Indices

IndicesInformation on the capital markets: We ensure market activity is transparent – with prices, indices, and statistics

Indices serve to structure the stock market and thus focus investor attention. For the broader general public they serve as a barometer of market activity and also provide the underlying basis for derivatives and as the benchmark against which performance can be measured, e.g. for individual stock and for funds.

Indices measure performance in the capital markets. Together with statistics and historical data, they offer an empirical insight into trends in the capital markets.

The world of Deutsche Börse indices is therefore carefully tailored to investor needs. DAX®, MDAX®, TecDAX® and SDAX® are Deutsche Börse selection indices based exclusively on companies listed in the Prime Standard segment.

In the form of GEX® Deutsche Börse took as the criterion for the index that a company be managed by the founders or owners. GEX is the indicator for the performance of publicly-listed SMEs. Family-run companies are tracked in the DAXplus Family 30, which functions as a “family index” for the 30 largest family-run companies, by market capitalisation. Again, the condition for inclusion in these two selection indices is a listing in the Prime Standard.

Sector indices differentiate between the listed corporations and reflect trends in individual sectors. These sector indices help a comparison of the performance of providers of similar products or services. They are subdivided into 18 sectors and are compiled in nine super-sectors. Companies are assigned to sectors on the basis of classification by 63 subsectors. All companies that are admitted to the Prime Standard or General Standard are included in a sector index and subsector index.

Moreover, Deutsche Börse computes a selection index for the General Standard: the General Standard Index.

Overview of content

Index inclusion

There are clear rules governing inclusion of companies that are traded continuously in the Prime Standard in the selection indices and for changes in the composition of the respective indices; the rules are based on the criteria of “market capitalisation of free-float” and “order-book turnover”.

The DAX® reflects the 30 largest stocks in terms of market capitalisation and exchange turnover (bluechips). For the companies that are smaller than those in the DAX Deutsche Börse differentiates by classic sectors and technology sectors. Admission to the Prime Standard segment is a precondition for a company’s inclusion in the DAX, MDAX®, SDAX® and TecDAX® selection indices.

The DAX International 100 selection index contains the most liquid national and international companies from the Prime Standard and General Standard. Criterion for inclusion in this index is the order-book turnover on Xetra® and in floor trading on FWB® the Frankfurt Stock Exchange.

 

Selection indices at a glance:

  • DAX®, the blue-chip index: comprises the largest stocks on the Prime Standard segment of FWb® the Frankfurt Stock Exchange.
  • DAX International 100: comprises the 100 most liquid German and foreign companies. The next step down from the DAX International 100 is the DAX International Mid 100 with the next 100 corporations.
  • MDAX®, the midcap index: comprises the 50 companies from classic sectors listed in the Prime Standard that follow on from those included in the DAX index.
  • SDAX®, small-cap index: comprises the 50 largest corporations from classic sectors listed in the Prime Standard after those included in the MDAX index.
  • TecDAX®, technology index: comprises the 30 largest technology corporations listed in the Prime Standard after those included in the DAX index.
  • HDAX®: comprises the stocks of all 110 corporations included in the DAX, MDAX and TecDAX selection indices.
  • CDAX®: comprises all the German corporations from the Prime and General Standard segments; it thus represents the entire breadth of the German stock market.
  • GEX®: is made up of all owner-run companies included in the Prime Standard and that were listed publicly within the last ten years. Owner-run is understood to mean that the members of the management or supervisory boards or their families hold between 25 and 75 percent of the voting rights.
  • DAXplus® Family: comprises the German and international corporations from the Prime Standard in which the founding families hold at least 25 percent of the voting rights or are members of the management or supervisory boards and hold at least 5 percent of the voting rights.