DAX
^GDAXI
Key Statistics
About DAX
By Liveworldmarket Editorial Team · Last reviewed 29 June 2026
DAX 40 — Germany's Blue-Chip Index
The DAX 40 is Germany's headline equity benchmark, composed of the 40 largest Frankfurt-listed companies by free-float market capitalisation. The index includes household-name German industrial and consumer names (SAP, Siemens, Volkswagen, BMW, Mercedes-Benz, Allianz, Munich Re, Deutsche Bank, Bayer, BASF), making it a much purer play on the German and broader Eurozone economy than the more internationally-diversified FTSE 100. The DAX is one of the most-traded equity indices in continental Europe and the FDAX futures contract on Eurex is one of the world's most liquid equity-index futures.
A unique feature: the headline DAX is a TOTAL-RETURN index — meaning dividends are assumed to be reinvested back into the basket. This makes the headline DAX level higher (and over time, substantially higher) than peer price-return indices like the S&P 500 or FTSE 100 over multi-decade horizons. The 'DAX Kursindex' is the equivalent price-return variant, but it's rarely quoted in financial media. When you compare the DAX's headline level (e.g. 17,000) to the S&P 500's (e.g. 5,000), the DAX number flatters German performance because of the dividend-reinvestment effect.
History & contract origins
The DAX index was launched on 1 July 1988 with a base value of 1,000 (back-calculated to 30 December 1987). It started as a 30-stock basket and was expanded to 40 names on 20 September 2021, broadening sector representation following criticism that German tech (notably Airbnb-like and software-as-a-service companies) was under-represented. The index has been continuously published on Deutsche Börse since inception. It crossed 5,000 in 1998, peaked at 8,151 in March 2000 before the dot-com bust, retook that high only in 2007, and broke above 16,000 in 2023.
Major DAX drawdowns: dot-com 2000-2003 (-73% — the deepest of any major Western equity benchmark, reflecting Germany's outsized exposure to telecom-equipment manufacturers), GFC 2007-2009 (-55%), Eurozone debt crisis 2011 (-32%), COVID-19 March 2020 (-39%), Russia-Ukraine 2022 (-24%).
Trading hours & session layout
DAX 40 constituents trade on the Frankfurt Stock Exchange (Xetra). The FDAX futures contract on Eurex provides extended-hours price discovery from ~01:00 IST to 02:00 IST next day. In IST:
| Xetra cash pre-open | 12:30 IST (CEST) / 13:30 IST (winter) |
| Xetra cash open | 13:30 IST (winter) / 12:30 IST (CEST) |
| Xetra cash close | 21:00 IST (winter) / 20:00 IST (CEST) |
| FDAX futures after-hours | until 02:00 IST |
Holiday calendar (typical annual closures)
Listed below are the major scheduled closures for the underlying exchange. Exact dates shift year-to-year — always verify against the exchange's official calendar before holding overnight positions across a holiday boundary.
| Holiday | Typical date |
|---|---|
| New Year's Day | 1 January |
| Good Friday | Variable |
| Easter Monday | Variable |
| Labour Day | 1 May |
| Whit Monday | Variable — 50 days after Easter |
| German Unity Day | 3 October |
| Christmas Eve (early close) | 24 December |
| Christmas Day | 25 December |
| Boxing Day | 26 December |
| New Year's Eve (early close) | 31 December |
How to read this tape
Three things to watch in the DAX. First, the EUR/USD rate: a falling euro mechanically boosts DAX exporter earnings (Mercedes, Volkswagen, BMW, BASF, Siemens), so the DAX is positively correlated with weak-EUR episodes. Second, German manufacturing PMI: roughly 25% of DAX revenue comes from auto, chemical and industrial sectors that lead the PMI. Third, the DAX / S&P 500 spread is a popular relative-value trade and a clean signal of European vs. US growth differentials.
The 2021 expansion from 30 to 40 names diluted the index's industrial concentration. Tech is now ~17% of DAX weight (SAP alone is ~10%), making the modern DAX less of a pure 'old-economy industrial' bet than its pre-2021 incarnation.
Frequently asked questions
Why is the DAX a total-return index when most others are price-return?
Historical convention. The DAX was designed in 1988 to provide a transparent performance benchmark for German pension funds, which require total-return measurements. Most other modern indices opted for price-return (cleaner for derivatives pricing). Both DAX TR and DAX Kursindex are published; the TR variant is the headline.
How does the DAX compare to the EURO STOXX 50?
EURO STOXX 50 is a pan-Eurozone index (50 largest by capitalisation across all Eurozone countries, with French and German names dominating). DAX is German-only. The two correlate at ~0.95 day-to-day. EURO STOXX is the broader macro signal; DAX is more concentrated and slightly more volatile.
Is the DAX more volatile than the S&P 500?
Historically yes, by roughly 20-30% in annualised vol terms. German automakers and chemicals are heavily cyclical, and the Eurozone is more bank-credit-dependent than the US, which amplifies macro-stress moves.
When does the DAX typically peak / trough during a year?
Seasonal data over 30+ years shows a mild positive bias in Q4 (October-December) and weakness in May-September — the 'sell in May, go away' adage holds slightly more strongly for European indices than for the S&P 500.
Can Indian residents invest in DAX?
Yes, via the LRS route using a European or US broker, or via DAX ETFs listed in London (XDAX.L) or the US (EWG, EWGS). India-listed DAX ETFs are not widely available.
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Editorial article. Information only — not investment advice. Read our Risk Disclaimer before acting on any market data shown here.