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Foundation1 July 1988
OperatorDeutsche Börse
ExchangesFrankfurt Stock Exchange
TypeLarge cap
Market cap971.8 billion (Feb 28, 2017)[1]
Weighting methodCapitalization-weighted
Related indicesMDAX, SDAX, TecDAX, ÖkoDAX
WebsiteDAX homepage

The DAX (Deutscher Aktienindex (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the Xetra trading venue. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization.[2] It is the equivalent of the FT 30 and the Dow Jones Industrial Average, and because of its small selection it does not necessarily represent the vitality of the economy as whole.

The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra trading venue closes based on the floor trading at the Börse Frankfurt trading venue. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 08:00 and 17:45 Hours CET. The L/E-DAX index (Late/Early DAX) is calculated from 17:45 to 20:00 CET and from 08:00 to 09:00 CET. The Eurex, a European electronic futures and options exchange based in Zürich, Switzerland with a subsidiary in Frankfurt, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.

The Base date for the DAX is 30 December 1987, and it was started from a base value of 1,000. The Xetra technology calculates the index every 1 second since 1 January 2006.


The DAX has two versions, called performance index and price index, depending on whether dividends are counted. The performance index, which measures total return, is the more commonly quoted, however the price index is more similar to commonly quoted indexes in other countries. There are two versions of futures contract available: FDAX (€25 per point) and FDXM (otherwise known as FDAX mini at €5 per point).[3]

Price history[edit]

On March 16, 2015, the performance index first closed above 12,000.[4] On April 10, 2015, the price index first closed above its closing high from 2000.

Record values[edit]

Category All-time highs
Closing 13,559.60 Tuesday, January 23, 2018
Intraday 13,596.89 Tuesday, January 23, 2018


Below is the list of companies which are a component of DAX, as of the quarterly review effective on 27 December 2018. The current stock prices and list of DAX companies are available from financial websites.[5][6]

Company Prime Standard industry group Ticker symbol Index weighting (%)1 Employees Founded
Adidas-group-logo-fr.svg Adidas Clothing ADS 3.54 57,016 (2018) 1924
Allianz.svg Allianz Insurance ALV 7.81 142,460 (2018) 1890
BASF-Logo bw.svg BASF Chemicals BAS 7.98 122,404 (2018) 1865
Bayer Logo.svg Bayer Pharmaceuticals and chemicals BAYN 8.27 110,838 (2018) 1863
Beiersdorf Logo.svg Beiersdorf Consumer goods and chemicals BEI 0.95 20,059 (2018) 1882
BMW.svg BMW Manufacturing BMW 2.75 134,682 (2018) 1916
Continental wordmark.svg Continental Manufacturing CON 2.38 243,226 (2018) 1871
Covestro Logo.svg Covestro Chemicals 1COV 1.28 16,770 (2018) 2015
DaimlerLogo.svg Daimler Manufacturing DAI 5.62 298,683 (2018) 1926
Deutsche Bank logo without wordmark.svg Deutsche Bank Banking DBK 1.73 91,463 (2019) 1870
Deutsche Börse Securities DB1 2.10 5,964 (2018) 1992
Lufthansa Logo 2018.svg Deutsche Lufthansa Transport Aviation LHA 1.07 135,534 (2018) 1953
Deutsche Post DHL.svg Deutsche Post Logistics DPW 2.82 547,459 (2018) 1995
Deutsche Telekom.svg Deutsche Telekom Communications DTE 4.47 215,675 (2018) 1995
Logo E.ON.svg E.ON Energy EOAN 2.03 43,302 (2018) 2000
Fresenius.svg Fresenius Medical FRE 2.77 276,750 (2018) 1912
Fresenius Medical Care logo.svg Fresenius Medical Care Medical FME 1.80 118,308 (2018) 1996
HeidelbergCement.svg HeidelbergCement Building HEI 1.11 57,939 (2018) 1874
Henkel-Logo.svg Henkel Consumer goods and chemicals HEN3 1.88 53,450 (2018) 1876
Infineon Technologies Semiconductors IFX 2.72 40,100 (2018) 1999
Linde plc.jpg Linde Industrial gases LIN 3.49 58,000 (2018) 1879
Logo Merck KGaA 2015.svg Merck Pharmaceuticals MRK 1.06 51,713 (2018) 1668
Munich Re Insurance MUV2 2.72 41,410 (2018) 1880
RWE Logo 2018.svg RWE Energy RWE 1.07 17,748 (2018) 1898
SAP 2011 logo.svg SAP Software SAP 10.56 96,498 (2018) 1972
Siemens AG logo.svg Siemens Industrial, electronics SIE 9.34 379,000 (2018) 1847
Thyssenkrupp AG Logo 2015.svg ThyssenKrupp Industrial, manufacturing TKA 1.10 161,096 (2018) 1999
Volkswagen Group.svg Volkswagen Group Manufacturing VOW3 2.88 302,554 (2018) 1937
Vonovia Logo.svg Vonovia Real estate VNA 1.85 9,923 (2018) 2001
Wirecard Logo.svg Wirecard Financial Technology WDI 0.85 4,989 (2018) 1999

^Note 1 : Weightings as at 27 December 2018 (remained unchanged from the previous quarterly review[7]). Source: de:DAX.

Former DAX components[edit]

DAX 30 chart at the Frankfurt Stock Exchange.
Inside a branch of Metro's Real hypermarket chain in Würzburg.
The headquarters of DAX companies in 2013.

This table lists former DAX components and the companies which replaced them.

Date Component excluded Component included Reason for exclusion/ Comments
03.09.1990 Feldmühle Nobel Metallgesellschaft Takeover of Feldmühle Nobel by Stora Enso
Nixdorf Germany Preussag (now TUI) Merged with Siemens to form Siemens-Nixdorf
18.09.1995 Deutsche Babcock SAP Replaced by SAP because of lower market capitalisation
22.07.1996 Kaufhof METRO Merger of Kaufhof and Metro Cash & Carry
23.09.1996 Continental Münchener Rück Continental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 and added back again in 2012
18.11.1996 Metallgesellschaft Deutsche Telekom IPO of Deutsche Telekom
22.06.1998 Bayerische Hypotheken-
und Wechselbank
adidas Merger of Vereinsbank and Hypobank to form HypoVereinsbank
Bayerische Vereinsbank HypoVereinsbank
21.12.1998 Daimler-Benz DaimlerChrysler
(now Daimler)
Merger of Daimler-Benz with Chrysler
22.03.1999 Degussa Degussa-Hüls Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999 Thyssen ThyssenKrupp Merger of Thyssen and Krupp
20.09.1999 Hoechst Fresenius Medical Care Merger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000 Mannesmann Epcos Takeover of Mannesmann by Vodafone
19.06.2000 Veba E.ON Merger of Veba and Viag to form E.ON
VIAG Infineon
18.12.2000 Degussa-Hüls Degussa Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001 KarstadtQuelle Deutsche Post IPO of Deutsche Post
23.07.2001 Dresdner Bank MLP Vz. Takeover of Dresdner Bank by Allianz
23.09.2002 Degussa Altana Inadequate market capitalisation
23.12.2002 Epcos Deutsche Börse Fast-exit of Epcos, as Epcos' market capitalisation became inadequate.[8]
22.09.2003 MLP Continental Inadequate free float and market capitalisation.
31.01.2005 Lanxess Lanxess was spun off from Bayer. It was added to the DAX in 2012 and removed in 2015.
01.02.2005 Lanxess
19.12.2005 HypoVereinsbank Hypo Real Estate Takeover of HypoVereinsbank by UniCredit
18.09.2006 Schering Postbank Takeover of Schering by Bayer
18.06.2007 Altana Merck After the sale of Nycomed, inadequate market capitalisation[9]
22.09.2008 TUI K+S Fast-entry of K+S, inadequate market capitalisation of TUI[10]
22.12.2008 Continental Beiersdorf Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008 Hypo Real Estate Salzgitter Fast-exit of Hypo Real Estate because of inadequate free-float market capitalisation after a stake by American investor JC Flowers, as well as huge decline in market capitalisation during the Financial crisis of 2007–2010
23.03.2009 Deutsche Postbank Hannover Re Fast-exit due to inadequate market capitalisation[11]
Infineon Technologies Fresenius Vz
21.09.2009 Hannover Re Infineon Technologies Inadequate market capitalisation
21.06.2010 Salzgitter HeidelbergCement Inadequate market capitalisation
24.09.2012 MAN Continental Inadequate free-float capitalisation after acquisition by Volkswagen
24.09.2012 Metro Lanxess Inadequate market capitalisation
21.09.2015 Lanxess Vonovia Inadequate market capitalisation
21.03.2016 K+S ProSiebenSat.1 Media Inadequate market capitalisation
19.03.2018 ProSiebenSat.1 Media Covestro Inadequate market capitalisation
24.09.2018 Commerzbank Wirecard Inadequate market capitalisation

See also[edit]

  • CDAX, every listed German company
  • HDAX, union of DAX, MDAX and TecDAX (successor to DAX 100, and equivalent of the FTSE 100 or the S&P 100)
  • MDAX, the top 50 companies after the DAX
  • ÖkoDAX, top 10 companies in renewable energy
  • SDAX, the next 50 companies
  • TecDAX, top 30 companies trading in the "new economy"


  1. ^ "EQUITY INDEX DAX® INDEX" (PDF). Deutsche Börse. 28 February 2017. Archived from the original (PDF) on 6 September 2017. Retrieved 7 May 2017.
  2. ^ DAX
  3. ^ "TheDaxTrader - The German Dax details". Archived from the original on 11 July 2018.
  4. ^ Dax breaks 12,000 barrier - FT.com
  5. ^ "DAX 30 Liste | DAX Werte | DAX Aktien". finanzen.net (in German). Retrieved 24 September 2019.
  6. ^ "DAX 30 Liste: Dax Realtime-Kursliste | DAX Aktien | DAX Werte | Dax Unternehmen". boerse.de (in German). Retrieved 24 September 2019.
  7. ^ "Carl Zeiss Meditec AG to be included in MDAX". http://deutsche-boerse.com. 5 December 2018. Archived from the original on 27 December 2018. Retrieved 27 December 2018. External link in |website= (help)
  8. ^ Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 12. November 2002
  9. ^ Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
  10. ^ Deutsche Börse: K+S ersetzt TUI in DAX Archived 11 January 2009 at the Wayback Machine Pressemitteilung, 3 September 2008
  11. ^ Deutsche Börse - Pressemitteilung, 18 March 2009[permanent dead link]

External links[edit]