The DAX (an abbreviation for German stock index ) is the most important German stock market index. It reflects the performance of the 30 largest and most actively traded, listed on the Frankfurt Stock Exchange companies resist (so-called blue chips ) and determined since June 21, 1999 only on the basis of Xetra values ​​. First, the DAX was intended not as competition, but as a complement to other established German stock indices. He has since left this notoriety behind and is established as the benchmark index for the German stock market nationally and internationally.

The DAX was developed jointly by the Association of the German stock exchange, the Frankfurt Stock Exchange and the stock market newspaper and on 1 July 1988 - introduced - initially under the name DAI. Because of the Japanese sound of the index was renamed after a few days in DAX (based on exchange ( engl. Exchange) ). He continues the index of the stock market newspaper, for which history goes back to 1959. For December 31, 1987, he has been normalized to 1,000 index points.

The DAX is published both as a performance and as a price index. Usual convention is that under the colloquial name of the DAX performance index is understood. Unlike, for example, the EURO STOXX 50 stock index of European defaults, in which usually the price index is the question. In the performance index, the dividends from the stocks included in the DAX are reinvested in the index, while they disregarded the price index.

DAX is a product and registered trademark of the German Stock Exchange.

  • 4.1 recalculation
  • 4.2 Development Index
  • 4.3 Short Squeeze the VW shares in 2008
  • 4.4 highs
  • 4.5 milestones
  • 4.6 The best days
  • 4.7 The worst days
  • 4.8 Annual Development
  • 4.9 bull markets
  • 4:10 Bear markets
  • 4:11 DAX stocks: KGV and the sum of dividend payments

More DAX indices

In the spring of 1994, the so-called DAX 100 has been introduced. This index should document the performance of the 100 most liquid stocks in the stock market. With the introduction of the MDAX 1996, he covered the 30 values ​​of the DAX and the MDAX 70. By changing the MDAX on 50 values ​​took the place of the DAX 100 HDAX. In contrast, the CDAX includes all shares traded in Frankfurt. The SDAX comprises 50 smaller values ​​behind the MDAX.

As a so-called strategy index there is, inter alia, the ShortDAX. He is inversely proportional to the daily performance of the DAX, allowing investors who can only enter long positions, the participation of negative price developments. Loses example, the DAX in one day 5%, then puts the ShortDAX to give so much per cent. Thus, for example, index providers have the opportunity to offer a product that increases in negative performance of the DAX and the "buyer" opens possibilities to participate also to negative price developments.

There are also sector indices as since 2007 the ÖkoDAX for companies in the field of renewable energies or strategy indices such as the DivDAX for high-dividend companies. Among the major German indices including the Nasdaq, which includes 30 of the top technology companies.

The implied volatility, ie, the expected volatility of the DAX for the period of the next 30 days attaches VDAX -NEW, one also published by Deutsche Börse AG volatility index. Its predecessor, the VDAX, is the implied volatility of the DAX over 45 days on the basis of a different methodological approach. Both Volaindizes are quoted in annualized form.

Eurex offers options ( ODAX ) and Futures ( FDAX ) on the DAX.


For calculating the index, the index is based on the formula of Étienne Laspeyres, courses of selected stocks of the DAX companies are weighted differently. There is one case only, the market capitalization of shares in free float ( ie all shares not owned by an owner who owns more than 5% of shares). Is the capital of a company in several stock pots subdivisions (eg ordinary shares and preference shares ) that will have to be taken into account in the calculation of share is determined on the basis of liquidity; Here also special cases are considered, as of 2011/2012 for exchange traded shares on the German Stock Exchange.

The index is based on the prices of the electronic trading system Xetra. Calculation commences trading day from 9:00 clock CET / CEST once for all 30 DAX companies there is a quotation, but no later than 9:03 clock. As long as for individual shares are not opening prices, the respective closing prices of the previous day are used for calculation. He ends with the prices of the Xetra closing auction that starts at 17:30 CET clock. Until 31 December 2005, the DAX was calculated in 15 -second intervals, since 1 January 2006 every second.

Before the start of trading and after the closing auction, the German Börse AG calculated every minute the L / E -DAX (Late / Early DAX). It is an indicator for the market development outside the Xetra trading hours, the basis for calculating the prices of Xetra Frankfurt. The L / E corresponds to the DAX DAX in its composition and is calculated daily from 8:00 am publicly clock bis 9:00 clock, and between 17:45 clock to 20:00 clock. The L / E -DAX is the successor of L -DAX (Late - index), which was introduced in 2003 as an indicator of market development after the Xetra trading. Since 1 June 2011, the German stock market will trade on already at 8:00 clock, so now also an early indication for the DAX is calculated.

Even more important than the L / E -DAX however, the X -DAX calculated exchange daily from 8:00 am clock bis 9:00 clock and 17:45 clock bis 22:00 clock. Basis, the prices of securities traded on the futures exchange Eurex DAX futures with the shortest time to maturity and the official Euribor interest rates of the ECB. The X -DAX is a relatively safe pre- and post-trade indicator of the DAX - development as the U.S. markets are covered completely in time.

Companies in the DAX

Selection criteria

For a company to be included in the DAX, it must be listed in the Prime Standard are traded continuously on Xetra and at least a free float of 10% have (until October 2008, this limit was 5%). In addition, the company must have a registered office in Germany or have its center of trade turnover of shares in Frankfurt and a seat in the EU. The seat of the company, both the legal domicile as well as the operational headquarters, which is the seat of business or governance apply.

Among the companies which meet these basic requirements, the further selection based on the following two characteristics:

  • Turnover on Xetra and the Frankfurt floor trading
  • Free float market capitalization (Free float market capitalization )

An adaptation of the DAX place according to the following four rules:

Only one for regular rebalancing date in September, all four rules are applied. The fast-exit and fast entry rule, however, also found on the extraordinary adjustment dates in March, June and December application. Extraordinary updates are also made ​​in the case of bankruptcy of a company or if a company no longer meets the basic requirements laid down in the beginning.

Moreover, in exceptional cases, such as short term announced acquisitions or significant change in free float, the Board of the German Börse AG may in consultation with the Working Committee for Equity Indices of these rules.


The values ​​in the DAX are weighted according to their free float market capitalization. Another crucial factor is not the entire market value or the entire share capital of a company, but only the value of freely tradable shares ( engl. free float) represented in the DAX class of shares. Fixed ownership, which is the ownership of large shareholders who hold 5% or more of those shares, is excluded from the weighting. For fixed ownership includes own shares held by the issuing company itself, regardless of the amount of the investment.

Because of changes in shareholdings, but mainly due to price changes, the actual free float -adjusted market capitalization changes continually. The weighting is then also recalculated every second by second recalculation of the DAX on the current share price. Changes in the free-float portion is recognized, however, by Deutsche Börse only on the quarterly adjustment dates and only then are incorporated into the weighting. This led to situations where a stock price in real time adapts a modified free float, which is worn but in weighting with a time delay antagonistic statement. On the vagaries of Volkswagen ordinary shares towards the German stock exchange in November 2008 resulted in an additional rules to counter such extreme distortions. A value can therefore be removed from the index between adjustment dates, if its weight exceeds 10% and the 30 -day historical volatility of the share price exceeds 250 %.


The table shows all the companies in the DAX (as of March 24, 2014)

1) Daimler, E.on and ThyssenKrupp were represented by their predecessor companies since 1 July 1988 in the DAX.

Composition History

Since the introduction of the DAX on 1 July 1988 a number of adjustments were made to its composition. Originally following values ​​were part of the Index, the company marked with * are represented continuously until today in the DAX, Companies marked with ( *) are represented by the successor company to the present day without interruption in the DAX:

  • Alliance *
  • BASF *
  • Bayer *
  • Bavarian Mortgage and Exchange Bank
  • Bayerische Vereinsbank
  • BMW *
  • Commerzbank *
  • Continental
  • Daimler -Benz (*)
  • Degussa ( now operates as Evonik Degussa)
  • German Bank *
  • German Babcock ( now operates as Babcock Borsig )
  • German Lufthansa *
  • Dresdner Bank ( *) (merged with Commerzbank)
  • Field mill Nobel
  • Henkel *
  • Karstadt ( traded as Arcandor ( insolvent ), meanwhile Karstadt Quelle )
  • Kaufhof
  • Linde *
  • MAN
  • Mannesmann
  • Nixdorf
  • RWE *
  • Schering
  • Siemens *
  • Thyssen ( *)
  • Veba (*)
  • Viag (*)
  • Volkswagen *

Starting from this initial composition, the following changes were made:



The DAX index is calculated by Deutsche Börse since 1 July 1988 and launched at 1163.52 points. The index base is 1000 points by 31 December 1987. Because investors are interested not only on the current performance of the German stock index, but also on the historical was this in 1988 by Frank Mella, then editor in the stock market newspaper and inventor of the DAX exemplarily back to 1959 calculated on a daily basis.

Mella linked to the DAX on December 30, 1987, of the 30 stocks in the index of stock market Zeitung ( BZ- index), which in turn emerged from a link using the 24 values ​​in Hardy - index of the bank Hardy & Co. on April 1, 1981 is and goes back to 28 September 1959. Unlike in the DAX and the BZ index of Hardy - index took into account any dividends. Hardy and BZ index were four times a day ( at 12:00 clock, 12:30 clock, 13:00 clock and 13:30 clock ) is determined. The time series generated by Mella is used by Deutsche Börse as the official back-calculation of the DAX.

Longer-term recalculations of the German stock index based primarily on the index of the Federal Statistical Office, available from the to 1948 reaching back monthly courses available, the share index of the Reich Statistical Office, which was determined from 1922 to 1943 and the index of the Institute for Business Cycle Research, whose time series go back to the year 1840.

Index development

On 20 June 1985, the DAX closed at 1007.18 points calculated for the first time surpassed the mark of 1,000 points. On October 19, 1987, the index recorded a daily loss of 9.39 percent. Reason was Black Monday on the New York Stock Exchange, as the value of the Dow Jones Industrial Average plunged by 22.6 percent. On Monday, October 16, 1989, the Dow suffered the biggest one-day crash in its history. He plunged by 12.81 percent. On Friday before in the United States to finance the airline UAL had failed. On August 19, 1991, the DAX recorded a daily loss of 9.40 percent. It was a reaction to the later failed coup against Soviet President Mikhail Gorbachev.

On 20 March 1998, the index closed at 5001.55 points for the first time surpassed the mark of 5,000 points. On 7 March 2000, the DAX reached 8136.16 points during trading and with 8064.97 points on a closing basis until then its highest values. These were only more than seven years later, in the summer of 2007, exceeded. After the bursting of the speculative bubble in the technology sector ( dot-com bubble ), the DAX fell by 12 March 2003, closing at 2202.96 points. Lower the index closed for the last time on 24 November 1995. This was a decrease of 72.7 percent compared with its peak of 7 March 2000.

The March 12, 2003 marked the turning point of the descent. From the spring of 2003, the DAX was back on the way up. In July 2007, new highs were reached.

In December 2007, the 30 largest listed German corporations were first majority-owned by foreign investors. Compared to 2005, this share had risen to 20 to now 53 percent.

In the course of the international financial crisis in the U.S. real estate crisis originated in the summer of 2007, the DAX began to fall again. From the autumn of 2008, the crisis had an increasing impact on the real economy. As a result, and equity prices, a world. On 9 October 2008, the DAX since November 4, 2005 closed with 4887.00 points for the first time below the limit of 5000 points. On 13 October 2008, the DAX experienced with 11.40 percent of the largest daily gain in its history. Two weeks later, on 28 October 2008, the index ended trading 11.28 percent higher than the day before closing. It was a reaction to the bailouts by the U.S. government for the U.S. financial industry. A new low was achieved by the Index on March 6, 2009, when he finished trading with 3666.41 points. Since the all-time high of July 16, 2007, this represents a decrease of 54.8 percent. The March 6, 2009 marked the end of the descent. From the spring of 2009, the DAX was back on the way up. Up to 2 May 2011, he rose by 105.3 percent to a closing level of 7527.64 points.

The slowdown in the global economy and the intensification of the euro crisis could break the German index again. On September 12, 2011, the DAX ended the day at 5072.33 points. The loss since its peak on 2 May 2011 was 32.6 percent. The announcements of new bond purchase programs of the European Central Bank and the U.S. Federal Reserve in principle unlimited in amount then again led to a recovery of prices in the stock market. The monetary stimulus played a greater role in the price formation as the global economic slowdown and the position of the company. In May 2013, the hitherto highest levels of July 2007 were exceeded for the first time: On May 22, 2013, the index closed the first time in its history, 8500 at 8530.89 points, up 68.18 percent higher than the previous low point on 12 September 2011. After a setback in the summer months from September 2013 he reached ever new all-time high on a closing basis. On October 29, 2013, the DAX closed for the first time in its history 9000 at 9022.04 points. The mark of 9500 points was two months later on 27 December, 2013 by broken, with a closing price of 9589.39 points. His previous high on a closing basis, the DAX reached on January 17, 2014 9742.96 points.

Short Squeeze the VW shares in 2008

To fluctuations special kind of came in late October 2008, when Porsche attempted to take over the much larger Volkswagen Group. Porsche was in October 2008 through acquisitions and derivative transactions in possession of about 42.6 % of the ordinary shares and had purchase options eligible to receive additional 31.5%.

When Porsche made ​​the announcement four days before the publication of the quarterly results of VW, it came in the days following a violent short squeeze. Some market participants ( including hedge funds ) had the VW shares sold short and had to stock up again. After Porsche about 75 % and the state of Lower Saxony another 20 % of shares held (VW law ), remained just under 6 % of free float. Due to this tight supply and increased demand in addition to the short seller, the VW shares soared up to October 28, 2008 at times to more than € 1,000. It exceeded for a short time the entire market capitalization of the largest company ExxonMobil.

This extraordinary increase in prices, the weighting of shares in the DAX from originally 5.88 % in September rose to 27.22 % at the close of trading on 28 October 2008. On this day announced Dow Jones & Company already at the free-float factor herabzusenken of VW ordinary shares in its indices to the free daily trading start out from 49.63 to 37.32 percent. The German stock market acted with effect from 3 November 2008, traveled as it made an extraordinary DAX index rebalancing, while the weight of the Volkswagen shares in the DAX sealed off at ten percent.


The overview shows the all-time highs of DAX Performance Index ( with dividends) and a price index ( excluding dividends ).


The table shows the milestones of up to 1959 back-calculated DAX.

The table shows the best days of back-calculated to 1959 DAX.

The worst day

The table shows the worst days of back-calculated to 1959 DAX.

Annual development

The DAX was up in 1981 as a performance index calculated back ( with dividends) and until 1948 as a price index ( excluding dividends ). The series is based on a concatenation of the DAX with the BZ index (1981-1986), the Hardy - Index (1959-1980) and the share index of the Federal Statistical Office ( 1948-1958 ). Earlier data are from Professor Richard Stehle, Institute of Banking, Stock Market, Insurance, Humboldt -Universität zu Berlin. Floor has the stock returns of companies calculated which would have been included in the DAX performance index, if there had been as early as 1937, the stock market barometer.

The best year in the history of the DAX was constructed in 1949 with a gain of 152.13 percent, followed by 1951 with an increase of 115.41 percent and 1954 with a gain of 82.59 percent. The worst year was 1948 with a loss of 87.35 percent, followed by 2002 with a decline of 43.94 percent and 2008 with a loss of 40.37 percent. The period 1948-1954 is characterized by the currency reform and the economic miracle, the period since 2000 by the bursting of the dotcom bubble and the impact of the financial crisis in 2007.

The table shows the development of the back-calculated to 1937, the German DAX index.

Bull markets

The longest bull market of the DAX lasted between 2003 and 2007 a ​​total of 1587 days. The bull market with the largest gain also occurred zwischen 2003 and 2007. Investors gained during this period with shares 267.9 percent. Since 1959 there have been 17 cyclical bull markets with an average duration of 689 days. The average income was 95.7 percent.

Bull markets are for a definition of the U.S. analysis company Ned Davis Research gains in the Dow of at least 30 percent after the expiration of 50 days or a rise in the index by 13 per cent after a period of 155 days.

Bear markets

The longest bear market of the DAX took 1964-1967 a total of 868 days. The bear market with the greatest loss occurring between 2002 and 2003. Investors lost during this period with shares of 59.7 percent. Since 1959 there have been 16 cyclical bear markets with an average duration of 519 days. The average loss was 35.0 percent.

Bear markets are a definition of Ned Davis Research depreciation of the DAX at least 30 percent after the expiration of 50 days or a decline in the index by 13 per cent after a period of 145 days.

DAX stocks: KGV and the sum of dividend payments

The sum of the dividends a year is subject to the reporting and public perception (for example, to be distributed in 2013 dividends amounting to 27.6 billion euros ), as well as some quotients or ratios. Often, the price-earnings ratio of the sum of all shares listed on the DAX is called. In this calculation, the shares are weighted according to their weight in the DAX. It is also called as many DAX companies

  • A higher dividend than the year before to pay (2013: 18 of the 30 DAX companies )
  • No dividend be paid (2013 there are three companies: Commerzbank, Lufthansa and ThyssenKrupp )
  • Less dividend than last year to pay ( 2013, there are seven )