DivDAX
| DivDAX | |
| Performance index | |
|---|---|
| ISIN | DE000A0C33D1 |
| WKN | A0C33D |
| Price index | |
| ISIN | DE000A0C33C3 |
| WKN | A0C33C |
| 15 shares | |
The DivDAX is a share index that contains the dividend- higher half of the 30 company stocks in the DAX . The DivDAX, which was introduced in 2005 and can be traced back to 1999 as a history series, provides capital investors with a benchmark for the performance of stocks with high dividend yields .
There are numerous index certificates and investment funds that track the DivDAX. The iShares DivDAX UCITS ETF from BlackRock had assets under management of around EUR 640 million at the end of May 2018.
The historical background for the creation of the DivDAX was the dividend strategy known as the Dogs of the Dow . This stipulates that the stock selection should be based on the dividend yield.
Definition and update
The German stock market sets the DivDAX same time as the DAX annually in September reassembled and charged him as a performance index and as a price index . A containing share should not have more than 10 percent index weight. The DivDAX is composed in such a way that it contains the 15 stocks of the DAX with the highest dividend yields. To calculate the dividend yield, the dividend already paid in the current year is divided by the share's closing price on the day before the dividend was paid out. The index weighting is adjusted quarterly.
The index basis is 100 points as of September 17, 2004.
composition
The following table shows the composition of the DivDAX in 2020:
| Surname | ISIN | Branch |
Market capitalization (free float) in € million |
Index weight | Dividend per share in euros |
Closing price before dividend payment in euros |
Dividend yield (2019) |
Represented since: (year) |
|---|---|---|---|---|---|---|---|---|
| Allianz SE | DE0008404005 | Insurance | 39,756.33 | 9.99% | 9.00 | 209.00 | 4.31% | 2007 |
| BASF | DE000BASF111 | chemistry | 36,937.68 | 9.28% | 3.20 | 72.87 | 4.39% | 1999 |
| Bayer AG | DE000BAY0017 | chemistry | 40,273.70 | 10.12% | 2.80 | 61.54 | 4.55% | 2016 |
| BMW | DE0005190003 | Automobiles | 19,265.80 | 4.84% | 3.50 | 69.80 | 5.01% | 2011 |
| Continental AG | DE0005439004 | Automobiles | 9,279.64 | 2.33% | 4.75 | 153.26 | 3.10% | 2019 |
| Covestro | DE0006062144 | chemistry | 5,416.98 | 1.36% | 2.40 | 55.32 | 4.34% | 2018 |
| Daimler AG | DE0007100000 | Automobiles | 30,864.01 | 7.75% | 3.25 | 50.83 | 6.39% | 2011 |
| German Post AG | DE0005552004 | Transport & logistics | 30,529.71 | 7.67% | 1.15 | 28.92 | 3.98% | 2002 |
| Deutsche Telekom | DE0005557508 | telecommunications | 35,286.15 | 8.87% | 0.70 | 15.53 | 4.51% | 2005 |
| E.ON | DE000ENAG999 | Supplier | 23,524.61 | 5.91% | 0.43 | 9.64 | 4.46% | 1999 |
| HeidelbergCement | DE0006047004 | Building materials | 7,248.01 | 1.82% | 2.10 | 69.88 | 3.01% | 2020 |
| Munich Re | DE0008430026 | Insurance | 33,574.63 | 8.44% | 9.25 | 223.00 | 4.15% | 2005 |
| RWE | DE0007037129 | Supplier | 19,100.14 | 4.80% | 0.70 | 22.57 | 3.10% | 2018 |
| Siemens | DE0007236101 | Industry | 43,043.55 | 10.81% | 3.80 | 99.78 | 3.81% | 2009 |
| Volkswagen AG | DE0007664039 | Automobiles | 23,923.48 | 6.01% | 4.86 | 149.12 | 3.22% | 2019 |
Composition history
Since the first mathematical calculation of the DivDAX on September 20, 1999, numerous adjustments have been made to its composition. The following 15 values were originally part of the index:
Based on this initial composition, the following changes were made:
| date | Retired shares | Included shares | Cause / note |
|---|---|---|---|
| Sep 18 2000 | Munich reinsurance | Commerzbank | Adjustment based on dividend yield for 2000 |
| BMW | TUI | ||
| Bayer. Hypo- and Vereinsbank | ThyssenKrupp | ||
| Sep 24 2001 | handle | Siemens | Adjustment according to dividend yield for 2001 |
| Adidas | Deutsche Telekom | ||
| MAN | RWE | ||
| 23 Sep 2002 | German Lufthansa | Bayer. Hypo- and Vereinsbank | Adjustment according to dividend yield for 2002 |
| Schering | MAN | ||
| Siemens | German postal service | ||
| 22 Sep 2003 | Commerzbank | Siemens | Adjustment according to dividend yield for 2003 |
| Deutsche Telekom | German Lufthansa | ||
| Bayer. Hypo- and Vereinsbank | alliance | ||
| 17 Sep 2004 | Siemens | Schering | Adjustment according to dividend yield for 2004 |
| alliance | handle | ||
| German Lufthansa | Deutsche Bank | ||
| Jan. 31, 2005 | Lanxess | Lanxess is split off from Bayer. To avoid distortions in the DivDAX calculation, the DivDAX comprised 16 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 DivDAX again. | |
| Feb. 1, 2003 | Lanxess | ||
| 19 Sep 2005 | handle | Deutsche Telekom | Adjustment according to dividend yield for 2005 |
| Linden tree | German Lufthansa | ||
| Schering | Munich reinsurance | ||
| Sep 18 2006 | Volkswagen | Altana | Adjustment according to dividend yield for 2006 |
| June 18, 2007 | Altana | German Stock Exchange | After the sale of the pharmaceutical division to Nycomed , Altana’s market capitalization was too low |
| Sep 24 2007 | Bayer | Hypo Real Estate | Adjustment according to dividend yield for 2007 |
| MAN | alliance | ||
| metro | Commerzbank | ||
| TUI | Continental | ||
| 22 Sep 2008 | Continental | Merck | Adjustment based on dividend yield for 2008 |
| Hypo Real Estate | MAN | ||
| German Stock Exchange | BMW | ||
| 23 Mar 2009 | Commerzbank | Bayer | Fast exit rule, as Commerzbank has announced no dividends in the current year. |
| 21 Sep 2009 | Daimler | K + S | Adjustment according to dividend yield for 2009 |
| Merck | Siemens | ||
| BMW | metro | ||
| Deutsche Bank | German Stock Exchange | ||
| 22 Mar 2010 | German Lufthansa | Linden tree | Fast-exit rule, as Lufthansa has announced that it will not distribute any dividends in the current year. |
| Sep 20 2010 | ThyssenKrupp | Volkswagen | Adjustment according to dividend yield for 2010 |
| K + S | Beiersdorf | ||
| MAN | Merck | ||
| 19 Sep 2011 | Merck | German Lufthansa | Adjustment according to dividend yield for 2011 |
| Linden tree | Daimler | ||
| Volkswagen | MAN | ||
| Beiersdorf | BMW | ||
| Sep 24 2012 | metro | Deutsche Bank | Adjustment according to dividend yield for 2012 |
| MAN | K + S | ||
| 18 Mar 2013 | German Lufthansa | Volkswagen | Fast-exit rule, as Lufthansa has announced that it will not distribute any dividends in the current year. |
| 23 Sep 2013 | Deutsche Bank | Continental | Adjustment according to dividend yield for 2013 |
| 22 Sep 2014 | Continental | Deutsche Bank | Adjustment according to dividend yield for 2014 |
| K + S | German Lufthansa | ||
| 23 Mar 2015 | German Lufthansa | Linden tree | Fast-exit rule, as Lufthansa has announced that it will not distribute any dividends in the current year. |
| 21 Sep 2015 | Linden tree | K + S | Adjustment based on dividend yield for 2015 |
| Bayer | Vonovia | ||
| Dec 21, 2015 | Deutsche Bank | Adidas | Fast exit rule, as Deutsche Bank has announced that it will not distribute any dividends for the current financial year. |
| 21 Mar 2016 | RWE | Linden tree | Fast exit rule, as RWE has announced that it will not distribute any dividends in the current year. |
| 19 Sep 2016 | Volkswagen | Bayer | Adjustment according to dividend yield for 2016, K + S had to leave the DAX because the market capitalization had fallen too sharply. |
| Adidas | German Lufthansa | ||
| K + S | ProSiebenSat.1 | ||
| Oct 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. |
| Sep 24 2018 | German Stock Exchange | Covestro | Adjustment according to dividend yield for 2018 |
| ProSiebenSat.1 | RWE | ||
| 23 Sep 2019 | Linde plc | Volkswagen | Adjustment based on dividend yield for 2019 |
| Vonovia | Continental | ||
| 23 Mar 2020 | German Lufthansa | HeidelbergCement | Fast-exit rule, as Lufthansa has announced that it will not distribute any dividends in the current year. |
In the 20 years or so since the initial calculation, only two shares are represented in the DivDAX without interruption - the shares of BASF and E.ON. Since 2002, the values from Deutsche Post have been among the longest included values. They are followed by the shares of Deutsche Telekom and Munich Re, both of which have been part of the index since 2005.
The fast-exit rule, which excludes stock corporations that do not plan to distribute a dividend, was applied seven times to a total of four companies. Most often it affected Lufthansa with four exemptions from the index.
Development of the performance index
The starting point for the index calculation is September 17, 2004 with a status of 100 points. On October 4, 2004, the DivDAX reached 100.40 points for the first time, above the 100 point mark. After the introduction of the index on March 1, 2005, the first closing price was quoted at 114.20. On April 30, 2007, the index closed at 200.28 points for the first time above the 200 point mark. On the basis of the closing price, the DivDAX broke the 300 points for the first time on March 5, 2015 and on January 23, 2018, it hit an all-time high of 354.11 points. On December 27, 2018, the DivDAX fell to an annual low of 278.60 points. Since January 2019 it has been quoted above the 300 point mark again and marked a new all-time high in November 2019 with 359.08 points. In the course of the COVID-19 pandemic in Germany , the DivDAX fell to a multi-year low of 209.70 points in mid-March 2020. With a price drop of over 40% in less than a month, it was the historically largest stock market crash for German stocks.
Since the index is calculated back to 1999, the historically lowest level is 49.37 points, which would have resulted for March 12, 2003. Likewise, the DivDAX would only have reached the 100 point mark in September 1999 in purely mathematical terms.
The table shows the first time the next 100-point mark was exceeded on the basis of the closing price of the DivDAX performance index calculated since September 2004.
| first closing over |
Final score in points |
date |
|---|---|---|
| 100 | 100.40 | 4th October 2004 |
| 200 | 200.28 | April 30, 2007 |
| 300 | 302.58 | 5th March 2015 |
Web links
Individual evidence
- ^ Deutsche Börse Launches the DivDAX Dividend Index. In: dax-indices.com. March 1, 2005, accessed June 3, 2017 .
- ↑ DivDAX factsheets. Retrieved January 11, 2019 .
- ↑ Annual report as of May 31, 2018 for the iShares DivDAX ® UCITS ETF (DE) fund. Retrieved January 14, 2019 .
- ↑ a b c DAX Digital | DivDAX® (TR) EUR. Retrieved January 8, 2019 .
- ↑ DAX index universe. Retrieved December 24, 2018 .
- ↑ DivDAX Index Composition Report. In: www.dax-indices.com. June 25, 2020, accessed June 26, 2020 .
- ↑ a b c Historical Index Compositions of the Equity- and Strategy Indices of Deutsche Börse. Version 9.5. In: www.dax-indices.com. Accessed August 11, 2019 .
- ↑ Merck replaces Altana in the DAX. faz.net, June 6, 2007, accessed January 14, 2019 .
- ↑ DEUTSCHE BÖRSE announces the result of the annual DIVDAX review. In: www.dax-indices.com. September 13, 2019, accessed September 14, 2019 .
- ↑ Extraordinary change in the composition of the DivDAX index. In: DAX-indices.com. March 16, 2020, accessed March 17, 2020 .
- ↑ Individual index, DivDAX. In: www.deutsche-bank.de. Retrieved May 24, 2020 .
- ↑ boerse-social.com: The biggest losers in the Corona crisis and a billion- dollar bet on falling Wirecard prices (Top Media Extended). In: Finanznachrichten.de. May 4, 2020, accessed May 24, 2020 .