What Is the DAX Stock Index?

What Is the DAX Stock Index?

3 Min.

The DAX is a stock market index in Germany that monitors the performance of the 40 biggest companies trading on the Frankfurt Stock Exchange. Xetra is an electronic trading platform that supplies the prices used to compute the DAX index. The DAX is a significant benchmark for European and German stocks, featuring major companies based on liquidity and market capitalization. It's also an indicator of trends in Germany's economy. Some of the globally renowned firms on the DAX include Volkswagen, Bayer, BMW, and Adidas.


The DAX, also called GER40 or the Deutscher Aktien Index, is a stock index representing the 40 largest and most liquid German companies traded on the Frankfurt Exchange. Calculated using prices from the Xetra electronic trading system, the DAX employs a free-float methodology for index weightings coupled with an average trading volume measurement.

Established in 1988, the DAX commenced with an initial index level of 1,163 points. Member companies of the DAX account for approximately 80% of the total market capitalization on the Frankfurt Exchange. Originally composed of 30 companies, the index expanded to 40 in 2023.

Exploring the DAX Stock Index

The DAX index, tracking 40 prominent and actively traded German corporations, serves as a vital barometer for Germany's economic well-being in the eyes of numerous analysts. These corporations, featured in the DAX, are global entities with a substantial impact on the German domestic and global economies. Their triumphs have significantly contributed to the phenomenon known as the "German economic miracle" or Wirtschaftswunder, characterizing Germany's post-World War II resurgence.

The DAX index encompasses a diverse array of sectors. For instance, Bayer AG, established in 1863, is a pharmaceutical and consumer health company renowned for its pain and allergy relief products. Allianz SE operates as a worldwide financial services provider, specializing in insurance and asset management offerings for its clients. Meanwhile, Adidas AG engages in the development, production, and marketing of popular athletic footwear, apparel, and equipment.

DAX Index: A Unique Approach

Unlike most indices, the DAX incorporates futures prices for the following day, even beyond regular stock exchange hours. Alterations occur during scheduled review dates, allowing for the removal of index members falling outside the top 45 largest companies or adding those entering the top 25. The Frankfurt Exchange predominantly operates through the all-electronic Xetra system, with nearly 95% of the 40 DAX member stocks actively traded using this platform. As a premier blue-chip stock market index, the DAX shares similarities with the Dow Jones Industrial Average (DJIA), both focused on tracking substantial publicly traded companies.

DAX Constituent Companies

As of 2023, four months following a significant expansion of the index, the DAX roster of companies is as follows (in alphabetical order):

  1. Adidas
  2. Airbus
  3. Allianz
  4. BASF
  5. Bayer
  6. Beiersdorf
  7. BMW
  8. Brenntag
  9. Commerzbank
  10. Continental
  11. Covestro
  12. Daimler Truck Holding
  13. Deutsche Bank
  14. Deutsche Boerse
  15. Deutsche Post
  16. Deutsche Telekom
  17. E.ON
  18. Fresenius
  19. Hannover Rück
  20. HeidelbergCement
  21. Henkel
  22. Infineon Technologies
  23. Mercedes Benz Group
  24. Merck
  25. MTU Aero Engines
  26. Münchener Rück
  27. Porsche
  28. Porsche Automobil Holding
  29. Qiagen
  30. Rheinmetall
  31. RWE
  32. SAP
  33. Sartorius
  34. Siemens
  35. Siemens Energy
  36. Siemens Healthineers
  37. Symrise
  38. Volkswagen
  39. Vonovia
  40. Zalando


The DAX is a vital stock market index in Germany, monitoring the top 40 companies on the Frankfurt Stock Exchange. It utilizes Xetra for pricing and serves as a key benchmark for European and German stocks. Major firms like Volkswagen, Bayer, BMW, and Adidas are prominent constituents. Established in 1988 with 1,163 points, it now includes 40 members representing 80% of the Frankfurt Exchange's market capitalization. Unlike most indices, the DAX adjusts after trading hours and during reviews. Operating mainly on Xetra, it tracks significant publicly traded companies, much like the Dow Jones Industrial Average.

Deutscher Aktien Index (DAX)
Market Index
Follow us
Hexn operates under HEXN (CZ) s.r.o. and HEXN Markets LLC. HEXN (CZ) s.r.o. is incorporated in the Czech Republic with the company number 19300662, registered office at Cimburkova 916/8, Žižkov, Praha. HEXN (CZ) s.r.o. is registered as a virtual assets service provider (VASP). HEXN Markets LLC is incorporated in St. Vincent and Grenadines with the company number 2212 LLC 2022, registered office at Beachmont Business Centre, 379, Kingstown, Saint Vincent and the Grenadines