MDAX

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MDAX
Performance index
ISIN DE0008467416
WKN 846741
Price index
ISIN DE0008467531
WKN 846753
60 shares

The MDAX (derived from Mid-Cap-DAX - Mid Cap stands for medium-sized companies or corresponding stock market values, see secondary value ) is a German share index . It reflects the development of the 60 largest companies, which follow the 30 DAX companies in terms of market capitalization and order book turnover . In addition to the DAX, TecDAX and SDAX , it belongs to the Prime Standard and the DAX index family .

The MDAX was introduced on January 19, 1996; however, as with the DAX and SDAX, the index base is 1,000 points as of December 30, 1987. The index is recalculated up to this base date. This means that the development of the three indices from this point on is directly comparable. As part of a reorganization of its indices, Deutsche Börse reduced the second most important German share index on March 24, 2003 from 70 to 50 values. As of September 2018, the MDAX was expanded to 60 stocks in order to also include some companies that were previously exclusively listed in the TecDAX.

The MDAX is calculated as a performance index and a price index . However, usually only the performance index is considered.

Course calculation

The index is based on the prices of the electronic trading system Xetra . Its calculation begins every trading day at 9:00 a.m. CET and ends with the prices from the Xetra closing auction , which starts at 5:30 p.m. CET. Every trading day following the Xetra closing auction - between 5:45 pm and 8:00 pm CET - the so-called "Late Index" L-MDAX is calculated. This indicator for the development of the MDAX values ​​after Xetra close of trading is based on the prices of floor trading on the Frankfurt Stock Exchange . The L-MDAX is calculated by Deutsche Börse AG , the operator of the Frankfurt Stock Exchange.

composition

The 60 stocks in the MDAX come from all sectors . These are shares of medium-sized German companies or companies mainly active in Germany (mid caps) that follow the DAX values ​​in terms of market capitalization, free float and stock exchange turnover . A good third of the MDAX is made up of medium-sized industrial companies, which means that the MDAX better reflects the German economy, which is characterized by medium-sized industrial companies, than the DAX.

Its composition is updated four times a year (March, June, September and December) and in special cases, such as mergers and major new issues . Deutsche Börse distinguishes between two sets of rules, "Regular" and "Fast". The Regular Exit and Regular Entry rules apply to the March and September inspections. The 90/90 rule applies to inclusion, so if a value is one of the 60 largest behind the DAX in terms of market capitalization and stock exchange turnover, it is included in the MDAX. Conversely, the 100/100 rule applies to exiting, a stock is eliminated from the MDAX if it is no longer one of the 70 largest behind the DAX in terms of market capitalization and stock exchange turnover. In addition, the broader rules Fast Entry (85/85) and Fast Exit (105/105) apply to all four annual reviews of the index composition.

For the Franco-German aviation company Airbus , headquartered in Toulouse, a special regulation applies that prevents it from being promoted to the DAX. On the one hand, the company's headquarters are abroad and the majority of the shares are traded on Euronext (CAC-40 member). Due to its high weighting, the share is the most influential share in the MDAX.

The following table shows the companies assigned to the MDAX and their weightings as of June 22, 2020. The table contains the data as published by Deutsche Börse and as decisive for the weighting in the MDAX. In particular, the market capitalization is only related to the free float determined by Deutsche Börse , not to the total number of shares. The market capitalization here does not correspond to the market value of all shares in the company, but only to the market value of the free float.

logo Surname Branch Index weighting
in%
Number
of shares
Free float
market capitalization
in € million
Seat in the MDAX since
 returning
Aareal Bank Group Logo 2018.svg Aareal Bank AG Banks 0.41 059.857.221 1,071.44 Wiesbaden September 21, 2009
Airbus Logo 2017.svg Airbus SE Aerospace, armaments 8.08 411.818.320 21,015.04 Leiden ( Netherlands ), Toulouse ( France ) March 24, 2003
Alstria-office-REIT-Logo.svg alstria office REIT-AG Real estate industry 0.94 177,593,422 2,441.91 Hamburg September 24, 2018
Aroundtown SA Logo.svg Aroundtown SA property 2.53 1,536,397,797 6,571.42 Luxembourg 19th March 2018
Aurubis-Logo.svg Aurubis AG Basic materials (copper production) 0.60 044,956,723 1,548.63 Hamburg March 19, 2001
Bechtle AG 20xx logo.svg Bechtle AG IT service 1.64 042,000,000 4,263.57 Neckarsulm September 24, 2018
Brenntag.svg Brenntag AG Wholesale (chemistry) 2.87 154,500,000 7,448.69 eat June 21, 2010
Cancom logo.svg Cancom SE IT services 0.75 038,548,001 1,950.53 Munich 29th August 2019
Zeiss logo.svg Carl Zeiss Meditec AG Medical technology 1.28 089.440.570 3,334.77 Jena December 27, 2018
Commerzbank (2009) .svg Commerzbank AG Banks 1.47 1,252,357,634 3,829.84 Frankfurt September 24, 2018
Logo CompuGroup Medical AG.png CompuGroup Medical SE Healthcare 0.57 053.219.350 1,476.63 Koblenz 23 September 2019
EVE Logo.svg CTS Eventim AG & Co. KGaA Ticket sales 0.89 096,000,000 2,321.54 Munich 16th September 2019
Delivery Hero logo.svg Delivery Hero SE Online services, delivery service 4.48 197,598,965 11,650.01 Berlin June 18, 2018
Lufthansa Logo 2018.svg Deutsche Lufthansa AG airline Cologne June 22, 2020
Dürr AG logo.svg Dürr AG Automotive supplier 0.44 069.202.080 1,149.90 Bietigheim-Bissingen March 19, 2012
Evonik.svg Evonik Industries AG Special chemical products 1.77 466,000,000 4,602.54 eat 23rd September 2013
Evotec.svg Evotec SE biotechnology 1.20 151.228.427 3,110.84 Hamburg September 24, 2018
Fraport logo 2016.svg Fraport AG Airport operator 0.59 092.468.704 1,520.74 Frankfurt am Main September 24, 2001
Freenet AG Logo.svg Freenet AG telecommunications 0.74 128.061.016 1,915.39 Büdelsdorf September 24, 2018
Fuchs-Petrolub-AG-Logo.svg Fuchs Petrolub SE chemistry 1.00 069,500,000 2,609.44 Mannheim June 23, 2008
GEA Group 2010 logo.svg GEA Group AG mechanical engineering 1.68 180.492.172 4,367.70 Dusseldorf November 18, 1996
Gerresheimer logo.svg Gerresheimer AG Drug packaging 0.89 031,400,000 2,310.38 Dusseldorf December 22, 2008
Grand City Logo Black.png Grand City Properties SA property 0.88 167.917.771 2,290.71 Luxembourg 18th September 2017
Grenke Logo 2019.svg Grenke AG Financial services 0.75 046,353,918 1,939.07 Baden-Baden June 24, 2019
Hannoverrueck logo.svg Hannover Rückversicherung AG Insurance 3.70 120.597.134 9,613.27 Hanover September 21, 2009
HELLA Logo 3D Background 4C 300dpi.jpg HELLA GmbH & Co. KGaA Automotive supplier 0.61 111.111.112 1,576.00 Lippstadt September 21, 2015
HelloFresh logo.svg HelloFresh SE Grocery retail 2.25 165.737.182 5,857.18 Berlin March 23, 2020
Hochtief-Logo.svg Hochtief AG construction 0.73 070.646.707 1,898.82 eat April 11, 1994
Hugo Boss Logo.svg Hugo Boss AG luxury 0.64 070,400,000 1,665.98 Metzingen March 22, 1999
Ks logo.svg K + S AG Fertilizers, salts 0.46 191,400,000 1,185.60 kassel March 21, 2016
Kion Group logo.svg Kion Group AG commercial vehicles 1.35 118,090,000 3,511.93 Frankfurt am Main 22nd September 2014
Knorr-Bremse logo.svg Knorr-Bremse AG Transportation and rail traffic 1.70 161,200,000 4,423.47 Munich 18th March 2019
LanXess-Logo.svg Lanxess AG chemistry 1.45 087,447,852 3,765.01 Cologne September 21, 2015
LEG NRW logo.svg LEG Immobilien AG property 3.22 069.009.836 8,368.13 Dusseldorf June 24, 2013
Metro Wholesale & Food Specialist logo.svg Metro AG trade 0.56 360.121.736 1,453.05 Dusseldorf 18th September 2017
Morphosys-logo.svg Morphosys AG biotechnology 1.39 032,890,046 3,614.17 Martinsried September 24, 2018
Nemetschek AG Logo.svg Nemetschek SE Software (construction industry) 1.33 115,500,000 3,447.22 Munich September 24, 2018
Osram-Logo.svg OSRAM Licht AG General industry 0.61 096,848,074 1,581.43 Munich 23rd September 2013
ProSiebenSat1.svg ProSiebenSat.1 Media SE media 0.73 233,000,000 1,893.65 Unterföhring 19th March 2018
Puma Logo.svg Puma SE Sporting goods 2.18 150.824.640 5,679.23 Herzogenaurach June 18, 2018
Qiagen Logo.svg Qiagen NV biotechnology 3.34 230.829.218 8,684.30 Venlo ( Netherlands ) September 24, 2018
Rational AG 201x logo.svg Rational AG Industry 0.76 011,370,000 1,965.35 Landsberg am Lech 23 September 2019
Rheinmetall logo 2016.svg Rheinmetall AG Defense technology and automotive supply 1.32 043,558,850 3,425.10 Dusseldorf April 11, 1994
Rocket Internet 201x logo.svg Rocket Internet SE Investment company (venture capital), electronic trading, management consultancy 0.53 137.262.959 1,383.82 Berlin 19th March 2018
RTL Group.svg RTL Group SA media 0.40 154.742.806 1,043.46 Luxembourg ( Luxembourg ) 23rd September 2013
Sartorius-Logo-2020.svg Sartorius AG Bioprocess technology, laboratory technology 3.85 037,440,000 9,999.67 Goettingen September 24, 2018
Scout24 Holding logo.svg Scout24 AG Online marketplaces 2.87 107,600,000 7,455.46 Munich June 18, 2018
Siemens Healthineers logo.svg Siemens Healthineers AG Medical technology 2.51 1,000,000,000 6,514.13 gain September 24, 2018
Siltronic Logo.svg Siltronic AG Semiconductor industry 0.72 030,000,000 1,873.82 Munich September 24, 2018
Software AG logo.svg Software AG software 0.66 074,000,000 1,726.40 Darmstadt September 24, 2018
Ströer-Logo.svg Ströer SE & Co. KGaA media Cologne June 22, 2020
SYM Logo.png Symrise AG Fragrances 4.97 135.426.610 12,918.49 Holzminden March 19, 2007
TAG Real Estate logo.svg TAG Immobilien AG property 1.29 146.498.765 3,365.66 Hamburg September 24, 2012
TeamViewer logo.svg TeamViewer AG software 1.77 200,000,000 4,601.68 Goeppingen 23 December 2019
Telefónica.svg Telefónica Deutschland Holding AG telecommunications 1.01 2,974,554,993 2,633.83 Munich September 24, 2018
Thyssenkrupp AG Logo 2015.svg Thyssenkrupp AG Conglomerate 1.31 622,531,741 3,397.41 Essen and Duisburg 23 September 2019
Uniper logo.svg Uniper SE energy 1.86 365,960,000 4,829.85 Dusseldorf 19th December 2016
UnitedInternet logo.svg United Internet AG Internet providers, services 1.53 194,000,000 3,968.85 Montabaur September 24, 2018
Varta-Logo.svg Varta AG Electrical engineering Ellwangen 23 December 2019
Zalando logo.svg Zalando SE Fashion shipping 3.91 252,848,768 10,154.47 Berlin June 22, 2015
  1. as EADS
  2. as North German Affinerie
  3. as a metal company

Since the MDAX is weighted according to market capitalization, the weighting of the individual shares changes each time the MDAX is recalculated.

Composition history

Compared to the DAX, the composition of the MDAX changes more frequently; of the 70 founding members, only the armaments company Rheinmetall and the construction company Hochtief are consistently represented in the MDAX.

history

Historical overview

As with the DAX and SDAX , the standardized index level of the MDAX was 1,000 points on December 30, 1987. On January 29, 1988, the MDAX reached its arithmetically lowest value of 914.47 points. This was followed by a phase of extremely sharp increases in the index prices to 2,736.23 points on July 19, 1990. The index then fell to 1,670.98 points by October 5, 1992. It was not until August 2, 1995 that the high from 1990 was exceeded. On the day of its introduction on January 19, 1996, the MDAX closed at 2,648.44 points and then rose further. On July 20, 1998, the MDAX reached its highest closing price to date at 4,877.78 points. The aftermath of the Asian crisis caused the index to drop to 3,324.53 points by October 8, 1998. That was a 31.8% decrease in less than three months. Only on August 7, 2000 did it surpass this peak again.

On November 2, 2000, the MDAX closed above the 5,000 point mark for the first time; it had already broken this mark on October 2, 2000. November 8, 2000 marked a new high, it reached 5,078.88 points in the course of trading and closed at 5,069.82 points. Then the index hit the consequences of the burst dot-com bubble . By March 12, 2003, the MDAX collapsed to 2,646.89 points, the lowest level since 1996. The price decline compared to the high in 2000 thus totaled 47.8%.

After this low, the MDAX started a long rally. On June 28, 2004, it exceeded its old highs from 2000. The MDAX broke through the 10,000 point mark on February 8, 2007, and on February 13 based on the closing price. On July 9, 2007, it closed with 11,377.94 points and rose to 11,493.68 points on July 13, 2007 - an increase of 329.8% over 2003.

In the course of the international financial crisis , the MDAX plummeted to an unprecedented extent. On March 6, 2009, at 4,163.42 points, it marked the lowest level since October 2003. Compared to summer 2007, it thus lost 63.4%. That day marked the end of the descent. In the period that followed, the index recorded enormous price gains. The MDAX reached the 10,000 point mark again on December 21, 2010 and ended trading on July 7, 2011 with 11,187.04 points. This means a price increase of 168.7% since the low in 2009. During the euro crisis , the MDAX fell again and on October 4, 2011 closed at only 7,783.14 points. This results in a loss of 30.4% in just three months.

The announcements of loose monetary policy and new bond purchase programs by the European Central Bank and the US Federal Reserve helped the MDAX to rally that continued without any major interruption until autumn 2017. On October 17, 2012, the MDAX set its all-time high from 2007 - it was the first among the most important German stock indices to return to the level of the pre-crisis period. Since then, the MDAX has continuously reached new all-time highs. The MDAX jumped over the 20,000 point mark for the first time on February 27, 2015. At the current high on October 27, 2017, performance was 243.2% since October 2011 and 541.6% since March 2009. Although the MDAX and DAX are on the same level Index starting value for December 30, 1987, the MDAX is now about twice as high as the DAX.

Stages

The table shows the first time the next 1,000-point mark was exceeded on the basis of the closing price of the MDAX, which was calculated back to 1987.

First
close
over
Final
score in points
date
1,000 1,000.00 December 30, 1987
2,000 2,003.06 September 21, 1989
3,000 3,003.09 October 9, 1996
4,000 4,014.65 July 8, 1997
5,000 5,001.54 November 2, 2000
6,000 6,007.06 June 7, 2005
7,000 7,031.72 September 26, 2005
8,000 8,041.89 January 27, 2006
9,000 9,004.48 May 5, 2006
10,000 10,026.44 February 13, 2007
11,000 11,054.06 May 31, 2007
12,000 12,008.57 December 18, 2012
13,000 13,003.14 February 13, 2013
14,000 14,055.53 May 15, 2013
15,000 15,004.19 16th September 2013
First
close
over
Final
score in points
date
16,000 16,006.94 1. November 2013
17,000 17,015.48 2nd June 2014
18,000 18,021.98 January 21, 2015
19,000 19,104.88 5th February 2015
20,000 20,092.01 February 27, 2015
21,000 21,113.55 March 16, 2015
22,000 22,066.15 December 21, 2016
23,000 23,032.20 February 10, 2017
24,000 24,010.40 5th April 2017
25,000 25,027.94 4th May 2017
26,000 26,084.79 2nd October 2017
27,000 27,026.85 November 30, 2017
28,000 28,254.40 16th December 2019
29,000 29.190.54 February 11, 2020

Annual development

year Final
score in points
Change
in points
Change
in%
1987 1,000.00
1988 1,362.14 362.14 36.21%
1989 2,131.93 769.79 56.51%
1990 2,104.43 −27.50 −1.29%
1991 1,963.72 −140.71 −6.69%
1992 1,712.45 −251.27 −12.80%
1993 2,485.29 772.84 45.13%
1994 2,488.53 3.24 0.13%
1995 2,561.89 73.36 2.95%
1996 2,957.83 395.94 15.45%
1997 3,684.18 726.35 24.56%
1998 3,905.45 221.27 6.01%
1999 4,103.82 198.37 5.08%
2000 4,675.34 571.52 13.93%
2001 4,326.12 −349.22 −7.47%
2002 3,024.82 −1,301.30 −30.08%
2003 4,469.23 1,444.41 47.75%
year Final
score in points
Change
in points
Change
in%
2004 5,375.74 906.51 20.28%
2005 7,311.53 1,935.79 36.01%
2006 9,404.89 2,093.36 28.63%
2007 9,864.62 459.73 4.89%
2008 5,601.91 −4,262.71 −43.21%
2009 7,507.04 1,905.13 34.01%
2010 10,128.12 2,621.08 34.91%
2011 8,897.81 −1,230.31 −12.15%
2012 11,914.37 3,016.56 33.90%
2013 16,574.45 4,660.08 39.11%
2014 16,934.85 360.40 2.17%
2015 20,774.62 3,839.77 22.67%
2016 22,188.94 1,414.32 6.81%
2017 26,200.77 4,011.83 18.08%
2018 21,588.09 −4,612.68 −17.61%
2019 28,312.80 6,724.71 31.15%

Highs

Points date
Performance index in the course of trading 29,438.00 Thursday, February 20, 2020
Performance index based on closing price 29,355.20 Wednesday 19th February 2020
Price index on a closing price basis 15,772.50 Wednesday 19th February 2020

Web links

Individual evidence

  1. a b Historical Index Compositions of the Equity- and Strategy Indices of Deutsche Börse. Version 9.7. In: www.dax-indices.com. September 2019, accessed on November 28, 2019 .
  2. Comprehensive rule changes for MDAX, SDAX and TecDAX - shadow indices reflect new rules. Deutsche Börse , August 15, 2018, accessed on September 4, 2018 .
  3. Holger Zschäpitz: MDax has in the past brought more returns than the Dax. In: welt.de . February 27, 2015, accessed October 7, 2018 .
  4. Guide to the equity indices of Deutsche Börse AG. Deutsche Börse AG, October 2018, accessed on December 1, 2018 .
  5. AIRBUS - This is important for the MDAX! Retrieved February 25, 2018 .
  6. dax-indices.com download page of Deutsche Börse
  7. Historical prices MDAX index. In: Onvista.de. Retrieved November 3, 2017 .
  8. Guide to the Deutsche Börse share indices. (PDF) (No longer available online.) In: dax-indices.com. Archived from the original on November 7, 2017 ; Retrieved November 3, 2017 .
  9. Spiegel Online: Buying government bonds: Investors cheer Draghi's euro promise , July 26, 2012
  10. Spiegel Online: ECB Council meeting: Draghi announces unlimited bond purchases , September 6, 2012
  11. ^ Spiegel Online: Fed chief: Bernanke counts on the big flood of money , September 13, 2012
  12. Spiegel Online: Bond purchase: US Federal Reserve starts new economic program , December 12, 2012