|Bloomberg code||DAX <Index>|
|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.
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
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:
- Turnover in Xetra and in Frankfurt floor trading
- Free float market capitalization ( free float market capitalization)
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.
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%.
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||4.6||June 22, 1998||Herzogenaurach||Bavaria|
|alliance||ALV||Insurance||8.1||July 1, 1988||Munich||Bavaria|
|BASF||BAS||chemistry||5.0||July 1, 1988||Ludwigshafen am Rhein||Rhineland-Palatinate|
|Bayer||BAYN||Chemicals and pharmaceuticals||7.4||July 1, 1988||Leverkusen||North Rhine-Westphalia|
|Beiersdorf||AT||Consumer goods||1.1||Dec 22, 2008||Hamburg||Hamburg|
|BMW||BMW||Automobile production||2.0||July 1, 1988||Munich||Bavaria|
|Continental||CON||Automotive supplier||1.0||Sep 24 2012||Hanover||Lower Saxony|
|Covestro||1COV||chemistry||0.6||19 Mar 2018||Leverkusen||North Rhine-Westphalia|
|Daimler||DAI||Automobile production||3.3||Dec. 21, 1998 1||Stuttgart||Baden-Württemberg|
|Deutsche Bank||DBK||Banks||1.9||July 1, 1988||Frankfurt am Main||Hesse|
|German Stock Exchange||DB1||Exchanges||3.1||Dec 23, 2002||Frankfurt am Main||Hesse|
|German postal service||DPW||logistics||3.3||19 Mar 2001||Bonn||North Rhine-Westphalia|
|Deutsche Telekom||DTE||telecommunications||5.3||Nov 18, 1996||Bonn||North Rhine-Westphalia|
|German living||DWNI||property||n / A||June 22, 2020||Berlin||Berlin|
|E.ON||EOAN||Supplier||2.4||June 19, 2000 1||eat||North Rhine-Westphalia|
|Fresenius||FRE||Medical technology and clinic operations||2.0||23 Mar 2009||Bad Homburg vor der Höhe||Hesse|
|Fresenius Medical Care||FME||Medical technology||1.7||Sep 20 1999||Hof on the Saale||Bavaria|
|HeidelbergCement||HEI||Building materials||0.8||June 21, 2010||Heidelberg||Baden-Württemberg|
|handle||HEN3||Consumer goods and chemicals||1.6||July 1, 1988||Dusseldorf||North Rhine-Westphalia|
|Infineon||IFX||semiconductor||2.8||21 Sep 2009||Neubiberg||Bavaria|
|Linden tree||LIN||Industrial gases and plant construction||9.4||July 1, 1988||Dublin||Ireland|
|Merck||MRK||Chemicals and pharmaceuticals||1.4||June 18, 2007||Darmstadt||Hesse|
|MTU Aero Engines||MTX||aviation||0.9||23 Sep 2019||Munich||Bavaria|
|Munich Re||MUV2||Insurance||3.5||23 Sep 1996||Munich||Bavaria|
|RWE||RWE||Supplier||2.1||July 1, 1988||eat||North Rhine-Westphalia|
|SAP||SAP||Standard software||10.0||Sep 18 1995||Walldorf||Baden-Württemberg|
|Siemens||SHE||Electrical engineering||8.5||July 1, 1988||Berlin and Munich||Berlin and Bavaria|
|Volkswagen||VOW3||Automobile production||2.6||July 1, 1988||Wolfsburg||Lower Saxony|
|Vonovia||VNA||property||3.0||21 Sep 2015||Bochum||North Rhine-Westphalia|
|Delivery Hero||DHER||Online services||1.4||24 Aug 2020||Berlin||Berlin|
1) Daimler and E.ON were represented in the DAX by their predecessor companies since July 1, 1988.
Prices and market capitalizations
|Volkswagen (VW) vz.||139.00||72,292.45|
|German postal service||40.01||47,902.40|
|reinsurance association Munich||244.00||33,749.80|
|German Stock Exchange||160.00||29,036.80|
|Fresenius Medical Care||73.26||21,457.30|
|MTU Aero Engines||156.15||8,112.64|
Share prices and market capitalizations after close of trading on August 26, 2020
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:
|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|
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|
(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|
|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.|
|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|
|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.|
|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.|
|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|
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.
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.
The overview shows the all-time highs of the DAX as a performance index (with dividends) and as a price index (without dividends).
|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||6,443.75||Tuesday January 23, 2018|
|Price index on a closing price basis||6,426.09||Tuesday January 23, 2018|
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.
score in points
|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.
score in points
|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||Dec 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.
score in points
|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||9 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||Oct 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|
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.
score in points
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.
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