on the regular adjustment date in September. The fast-exit and fast-entry rules, however, also apply to the extraordinary adjustment dates in March, June and December. Extraordinary updates are also made in the event of a company's bankruptcy or if a company no longer meets the basic requirements mentioned above.

In addition, in exceptional cases, such as takeovers announced at short notice or significant changes in the free float, the Executive Board of Deutsche Börse AG can deviate from these rules in coordination with the Working Group for Equity Indices.

Index weighting

The stocks in the DAX are weighted according to their free float market capitalization . The decisive factor is not the entire stock market value or the entire capital of a company, but only the value of the freely tradable shares ( free float ) of the share class represented in the DAX . Fixed ownership, i.e. the ownership of major shareholders who hold 5% or more of these shares, is not taken into account for the weighting. Fixed ownership also includes own shares held by the issuing company, regardless of the amount of the stake. There has been a cap since 2006: individual titles may have a maximum weight of 10%.

The actual free float market capitalization changes continuously due to changes in share ownership, but above all due to price changes. The weighting is also recalculated with every second recalculation of the DAX based on the current prices. Changes to the free float, on the other hand, are only recorded by Deutsche Börse on the quarterly adjustment dates and are only then included in the weighting. This led to situations in which a share price adapts to a changed free float in real time, but which is only counteracted in the weighting with a delay. In response to the capers of Volkswagen ordinary shares, Deutsche Börse introduced additional rules in November 2008 to counteract such extreme distortions. A value can therefore be removed from the index between adjustment dates if its weighting exceeds 10% and the historical 30-day volatility of the share price exceeds 250%.

composition

The table shows all companies in the DAX (as of August 24, 2020).

Surname symbol Branch logo Index weight in% (Last) recording Seat (place) Seat (state)
Adidas ADS clothing Adidas-group-logo-fr.svg 4.6 June 22, 1998 Herzogenaurach BavariaBavaria Bavaria
alliance ALV Insurance Allianz.svg 8.1 0July 1, 1988 Munich BavariaBavaria Bavaria
BASF BAS chemistry BASF logo bw.svg 5.0 0July 1, 1988 Ludwigshafen am Rhein Rhineland-PalatinateRhineland-Palatinate Rhineland-Palatinate
Bayer BAYN Chemicals and pharmaceuticals Logo Bayer.svg 7.4 0July 1, 1988 Leverkusen North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
Beiersdorf AT Consumer goods Beiersdorf Logo.svg 1.1 Dec 22, 2008 Hamburg HamburgHamburg Hamburg
BMW BMW Automobile production BMW.svg 2.0 0July 1, 1988 Munich BavariaBavaria Bavaria
Continental CON Automotive supplier Continental AG logo.svg 1.0 Sep 24 2012 Hanover Lower SaxonyLower Saxony Lower Saxony
Covestro 1COV chemistry Covestro Logo.svg 0.6 19 Mar 2018 Leverkusen North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
Daimler DAI Automobile production DaimlerLogo.svg 3.3 Dec. 21, 1998 1 Stuttgart Baden-WürttembergBaden-Württemberg Baden-Württemberg
Deutsche Bank DBK Banks Deutsche Bank logo without wordmark.svg 1.9 0July 1, 1988 Frankfurt am Main HesseHesse Hesse
German Stock Exchange DB1 Exchanges Deutsche Börse Group Logo.svg 3.1 Dec 23, 2002 Frankfurt am Main HesseHesse Hesse
German postal service DPW logistics Logo Deutsche Post DHL.svg 3.3 19 Mar 2001 Bonn North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
Deutsche Telekom DTE telecommunications Telekom Logo 2013.svg 5.3 Nov 18, 1996 Bonn North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
German living DWNI property Deutsche Wohnen logo.svg n / A June 22, 2020 Berlin BerlinBerlin Berlin
E.ON EOAN Supplier Logo E.ON.svg 2.4 June 19, 2000 1 eat North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
Fresenius FRE Medical technology and clinic operations Fresenius.svg 2.0 23 Mar 2009 Bad Homburg vor der Höhe HesseHesse Hesse
Fresenius Medical Care FME Medical technology Fresenius Medical Care 20xx logo.svg 1.7 Sep 20 1999 Hof on the Saale BavariaBavaria Bavaria
HeidelbergCement HEI Building materials HeidelbergCement Logo.svg 0.8 June 21, 2010 Heidelberg Baden-WürttembergBaden-Württemberg Baden-Württemberg
handle HEN3 Consumer goods and chemicals Henkel-Logo.svg 1.6 0July 1, 1988 Dusseldorf North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
Infineon IFX semiconductor Infineon-Logo.svg 2.8 21 Sep 2009 Neubiberg BavariaBavaria Bavaria
Linden tree LIN Industrial gases and plant construction TheLindeGroup-Logo.svg 9.4 0July 1, 1988 Dublin IrelandIreland Ireland
Merck MRK Chemicals and pharmaceuticals Logo Merck KGaA 2015.svg 1.4 June 18, 2007 Darmstadt HesseHesse Hesse
MTU Aero Engines MTX aviation 0.9 23 Sep 2019 Munich BavariaBavaria Bavaria
Munich Re MUV2 Insurance Munich Re logo.svg 3.5 23 Sep 1996 Munich BavariaBavaria Bavaria
RWE RWE Supplier RWE Logo 2020.svg 2.1 0July 1, 1988 eat North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
SAP SAP Standard software SAP 2011 logo.svg 10.0 Sep 18 1995 Walldorf Baden-WürttembergBaden-Württemberg Baden-Württemberg
Siemens SHE Electrical engineering Siemens-logo.svg 8.5 0July 1, 1988 Berlin and Munich BerlinBerlin Berlin and BavariaBavariaBavaria 
Volkswagen VOW3 Automobile production VWAG-Logo.svg 2.6 0July 1, 1988 Wolfsburg Lower SaxonyLower Saxony Lower Saxony
Vonovia VNA property Vonovia Logo.svg 3.0 21 Sep 2015 Bochum North Rhine-WestphaliaNorth Rhine-Westphalia North Rhine-Westphalia
Delivery Hero DHER Online services DeliveryHeroLogo.png 1.4 24 Aug 2020 Berlin BerlinBerlin Berlin

1) Daimler and E.ON were represented in the DAX by their predecessor companies since July 1, 1988.

Prices and market capitalizations

Corporation Course
[€]
Market capitalization
[million €]
SAP 142.26 163,493.00
Linden tree 213.40 110,631.98
Siemens 120.10 96,947.00
alliance 185.10 75,715.70
Volkswagen (VW) vz. 139.00 72,292.45
Deutsche Telekom 15.14 71,926.60
Bayer 57.54 56,960.90
adidas 257.30 50,513.50
Merck 114.80 49,695.10
German postal service 40.01 47,902.40
BASF 52.14 47,485.40
Daimler 43.03 45,778.50
BMW 59.42 37,404.18
Handle vz. 87.98 34,851.37
reinsurance association Munich 244.00 33,749.80
Vonovia 59.86 32,625.20
Infineon 23.85 29,648.80
German Stock Exchange 160.00 29,036.80
E.ON 10.05 26,386.60
Beiersdorf 96.94 21,874.40
Fresenius 39.35 21,817.40
Fresenius Medical Care 73.26 21,457.30
RWE 33.53 20,507.90
Delivery Hero 95.32 18,773.70
Continental 91.18 17,896.50
Deutsche Bank 8.30 16,732.60
German living 44.91 15,484.80
HeidelbergCement 52.98 10,484.30
MTU Aero Engines 156.15 8,112.64
Covestro 40.80 7,523.05
total 1,293,709.87

Share prices and market capitalizations after close of trading on August 26, 2020

Composition history

Since the introduction of the DAX on July 1, 1988, numerous adjustments have been made to its composition. The following values ​​were originally part of the index. The companies marked with * are still represented in the DAX without interruption. The stock corporations marked with (*) are still represented in the DAX without interruption by successor companies:

Based on this initial composition, the following changes were made:

date Retired
companies
Recorded
companies
Cause / note
09/03/1990 Feldmühle Nobel Metal company Takeover of Feldmühle Nobel by Stora Enso
Nixdorf Preussag (today TUI ) Nixdorf goes into Siemens-Nixdorf on
09/18/1995 German Babcock SAP Higher market capitalization from SAP
07/22/1996 Kaufhof metro Merger of Kaufhof and Metro Cash & Carry
09/23/1996 Continental Munich Re Relegation to the MDAX due to insufficient market capitalization
11/18/1996 Metal company Deutsche Telekom Telekom goes public
06/22/1998 Bavarian mortgage
and exchange bank
adidas Merger of Vereinsbank and Hypobank to form Bayerische Hypo- und Vereinsbank
Bayerische Vereinsbank Bavarian Hypo- and Vereinsbank
December 21, 1998 Daimler Benz DaimlerChrysler
(today Daimler )
Merger of Daimler-Benz with Chrysler
03/22/1999 Degussa Degussa-Hüls
(today Evonik Degussa )
Degussa AG merges with Hüls AG and renamed Degussa-Hüls AG
03/25/1999 Thyssen ThyssenKrupp Merger of Thyssen and Krupp
09/20/1999 Maximum Fresenius Medical Care Merger of Hoechst and Rhône-Poulenc to form Aventis
02/14/2000 Mannesmann Epcos Vodafone takes over Mannesmann
06/19/2000 Veba E.ON Veba and Viag merge to form E.ON
VIAG Infineon
12/18/2000 Degussa sleeve Degussa Merger of Degussa-Hüls AG and SKW Trostberg AG into the new Degussa AG
03/19/2001 KarstadtQuelle German postal service Deutsche Post goes public
07/23/2001 Dresdner Bank MLP Vz. Allianz takes over Dresdner Bank
09/23/2002 Degussa Altana Insufficient market capitalization of Degussa AG after RAG AG largely accepted the takeover offer
12/23/2002 Epcos German Stock Exchange Fast exit from Epcos, as Epcos only ranks 52nd in terms of market capitalization
09/22/2003 MLP Continental Regular exit from MLP, as MLP no longer met the DAX criteria in terms of trading volume and market capitalization; Continental is the first company to be re-listed in the DAX
01/31/2005 Lanxess Lanxess is split off from Bayer. In order to avoid distortions in the DAX calculation, on January 31, 2005 the DAX comprised 31 stocks for the first time. With the closing price of Lanxess, Bayer's weighting was recalculated on February 1, 2005 and Lanxess was removed from the DAX again.
02/01/2005 Lanxess
12/19/2005 Bavarian Hypo- and Vereinsbank Hypo Real Estate Takeover of Bayerische Hypo- und Vereinsbank by Unicredit
09/18/2006 Schering Postbank Bayer takes over Schering
06/18/2007 Altana Merck After the sale of the pharmaceutical division to Nycomed , Altana’s market capitalization was too low
09/22/2008 TUI K + S Fast entry from K + S, low market capitalization from TUI
12/22/2008 Continental Beiersdorf Fast exit from Continental due to low free float market capitalization after the acquisition by the Schaeffler Group
Hypo Real Estate Salzgitter Fast exit from Hypo Real Estate due to low free float market capitalization after the partial acquisition by US investor J. Christopher Flowers as well as severe losses as part of the financial crisis from 2007
03/23/2009 Deutsche Postbank Fresenius Higher market capitalization
Infineon Hannover Re Higher market capitalization
09/21/2009 Hannover Re Infineon Regular exit by Hannover Re, as it no longer met the DAX criteria in terms of trading turnover; On September 21, 2009, Infineon was the second company to be included in the DAX again
December 23, 2009 Volkswagen ordinary shares Volkswagen preferred shares Free float fell below 10%
06/21/2010 Salzgitter HeidelbergCement HeidelbergCement with a price gain of over 50% since 2009; Salzgitter AG with a price loss of over 10%, while the DAX gained 30 percent
09/24/2012 MAN Continental MAN: Free float decreased too much; Metro: low market capitalization
metro Lanxess
07/08/2013 Osram Osram is split off from Siemens. In order to avoid distortions in the DAX calculation, the DAX comprised 31 stocks for the second time on July 8, 2013. With the closing price of Osram, Siemens' weighting was recalculated on July 9, 2013 and Osram was removed from the DAX again.
07/09/2013 Osram
09/21/2015 Lanxess Vonovia Higher market capitalization
03/21/2016 K + S ProSiebenSat.1 Media Fast exit from K + S, as market capitalization has fallen too sharply
09/12/2016 Uniper Uniper is split off from E.ON. In order to avoid distortions in the DAX calculation, the DAX comprised 31 stocks for the third time on September 12, 2016. With Uniper's closing price, E.ON's weighting was recalculated on September 13, 2016 and Uniper was removed from the DAX again.
09/13/2016 Uniper
10/25/2017 Linde AG Linde plc In the DAX, the Linde AG share was initially replaced by the “Linde AG z. Exchange of Tendered Shares ”and after a share swap by Linde plc.
03/19/2018 ProSiebenSat.1 Media Covestro Fast entry from Covestro, low market capitalization from ProSiebenSat1. Media
09/24/2018 Commerzbank Wirecard Higher market capitalization
09/23/2019 ThyssenKrupp MTU Aero Engines Higher market capitalization
06/22/2020 Lufthansa German living Higher market capitalization and falling free float
08/24/2020 Wirecard Delivery Hero Wirecard insolvency

history

Back calculation

CDAX price index 1840–2011

The DAX has been calculated by Deutsche Börse since July 1, 1988 and started at 1163.52 points. The index base is 1000 points as of December 31, 1987. Since investors are not only interested in the current performance of the German share index, but also in the historical one, Frank Mella, then editor of the Börsen-Zeitung and inventor of the DAX , counted back to 1959 on a daily basis.

On December 30, 1987, Mella linked the DAX with the 30 stock values ​​in the Börsen-Zeitung index ( BZ index ), which in turn was linked to the 24 values ​​in the Hardy index of the Hardy & Co. bank on April 1, 1981 and dates back to September 28, 1959. In contrast to the DAX and the BZ index, the Hardy index did not consider dividends. Hardy and BZ indices were determined four times a day (at 12:00 noon, 12:30 p.m., 1:00 p.m. and 1:30 p.m.). The time series generated by Mella is used by Deutsche Börse as the official back calculation for the DAX.

Longer-term recalculations of the German share index are based primarily on the index of the Federal Statistical Office , for which monthly rates going back to 1948 are available, the share index of the Statistical Reich Office , which was determined from 1922 to 1943, and the index of the Institute for Economic Research , their time series go back to the year 1840.

Index development

On June 20, 1985, the DAX closed mathematically at 1007.18 points for the first time above the 1000 point mark. On October 19, 1987, the index posted a daily loss of 9.39 percent. The reason was Black Monday on the New York Stock Exchange , when the value of the Dow Jones Industrial Average plummeted 22.6 percent. On Monday, October 16, 1989, the DAX suffered the biggest daily crash in its history. It collapsed by 12.81 percent. On the previous Friday, the financing of the UAL airline in the USA had failed. On August 19, 1991, the DAX posted a daily loss of 9.40 percent. It was a reaction to the later failed coup against Soviet President Mikhail Gorbachev .

On March 20, 1998, the index closed at 5001.55 points for the first time above the 5000 point mark. On March 7, 2000, the DAX reached its highest level to date with 8136.16 points in trading and 8064.97 points on the closing price basis. These were only exceeded more than seven years later, in the summer of 2007. After the speculative bubble burst in the technology sector ( dot-com bubble ), the DAX fell by March 12, 2003 to a closing level of 2202.96 points. The index closed lower for the last time on November 24, 1995. That was a decrease of 72.7 percent compared to its high of March 7, 2000.

March 12, 2003 marked the turning point in the downward trend. From spring 2003 the DAX was on the way up again. New highs were reached in July 2007; the best value was 8151.57 points on July 13, 2007.

In December 2007, the 30 largest German listed corporations were for the first time in the majority owned by foreign investors. Compared to 2005, their share had risen by 20 to 53 percent.

In the course of the international financial crisis , which had its origin in the US real estate crisis in summer 2007, the DAX began to decline again. From autumn 2008 the crisis increasingly affected the real economy. As a result, share prices plummeted worldwide. On October 9, 2008, the DAX closed at 4887.00 points for the first time since November 4, 2005, below the 5000 point limit. On October 13, 2008, the DAX experienced the largest daily gain in its history with 11.40 percent. Two weeks later, on October 28, 2008, the index finished trading 11.28 percent higher than the previous day's close. It was in response to the US government's bailout plans for the US financial industry. The index hit a new low on March 6, 2009, when it ended trading at 3666.41 points. Since the all-time high of July 13, 2007, this corresponds to a decline of 54.8 percent. March 6, 2009 marked the end of the downward trend. From spring 2009 the DAX was on the way up again. By May 2, 2011, it rose by 105.3 percent to a closing level of 7527.64 points.

The weakening of the global economy and the worsening of the euro crisis caused the German benchmark index to collapse again. On September 12, 2011, the DAX ended trading at 5072.33 points. The loss since the peak on May 2, 2011 was 32.6 percent. The announcements of new bond purchase programs by the European Central Bank and the US Federal Reserve , which are basically unlimited, then led to a recovery in prices on the stock market. The monetary stimulus played a bigger role in price formation than the global economic slowdown and the state of companies. In May 2013, the highest levels of July 2007 were exceeded for the first time: On May 22, 2013, the index closed for the first time in its history above 8500 at 8530.89 points, 68.18 percent higher than the last low point on 12. September 2011. After a setback in the summer months, it reached new all-time highs on a closing price basis from September 2013 onwards. On October 29, 2013, the DAX closed for the first time in its history above 9,000 at 9022.04 points. The 9500 point mark was broken two months later, on December 27, 2013, with a closing price of 9589.39 points.

On June 5, 2014 at 2:32 p.m., the index jumped over 10,000 points for the first time during trading. Two trading days later, on Whit Monday, June 9, 2014, the DAX achieved a five-digit level for the first time (namely 10,008.63 points), also on a closing price basis. As a result of the announcement by the ECB that it would be carrying out bond purchases of EUR 60 billion a month by September 2016 due to very low inflation and the threat of deflation , the index reached a new all-time high of 10,454.05 points on January 22, 2015 on a closing price basis. On the following day, the DAX jumped to another new high of 10,702.84 points during trading. Around two thirds of the DAX shares were in foreign ownership in 2014. On February 19, 2015, the DAX closed over 11,000 points for the first time in its history, at 11,001.94 points on a closing price basis, marking a new all-time high. In the following three weeks, the DAX kept reaching new all-time highs and closed on March 16, 2015 for the first time above 12,000 points, at 12,167.72 points at the close of trading.

At the same time, the DAX (calculated without dividends) replaced the 15-year-old high of the price index (6266.15 points on March 7, 2000) in the course of trading that day by increasing to 6266.76 points in the meantime. Based on the closing price, the price index exceeded the level from 2000 on April 10, 2015 with a value of 6331.39 points.

On March 12, 2020 there was the highest loss of points to date with 1277.55 points. The trigger was fear of the economic consequences of the COVID-19 pandemic . With a total price drop of more than 40% within a month, investors experienced the largest drop in the DAX in such a short period of time.

Short squeeze of VW shares in 2008

There were fluctuations of a special kind at the end of October 2008 when Porsche Automobil Holding tried to take over the much larger Volkswagen Group. In October 2008, Porsche owned around 42.6% of the ordinary shares through acquisitions and derivative transactions and was entitled to a further 31.5% through purchase options .

When Porsche announced this four days before the publication of VW's quarterly results, there was a violent short squeeze in the following days . Some market participants (including hedge funds ) had sold the VW shares short and now had to stock up again. After Porsche held around 75% and the state of Lower Saxony held a further 20% of the shares ( VW law ), only just under 6% of the free float remained . Due to this scarce supply and the additionally increased demand from short sellers, the VW share temporarily soared to over € 1,000 by October 28, 2008. This briefly exceeded the total market capitalization of ExxonMobil, the world's largest company at the time .

As a result of this extraordinary price increase, the weighting of the share in the DAX increased from originally 5.88% in September to 27.22% at the close of trading on October 28, 2008. On that day, Dow Jones & Company announced the free float factor of the VW common stock in its indices at the beginning of trading on Friday from 49.63 to 37.32 percent. As of November 3, 2008, Deutsche Börse acted by performing an extraordinary reweighting of the DAX index and thereby capping the weighting of Volkswagen shares in the DAX to ten percent.

Highs

The overview shows the all-time highs of the DAX as a performance index (with dividends) and as a price index (without dividends).

index Points date
Performance index in the course of trading 13,795.24 Monday 17th February 2020
Performance index based on closing price 13,789.00 Wednesday 19th February 2020
Price index in the course of trading 06,443.75 Tuesday January 23, 2018
Price index on a closing price basis 06,426.09 Tuesday January 23, 2018

Stages

The table shows the first time the next 1000-point mark was exceeded on the basis of the closing price of the DAX, which was calculated back to 1959.

DAX 1959–2015 (until March 31, 1981 only price index)
DAX performance index (blue) versus DAX price index (red) 1987–2012
first
closing
over
Final
score in points
date
500 503.52 June 20, 1960
1,000 1,007.18 June 20, 1985
2,000 2,005.01 October 8, 1993
3,000 3,001.37 January 17, 1997
4,000 4,006.40 July 8, 1997
5,000 5,001.55 March 20, 1998
6,000 6,013.14 July 8, 1998
7,000 7,173.22 January 14, 2000
8,000 8,064.97 March 7, 2000
9,000 9,022.04 October 29, 2013
10,000 10,008.63 June 9, 2014
11,000 11,001.94 19th February 2015
12,000 12,167.72 March 16, 2015
13,000 13,003.70 16th October 2017

Highest Daily Profits

The table shows the highest percentage daily profits of the DAX calculated back from 2020 to 1959.

rank date Final
score in points
Change
in points
Change
in%
Cause / note
1 Oct 13, 2008 5,062.45 +518.14 +11.40 Speculation about the announcement of an extensive rescue package in the wake of the 2007 recession
2 May 30, 1962 399.60 +45.19 +11.31 Price recovery after the slump on the New York Stock Exchange on May 29, 1962
3 Oct 28, 2008 4,823.45 +488.81 +11.28 Short squeeze of VW shares
4th 24 Mar 2020 9,700.57 +959.42 +10.98 Speculation about aid packages in the course of the COVID-19 pandemic
5 Nov 24, 2008 4,554.33 +426.93 +10.34 ?
6th May 29, 1970 485.85 +41.25 +9.28 Price recovery after price drops on the world stock exchange
7th July 29, 2002 3,859.78 +280.78 +7.85 Speculation in the wake of the burst dot-com bubble
8th 0Dec 8, 2008 4,715.88 +334.41 +7.63 ?
9 Jan. 17, 1991 1,422.67 +99.99 +7.56 Reaction to the beginning of the US Air War in the wake of the Second Gulf War
10 Nov 12, 1987 1,061.64 +73.44 +7.43 Price recovery after Black Monday on October 19, 1987

Highest daily losses

The table shows the highest percentage daily losses of the DAX calculated from 2020 to 1959.

rank date Final
score in points
Change
in points
Change
in%
Cause / note
1 Oct 16, 1989 1,385.72 −203.62 −12.81 Response to rumors of a ruptured merger of the airline United Airlines
2 March 12 2020 9,161.13 −1,277.55 −12.24 Corona crash Feared global spread of the pathogen SARS-CoV-2 , see COVID-19 pandemic
3 Aug 19, 1991 1,497.93 −155.44 −9.40 Reaction to the attempted coup in the Soviet Union against Mikhail Gorbachev
4th Oct 19, 1987 1,321.61 −136.94 −9.39 Black Monday
5 Sep 11 2001 4,273.53 −396.60 −8.49 Response to the terrorist attacks on September 11, 2001 in the USA
6th 09 Mar 2020 10,625.02 −916.85 −7.94 Corona crash Feared global spread of the pathogen SARS-CoV-2 , see COVID-19 pandemic
7th Oct 28, 1997 3,614.92 −308.31 −7.86 Worsening of the Asian crisis
8th 0Oct 2, 1998 3,918.94 −332.14 −7.81 Effects of the Russian crisis
9 Oct 26, 1987 1,193.31 −99.36 −7.69 Effects of Black Monday
10 May 29, 1962 354.41 −27.56 −7.22 Wall Street collapses

Annual development

The DAX was calculated back as a performance index (with dividends) until 1981 and as a price index (without dividends) until 1948. The time series is based on a linking of the DAX with the BZ index (1981–1986), the Hardy index (1959–1980) and the share index of the Federal Statistical Office (1948–1958). Earlier data come from Professor Richard Stehle, Institute for Banking, Stock Exchange and Insurance, Humboldt University Berlin . Stehle calculated the return on shares of those companies that would have been included in the DAX performance index if the stock market barometer had existed as early as 1937.

The best year in the history of the DAX was 1949 with a profit of 152.13 percent, followed by 1951 with a plus of 115.41 percent and 1954 with a profit of 82.59 percent. The worst year was 1948 with a loss of 87.35 percent, followed by 2002 with a minus of 43.94 percent and 2008 with a loss of 40.37 percent. The period from 1948 to 1954 is shaped by the currency reform and the economic miracle , the period since 2000 by the bursting of the dot-com bubble and the effects of the financial crisis from 2007 .

The table shows the annual development of the German stock index DAX, calculated back to 1937.

year Final
score in points
Change
in points
Change
in%
1937 56.89
1938 55.47 −1.42 −2.50
1939 63.01 7.54 13.59
1940 84.69 21.68 34.41
1941 91.72 7.03 8.30
1942 102.54 10.82 11.80
1943 106.95 4.41 4.30
1944 110.37 3.42 3.20
1945 89.84 −20.53 −18.60
1946 89.39 −0.45 −0.50
1947 102.18 12.79 14.31
1948 12.93 −89.25 −87.35
1949 32.60 19.67 152.13
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

criticism

In July 2018, the television news channel n-tv criticized the fact that the calculation of the DAX compared to other indices, such as B. the FTSE 100 or the S&P 500 , leads to a distortion. He is limited to only 30 companies and thus excludes a large part of the other German stock corporations. The performance index is unrealistic, because it also includes distributed dividends, which leads to a considerable difference compared to the price index.

See also

Web links

Commons : DAX  - collection of images, videos and audio files
Wiktionary: DAX  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. DAX® (TR) EUR. (No longer available online.) Archived from the original on October 10, 2014 ; accessed on October 7, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.dax-indices.com
  2. Deutsche Börse Group, DAX Indices: Factsheet DAX ( Memento of the original dated June 2, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 130 kB) @1@ 2Template: Webachiv / IABot / www.dax-indices.com
  3. a b c Deutsche Börse launches new XDAXDAX index. Index covers the entire trading time of the derivatives market. (No longer available online.) Deutsche Börse AG, February 3, 2016, archived from the original on December 4, 2017 ; Retrieved December 3, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / deutsche-boerse.com
  4. Information on the "DAX" trademark  in the register of the German Patent and Trademark Office (DPMA)
  5. Information on the Union trademark number 003109551 for DAX in the register of the German Patent and Trademark Office (DPMA)
  6. Torsten Hampel: The curve function. In: Der Tagesspiegel . July, 1st 2013.
  7. ^ Deutsche Börse: Equity Index. (PDF) (No longer available online.) In: A. Stoxx, September 30, 2019, archived from the original on February 3, 2020 ; accessed on February 3, 2020 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.dax-indices.com
  8. ^ World Federation of Exchanges. Retrieved March 7, 2018 .
  9. ShortDAX factsheet ( Memento of the original from November 1, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF file; 178 kB) @1@ 2Template: Webachiv / IABot / www.dax-indices.com
  10. Cash market opens from June at 8 a.m. Deutsche Börse AG, May 31, 2011, accessed on December 7, 2017 .
  11. X-DAX® (TR) EUR. Deutsche Börse AG, accessed on December 3, 2017 .
  12. Deutsche Börse: Deutsche Börse supplements guidelines for stock indices ( memento of the original from January 10, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Press release from October 31, 2008 @1@ 2Template: Webachiv / IABot / deutsche-boerse.com
  13. dax-indices.com: Compositions. Retrieved June 23, 2020 (English).
  14. DAX 30 market capitalization. In: finanzen.de. Retrieved August 26, 2020 .
  15. ^ Historical Index Compositions of the Equity- and Strategy Indices (Version 10.1): DAX Index Composition. (PDF) In: dax-indices.com. STOXX Ltd., March 2020, pp. 3–4 , accessed on March 28, 2020 (English).
  16. Conti and MG regret being relegated to the MDax . In: Welt Online , July 18, 1996. Retrieved June 28, 2013. 
  17. Deutsche Börse: Deutsche Börse in the DAX from December 23rd ( Memento of the original from April 9th, 2014 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Press release, November 12, 2002 @1@ 2Template: Webachiv / IABot / deutsche-boerse.com
  18. ^ Frankfurter Allgemeine Zeitung: Merck replaces Altana in the DAX
  19. Deutsche Börse: K + S replaces TUI in DAX ( memento of the original from October 20, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Press release, September 3, 2008 @1@ 2Template: Webachiv / IABot / deutsche-boerse.com
  20. Infineon is included in the DAX ( memento of the original from October 20, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Deutsche Börse AG press release of September 3, 2009, accessed on September 3, 2009. @1@ 2Template: Webachiv / IABot / deutsche-boerse.com
  21. VW strains fly out of the Dax ( memento from February 2, 2010 in the Internet Archive ), press release from ftd.de from December 18, 2009, accessed on December 18, 2009.
  22. ^ Dax reorganization: Expensive purchases for index funds . In: Wirtschaftswoche . June 21, 2010. Retrieved June 28, 2013.
  23. Continental is returning to the Dax as expected . börsennews.de. September 6, 2012. Archived from the original on October 20, 2013. Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved June 28, 2013. @1@ 2Template: Webachiv / IABot / www.boersennews.de
  24. Deutsche Börse: dax-indices.com press release, March 5, 2018
  25. Dax from Monday with a new composition: Wirecard shares will replace Commerzbank. BÖRSE ONLINE, September 21, 2018, accessed on September 24, 2018 (English).
  26. Index change: Thyssen-Krupp flies out of the Dax - MTU rises. Retrieved September 5, 2019 .
  27. Lufthansa loses space in the Dax, Deutsche Wohnen rises. ZEIT Online, June 4, 2020, accessed on June 5, 2020 .
  28. boerse.ARD.de: Delivery Hero replaces Wirecard in the Dax | Stock news. Accessed August 21, 2020 .
  29. a b Humboldt-Universität zu Berlin: The return on German blue-chip stocks in the post-war period - recalculation of the DAX for the years 1948 to 1954  ( page no longer available , search in web archivesInfo: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Toter Link / lehre.wiwi.hu-berlin.de  
  30. Humboldt University of Berlin: Recalculation of the DAX for the years 1955 to 1987 (PDF file; 129 kB)
  31. Ulf Sommer: German companies in foreign hands. In: Handelsblatt.com. December 17, 2007, accessed June 12, 2019 .
  32. ^ Spiegel online : Dax achieves the biggest daily plus in its history October 13, 2008
  33. Spiegel Online: Buying government bonds: Investors cheer Draghi's euro promise , July 26, 2012
  34. Spiegel Online: ECB Council meeting: Draghi announces unlimited bond purchases , September 6, 2012
  35. ^ Spiegel Online: Fed chief: Bernanke counts on the big flood of money , September 13, 2012
  36. Spiegel Online: Bond purchase: US Federal Reserve starts new economic program , December 12, 2012
  37. a b Yahoo: Historical prices of the DAX
  38. Bundesbank report - Dax largely in foreign hands. In: Handelsblatt.com. September 22, 2014, accessed June 12, 2019 .
  39. Steffen Preißler: Buying shares despite Corona? What investors need to know now. In: Morgenpost.de. May 10, 2020, accessed May 25, 2020 .
  40. The losses since the beginning of the stock market crash in February now add up to over 5100 Dax points. In: fr.de. Frankfurter Rundschau, May 15, 2020, accessed on May 25, 2020 .
  41. boerse-social.com: The biggest losers in the Corona crisis and a billion- dollar bet on falling Wirecard prices (Top Media Extended). In: Finanznachrichten.de. May 4, 2020, accessed May 24, 2020 .
  42. ^ Takeover battle for VW: Investigations against Porsche supervisory boards initiated . In: Handelsblatt , February 11, 2013. Retrieved June 28, 2013. 
  43. ^ VW / Porsche: The VW share, a laughing stock . In: Handelsblatt , October 26, 2008. Retrieved June 28, 2013. 
  44. Group benefits from chaos in VW shares: Porsche calms the markets . In: Handelsblatt , October 29, 2008. Retrieved June 28, 2013. 
  45. VW shares: Porsche caught speculators on the wrong foot . In: Handelsblatt , October 28, 2008. Retrieved June 28, 2013. 
  46. Weightings + key figures . Deutsche Börse Group. Archived from the original on June 20, 2009. Retrieved June 28, 2013.
  47. Communiqué ( Memento of the original from September 27, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 48 kB) @1@ 2Template: Webachiv / IABot / www.stoxx.com
  48. Deutsche Börse carries out extraordinary DAX index rebalancing. (No longer available online.) Deutsche Börse AG, October 28, 2008, archived from the original on March 16, 2015 ; accessed on January 27, 2015 .
  49. a b c Vienna University of Economics and Business: DAX performance index 1959–2007 (daily)
  50. a b c DAX: DAX Digital - DAX® (TR) EUR. In: dax-indices.com. Retrieved March 11, 2020 .
  51. n-tv NEWS: Dax's record mood spoiled. Retrieved June 5, 2020 .
  52. ^ Richard Nowak: The New York Financial Market: An economic analysis of the objectified money and capital market in the USA . Springer-Verlag, 2013, ISBN 978-3-322-96301-7 ( google.de [accessed on June 5, 2020]).
  53. https://www.boerse.de/boersenwissen/boersengeschichte/Kurskapriolen-der-VW-Aktie-2008--45. Retrieved June 5, 2020 .
  54. n-tv NEWS: 17:44 Dax shoots through the roof. Retrieved June 5, 2020 .
  55. ^ Will Tremper: The Tall Conspiracy: Roman . FISCHER Digital, 2016, ISBN 978-3-10-561324-5 ( google.de [accessed on June 5, 2020]).
  56. Place 13: DAX, July 29, 2002 - The best stock market days of all time | Top ranking. Retrieved June 5, 2020 .
  57. The best trading days of all time | Top ranking. Retrieved June 5, 2020 .
  58. ^ Anton Riedl: Riedls-Dax-Radar: Corona-Crash: Only high-tech and 1987 are encouraging. Retrieved June 5, 2020 .
  59. Martin Hock: October 16, 1989: The first and biggest crash of the Dax . In: FAZ.NET . ISSN  0174-4909 ( faz.net [accessed June 5, 2020]).
  60. 1st place: October 16, 1989 - The biggest price drops in the DAX | Top ranking. Retrieved June 5, 2020 .
  61. ^ WORLD: 50 years ago: The headline of May 30, 1962 . In: THE WORLD . May 30, 2012 ( welt.de [accessed June 5, 2020]).
  62. Richard Stehle, Christian Wulff, Yvett Richter: The return on German blue-chip stocks in the post-war period - recalculation of the DAX for the years 1948 to 1954. , Humboldt-Universität zu Berlin, 1998
  63. Börse.de: DAX performance index 1950–2010 ( Memento from October 19, 2010 in the Internet Archive )
  64. Deutsche Bundesbank: DAX performance index from 1959 (monthly)
  65. Richard Stehle: Later compiled back calculations 1938 to 1954. In: Scientific report to determine the imputed interest rate that takes into account the specific risks of broadband expansion. Humboldt University Berlin, 2010, p. 183
  66. DAX Digital | DAX® (TR) EUR. Retrieved January 5, 2019 .
  67. Max Borowski: 30 years of Dax: Germany's leading index is misleading. In: teleboerse.de. July 1, 2018, accessed April 5, 2019 .