DAX (German stock index)
The DAX (Deutscher Aktienindex) is Germany's most important stock index – it comprises the 40 largest and most liquid companies on the Frankfurt Stock Exchange.
Key facts:
• 40 companies (since September 2021, previously 30)
• Total market capitalisation: over 1.8 trillion euros
• Calculation: weighted by free-float market capitalisation
• Special feature: the DAX is a performance index – dividends are reinvested. Most other indices (Dow Jones, FTSE) are price indices. That's why the DAX looks better on the chart!
Top 10 DAX companies (by weight 2025):
• SAP: ~15% (largest weight, approx. 280 bn market capitalisation)
• Siemens: ~10%
• Allianz: ~8%
• Deutsche Telekom: ~7%
• Airbus, Munich Re, Mercedes-Benz, Infineon, BASF, Deutsche Börse
Performance:
• Long term: ~8–9% p.a. (incl. dividends, over 30+ years)
• Best year: +65% (1985)
• Worst year: −44% (2002, dotcom)
• 15-year return triangle: not a single loss-making period!
For private investors: the DAX alone is not diversified enough – only 40 German companies. An MSCI World ETF (1,500+ shares, 23 countries) is a better basis for long-term wealth building.
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