DAX

This article covers the stock index. For further meanings see 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 currently measures the performance of the 40 largest and (in terms of free float - market capitalization ) most liquid companies on the German stock market and represents around 80 percent of the market capitalization of listed stock corporations in Germany. 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 systemand is calculated every trading day from approx. 9 a.m. to 5:30 p.m. The index is a product and registered word mark and figurative mark of Deutsche Börse AG . It is the most important member of the DAX index family .

story

The DAX was developed jointly by the Working Group of the 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.

Originally based on the values ​​of the 30 most important listed stock corporations, it was expanded from 30 to 40 stock corporations in September 2021.

Typology and other DAX indices

The DAX is published both as a performance index and as a price index . In the case of 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 designation usually means the respective price index. 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: 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 make a profit even when the price trend is negative. There are also industry indices or strategy indices such as the DivDAX for companies with high dividends. The TecDAX , which contains 30 of the largest technology stocks , is also 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 period of the next 30 days . Its predecessor, the VDAX , indicates the implied volatility of the DAX over 45 days based on a different methodical 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 (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

This article or section needs to be revised: With the introduction of the DAX 40, the inclusion and adjustment criteria were changed and the regular review cycle was shortened to every six months, see [1]
Please help to improve it and then remove this marking.

In order 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 made on the basis of 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 then excludes the value that is a rank worse than 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 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, on the other hand, 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 Management Board of Deutsche Börse AG can deviate from these rules in coordination with the Working Group for Equity Indices.

Index weighting

The index weighting for the stocks in the DAX is based on their free float market capitalization . The decisive factor is not the entire 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 included in the weighting. Fixed ownership also includes own shares held by the issuing company itself, regardless of the size 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 on the basis of the current prices. Changes in 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 time 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 and their index weighting at the last regular adjustment (as of June 21, 2021) and the 10 now officially named companies that are to be promoted from the MDAX due to the introduction of the DAX 40 on September 20, 2021.

Surname	symbol	Branch	logo	Index weight in%	(Last) recording	Seat (place)	Seat (state)
Adidas	ADS	clothing		4.3	June 22, 1998	Herzogenaurach	Bavaria
airbus	AIR	Aerospace, armaments			Sep 20 2021	To suffer	Netherlands
alliance	ALV	Insurance		7.6	July 1, 1988	Munich	Bavaria
BASF	BAS	chemistry		5.1	July 1, 1988	Ludwigshafen on the Rhine	Rhineland-Palatinate
Bayer	BAYN	Chemicals and pharmaceuticals		4.4	July 1, 1988	Leverkusen	North Rhine-Westphalia
BMW	BMW	Automobile production		2.4	July 1, 1988	Munich	Bavaria
Brenntag	BNR	Chemical dealer			Sep 20 2021	eat	North Rhine-Westphalia
Continental	CON	Automotive supplier		1.1	Sep 24 2012	Hanover	Lower Saxony
Covestro	1COV	chemistry		0.8	19th March 2018	Leverkusen	North Rhine-Westphalia
Daimler	DAI	Automobile production		5.4	Dec. 21, 1998 1	Stuttgart	Baden-Wuerttemberg
Delivery Hero	DHER	Online services		1.8	24 Aug 2020	Berlin	Berlin
Deutsche Bank	DBK	Banks		1.8	July 1, 1988	Frankfurt am Main	Hesse
German Stock Exchange	DB1	Exchanges		2.2	Dec 23, 2002	Frankfurt am Main	Hesse
German postal service	DPW	logistics		4.6	March 19, 2001	Bonn	North Rhine-Westphalia
Deutsche Telekom	DTE	telecommunications		4.8	Nov 18, 1996	Bonn	North Rhine-Westphalia
German living	DWNI	property		1.4	June 22, 2020	Berlin	Berlin
E.ON	EOAN	Supplier		1.8	June 19, 2000 1	eat	North Rhine-Westphalia
Fresenius	FRE	Medical technology and clinic operations		1.5	March 23, 2009	Bad Homburg in front of the height	Hesse
Fresenius Medical Care	FME	Medical technology		1.2	Sep 20 1999	Hof on the Saale	Bavaria
HeidelbergCement	HEI	Building materials		0.9	June 21, 2010	Heidelberg	Baden-Wuerttemberg
HelloFresh	HFG	Grocery retail			Sep 20 2021	Berlin	Berlin
handle	HEN3	Consumer goods and chemistry		1.3	July 1, 1988	Dusseldorf	North Rhine-Westphalia
Infineon	IFX	semiconductor		3.4	Sep 21 2009	Neubiberg	Bavaria
Linden tree	LIN	Industrial gases and plant construction		10.1	July 1, 1988	Dublin	Ireland
Merck	MRK	Chemicals and pharmaceuticals		1.6	June 18, 2007	Darmstadt	Hesse
MTU Aero Engines	MTX	aviation		1.0	23 Sep 2019	Munich	Bavaria
Munich Re	MUV2	Insurance		2.8	23 Sep 1996	Munich	Bavaria
Porsche SE	PAH3	Holding company			Sep 20 2021	Stuttgart	Baden-Wuerttemberg
puma	PUM	Sporting goods			Sep 20 2021	Herzogenaurach	Bavaria
Qiagen	QIA	biotechnology			Sep 20 2021	Venlo	Netherlands
RWE	RWE	Supplier		1.7	July 1, 1988	eat	North Rhine-Westphalia
SAP	SAP	software		10.2	Sep 18 1995	Walldorf	Baden-Wuerttemberg
Sartorius	SRT	Bioprocess technology, laboratory technology			Sep 20 2021	Goettingen	Lower Saxony
Siemens	SHE	Electrical engineering		8.1	July 1, 1988	Berlin and Munich	Berlin and Bavaria
Siemens Energy	ENR	Electrical engineering		1.0	March 22, 2021	Munich	Bavaria
Siemens Healthineers	SHL	Medical technology			Sep 20 2021	gain	Bavaria
Symrise	SY1	Fragrances			Sep 20 2021	Holzminden	Lower Saxony
Volkswagen	VOW3	Automobile production		3.3	July 1, 1988	Wolfsburg	Lower Saxony
Vonovia	VNA	property		2.4	Sep 21 2015	Bochum	North Rhine-Westphalia
Zalando	ZAL	Fashion shipping			Sep 20 2021	Berlin	Berlin

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

Prices and market capitalizations

Corporation	Course [€]	Market capitalization [million €]
SAP	118.96	144,006.00
Linden tree	258.10	136,351.69
Siemens	141.98	119,484.00
Volkswagen (VW) vz.	181.00	118,020.62
airbus	111.98	88,824.90
Merck	195.80	85,433.80
Deutsche Telekom	16.96	82,308.50
alliance	183.92	78,610.00
Daimler	69.15	76,343.80
German postal service	57.82	73,042.60
Siemens Healthineers	58.56	65,889.20
BASF	61.77	57,946.80
adidas	280.30	55,076.80
Infineon	35.67	47,888.30
BMW	77.89	47,726.16
Bayer	45.27	44,415.40
Sartorius vz.	559.00	42,066.89
reinsurance association Munich	229.10	33,602.70
Henkel vz.	77.88	32,506.30
Delivery Hero	118.40	30,720.50
Vonovia	52.28	30,442.60
E.ON	10.82	28,295.20
German Stock Exchange	139.40	25,693.00
Porsche	79.94	25,541.30
Zalando	90.72	24,829.60
Deutsche Bank	10.21	22,821.20
Fresenius	40.50	22,607.50
RWE	32.13	21,618.80
Continental	90.68	19,178.60
German living	52.92	18,049.10
Fresenius Medical Care	60.54	17,614.70
Siemens Energy	22.43	16,364.80
Symrise	117.45	15,756.90
PUMA	99.20	15,070.60
HelloFresh	86.50	14,998.80
HeidelbergCement	64.14	13,210.50
Brenntag	81.04	12,879.10
Covestro	54.84	11,014.00
QIAGEN	46.54	10,594.62
MTU Aero Engines	194.20	10,121.70
total		1,836,967.58

Share prices and market capitalizations after close of trading on September 20, 2021

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 to this day; The stock corporations marked with (*) are continuously represented in the DAX by successor companies:

Alliance * BASF * Bayer * Bavarian Mortgage and Exchange Bank Bavarian Association Bank BMW * Commerzbank Continental Daimler-Benz (*) Degussa

Deutsche Bank * German Babcock German Lufthansa Dresdner Bank Feldmühle Nobel Handle * Maximum Karstadt Kaufhof Lime tree (*)

MAN Mannesmann Nixdorf RWE * Schering Siemens * Thyssen VEBA (*) VIAG (*) Volkswagen *

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
	Bavarian Association Bank	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 merged 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	Merger of Veba and Viag 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 spun off from Bayer. In order to avoid distortions in the DAX calculation, the DAX comprised 31 stocks for the first time on January 31, 2005. With the closing price of Lanxess, Bayer's weighting was recalculated on February 1, 2005 and Lanxess was removed from the DAX.
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 and severe losses in the context 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 volume; 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 because 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 as of 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 bankruptcy
09/28/2020		Siemens Energy	Siemens Energy is spun off from Siemens. In order to avoid distortions in the DAX calculation, the DAX comprised 31 stocks for the fourth time on September 28, 2020. With the closing price of Siemens Energy, the weighting of Siemens was recalculated as of September 29, 2020 and Siemens Energy was removed from the DAX again.
29.09.2020	Siemens Energy
March 22, 2021	Beiersdorf	Siemens Energy	Higher market capitalization
16.09.2021		Vitesco	Vitesco is split off from Continental . To avoid distortions in the DAX calculation, the DAX comprised 31 stocks for the fifth time on September 16, 2021. With the closing price of Vitesco, the weighting of Continental was recalculated as of September 17, 2021 and Vitesco was removed from the DAX again.
17.09.2021	Vitesco
09/20/2021		airbus	Expansion of the DAX to 40 stocks
		Brenntag
		HelloFresh
		Porsche Automobil Holding
		puma
		Qiagen
		Sartorius
		Siemens Healthineers
		Symrise
		Zalando

story

Back calculation

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 , was appointed in 1988 by Frank Mella , calculated back to 1959 on a daily basis.

Mella linked the DAX on December 30, 1987 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 take dividends into account. The 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 dating back to 1948 are available, the share index of the Reich Statistical 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 one-day 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 basis of the closing price. 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 to a closing level of 2202.96 points by March 12, 2003. 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 of the downward trend. The realization that the Iraq war could not be avoided put an end to the uncertainty among investors regarding the global political and economic situation. 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, for the first time, the 30 largest German listed corporations were 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 had an increasing impact on 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 intensification 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 highs 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 on September 12, 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 reached a five-digit level for the first time (namely 10,008.63 points), also on the basis of the closing price. As a result of the announcement by the ECB that it would carry out bond purchases of EUR 60 billion a month by September 2016 due to very low inflation or 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 held abroad in 2014. On February 19, 2015, the DAX closed above 11,000 points for the first time in its history, at 11,001.94 points on a closing price basis. In the following three weeks, the DAX reached new all-time highs almost every day 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 daily loss in terms of points 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 the VW common stock in its indices to lower the Friday start of trading from 49.63 to 37.32 percent. As of November 3, 2008, Deutsche Börse acted by carrying out an extraordinary reweighting of the DAX index, 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	16,030.33	Friday 13th August 2021
Performance index based on closing price	15,977.44	Friday 13th August 2021
Price index in the course of trading	06,775.74	Friday 13th August 2021
Price index on a closing price basis	06,753.41	Friday 13th August 2021

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	Closing 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	October 16, 2017
14,000	14,049.53	January 8, 2021
15,000	15,008.61	March 30, 2021

Highest Daily Profits

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

rank	date	Closing 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	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	March 24, 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	Response 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 back from 2020 to 1959.

rank	date	Closing score in points	Change in points	Change in%	Cause / note
1	Oct 16, 1989	1,385.72	−203.62	−12.81	Responding to rumors of a failed merger of 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	March 9, 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	Price slump on Wall Street

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 link between the DAX and 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.

Mathematically, the best year in the history of the DAX was 1949 with a profit of 152.13 percent, followed by 1951 with an increase 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	Closing 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
2020	13,718.78	469.77	3.55

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 limited himself to only 30 companies and thus excluded 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

• Category: Companies in the DAX

Web links

Commons : DAX  - collection of images, videos and audio files

Wiktionary: DAX  - explanations of meanings, word origins, synonyms, translations

• Frank Mella: How the DAX came about
• Index at Deutsche Börse AG
• Frankfurt DAX indication
• Index Guide of Deutsche Börse, Version 8.1.0 from March 1, 2017 (PDF)
• Data series, returns DAX nominal and real, Prof. Stehle since 1948 ( Memento from June 30, 2010 in the Internet Archive )
• Deutsche Bundesbank: The recalculated DAX since 1959 (monthly development)

Individual evidence

1. ↑ DAX® (TR) EUR. (No longer available online.) Archived from the original on October 10, 2014 ; Retrieved 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.  
2. ↑ Deutsche Börse Group, DAX-Indices: Factsheet DAX ( Memento from June 2, 2014 in the Internet Archive ) (PDF; 130 kB)
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.  
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. ↑ The DAX stock exchange index will consist of 40 companies in the future. In: tagesschau.de. November 24, 2020, accessed December 16, 2020 . 
8. ↑ ShortDAX factsheet. ( Memento of the original from November 1, 2012 in the Internet Archive ; PDF; 178 kB) 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. 
9. ↑ Cash market opens at 8 a.m. from June. Deutsche Börse AG, May 31, 2011, accessed on December 7, 2017 . 
10. ↑ X-DAX® (TR) EUR. Deutsche Börse AG, accessed on December 3, 2017 . 
11. ↑ Deutsche Börse supplements guidelines for equity indices . ( Memento of the original from January 10, 2009 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, press release, October 31, 2008 
12. ↑ The newcomers are certain - what investors need to know about the Dax 40. Retrieved September 4, 2021 . 
13. ↑ Composition and indicators. In: www.dax-indices.com. Retrieved June 25, 2021 . 
14. ↑ DAX 30 market capitalization. In: finanzen.de. Retrieved September 20, 2021 . 
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 in the DAX from December 23 ( memento from April 9, 2014 in the Internet Archive ) Deutsche Börse, press release, November 12, 2002.
18. ↑ Merck replaces Altana in the DAX . FAZ .net
19. ↑ K + S replaces TUI in DAX . ( Memento from October 20, 2013 in the Internet Archive ) Deutsche Börse, press release, September 3, 2008.
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. 
21. ↑ Index change: VW tribes fly out of the Dax ( Memento from February 2, 2010 in the Internet Archive ), Financial Times Deutschland , 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. Retrieved June 28, 2013.
24. ↑ press release. (PDF) Deutsche Börse, 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 . 
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. ↑ Delivery Hero moves up to the Dax. In: tagesschau.de. Accessed December 16, 2020 . 
29. ↑ manager magazin: Dax extension: What you need to know about the ten newcomers in the Dax. Retrieved September 3, 2021 . 
30. ^ ^{A b} Richard Stehle, Christian Wulff and Yvett Richter: "The return on German blue-chip stocks in the post-war period - recalculation of the DAX for the years 1948 to 1954" .
31. ↑ Humboldt-Universität zu Berlin: Recalculation of the DAX for the years 1955 to 1987 (PDF; 129 kB)
32. ↑ Ulf Sommer: The Iraq war ends the long bear market. In: Handelsblatt.com. December 23, 2003, accessed December 2, 2020 . 
33. ↑ Ulf Sommer: German companies in foreign hands. In: Handelsblatt.com. December 17, 2007, accessed June 12, 2019 . 
34. ^ Spiegel Online : Dax achieves the biggest daily plus in its history October 13, 2008
35. ^ Spiegel Online: Buying government bonds: Investors cheer Draghi's euro promise , July 26, 2012
36. ↑ Spiegel Online: ECB Council meeting: Draghi announces unlimited bond purchases , September 6, 2012
37. ↑ Spiegel Online: Fed chief: Bernanke counts on the big flood of money , September 13, 2012
38. ^ Spiegel Online: Bond purchase: US Federal Reserve starts new economic program , December 12, 2012
39. ↑ ^{a b} Yahoo: Historical prices of the DAX
40. ↑ Bundesbank report - Dax largely in foreign hands. In: Handelsblatt.com. September 22, 2014, accessed June 12, 2019 . 
41. ↑ Steffen Preißler: Buying shares despite Corona? What investors need to know now. In: Morgenpost.de. May 10, 2020, accessed May 25, 2020 . 
42. ↑ 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 . 
43. ↑ 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 . 
44. ^ Takeover battle for VW: Investigations against Porsche supervisory boards initiated . In: Handelsblatt , February 11, 2013. Retrieved June 28, 2013. 
45. ^ VW / Porsche: The VW share, a laughing stock . In: Handelsblatt , October 26, 2008. Retrieved June 28, 2013. 
46. ↑ Group benefits from chaos in VW shares: Porsche calms the markets . In: Handelsblatt , October 29, 2008. Retrieved June 28, 2013. 
47. ↑ VW share: Porsche caught speculators on the wrong foot . In: Handelsblatt , October 28, 2008. Retrieved June 28, 2013. 
48. ↑ Weightings + key figures . Deutsche Börse Group. Archived from the original on June 20, 2009. Retrieved June 28, 2013.
49. ↑ Communiqué: STOXX Ltd. To Adjust Volkswagen's Free-Float Factor In The Dow Jones STOXX Indexes ( Memento from September 27, 2013 in the Internet Archive ) (PDF; 48 kB)
50. ↑ 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 . 
51. ↑ ^{a b c} DAX performance index 1959–2007 (daily). University of Economy Vienna
52. ↑ ^{a b c} DAX Digital - DAX® (TR) EUR. In: dax-indices.com. Retrieved January 7, 2021 . 
53. ↑ Dax's record mood spoiled. In: n-tv. Retrieved June 5, 2020 . 
54. ^ 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 June 5, 2020]).
55. ↑ course antics of VW shares. Retrieved June 5, 2020 . 
56. ↑ 17:44 Dax shoots through the ceiling. In: n-tv. Retrieved June 5, 2020 . 
57. ↑ Will Tremper: The Tall Conspiracy: Roman . FISCHER Digital, 2016, ISBN 978-3-10-561324-5 ( google.de [accessed June 5, 2020]).
58. ↑ Place 13: DAX, July 29, 2002 - The best stock market days of all time | Top ranking. Retrieved June 5, 2020 . 
59. ↑ The best trading days of all time | Top ranking. Retrieved June 5, 2020 . 
60. ^ Anton Riedl: Riedls-Dax-Radar: Corona-Crash: Only high-tech and 1987 are encouraging. Retrieved June 5, 2020 . 
61. ↑ 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]).
62. ↑ 1st place: October 16, 1989 - The biggest price drops in the DAX | Top ranking. Retrieved June 5, 2020 . 
63. ↑ Fifty Years Ago : The May 30, 1962 headline . In: THE WORLD . May 30, 2012 ( welt.de [accessed June 5, 2020]).
64. ^ 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
65. ↑ Börse.de: DAX performance index 1950–2010 ( Memento from October 19, 2010 in the Internet Archive )
66. ↑ Deutsche Bundesbank: DAX performance index from 1959 (monthly)
67. ↑ Richard Stehle: Later created back calculations 1938 to 1954. In: Scientific report for the determination of the imputed interest rate, which takes into account the specific risks of the broadband expansion. Humboldt University Berlin, 2010, p. 183
68. ↑ DAX Digital | DAX® (TR) EUR. Retrieved January 5, 2019 . 
69. ↑ Max Borowski: 30 years of Dax: Germany's leading index is misleading. In: teleboerse.de. July 1, 2018, accessed April 5, 2019 .