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The GER 40 (DAX): Germany's Top Stock Market Index

Market Analyst
11 Apr 2024
The GER 40, also known as the DAX, is a prominent stock market index in Europe. This cap-weighted index, unlike some others, incorporates reinvested dividends into its calculations, reflecting the total return experience for investors.

GER 40

The GER 40, (also known as DE40, DAX40, GER40, DAX, GDAXI), is a leading financial market index in Germany, tracking the performance of the country's largest companies by market capitalization on the Frankfurt Stock Exchange. In contrast to some peers, while being cap-weighted, the GER 40 is a total return index, meaning that the index calculation assumes all dividends paid by index constituents are reinvested. Investors can track the DAX's performance throughout the trading day, identifying potential trading opportunities based on price movements and market news.

Given the relatively low number of firms included within the index, it could be argued that it is not necessarily representative of the broader performance of the German economy, in a similar way to how the limited number of stocks in the US 30 makes it an unreliable barometer of US economic performance.

The index was first calculated in late-1987, with a base value of 1,000, and is currently calculated once per second based on electronic trade on the Xetra venue. The GER 40 was expanded from 30 to 40 members in Q3 2021, with various other index rules also tightened, largely in reaction to the Wirecard accounting scandal.

Understanding the DAX's historical performance through price charts can inform your trading style, whether it's short-term or long-term investment strategies. Staying updated on relevant market news is important for informed decision-making when considering the GER 40 or its constituent companies. Historical returns for the index, which are not a reliable indicator of future results, are shown below.


The weightings of individual index constituents, as of the time of writing, is as follows.

StockWeighting as of 27/02/2024
SIEMENS AG Stock Siemens AG10.33%
SAP SE Stock SAP SE9.45%
ALLIANZ SE Stock Allianz SE7.85%
AIRBUS SE Stock Airbus SE6.82%
DEUTSCHE TELEKOM AG Stock Deutsche Telekom AG6.22%
MUNICH RE Stock Munich Re4.23%
INFINEON TECHNOLOGIES AG Stock Infineon Technologies AG4.09%
MERCEDES-BENZ GROUP AG Stock Mercedes-Benz Group AG4.01%
BASF SE Stock BASF SE3.61%
DHL GROUP Stock DHL Group3.46%
DEUTSCHE BÖRSE AG Stock Deutsche Börse AG2.84%
BAYER AG Stock Bayer AG2.74%
ADIDAS AG Stock adidas AG2.53%
BMW AG Stock BMW AG2.46%
RWE AG Stock RWE AG2.31%
DEUTSCHE BANK AG Stock Deutsche Bank AG2.04%
EON SE Stock EON SE2.02%
VOLKSWAGEN AG Stock Volkswagen AG1.93%
VONOVIA SE Stock Vonovia SE1.67%
DAIMLER TRUCK HOLDING AG Stock Daimler Truck Holding AG1.58%
MERCK KGAA Stock Merck KGaA1.53%
SIEMENS HEALTHINEERS AG Stock Siemens Healthineers AG1.23%
BEIERSDORF Stock Beiersdorf1.10%
HANNOVER RE Stock Hannover Re1.07%
RHEINMETALL AG Stock Rheinmetall AG1.04%
SYMRISE AG Stock Symrise AG1.03%
HENKEL AG & CO. KGAA Stock Henkel AG & Co. KGaA0.98%
FRESENIUS SE & CO. KGAA Stock Fresenius SE & Co. KGaA0.98%
COMMERZBANK AG Stock Commerzbank AG0.92%
BRENNTAG SE Stock Brenntag SE0.91%
HEIDELBERG MATERIALS AG Stock Heidelberg Materials AG0.90%
MTU AERO ENGINES AG Stock MTU Aero Engines AG0.87%
COVESTRO AG Stock Covestro AG0.83%
PORSCHE AG Stock Porsche AG0.76%
QIAGEN N.V. Stock Qiagen N.V.0.75%
CONTINENTAL AG Stock Continental AG0.69%
SARTORIUS AG Stock Sartorius AG0.69%
PORSCHE AUTOMOBIL HOLDING SE Stock Porsche Automobil Holding SE0.59%
SIEMENS ENERGY AG Stock Siemens Energy AG0.53%
ZALANDO SE Stock Zalando SE0.41%

The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients.

Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.