Service Navigation

30 facts about 30 years of DAX

30 facts about 30 years of DAX

  1. DAX® was first published on 1 July 1988 with a starting index level of 1,163 points.
  2. Frank Mella, then an editor at Börsen-Zeitung, is recognised as DAX’s inventor. His publisher had given him the task of devising a German stock market index. The result was so convincing that the editor showed the exposé to a group of bank experts – the rest is history: DAX was born.
  3. DAX tracks the performance of the 30 largest and most liquid companies on the German stock market, representing approximately 80 per cent of the aggregate market capitalisation of listed German stock corporations.
  4. 30 years ago, the following companies were the first DAX constituents: Allianz, BASF, Bayer, Bayerische Hypotheken- und Wechselbank, Bayerische Vereinsbank, BMW, Commerzbank, Continental, Daimler-Benz, Degussa, Deutsche Babcock, Deutsche Bank, Deutsche Lufthansa, Dresdner Bank, Feldmühle Nobel, Henkel, Hoechst, Karstadt, Kaufhof, Linde, MAN, Mannesmann, Nixdorf, RWE, Schering, Siemens, Thyssen, Veba, Viag, Volkswagen.
  5. The index is a product and registered word and figurative mark of Deutsche Börse AG.
  6. DAX is calculated as both a price and performance index. For the performance index, the constituents’ dividends are calculated as reinvested; for the price index, dividends are not taken into account.
  7. The European Monetary Institute was established in 1994 and DAX® 100 was introduced, intended to track the performance of the 100 most liquid stocks.
  8. In 1995, the privatisation of Germany’s state-run Deutsche Bundespost led to the creation of three new companies: Deutsche Post AG, Deutsche Telekom AG and Postbank AG, two of which are still included in DAX today.
  9. MDAX® was launched in 1996, comprising stocks from traditional sectors that rank immediately below the companies included in DAX in terms of market capitalisation and exchange turnover.
  10. Deutsche Telekom’s IPO was the largest in the history of DAX in November 1996. 713 million shares of the former state-owned company raked in €13 billion and demand exceeded supply fivefold.
  11. On 20 March 1998, DAX closed above the mark of 5,000 points for the first time – at 5,001.55.
  12. The largest corporate merger in DAX history was that of Daimler-Benz and Chrysler, finalised on 7 May 1998. The merger of peers based on a market capitalisation of DEM 166 billion at the time was the largest-ever merger in the auto industry. Daimler shareholders held approximately 57 per cent of the new company, Chrysler shareholders the remaining 43 per cent.
  13. As of June 1999, DAX was calculated exclusively on the basis of Xetra® prices, correctly foreseeing that the future would lie in fully electronic trading. The same year, SDAX® was introduced.
  14. In 2000, the euro currency was launched and Deutsche mark as the sole German currency came to an end.
  15. In 2002, DAX experienced its largest annual loss, dropping by 44 per cent.
  16. TecDAX® was introduced in 2003, containing the shares of the 30 tech companies that rank immediately below the companies included in DAX in terms of exchange turnover and market capitalisation.
  17. The year 2003 saw the collapse of the so-called new market. Following the bursting of the dot-com bubble, DAX plummeted. Having reached its highest level in March 2000 at 8,136.16, it closed at 2,202.96 points on 12 March 2003. The index quickly regained its stride, however, climbing to new highs in July 2007 – to hit 8,151.57 points on 13 July.
  18. In July 2008, the Frankfurt Stock Exchange celebrated the 20th anniversary of DAX.
  19. On 13 October 2008, DAX experienced its highest-ever daily gain at 11.40 per cent.
  20. In October 2008, Volkswagen was the world’s most valuable company – at least for a few hours when the stock price rose to above €1,000. The cause, amid the takeover battle between Porsche and Volkswagen, was a short-squeeze (a market situation in which the price is driven upward when short sellers cover their positions on a stock).
  21. The most valuable company included in DAX based on market capitalisation is currently the software company SAP, valued at approximately €115,535.64 million. It is followed by Siemens at €97,750.00 million and Bayer at €84,598.92 million (as of 15 May 2018).
  22. On 16 March 2015, DAX rose above 12,000 points for the first time and closed at 12,167.72 points.
  23. 15 companies have been continuously included in DAX since its launch on 1 July 1988: Allianz, BASF, Bayer, BMW, Commerzbank, Daimler (previously Daimler-Benz), Deutsche Bank, E.ON (previously Veba and Viag), Henkel, Linde, Lufthansa, RWE, Siemens, ThyssenKrupp (previously Thyssen) and Volkswagen.
  24. In May 2018, the total DAX market capitalisation reached €1,181,238.25 billion.
  25. According to an study by EY, an average of 55 per cent of a DAX constituent’s shares were held in the portfolios of foreign investors, while German shareholders held just above one-third (37 per cent) of DAX shares in 2012.
  26. The largest foreign DAX shareholder is the US asset management company BlackRock, invested in all 30 DAX constituents through its funds.
  27. DAX today is one of the most important equity indices worldwide: the index serves as an underlying for more than 150,000 financial products; futures contracts on the DAX consistently rank among the five most popular index futures globally.
  28. Investors may participate in the overall performance of DAX through ETFs. In the first quarter of 2018, the assets under management in ETFs on DAX indices stood at €29.2 billion.
  29. A newcomer, a young company that was nowhere near going public when DAX was launched, has since turned into its star. Following its inclusion in the index in 1995, SAP has seen its share price rise to impressive levels and is now DAX’s most valuable company.
  30. Since its launch 30 years ago, the value of DAX has increased more than tenfold. Investors who entered at the highest level in 1988 would have seen an average annual return of 7.5 per cent. Based on this calculation, an initial investment of €1,000 would currently be valued at €8,754.96.

Current Issues

Deutsche Börse Group worldwide

Deutsche Börse Group worldwide

Deutsche Börse Group operates around the globe and is one of the world’s leading exchange organisations.

Annual report 2019

Annual report 2020

Deutsche Börse Group in figures, data and facts: our new corporate report is available online.


Education & training

Need to refresh your financial knowledge or learn more about how exchange organisations work? Our education and training web area can help.

Business newsletter


Our newsletter addresses customers and provides information on new products and services of the company.

Visit the stock exchange

Due to ongoingconstruction work, a visit to the Frankfurt Stock Exchange is currently not possible. We apologise for the inconvenience and look forward to welcoming you again soon.

Our websites is Deutsche Börse Group's main website, but it is not our only one: an overview of the numerous websites the Group maintains for its customers in the various business areas.

Additional Information


Internet hotline

Service times: Mon-Fri, 9:00 – 18:00

+49-(0) 69-2 11-1 16 70