DAX


The DAX is a stock market index consisting of the 40 major German blue chip companies trading on the Frankfurt Stock Exchange. It is a total return index. 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 40 largest German companies in terms of order book volume and market capitalization. DAX is the equivalent of the UK FTSE 100 and the US Dow Jones Industrial Average, and because of its small company selection it does not necessarily represent the vitality of the German economy as a 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 at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:45 Hours CET. The L/E-DAX index is calculated from 17:55 to 22:00 CET and from 08:00 to 09:00 CET. The Eurex, a European electronic futures and options exchange based in Zurich, Switzerland with a subsidiary in Frankfurt, Germany, offers options and Futures on the DAX from 01:10 to 22:00 CET or from 02:10 to 22:00 CEST.
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 second since 1 January 2006.
On 24 Nov 2020, Deutsche Börse announced an expansion of the DAX from 30 to 40 members and a tightening of rules in response to the Wirecard accounting scandal. The expansion occurred in the 3rd quarter of 2021.
WWW Official Site

Versions

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.

Contract specifications

DAX futures are traded on the Deutsche Borse Indices & ETF exchange. The contract specifications for the DAX Combined Index are listed below:
DAX Combined Index
Exchange:DBIndex
Sector:Index
Tick Size:0.01
Tick Value:1 EUR
Big Point Value :100
Denomination:EUR
Decimal Place:2

Price history

On 16 March 2015, the performance index first closed above 12,000.

Annual returns

The following collapsible table shows the annual development of the DAX, calculated retroactively up to 1950.
YearClosing levelChange in Index
in Points		Change in Index
in %
195030.18−2.42−7.42
195165.0134.83115.41
195259.75−5.26−8.09
195374.0914.3424.00
1954135.2861.1982.59
1955148.8113.5310.00
1956137.80−11.01−7.40
1957144.977.175.20
1958232.2387.2660.19
1959417.79185.5679.90
1960534.09116.3027.84
1961489.79−44.30−8.29
1962386.32−103.47−21.13
1963438.9552.6313.62
1964477.8938.948.87
1965422.36−55.53−11.62
1966333.36−89.00−21.07
1967503.22169.8650.95
1968555.6252.4010.41
1969622.3866.7612.02
1970443.86−178.52−28.68
1971473.4629.606.67
1972536.3662.9013.29
1973403.88−132.48−24.70
1974401.79−2.09−0.52
1975563.25161.4640.19
1976509.02−54.23−9.63
1977549.3440.327.92
1978575.1525.814.70
1979497.79−77.36−13.45
1980480.92−16.87−3.39
1981490.399.471.97
1982552.7762.3812.72
1983773.95221.1840.01
1984820.9146.966.07
19851,366.23545.3266.43
19861,432.2566.024.83
19871,000.00−432.25−30.18
19881,327.87327.8732.79
19891,790.37462.5034.83
19901,398.23−392.14−21.90
19911,577.98179.7512.86
19921,545.05−32.93−2.09
19932,266.68721.6346.71
19942,106.58−160.10−7.06
19952,253.88147.306.99
19962,888.69634.8128.17
19974,249.691,361.0047.11
19985,002.39752.7017.71
19996,958.141,955.7539.10
20006,433.61−524.53−7.54
20015,160.10−1,273.51−19.79
20022,892.63−2,267.47−43.94
20033,965.161,072.5337.08
20044,256.08290.927.34
20055,408.261,152.1827.07
20066,596.921,188.6621.98
20078,067.321,470.4022.29
20084,810.20−3,257.12−40.37
20095,957.431,147.2323.85
20106,914.19956.7616.06
20115,898.35−1,015.84−14.69
20127,612.391,714.0429.06
20139,552.161,939.7724.77
20149,805.55253.392.65
201510,743.01937.469.56
201611,481.06738.056.87
201712,917.641,436.5812.51
201810,558.96−2,358.68−18.26
201913,249.012,690.0525.48
202013,718.78469.773.55
202115,884.862,166.0815.79
202213,923.59−1,961.27−12.35
202316,751.642,828.0520.31
202419,909.143,157.5018.85
202524,490.414,581.2723.01

Components

Below is the list of companies which are a component of the DAX 40, as of 22 September 2025. The current stock prices and list of DAX companies are available from financial websites. The index weighting refers to the DAX performance index.
TickerLogoCompanyPrime Standard SectorIndex weighting EmployeesFounded
AdidasApparel2.562,035 1924
AirbusAerospace & Defence6.1126,495 1970
AllianzFinancial Services8.4156,626 1890
BASFChemicals2.8111,822 1865
BayerPharmaceuticals1.594,081 1863
BeiersdorfConsumer goods0.722,678 1882
BMWAutomotive1.5159,104 1916
BrenntagDistribution0.518,122 1874
CommerzbankFinancial Services1.540,233 1870
ContinentalAutomotive0.5190,875 1871
Daimler TruckAutomotive1.399,849 2021
Deutsche BankFinancial Services2.882,969 1870
Deutsche BörseFinancial Services3.110,200 1992
Deutsche PostLogistics2.5482,638 1995
Deutsche TelekomTelecommunication7.5204,414 1995
E.ONUtilities1.872,242 2000
FreseniusHealthcare1.0316,078 1912
Fresenius Medical CareHealthcare0.6130,251 1996
GEA GroupMechanical EngineeringTBD18,500 1881
Hannover ReInsurance1.03,346 1966
Heidelberg MaterialsConstruction Materials1.551,209 1874
HenkelConsumer Goods0.852,450 1876
Infineon TechnologiesTechnology2.750,280 1999
Mercedes-Benz GroupAutomotive2.5175,000 1926
MerckPharmaceuticals1.162,557 1668
MTU Aero EnginesAerospace & Defence1.110,833 1934
Munich ReFinancial Services4.840,177 1880
Porsche SEAutomotive0.4882 2007
QiagenBiotech0.55,765 1984
RheinmetallAerospace & Defence3.528,539 1889
RWEUtilities1.318,246 1898
SAPTechnology14.0109,972 1972
Scout24E-CommerceTBD1,200 2012
SiemensIndustrials10.7327,000 1847
Siemens EnergyEnergy technology2.592,000 2020
Siemens HealthineersMedical Equipment0.966,000 2020
SymriseChemicals0.711,276 2003
Volkswagen GroupAutomotive1.3679,472 1937
VonoviaReal Estate1.115,900 2001
ZalandoE-Commerce0.517,000 2008

Former DAX components

This table lists former DAX components and the companies which replaced them.
DateComponent excludedComponent includedReason for exclusion/ Comments
03.09.1990Feldmühle NobelMetallgesellschaftTakeover of Feldmühle Nobel by Stora Enso
03.09.1990Nixdorf GermanyPreussag 'Merged with Siemens to form Siemens-Nixdorf
18.09.1995Deutsche BabcockSAPReplaced by SAP because of lower market capitalisation
22.07.1996KaufhofMETROMerger of Kaufhof and Metro Cash & Carry
23.09.1996ContinentalMünchener RückContinental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 and added back again in 2012
18.11.1996MetallgesellschaftDeutsche TelekomIPO of Deutsche Telekom
22.06.1998Bayerische Hypotheken-
und Wechselbank		AdidasMerger of Vereinsbank and Hypobank to form HypoVereinsbank
22.06.1998Bayerische VereinsbankHypoVereinsbankMerger of Vereinsbank and Hypobank to form HypoVereinsbank
21.12.1998Daimler-BenzDaimlerChrysler
'		Merger of Daimler-Benz with Chrysler
22.03.1999DegussaDegussa-HülsMerger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999ThyssenThyssenKruppMerger of Thyssen and Krupp
20.09.1999HoechstFresenius Medical CareMerger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000MannesmannEpcosTakeover of Mannesmann by Vodafone
19.06.2000VebaE.ONMerger of Veba and Viag to form E.ON
19.06.2000VIAGInfineonMerger of Veba and Viag to form E.ON
18.12.2000Degussa-HülsDegussaMerger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001KarstadtQuelleDeutsche PostIPO of Deutsche Post
23.07.2001Dresdner BankMLP Vz.Takeover of Dresdner Bank by Allianz
23.09.2002DegussaAltanaInadequate market capitalisation
23.12.2002EpcosDeutsche BörseFast-exit of Epcos, as Epcos' market capitalisation became inadequate.
22.09.2003MLPContinentalInadequate free float and market capitalisation.
31.01.2005LanxessLanxess was spun off from Bayer, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later. It was added to the DAX in 2012 and removed again in 2015.
01.02.2005LanxessLanxess was spun off from Bayer, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later. It was added to the DAX in 2012 and removed again in 2015.
19.12.2005HypoVereinsbankHypo Real EstateTakeover of HypoVereinsbank by UniCredit
18.09.2006ScheringPostbankTakeover of Schering by Bayer
18.06.2007AltanaMerckAfter the sale of Nycomed, inadequate market capitalisation
22.09.2008TUIK+SFast-entry of K+S, inadequate market capitalisation of TUI
22.12.2008ContinentalBeiersdorfFast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008Hypo Real EstateSalzgitterFast-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 2008 financial crisis
23.03.2009Deutsche PostbankHannover ReFast-exit due to inadequate market capitalisation
23.03.2009Infineon TechnologiesFresenius VzFast-exit due to inadequate market capitalisation
21.09.2009Hannover ReInfineon TechnologiesInadequate market capitalisation
21.06.2010SalzgitterHeidelbergCementInadequate market capitalisation
24.09.2012MANContinentalInadequate free-float capitalisation after acquisition by Volkswagen
24.09.2012MetroLanxessInadequate market capitalisation
21.09.2015LanxessVonoviaInadequate market capitalisation
21.03.2016K+SProSiebenSat.1 MediaInadequate market capitalisation
19.03.2018ProSiebenSat.1 MediaCovestroInadequate market capitalisation
24.09.2018CommerzbankWirecardInadequate market capitalisation
23.09.2019ThyssenKruppMTU Aero EnginesInadequate market capitalisation
22.06.2020Deutsche LufthansaDeutsche WohnenInadequate market capitalisation
19.08.2020WirecardDelivery Heronew Insolvency Rule
22.03.2021BeiersdorfSiemens EnergyInadequate market capitalisation
16.09.2021VitescoVitesco was spun off from Continental, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later.
17.09.2021VitescoVitesco was spun off from Continental, for calculating reasons added to the DAX as a temporary 31st component, and removed a day later.
20.09.2021Airbus10 companies added to expand DAX to 40 components
20.09.2021Brenntag10 companies added to expand DAX to 40 components
20.09.2021HelloFresh10 companies added to expand DAX to 40 components
20.09.2021Porsche SE10 companies added to expand DAX to 40 components
20.09.2021Puma10 companies added to expand DAX to 40 components
20.09.2021Qiagen10 companies added to expand DAX to 40 components
20.09.2021Sartorius10 companies added to expand DAX to 40 components
20.09.2021Siemens Healthineers10 companies added to expand DAX to 40 components
20.09.2021Symrise10 companies added to expand DAX to 40 components
20.09.2021Zalando10 companies added to expand DAX to 40 components
29.10.2021Deutsche WohnenBeiersdorf
10.12.2021Daimler TruckDaimler Truck was spun off from Mercedes-Benz, for calculating reasons added to the DAX as a temporary 41st component, and removed next trading day. It was added to the DAX again in 2022.
13.12.2021Daimler TruckDaimler Truck was spun off from Mercedes-Benz, for calculating reasons added to the DAX as a temporary 41st component, and removed next trading day. It was added to the DAX again in 2022.
21.03.2022BeiersdorfDaimler Truck
21.03.2022Siemens EnergyHannover Re
20.06.2022Delivery HeroBeiersdorf
19.09.2022HelloFreshSiemens Energy
19.12.2022PumaPorscheInitial public offering of Porsche
27.02.2023LindeCommerzbankDelisting of Linde on Frankfurt stock exchange
20.03.2023Fresenius Medical CareRheinmetall
27.12.2024Covestro AGFresenius Medical CareInadequate free-float capitalisation