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BLUE CHIP INDICES

DAX

Index Description

DAX tracks the performance of the 40 largest companies listed on the Regulated Market of Frankfurter Wertpapierboerse (FWB, the Frankfurt Stock Exchange) that fulfil certain minimum quality and profitability requirements. Component selection is based on free float market capitalization. DAX is primarily calculated as a performance index and is therefore one of the few major country indices that also takes dividend yields into account, thus fully reflecting the actual performance of an investment in the index portfolio.

Key facts

  • DAX is the defining index for the German equity market, it serves as underlying for financial products (options, futures, ETFs, structured products) and for benchmarking purposes.
  • DAX is well diversified across sectors and generally covers over three quarters of the aggregated free float market capitalization of companies listed on the Regulated Market of FWB.
  • Index calculation and index composition is determined on the basis of a clear and publicly available set of rules.
  • To be eligible for index inclusion, companies must fulfill a set of basic criteria. The selection of index components is based on free float market capitalization.
  • The index composition is reviewed quarterly in March, June, September and December.
  • Index components are capped at a maximum weight of 15% on a quarterly basis.

Descriptive Statistics

Index Market Cap (EUR bn) Components (EUR bn) Component weight (%) Turnover (%)
Full Free-float Mean Median Largest Smallest Largest Smallest Last 12 monts
DAX 1,679.8 1,375.2 34.4 20.4 215.9 5.8 15.7 0.4 1.8
Regulated Market All Share 2,375.9 1,750.7 4.5 0.2 233.1 0.0 13.3 N/A N/A

Supersector weighting (top 10)

Country weighting

Risk and return figures1

Index returns Return (%) Annualized return (%)
Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y
DAX -1.3 10.6 25.1 10.6 27.6 N/A N/A 25.5 3.4 5.0
Regulated Market All Share -1.5 7.4 20.5 4.3 28.2 N/A N/A 20.9 1.4 5.1
Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2
DAX N/A N/A 11.6 17.4 20.9 N/A N/A 1.8 0.1 0.1
Regulated Market All Share N/A N/A 11.5 17.0 19.6 N/A N/A 1.5 -0.1 0.1
Index to benchmark Correlation Tracking error (%)
DAX 1.0 1.0 1.0 1.0 1.0 2.2 2.3 2.3 1.9 2.8
Index to benchmark Beta Annualized information ratio
DAX 0.9 1.0 1.0 1.0 1.1 1.3 1.5 1.7 1.1 0.1

1For information on data calculation, please refer to STOXX calculation reference guide

2Based on EURIBOR1M

(EUR, Price), all data as of October 31, 2024

BLUE CHIP INDICES

DAX

Fundamentals

Index Price/earnings incl. negative Price/earnings excl. negative Price/book Dividend yield (%)3 Price/sales Price/cash flow
Trailing Projected Trailing Projected Trailing Trailing Trailing
DAX 19.7 14.3 16.3 16.3 1.6 2.8 0.9 19.9
Regulated Market All Share 21.0 13.7 15.3 15.3 1.5 2.7 0.7 18.2

Performance and annual returns

Methodology

To be considered for DAX admission, companies must fulfil the following basic criteria: an existing listing on the Regulated Market of the FWB Frankfurt Stock Exchange, continuous trading on Xetra®, minimum free float of 10%, legal headquarters or operating headquarters in Germany, timely publication of audited Annual Financial Report, half-yearly Financial Reports and Quarterly Statements, and no declared departures by the company from recommendations C.10, D.9 and D.8 of the German Corporate Governance Code. Companies that are not components of DAX at the time the selection list is compiled must show a positive EBITDA for the two most recent fiscal years. Furthermore, a company that is not an index component yet, must satisfy the following minimum liquidity requirement: minimum order book volume over the last 12 months of 1 bn EUR or turnover rate of 20%. A company that is already an index component must have a minimum order book volume over the last 12 months of at least 0.8 bn EUR or show a turnover rate of 10% at monthly selection list cut-off date in order to remain in the index. The selection of index components is based on free float market capitalization.

The detailed DAX index methodology can be found in the DAX Equity Index Methodology Guide.

The detailed index calculation formula can be found in the DAX Equity Index Calculation Guide.

Versions and symbols

Index ISIN Symbol Bloomberg Reuters
Total Return EUR DE0008469008 DAX DAX INDEX .GDAXI
Price EUR DE0008467440 DAXK DAXK INDEX .GDAXIP
Gross Return USD DE000A1EXLZ4 DAXUSD DAXUSD INDEX .GDAXIUSD
Price USD DE000A1EXL07 DAXKUSD DAXKUSD INDEX .GDAXIPUSD
Price AUD DE000A161DQ0 DAXAUDP .DAXKAUD
Total Return AUD DE000A161DR8 DAXAUD .DAXAUD
Total Return CHF DE000A161DY4 DAXCHF .DAXCHF
Price CHF DE000A161DX6 DAXCHFP .DAXKCHF
Total Return JPY DE000A161DT4 DAXJPY .DAXJPY
Price JPY DE000A161DS6 DAXJPYPR .DAXKJPY
Net Return EUR DE000A1A4D00 DAXNR DAXNR INDEX .GDAXIN
Net Return USD DE000A1A4D18 DAXNRUS DAXNRUS INDEX .GDAXINUSD
Price GBP DE000A2GYHP4 DAXPRGB .DAXPGB
Total Return GBP DE000A2GYHN9 DAXTRGB .DAXTGB
Net Return GBP DE000A2GYHQ2 DAXNRGB .DAXNGB
Net Return CHF DE000A2L0NR6 DAXNRCHF DAXNRCHF INDEX .DAXNCHF
Gross Return CZK DE000A3CK363 DAXGRCZK .DAXTCZ
Price CZK DE000A3CK348 DAXPRCZK .DAXPCZ
Net Return CZK DE000A3CK355 DAXNRCZK .DAXNCZ

Quick Facts

Weighting Free-float market cap
Cap Factor 0.15
No. of components 40
Review frequency Quarterly
Calculation/distribution realtime, 1 sec
Calculation hours 9:00 - 18:00 CET
Base value/base date 1,000 as of Dec.30, 1987
History Available since Jan. 4, 1999
Inception date Jul. 1, 1988
To learn more about the inception date, currency versions, calculation hours and historical values, please see our data vendor code sheet.

CONTACT DETAILS

  • STOXX customer support
  • P +41 43 430 7272
  • customersupport@stoxx.com
  • https://stoxx.com/support/

DISCLAIMER

STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX indices, DAX indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.

BACKTESTED PERFORMANCE

This document contains index performance data based on backtesting, i.e. calculations of how the index might have performed prior to launch if it had existed using the same index methodology and based on historical constituents. Backtested performance information is purely hypothetical and is provided in this document solely for information purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance.

CUSTOMIZATION

The index can be used as a basis for the definition of STOXX Customized Indices, which can be tailored to specific client or mandate needs. STOXX offers a wide range of customization, in terms of component selection, weighting schemes and personalized calculation methodologies.

BLUE CHIP INDICES

DAX

Top 10 Components4

Company Supersector Country Weight
SAP Technology Germany 15.702%
SIEMENS Industrial Goods and Services Germany 9.755%
ALLIANZ Insurance Germany 8.243%
DEUTSCHE TELEKOM Telecommunications Germany 7.245%
AIRBUS Industrial Goods and Services Germany 5.994%
MUENCHENER RUECK Insurance Germany 4.573%
DEUTSCHE BOERSE Financial Services Germany 2.953%
BASF Chemicals Germany 2.898%
MERCEDES-BENZ GROUP Automobiles and Parts Germany 2.852%
INFINEON TECHNOLOGIES Technology Germany 2.756%

3Net dividend yield is calculated as net return index return minus price index return

4Based on the composition as of October 31, 2024

CONTACT DETAILS

  • STOXX customer support
  • P +41 43 430 7272
  • customersupport@stoxx.com
  • https://stoxx.com/support/

DISCLAIMER

STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX indices, DAX indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.

BACKTESTED PERFORMANCE

This document contains index performance data based on backtesting, i.e. calculations of how the index might have performed prior to launch if it had existed using the same index methodology and based on historical constituents. Backtested performance information is purely hypothetical and is provided in this document solely for information purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance.

CUSTOMIZATION

The index can be used as a basis for the definition of STOXX Customized Indices, which can be tailored to specific client or mandate needs. STOXX offers a wide range of customization, in terms of component selection, weighting schemes and personalized calculation methodologies.