DAX

For other uses, see Dax (disambiguation).

DAX

DAX performance between 1959 and 2012
Foundation	1 July 1988
Operator	Deutsche Börse
Exchanges	Frankfurt Stock Exchange
Constituents	30
Type	Large cap
Market cap	€1018 billion (Aug 2014)
Weighting method	Capitalization-weighted
Related indices	MDAX, SDAX, TecDAX, ÖkoDAX
Website	DAX 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 electronic Xetra trading system. 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. 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 electronic-trading system closes based on the floor trading at the Frankfurt Stock Exchange. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00 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 system calculates the index after every 1 second since 1 January 2006.

Versions

The DAX has two versions, called performance index and price index, depending on whether dividends are counted. The performance index is the more commonly quoted, however the price index is more similar to commonly quoted indexes in other countries.

Price history

On March 16, 2015, the performance index first closed above 12,000. On April 10, 2013, the price index first closed above its closing high from 2000.

Record values

Type	Date	Value
Closing high	10 April 2015	12,374.73
Intraday high	10 April 2015	12,390.75

Components

A list of the current DAX companies, as of the quarterly review effective on 21 September 2015.

	Company	Prime Standard industry group	Ticker symbol	Index weighting (%)	Employees
	Adidas	Clothing	ADS	1.85	53,731
	Allianz	Insurance	ALV	7.82	147,627
	BASF	Chemicals	BAS	7.77	113,292
	Bayer	Pharmaceuticals and Chemicals	BAYN	10.03	118,888
	Beiersdorf	Consumer goods and Chemicals	BEI	0.91	17,398
	BMW	Manufacturing	BMW	3.46	116,324
	Commerzbank	Banking	CBK	1.29	52,103
	Continental	Manufacturing	CON	2.61	190,000
	Daimler	Manufacturing	DAI	9.06	279,972
	Deutsche Bank	Banking	DBK	4.11	98,138
	Deutsche Börse	Securities	DB1	1.76	4,540
	Deutsche Lufthansa	Transport Aviation	LHA	0.68	118,781
40px	Deutsche Post	Logistics	DPW	2.85	488,824
	Deutsche Telekom	Communications	DTE	6.13	228,248
	E.ON	Energy	EOAN	1.89	58,530
	Fresenius	Medical	FRE	3.22	216,275
	Fresenius Medical Care	Medical	FME	1.92	105,917
	HeidelbergCement	Building	HEI	1.15	44,900
	Henkel	Consumer goods and chemicals	HEN3	1.96	49,750
40px	Infineon Technologies	Semiconductors	IFX	1.38	29,807
40px	K+S	Chemicals	SDF	0.80	14,295
40px	Linde	Industrial gases	LIN	3.14	65,591
40px	Merck	Pharmaceuticals	MRK	1.31	39,639
40px	Munich Re	Insurance	MUV2	3.03	43,316
	RWE	Energy	RWE	0.66	59,784
	SAP	Software	SAP	6.62	74,406
	Siemens	Industrial, electronics	SIE	7.93	343,000
	ThyssenKrupp	Industrial, manufacturing	TKA	0.94	154,906
	Volkswagen Group	Manufacturing	VOW3	3.21	592,586
	Vonovia	real estate	VNA	unknown	5,900

^Note 1 : Weightings accurate on 21 September 2015. Source: de:DAX.

Former components of DAX

DAX 30 chart in the Frankfurt Stock Exchange.

A BMW Z4.

Inside a branch of Metro's Real hypermarket chain in Würzburg.

The RWE-owned Niederaussem Power Station.

The headquarters of the DAX companies.

Following table lists the former components of DAX and the ones 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.
22.09.2003	MLP	Continental	Inadequate free float and market capitalisation.
31.01.2005		Lanxess	Lanxess was spun off from Bayer. In 2012, Lanxess was added back in DAX again.
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
22.09.2008	TUI	K+S	Fast-entry of K+S, inadequate market capitalisation of TUI
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
	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

See also

• CDAX, every listed German company
• HDAX, the top 110 companies by market capitalisation (successor to DAX 100, and equivalent of the FTSE 100 or the S&P 100)
• MDAX, the top 50 companies after the DAX
• SDAX, the next 50 companies
• TecDAX, top 30 companies trading in the "new economy"
• ÖkoDAX, top 10 companies in renewable energy

External links

• Reuters page for .GDAXI
• DAX homepage
• Bloomberg page for DAX:IND
• DAX 30 Profile at Wikinvest
• DAX MOBILE
• DAX on Investing.com Contains real time overview, components, historical data, live charts, technichal analysis and related news.
• Yahoo Finance page for ^GDAXI