DAX index family

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The DAX logo

The DAX index family is a compilation of around 900  stock indices that were launched by Deutsche Börse AG (DBAG) and are calculated every second or minute during trading hours on the Frankfurt Stock Exchange . It goes back to the DAX index, which was introduced on July 1, 1988. DAX is a registered brand name and logo of Deutsche Börse AG, whose shares even in this index recorded are.

The DAX family is subdivided into the DAX indices with a focus on German stocks, the “DAX Global” indices with international stocks and the “DAX Plus” indices, which are calculated from derived financial figures such as dividend yield , volatility or momentum .

Prime Standard Indices

The DAX comprises the 30 stocks traded in the Frankfurt Prime Standard stock exchange segment that are most significant based on a weighting formula established by DBAG. The weighting includes the market capitalization of the shares in free float and the stock exchange turnover of the individual shares.

Using the same calculation method, the DAX is followed by another 60  small caps in the MDAX and 70 in the SDAX . Independently of this, there is the TecDAX index, which includes the 30 most important technology companies traded in the Prime Standard , with DBAG again deciding which companies are to be regarded as such. The stocks listed in the TecDAX can also be listed in the DAX, MDAX or SDAX since September 24, 2018. The HDAX combines all stocks of DAX, MDAX and TecDAX. Due to the parallel listing of TecDAX stocks in other indices, the total number of stocks in the HDAX is variable. All these indices exist in two forms: as a pure price index and as a so-called performance index , which is adjusted for price jumps caused by dividend discounts and (other) corporate actions .

The above-mentioned indices are now only calculated using the prices of the electronic Xetra trading system , which is active on working days from 9 a.m. to 5:30 p.m. For the addition by the so-called floor trading the indexes exist covered times of 8 to 20 LDAX , XDAX , L-MDAX, X-MDAX, SDAX and L-L-TecDAX. They are called late or late / early indices by DBAG .

There are also other indices derived from the DAX, such as the DivDAX with the DAX stocks with the highest dividends, the ShortDAX , which rises as the counterpart to the DAX when prices fall, and the volatility index VDAX . Accordingly, the DivMSDAX tracks the 15 stocks with the highest dividends in the joint index portfolio of the MDAX and SDAX.

The ÖkoDAX shows the performance of the most important companies in the field of renewable energies .

Indices independent of the Prime Standard

The General All Share Index includes all shares traded in the Frankfurt General Standard , i.e. in Frankfurt on the regulated market outside the Prime Standard, and the CDAX all German stocks listed in the Prime and General Standard. The GEX ( German Entrepreneurial Index ) only contains owner-managed German companies. Numerous industry indices focused on German companies ( DAX Sector and DAX Subsector indices ) are calculated, which include stocks from Prime Standard, General Standard and Scale .

The so-called DAXglobal indices such as the DAXglobal Asia Index , DAXglobal Shipping for shipping companies and DAXglobal Austria for Austrian companies exist for the international stock markets .

DAX SRI (Socially Responsible Investing) indices are created according to social sustainability and DAX ESG (Environmental, Social & Governance) according to social and ecological sustainability.

Web links

Individual evidence

  1. ↑ a b c d Guide to the Equity Indices of Deutsche Börse AG , Version 9.2.2, published on October 23, 2018, accessed on October 30, 2018.
  2. ↑ register information, number 1,164,323th In: DPMA register. German Trademark and Patent Office, accessed on December 3, 2017 .
  3. ↑ The index world: DAX family ( Memento of the original from December 10, 2017 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , deutsche-boerse.com, accessed on December 10, 2017. @1@ 2Template: Webachiv / IABot / deutsche-boerse.com
  4. ^ Deutsche Börse Group - Seven sentences on the new index rules. (No longer available online.) Archived from the original on October 30, 2018 ; accessed on October 30, 2018 . 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
  5. ↑ Frankfurt Stock Exchange , accessed on December 11, 2017: "The trading hours are 9:00 am to 5:30 pm (Xetra) and 8:00 am to 8:00 pm (floor trading) every trading day."
  6. ↑ DAX Digital | DivMSDAX (PR) EUR. Retrieved January 5, 2019 .
  7. ↑ Explanations of the DAX sector indices , dax-indices.com, accessed on December 11, 2017.