Germany - DAX Performance-Index

The performance Index ( DAX ) is a price index calculated for the Deutsche Aktien Index (German stock index). It is published daily. The Deutsche Aktien Index was created in 1985 by the Frankfurt Stock Exchange and exists since 1987. The DAX index is used to measure the performance of the top 30 companies in the German stock market. These companies are chosen because they are representative of the German stock market, i.e., they have high market capitalization, trade on a stock exchange, have a minimum average trading volume, and their shares can be conveniently traded as standardized equity certificates. Furthermore, these 30 companies must meet specific qualitative criteria such as having their registered headquarters within Germany or being predominantly commercial enterprises operating in industries with the significant public interest.

DAX Calculation

The DAX is a price index, i.e., it indicates the average price level for a stock market index. The formula for calculating the DAX is based on the arithmetic average of the daily share prices multiplied by the number of shares. The DAX is calculated based on the trade prices of all companies included in the German stock index (price times shares outstanding), divided by the total market capitalization. The quotient obtained is rounded to the nearest whole number. This is the DAX index value for the current day. The German Stock Index is the most important indicator for the stock market and the economy of Germany. Measured values ​​can fluctuate between 330 and 12,000 points. The highest value was reached in October 2007 at 14,749 points. In October 2002, the index fell as low as 3,887 points. Since then, it has been rising again and reached an all-time high on April 26, 2019, at 12,919 points.

DAX index rules

The German Stock Index has a few rules, one of which is that no company may make up more than 25 percent of the index. This is to ensure that the index is diversified and that it represents a broad cross-section of the German economy. For the companies that are represented in the index, it is also important that they meet certain qualitative requirements. These include a minimum market capitalization of €750 million, a minimum average daily trading volume of €5 million, and a minimum average trading volume of at least 750,000 shares per day. These requirements have the aim of ensuring that the companies are sufficiently liquid.

DAX 30 Constituents

The following 30 companies make up the German stock index. The first five companies make up around 50 percent of the index, the next 10 companies make up another 35 percent, and the last 10 companies represent the remaining 15 percent. The DAX 30 companies are:

- Adidas (ADS) - BMW (BMW) - E.On (EOE) - Deutsche Bank (DB) - Deutsche Börse (DB1) - Commerzbank (CBK) - Deutsche Post (DPW) - Deutsche Telekom (DTE) - Fresenius (FRE) - Fresenius Medical Care (FMS) - Merck (MRK) - Munich RE (MUV2) - Porsche (POAHY) - Siemens (SIEG) - Volkswagen (VW) - Deutsche Wohnen (DW) - Deutsche Post Wien (DPWV) - Deutsche Telekom (DTEGY) - Deutsche Post (DPWG) - Deutsche Post (DPWKGY) - LEG Immobilien (LEG) - Linde (LIN) - Munich Re (MUV3) - RWE (RWEOGY) - SAP (SAP) - Südzucker (SZUGY)

DAX future and its calculation

The future (futures) contract on the DAX is traded on the Eurex Exchange. Its value is based on the future DAX index level at the time of the contract’s conclusion. This means that it is an agreement to buy or sell an asset (in this case a share index level) at a certain time in the future at an agreed price. Investors who take a long position will profit if the index level rises, as reflected in the futures contract. Conversely, those who take a short position will profit if the index level falls. The future DAX index level is determined through the application of a fixed mathematical formula. The index is adjusted daily. The adjustment formula is set so that the difference between the closing index level and the calculated index level is zero.


The DAX future is the most important financial future in Germany, and the DAX itself is considered one of the most important indices in the world. Even so, the DAX only represents 30 companies out of the almost 6,500 companies that are traded on the Frankfurt Stock Exchange. The DAX is therefore only a representative sample of the German economy. The composition of the DAX changes every year as companies are added or removed. The companies that make up the index are selected by an index committee. They consider not only the current composition of the index but also the structure of the economy and the future development of the industry.