German DAX Index (GDAXI)

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This article describes an index that measures the performance of an exchange, industry or a geographic region. View articles referencing this index.

 

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The Deutscher Aktien Index, or DAX 30 for short, is the blue chip market index for the Frankfurt Stock Exchange. It follows the top 30 german stocks on the electronic Xetra system that is used on the exchange.

Weighting and Calculation

The DAX indices are all calculated using capitalization weighted index using the total return Laspeyres index for calculations^[1].

DAX Indices are weighted by shares.

• The formula is:

Current index = Current total market cap of constituents × Previous Value / Previous Period

In comparison, the Shanghai SSE indices use the Paasche weighted composite price index formula^[2]. This means that the index bases its calculations on its previous period for its calculations as compared to the Shanghai Composite Index, which bases it on the base period.

The Base date for the index is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 minute.^[3]

For more information, go to how stock indices work

Selection

The index sample of the DAX is selected according to the following six criteria^[4]:

• generally a company needs to be listed for at least three years prior to the inclusion of its stock in the DAX;
• the free-floating capital must at least reach 15%;
• turnover;
• market capitalization;
• availability of early opening prices, and
• branch representativeness for the German economy.

Composition

As of March 2009, the DAX lists the following companies^[5]:

• Adidas AG (ADDYY)
• Allianz SE (AZ)
• BASF SE (BASFY)
• Bayer Aktiengesellschaft (BAYRY)
• Beiersdorf AG (BEI-FF)
• BMW (BMW-FF)
• Commerzbank (CBK-FF)
• Daimler AG (DAI)
• Deutsche Bank AG (DB)
• Deutsche Börse
• Lufthansa (LHA-FF)
• Deutsche Post (DPW-FF)
• Deutsche Telekom AG (DT)
• E.ON AG (EON)
• Fresenius Medical Care (FMS)
• Fresenius SE (FRE3-FF)
• Hannover Rueckversicherung AG (HNR1-FF)
• Henkel (HEN-FF)
• K+S
• Linde AG (LIN-FF)
• MAN AG (MAN-FF)
• Merck KGaA (MRK-FF)
• METRO AG (MEO-FF)
• Muenchener Rueck (MUV2-FF)
• RWE AG (RWE-FF)
• Salzgitter AG (SZG-FF)
• SAP AG (SAP)
• Siemens AG (SI)
• Thyssen Krupp AG (TYEKF)
• Volkswagen (VLKAY)

References

1. ↑ DAX Calculations
2. ↑ Paasche and Laspeyres price indices
3. ↑ DAX description
4. ↑ DAX Description
5. ↑ DAX Constituents