German pension index
| Price index | |
|---|---|
| ISIN | DE0008469107 |
| WKN | 846910 |
| symbol | REX |
| RIC | ^ GREX |
| Bloomberg code | REX <index> |
| Performance index | |
| ISIN | DE0008469115 |
| WKN | 846911 |
| symbol | REXP |
| RIC | ^ GREXP |
| Bloomberg code | REXP <index> |
The German Rentenindex is an index that measures the performance of German government bonds . It is determined by Deutsche Börse as a price index (REX) and as a performance index (REXP). Both are protected as trademarks .
calculation
REX price index
The REX is a price index. Price changes and interest income are not included. It is calculated daily by Deutsche Börse on the basis of the spot prices of 30 typical federal government bonds and its special assets . Ideal bonds with whole-number terms of 1 to 10 years and three coupon types of 6 percent, 7.5 percent and 9 percent are considered. The bonds are weighted according to their market share over the past 25 years. The index has no basis, the prices are always average. The REX has been calculated daily by Deutsche Börse since June 11, 1991. When it was introduced, it was calculated back to 1988 (daily courses) and 1967 (monthly courses).
REX performance index
The REXP is a performance index. In addition to the REX exchange rates, price changes and interest income are also included in the calculation. It thus represents the overall success of the investment. To harmonize with the German DAX share index , the REXP received the new base 100 points on December 30, 1987. The time series from 1967 to 1987 was therefore rebased so that it begins on January 31, 1967 with 21.24 points. The REXP has been determined daily by Deutsche Börse since April 27, 1992. When it was introduced, it was calculated back to 1988 (daily courses) and 1967 (monthly courses). Since 2008, the REXP index has shown a performance that deviates from that of real government bonds .
composition
The German bond index consists of 30 federal bonds. Each of the 30 courses is multiplied by its weight. The sum of the 30 weighted prices results in the overall REX index.
| Term (years) |
Weighting (6%) |
Weighting (7.50%) |
Weighting (9%) |
total | Weighted coupon |
|---|---|---|---|---|---|
| 1 | 3.10 | 1.73 | 2.56 | 7.39 | 7.39 |
| 2 | 3.50 | 2.43 | 2.87 | 8.80 | 7.39 |
| 3 | 4.06 | 3.03 | 3.16 | 10.25 | 7.37 |
| 4th | 4.88 | 3.37 | 3.70 | 11.95 | 7.35 |
| 5 | 4.87 | 3.15 | 4.02 | 12.04 | 7.39 |
| 6th | 4.09 | 2.84 | 4.32 | 11.25 | 7.53 |
| 7th | 3.82 | 3.02 | 4.79 | 11.63 | 7.63 |
| 8th | 3.38 | 3.14 | 4.06 | 10.58 | 7.60 |
| 9 | 3.65 | 2.62 | 3.38 | 9.65 | 7.46 |
| 10 | 3.15 | 1.47 | 1.84 | 6.46 | 7.20 |
| total | 38.50 | 26.80 | 34.70 | 100.00 | 7.44 |
history
Historical overview
The REX price index started on January 31, 1967 at 102.09 points. On August 31, 1981, an all-time low of 85.88 points was recorded. The average yield of all government bonds in circulation ( current yield ) was quoted on September 7, 1981 at an all-time high of 11.43 percent.
At the height of the dot-com bubble on the stock market , the REX price index stood on May 19, 2000 at 108.47 points. The buyers of bonds benefited from the bursting of the speculative bubble . Investor demand for bonds increased - prices in the bond index rose. The central banks provided additional impetus . The US Federal Reserve , in particular , lowered its key interest rate several times to stimulate the economy . As a result, the yields of German government bonds fell . On July 4, 2005 a value of 127.38 points was determined for the REX price index. The profit since May 2000 is 17.4 percent.
As stock prices rallied, investors withdrew money from bonds. The economic boom in Asia and the better economy in Germany caused the yields on government bonds to rise. The prices in the German REX bond index fell by 11.4 percent to 112.83 points by July 3, 2008.
In the course of the international financial crisis , which had its origin in the US real estate crisis in the summer of 2007, the REX price index began to rise again. From autumn 2008 the crisis increasingly affected the real economy. As a result, stocks and commodities collapsed worldwide. The rapid demand for the supposedly safe German government bonds caused their yields to fall.
A budget crisis in several member states of the euro area led to the outbreak of the sovereign debt crisis in the euro area . Greece is particularly affected (see Greek sovereign debt crisis from 2010 ), but also other countries such as Ireland , Spain , Italy and Portugal . The interest rate differentials ( risk premiums ) of almost all government bonds in the euro zone compared to federal bonds continued to widen. The current yield on German government bonds was quoted on June 1, 2012 at 0.92 percent, an all-time low. The REX price index reached an all-time high of 135.73 points on July 23, 2012. The growth since the low on July 3, 2008 is 20.3 percent and since the all-time low on August 31, 1981, 58.0 percent.
performance
The REX is a price index; interest income is not included. As a result, it is not suitable for a long-term assessment of performance, but unlike the REXP, it is suitable for a long-term view of the price development of the bonds it contains. The German bond index REXP, on the other hand, is a performance index. In addition to the rates, the interest income is also included in the calculation.
A comparison of the performance with the German DAX share index is therefore only possible via the performance of the REXP. The German share index is also a performance index, dividend payments and subscription rights proceeds are included. The DAX started on December 31, 1987 with a base value of 1,000 points. To harmonize with the DAX, the REXP received the base value of 100 points on the same day.
Since then, the REXP has performed worse than the DAX. The REXP rose by 323.1 percent to 423.06 points by December 31, 2011. The average annual return is 6.2 percent. During the same period, the DAX rose 489.8 percent to 5,898.35 points. The average annual return is 7.7 percent.
Compared to the volatile DAX share index, the REXP bond index recorded a relatively steady development. Losses seldom occurred. Most of the time the coupon was so high that it overcompensated for price losses in years with increasing returns. Only in the years 1994 and 1999 did the yield level increase so rapidly for a short time that the resulting losses could not be compensated by interest income. An investment in Bunds has always been profitable for an investment period of two years or more.
Highs
The overview shows the all-time highs of the REX and REXP.
| index | Points | date |
|---|---|---|
| REX price index | 135.73 | Monday 23rd July 2012 |
| REX performance index | 443.43 | Monday 10th December 2012 |
Annual development
REX price index
Below are the annual highs, lows and closings as well as the annual performance since 1967.
| year | Peak | Lowest point | Final stand | Change in% |
|---|---|---|---|---|
| 1967 | 105.90 | 102.09 | 102.09 | |
| 1968 | 107.86 | 105.74 | 107.73 | 5.52 |
| 1969 | 107.91 | 101.56 | 101.56 | −5.73 |
| 1970 | 100.62 | 95.83 | 99.55 | −1.98 |
| 1971 | 101.08 | 98.14 | 100.56 | 1.01 |
| 1972 | 103.35 | 97.43 | 97.43 | −3.11 |
| 1973 | 98.03 | 91.83 | 93.28 | −4.26 |
| 1974 | 93.46 | 89.45 | 93.26 | −0.02 |
| 1975 | 99.20 | 96.07 | 98.41 | 5.52 |
| 1976 | 102.04 | 98.55 | 101.80 | 3.44 |
| 1977 | 108.01 | 102.51 | 108.01 | 6.09 |
| 1978 | 109.65 | 104.81 | 104.81 | −2.95 |
| 1979 | 103.71 | 97.33 | 98.02 | −6.48 |
| 1980 | 98.66 | 90.66 | 93.75 | −4.36 |
| 1981 | 93.06 | 85.88 | 90.85 | −3.09 |
| 1982 | 99.86 | 90.80 | 99.86 | 9.92 |
| 1983 | 101.20 | 96.84 | 97.40 | −2.46 |
| 1984 | 102.56 | 97.68 | 102.56 | 5.30 |
| 1985 | 105.74 | 99.96 | 105.49 | 2.86 |
| 1986 | 109.15 | 105.61 | 107.17 | 1.59 |
| 1987 | 109.99 | 105.11 | 107.10 | −0.07 |
| 1988 | 108.44 | 104.12 | 105.03 | −1.93 |
| 1989 | 103.47 | 99.03 | 99.46 | −5.30 |
| 1990 | 97.59 | 93.12 | 93.50 | −5.99 |
| 1991 | 96.35 | 94.28 | 96.35 | 3.05 |
| 1992 | 101.54 | 96.04 | 101.54 | 5.39 |
| 1993 | 109.36 | 102.11 | 109.36 | 7.70 |
| 1994 | 108.92 | 99.90 | 99.90 | −8.65 |
| 1995 | 109.18 | 100.92 | 109.18 | 9.29 |
| 1996 | 110.65 | 106.73 | 110.37 | 1.09 |
| 1997 | 111.70 | 109.99 | 111.01 | 0.57 |
| 1998 | 118.18 | 112.29 | 118.18 | 6.46 |
| 1999 | 119.48 | 110.60 | 110.60 | −6.41 |
| 2000 | 112.62 | 108.47 | 112.48 | 1.70 |
| 2001 | 117.32 | 111.04 | 113.12 | 0.57 |
| 2002 | 117.56 | 110.79 | 117.56 | 3.93 |
| 2003 | 122.14 | 116.16 | 117.36 | −0.17 |
| 2004 | 121.17 | 116.42 | 120.19 | 2.41 |
| 2005 | 127.38 | 119.70 | 120.92 | 0.61 |
| 2006 | 121.46 | 116.26 | 116.78 | −3.42 |
| 2007 | 117.47 | 112.89 | 114.85 | −1.65 |
| 2008 | 122.62 | 112.83 | 121.68 | 5.95 |
| 2009 | 124.81 | 120.07 | 123.62 | 1.59 |
| 2010 | 129.41 | 122.73 | 124.96 | 1.08 |
| 2011 | 131.66 | 120.45 | 131.48 | 5.22 |
| 2012 | 135.73 | 129.72 | 135.11 | 2.76 |
| 2013 | 135.96 | 131.87 | 132.11 | −2.22 |
| 2014 | 139.67 | 132.08 | 139.67 | 5.73 |
| 2015 | 140.52 | 138.37 | 139.52 | −0.11 |
| 2016 | 144.47 | 141.46 | 142.50 | 2.14 |
| 2017 | 143.32 | 140.53 | 140.53 | −1.38 |
REX performance index
Below are the annual highs, lows and closings as well as the annual performance since 1967.
| year | Peak | Lowest point | Final stand | Change in% |
|---|---|---|---|---|
| 1967 | 23.43 | 21.24 | 23.43 | |
| 1968 | 25.52 | 23.58 | 25.52 | 8.92 |
| 1969 | 25.98 | 25.49 | 25.76 | 0.94 |
| 1970 | 27.17 | 25.21 | 27.17 | 5.47 |
| 1971 | 29.49 | 27.72 | 29.49 | 8.54 |
| 1972 | 31.12 | 30.21 | 30.69 | 4.07 |
| 1973 | 31.70 | 30.22 | 31.70 | 3.29 |
| 1974 | 34.31 | 31.28 | 34.31 | 8.23 |
| 1975 | 38.94 | 35.56 | 38.94 | 13.49 |
| 1976 | 43.28 | 39.48 | 43.28 | 11.14 |
| 1977 | 49.15 | 43.84 | 49.15 | 13.56 |
| 1978 | 50.99 | 49.73 | 50.99 | 3.74 |
| 1979 | 51.25 | 49.41 | 51.25 | 0.51 |
| 1980 | 53.90 | 48.32 | 52.84 | 3.10 |
| 1981 | 55.52 | 50.14 | 55.52 | 5.07 |
| 1982 | 65.83 | 55.86 | 65.83 | 18.57 |
| 1983 | 69.06 | 66.28 | 69.06 | 4.91 |
| 1984 | 78.17 | 69.69 | 78.17 | 13.19 |
| 1985 | 86.19 | 77.10 | 86.19 | 10.26 |
| 1986 | 93.62 | 86.78 | 93.62 | 8.62 |
| 1987 | 100.00 | 95.11 | 100.00 | 6.81 |
| 1988 | 105.31 | 101.00 | 104.66 | 4.66 |
| 1989 | 107.62 | 103.01 | 106.64 | 1.89 |
| 1990 | 108.14 | 102.23 | 108.14 | 1.41 |
| 1991 | 120.22 | 109.78 | 120.22 | 11.17 |
| 1992 | 136.34 | 122.52 | 136.34 | 13.41 |
| 1993 | 156.33 | 137.87 | 156.33 | 14.66 |
| 1994 | 156.37 | 150.78 | 152.40 | −2.51 |
| 1995 | 177.84 | 154.84 | 177.84 | 16.69 |
| 1996 | 191.26 | 177.06 | 191.26 | 7.55 |
| 1997 | 203.81 | 192.84 | 203.81 | 6.56 |
| 1998 | 226.72 | 207.20 | 226.72 | 11.24 |
| 1999 | 229.95 | 221.59 | 222.31 | −1.95 |
| 2000 | 237.62 | 220.30 | 237.55 | 6.86 |
| 2001 | 257.77 | 237.55 | 250.91 | 5.62 |
| 2002 | 273.54 | 248.49 | 273.54 | 9.02 |
| 2003 | 289.49 | 272.40 | 284.72 | 4.09 |
| 2004 | 305.73 | 284.43 | 303.80 | 6.70 |
| 2005 | 327.65 | 304.24 | 316.20 | 4.08 |
| 2006 | 320.67 | 308.78 | 317.05 | 0.27 |
| 2007 | 331.44 | 312.91 | 325.02 | 2.51 |
| 2008 | 360.66 | 325.07 | 357.99 | 10.14 |
| 2009 | 378.74 | 355.89 | 375.62 | 4.92 |
| 2010 | 400.87 | 373.27 | 390.67 | 4.01 |
| 2011 | 423.06 | 380.13 | 423.06 | 8.29 |
| 2012 | 443.43 | 419.43 | 442.69 | 4.64 |
| 2013 | 447.77 | 435.64 | 440.54 | −0.49 |
| 2014 | 471.87 | 440.52 | 471.82 | 7.10 |
| 2015 | 477.20 | 468.58 | 474.24 | 0.51 |
| 2016 | 491.66 | 481.03 | 485.31 | 2.33 |
| 2017 | 488.38 | 480.42 | 480.68 | −0.95 |
Web links
- REX at Deutsche Börse
- REX at Bloomberg
- REX at Yahoo
- REXP at Deutsche Börse
- REXP at Bloomberg
- REXP at Yahoo
Individual evidence
- ^ German Patent and Trademark Office: REX trademark register
- ^ German Patent and Trademark Office: REXP trademark register
- ↑ Deutsche Börse: Glossary REX ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Deutsche Börse: Glossary REXP ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Deutsche Börse: Explanation of the REXP's performance ( page can no longer be accessed , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Deutsche Börse: Brief information on REX and REXP ( Memento of the original from December 27, 2011 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. (PDF; 46 kB)
- ^ Deutsche Bundesbank: Current yield
- ^ Yahoo: Historical prices of the DAX
- ^ Deutsche Bundesbank: Monthly REX rates from 1967
- ^ Deutsche Börse: Daily REX prices from 1992
- ^ Deutsche Bundesbank: Monthly REXP rates from 1967
- ^ Deutsche Börse: Daily REXP prices from 1992
