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 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.
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.
in € million
|Seat||in the MDAX since
|Aareal Bank AG||Banks||0.41||59.857.221||1,071.44||Wiesbaden||September 21, 2009|
|Airbus SE||Aerospace, armaments||8.08||411.818.320||21,015.04||Leiden ( Netherlands ), Toulouse ( France )||March 24, 2003|
|alstria office REIT-AG||Real estate industry||0.94||177,593,422||2,441.91||Hamburg||September 24, 2018|
|Aroundtown SA||property||2.53||1,536,397,797||6,571.42||Luxembourg||19th March 2018|
|Aurubis AG||Basic materials (copper production)||0.60||44,956,723||1,548.63||Hamburg||March 19, 2001|
|Bechtle AG||IT service||1.64||42,000,000||4,263.57||Neckarsulm||September 24, 2018|
|Brenntag AG||Wholesale (chemistry)||2.87||154,500,000||7,448.69||eat||June 21, 2010|
|Cancom SE||IT services||0.75||38,548,001||1,950.53||Munich||29th August 2019|
|Carl Zeiss Meditec AG||Medical technology||1.28||89.440.570||3,334.77||Jena||December 27, 2018|
|Commerzbank AG||Banks||1.47||1,252,357,634||3,829.84||Frankfurt||September 24, 2018|
|CompuGroup Medical SE||Healthcare||0.57||53.219.350||1,476.63||Koblenz||23 September 2019|
|CTS Eventim AG & Co. KGaA||Ticket sales||0.89||96,000,000||2,321.54||Munich||16th September 2019|
|Delivery Hero SE||Online services, delivery service||4.48||197,598,965||11,650.01||Berlin||June 18, 2018|
|Deutsche Lufthansa AG||airline||Cologne||June 22, 2020|
|Dürr AG||Automotive supplier||0.44||69.202.080||1,149.90||Bietigheim-Bissingen||March 19, 2012|
|Evonik Industries AG||Special chemical products||1.77||466,000,000||4,602.54||eat||23rd September 2013|
|Evotec SE||biotechnology||1.20||151.228.427||3,110.84||Hamburg||September 24, 2018|
|Fraport AG||Airport operator||0.59||92.468.704||1,520.74||Frankfurt am Main||September 24, 2001|
|Freenet AG||telecommunications||0.74||128.061.016||1,915.39||Büdelsdorf||September 24, 2018|
|Fuchs Petrolub SE||chemistry||1.00||69,500,000||2,609.44||Mannheim||June 23, 2008|
|GEA Group AG||mechanical engineering||1.68||180.492.172||4,367.70||Dusseldorf||November 18, 1996|
|Gerresheimer AG||Drug packaging||0.89||31,400,000||2,310.38||Dusseldorf||December 22, 2008|
|Grand City Properties SA||property||0.88||167.917.771||2,290.71||Luxembourg||18th September 2017|
|Grenke AG||Financial services||0.75||46,353,918||1,939.07||Baden-Baden||June 24, 2019|
|Hannover Rückversicherung AG||Insurance||3.70||120.597.134||9,613.27||Hanover||September 21, 2009|
|HELLA GmbH & Co. KGaA||Automotive supplier||0.61||111.111.112||1,576.00||Lippstadt||September 21, 2015|
|HelloFresh SE||Grocery retail||2.25||165.737.182||5,857.18||Berlin||March 23, 2020|
|Hochtief AG||construction||0.73||70.646.707||1,898.82||eat||April 11, 1994|
|Hugo Boss AG||luxury||0.64||70,400,000||1,665.98||Metzingen||March 22, 1999|
|K + S AG||Fertilizers, salts||0.46||191,400,000||1,185.60||kassel||March 21, 2016|
|Kion Group AG||commercial vehicles||1.35||118,090,000||3,511.93||Frankfurt am Main||22nd September 2014|
|Knorr-Bremse AG||Transportation and rail traffic||1.70||161,200,000||4,423.47||Munich||18th March 2019|
|Lanxess AG||chemistry||1.45||87,447,852||3,765.01||Cologne||September 21, 2015|
|LEG Immobilien AG||property||3.22||69.009.836||8,368.13||Dusseldorf||June 24, 2013|
|Metro AG||trade||0.56||360.121.736||1,453.05||Dusseldorf||18th September 2017|
|Morphosys AG||biotechnology||1.39||32,890,046||3,614.17||Martinsried||September 24, 2018|
|Nemetschek SE||Software (construction industry)||1.33||115,500,000||3,447.22||Munich||September 24, 2018|
|OSRAM Licht AG||General industry||0.61||96,848,074||1,581.43||Munich||23rd September 2013|
|ProSiebenSat.1 Media SE||media||0.73||233,000,000||1,893.65||Unterföhring||19th March 2018|
|Puma SE||Sporting goods||2.18||150.824.640||5,679.23||Herzogenaurach||June 18, 2018|
|Qiagen NV||biotechnology||3.34||230.829.218||8,684.30||Venlo ( Netherlands )||September 24, 2018|
|Rational AG||Industry||0.76||11,370,000||1,965.35||Landsberg am Lech||23 September 2019|
|Rheinmetall AG||Defense technology and automotive supply||1.32||43,558,850||3,425.10||Dusseldorf||April 11, 1994|
|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 SA||media||0.40||154.742.806||1,043.46||Luxembourg ( Luxembourg )||23rd September 2013|
|Sartorius AG||Bioprocess technology, laboratory technology||3.85||37,440,000||9,999.67||Goettingen||September 24, 2018|
|Scout24 AG||Online marketplaces||2.87||107,600,000||7,455.46||Munich||June 18, 2018|
|Siemens Healthineers AG||Medical technology||2.51||1,000,000,000||6,514.13||gain||September 24, 2018|
|Siltronic AG||Semiconductor industry||0.72||30,000,000||1,873.82||Munich||September 24, 2018|
|Software AG||software||0.66||74,000,000||1,726.40||Darmstadt||September 24, 2018|
|Ströer SE & Co. KGaA||media||Cologne||June 22, 2020|
|Symrise AG||Fragrances||4.97||135.426.610||12,918.49||Holzminden||March 19, 2007|
|TAG Immobilien AG||property||1.29||146.498.765||3,365.66||Hamburg||September 24, 2012|
|TeamViewer AG||software||1.77||200,000,000||4,601.68||Goeppingen||23 December 2019|
|Telefónica Deutschland Holding AG||telecommunications||1.01||2,974,554,993||2,633.83||Munich||September 24, 2018|
|Thyssenkrupp AG||Conglomerate||1.31||622,531,741||3,397.41||Essen and Duisburg||23 September 2019|
|Uniper SE||energy||1.86||365,960,000||4,829.85||Dusseldorf||19th December 2016|
|United Internet AG||Internet providers, services||1.53||194,000,000||3,968.85||Montabaur||September 24, 2018|
|Varta AG||Electrical engineering||Ellwangen||23 December 2019|
|Zalando SE||Fashion shipping||3.91||252,848,768||10,154.47||Berlin||June 22, 2015|
- as EADS
- as North German Affinerie
- 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.
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.
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.
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.
|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|
- Current MDAX
- Guides and factsheets on the Deutsche Börse share indices
- Price history MDAX
- Historical MDax prices since 1987
- 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 .
- Comprehensive rule changes for MDAX, SDAX and TecDAX - shadow indices reflect new rules. Deutsche Börse , August 15, 2018, accessed on September 4, 2018 .
- Holger Zschäpitz: MDax has in the past brought more returns than the Dax. In: welt.de . February 27, 2015, accessed October 7, 2018 .
- Guide to the equity indices of Deutsche Börse AG. Deutsche Börse AG, October 2018, accessed on December 1, 2018 .
- AIRBUS - This is important for the MDAX! Retrieved February 25, 2018 .
- dax-indices.com download page of Deutsche Börse
- Historical prices MDAX index. In: Onvista.de. Retrieved November 3, 2017 .
- 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 .
- Spiegel Online: Buying government bonds: Investors cheer Draghi's euro promise , July 26, 2012
- Spiegel Online: ECB Council meeting: Draghi announces unlimited bond purchases , September 6, 2012
- Spiegel Online: Fed chief: Bernanke counts on the big flood of money , September 13, 2012
- Spiegel Online: Bond purchase: US Federal Reserve starts new economic program , December 12, 2012