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DAX · Germany^GDAXI
Germany's 40 industrial and tech leaders — and the rare index whose headline number counts reinvested dividends.
Past week: +0.99%
30-day price
Where the chart sits — description, not prediction
Trading above both its 50-day (24,537.75) and 200-day (24,215.66) averages — the longer-term trend reads as up. 30-day range 23,950.57–25,389.10; currently in the upper third of that range. RSI(14) 50 — momentum roughly neutral.
Computed from daily closing prices (Yahoo Finance), June 23, 2026. Compare all markets →
What is DAX · Germany?
The DAX (Deutscher Aktienindex) tracks the 40 largest, most liquid companies on the Frankfurt exchange's Xetra platform. It launched on 1 July 1988 with a base of 1,000. Stocks are weighted by free-float market value with a 15% cap on any single name. It expanded from 30 to 40 members on 20 September 2021.
The DAX has a quirk that trips up US investors: unlike the S&P 500 or FTSE, the standard DAX is a total-return index — dividends are assumed reinvested — so it looks much higher over time than a price-only benchmark (a separate DAX Price Index strips dividends out). Heavyweights SAP, Siemens, Volkswagen and Airbus earn heavily from the US and Asia, so a big DAX move (Frankfurt trades 3:00-11:30 AM ET) often signals how multinationals will open in New York.
What has moved DAX · Germany
2008 crisis: -40.4% for the year
The export-heavy DAX fell 40.37% over 2008 as global trade collapsed and German automakers, chemical firms and banks all faced severe earnings pressure, giving back the gains that had carried it above 8,000 in 2007.
Wirecard fraud, June 2020: EUR 1.9bn of phantom cash
DAX member Wirecard admitted in June 2020 that EUR 1.9 billion supposedly held in escrow likely never existed. The stock fell 99% and it became the first DAX company to go insolvent — directly prompting the 2021 expansion to 40 and new profitability rules.
Expansion to 40 members, 20 Sept 2021
Deutsche Boerse added 10 names (including Airbus and Zalando) in the biggest reform in the index's history. New entrants must now post positive EBITDA for two straight years — a direct response to the Wirecard loss.
First close above 20,000, December 2024
The DAX topped 20,000 for the first time in December 2024 after gaining about 19% on the year, with SAP alone contributing over 40% of the point gain on strong enterprise-cloud demand.
Notable moments
Why the number looks so big
Because the standard DAX reinvests dividends, its level (above 25,000 in 2026, from 1,163 at launch in 1988) overstates price-only performance. An equivalent price-return DAX would show a smaller, though still large, gain.
A global index in a German wrapper
SAP, Siemens, VW, Deutsche Telekom, BASF and Bayer earn much of their revenue from the US, China and Asia, so the DAX is often more sensitive to global trade, the dollar and Chinese demand than to German domestic GDP.
Common questions
Why is the DAX a total-return index when most aren't?
Deutsche Boerse designed it to reflect what a German investor would actually earn holding all 40 stocks and reinvesting every dividend. A separate DAX Price Index exists for apples-to-apples comparison with price-return benchmarks like the S&P 500.
What triggered the 30-to-40 expansion in 2021?
The 2020 Wirecard fraud exposed that the DAX had no profitability or audit requirements for membership. Deutsche Boerse responded by expanding to 40 and requiring positive EBITDA for the prior two fiscal years.
What time does it trade versus US markets?
Xetra runs 9:00 AM-5:30 PM Frankfurt time, which is 3:00-11:30 AM Eastern — so the DAX finishes hours before Wall Street closes. Educational only, not investment advice.
Is it only German companies?
All 40 must be listed in Frankfurt, but many are global — Airbus is headquartered in Toulouse, and SAP, the largest member near 10%, earns most revenue from North America and Asia.