Which stocks dey inside DAX 40? Full member list

Which stocks dey inside DAX 40? As of September 2026, the index hold 40 German blue-chip companies. SAP and Siemens dey top the ranking, while Symrise and Scout24 dey bottom. Dem select the companies by free float market capitalization from firms listed for Frankfurt Prime Standard segment. The names below na the current members. The rest of this page explain the rules wey decide membership. Those rules dey change much slower than the list.

Which stocks dey inside DAX 40?

These na the 40 members as of September 2026, arranged alphabetically with wetin each company dey do:

• adidas, sportswear
• Airbus, aerospace
• Allianz, insurance
• BASF, chemicals
• Bayer, pharmaceuticals and crop science
• Beiersdorf, skincare brands including Nivea
• BMW, autos
• Brenntag, chemicals distribution
• Commerzbank, banking
• Continental, auto parts
• Daimler Truck, commercial vehicles
• Deutsche Bank, banking
• Deutsche Boerse, exchange and index operator
• Deutsche Telekom, telecoms
• DHL Group, logistics and parcels
• E.ON, power grids and retail energy
• Fresenius, hospitals and healthcare services
• Fresenius Medical Care, dialysis
• Hannover Re, reinsurance
• Heidelberg Materials, cement and aggregates
• Henkel, adhesives and consumer brands
• Infineon, semiconductors
• Mercedes-Benz Group, autos
• Merck KGaA, pharmaceuticals and lab supplies
• MTU Aero Engines, aircraft engines
• Munich Re, reinsurance
• Porsche AG, autos
• Porsche Automobil Holding, holding company
• Qiagen, diagnostics
• Rheinmetall, defense
• RWE, power generation
• SAP, enterprise software
• Sartorius, bioprocessing equipment
• Scout24, online marketplaces
• Siemens, industrials and automation
• Siemens Energy, energy equipment
• Siemens Healthineers, medical imaging
• Symrise, flavors and fragrances
• Vonovia, residential property
• Zalando, online fashion

Membership no be permanent, and any list na only snapshot with date attached. Two members register outside Germany and qualify because most of their trading dey happen for Xetra, Frankfurt electronic order book, instead of German legal domicile. The verification section near the end of this page show how you fit confirm the composition on the day wey you read am.

How dem dey calculate DAX weights?

DAX dey use free float market capitalization for weighting. Market capitalization na share count multiplied by share price. Free float reduce that share count to the shares wey public investors genuinely fit buy. E remove blocks held by founding families, governments, other corporations and any strategic holder above the reporting threshold. If one family own 45 percent of a member, that 45 percent no enter the weighting. Na why big company with concentrated shareholders fit rank below smaller company wey many investors hold its shares.

One rule dey sit on top of the arithmetic: no single member fit carry more than 15 percent of the index. The administrator recalculates capping factors on the quarterly chaining dates. E cuts any weight above the limit and shares the difference pro rata among the members below am. Without the cap, one very big member fit dominate the whole index level.

The panel below use eight US household names because the cap arithmetic dey work the same way wherever dem apply the rule. E show the method with figures wey dey refresh by themselves, and e no carry any DAX weights.

WITH latest AS
(
    SELECT
        ticker,
        argMax(toFloat64(market_cap), date) AS mcap,
        max(date)                           AS as_of
    FROM global_markets.stocks_ratios
    WHERE ticker IN ('AAPL', 'MSFT', 'NVDA', 'AMZN', 'JPM', 'JNJ', 'PG', 'KO')
      AND date >= today() - 400
      AND market_cap > 0
    GROUP BY ticker
),
basket AS
(
    SELECT sum(mcap) AS total
    FROM latest
)
SELECT
    l.ticker                                           AS symbol,
    formatDateTime(l.as_of, '%b %e, %Y')               AS as_of_label,
    round(100 * l.mcap / b.total, 2)                   AS weight_pct,
    round(greatest(100 * l.mcap / b.total - 15, 0), 2) AS over_cap_pct
FROM latest AS l
CROSS JOIN basket AS b
ORDER BY weight_pct DESC

Based on the market values on file as of Oct 2, 2026, the biggest of the eight names carry 29.3 percent of the basket. That one dey 14.3 points above the 15 percent ceiling. DAX-style cap go cut am back to 15 and give the difference to the members further down the chart. The smallest of those carry 1.75 percent. US index families get their own versions of the same system, and one example dey for how dem dey weight QQQ holdings.

Wetin company need to join DAX 40?

The September 2021 reform increase the index from 30 members to 40. E also add entry tests wey candidate must pass before dem count its size:

• Prime Standard listing with continuous trading on Xetra.
• Free float of at least 10 percent.
• Minimum order book liquidity. This replace the old ranking by trading volume.
• Positive EBITDA for each of the two most recent annual financial statements. EBITDA mean earnings before interest, taxes, depreciation and amortization. E be rough measure of operating profitability.
• Audit committee on the supervisory board, with annual reports and quarterly statements published on time.

Candidates wey pass these conditions dey rank only by free float market capitalization. The old method wey combine size with trading turnover don end. The index administrator, STOXX, a Deutsche Boerse company, review the regular composition two times every year, for March and September. E also check the accelerated rules on each of the four quarterly review dates.

How DAX membership dey change between reviews?

Two accelerated systems fit move names outside the regular review:

• Fast exit. If member fall far enough down the free float ranking, e go leave at the next quarterly review instead of waiting for March or September. Missed reporting deadline or insolvency filing fit start an even shorter timeline.
• Fast entry. Candidate wey don pass the entry tests and rank high enough by free float market capitalization go join at the next quarterly review.

Completed takeover or delisting fit force change at any time during the year. Dem go name replacement at short notice. Na everyday reason why DAX list copied from old page dey become stale: one member don get acquired and successor enter between reviews.

DAX na total return index?

Yes. This fact change how reader suppose understand every DAX chart. The headline DAX na performance index. Dividends wey members pay dey add back into the index level as if dem reinvest am. The S&P 500 level wey financial press quote na price index, and e leave dividends out completely. If you put the two levels side by side or compare their long-term growth, you dey compare one number wey include dividend income with another wey exclude am. Our price return versus total return explainer show the arithmetic.

DAX get price return sibling for this reason: DAX Kursindex. E get the same 40 members and same free float weights, but no dividend reinvestment. The performance index start from 1,000 points at the end of December 1987. The gap between am and Kursindex today na the dividends wey reinvestment don add since then. For Germany-versus-US comparison, Kursindex na the matching series for price index. Total return version of the US index na the matching series for headline DAX.

German dividends usually dey enter once every year

Reinvestment happen on each member’s ex-dividend date, the day buyer no longer receive the upcoming payment. German payment calendars dey less regular than US ones. Most DAX members pay one annual dividend after annual general meeting for spring, while typical US large-cap company pay every quarter. The panel count dividend dates for SAP’s US-listed line, the biggest DAX member, against Coca-Cola.

SELECT
    toString(toYear(ex_dividend_date))                AS year,
    countDistinctIf(ex_dividend_date, ticker = 'SAP') AS sap_dividend_dates,
    countDistinctIf(ex_dividend_date, ticker = 'KO')  AS ko_dividend_dates
FROM global_markets.stocks_dividends
WHERE ticker IN ('SAP', 'KO')
  AND ex_dividend_date >= '2016-01-01'
  AND ex_dividend_date <  '2026-01-01'
GROUP BY year
ORDER BY year

The pattern hold across all 10 years inside the panel. For 2025, SAP count na 1 and Coca-Cola count na 4. For index wey reinvests, this mean German contribution dey arrive as one yearly lump per member instead of four instalments, mostly around the spring meeting season.

Wetin dividends add to member return

Each ex-dividend date na point where performance index add cash back and price index no do so. The panel below split US-listed SAP line into these two parts for every calendar year from 2016 onward: price move from that year’s first close, plus dividends paid during the year measured against the same first close.

WITH yearly AS
(
    SELECT
        toYear(date)                   AS fiscal_y,
        argMin(toFloat64(close), date) AS first_close,
        argMax(toFloat64(close), date) AS last_close
    FROM global_markets.stocks_daily_aggs
    WHERE ticker = 'SAP'
      AND date >= '2016-01-01'
      AND date <  '2026-01-01'
    GROUP BY fiscal_y
),
cash AS
(
    SELECT
        toYear(ex_dividend_date)    AS fiscal_y,
        sum(toFloat64(cash_amount)) AS dividends
    FROM global_markets.stocks_dividends
    WHERE ticker = 'SAP'
      AND ex_dividend_date >= '2016-01-01'
      AND ex_dividend_date <  '2026-01-01'
    GROUP BY fiscal_y
)
SELECT
    toString(y.fiscal_y)                                                         AS year,
    round(100 * (y.last_close - y.first_close) / y.first_close, 2)               AS price_return_pct,
    round(100 * c.dividends / y.first_close, 2)                                  AS dividend_pct,
    round(100 * (y.last_close - y.first_close + c.dividends) / y.first_close, 2) AS total_return_pct
FROM yearly AS y
LEFT JOIN cash AS c ON c.fiscal_y = y.fiscal_y
ORDER BY year

For 2025, the price line move -0.09 percent, dividend add 1.08 points, and both together reach 1 percent. Dividend column for one year fit look small beside price column. Across the 10 years inside the panel, dem reinvest and compound on top of each other. That compounding na the full gap between DAX and Kursindex.

How you fit check current DAX membership by yourself

• The index administrator publish the composition file and announcement for every review decision. Na the authority. Everything else na copy wey come with delay.
• ETF wey track DAX publish its holdings every day. Those files carry the same 40 names with current weights, and dem update after each chaining date without waiting for person to edit web page.
• Dem announce review decisions before the quarterly chaining date for March, June, September and December. The changes take effect after market close on that date.

If na the index itself you dey follow rather than its members, contract mechanics dey on their own pages: DAX futures contract specs and DAX daily options. The sessions and closures wey those instruments trade inside dey listed for our Xetra trading hours and holidays guide.

FAQ

How many stocks dey inside DAX?

40, since the reform wey take effect for September 2021. The index hold 30 members from launch until then, na why older charts and textbooks call am DAX 30.

DAX na price index or total return index?

The headline DAX na total return index, wey dem also call performance index. E reinvest member dividends into the index level. Price return version dey publish separately as DAX Kursindex. Comparing headline DAX with price index like the quoted S&P 500 level fit make Germany look stronger because of the accumulated dividends.

Which stock biggest for DAX?

SAP don carry the biggest weight for recent years, and current ranking dey inside the administrator’s composition file. Whichever name dey top, the 15 percent cap limit how much any one member fit represent after quarterly capping run.

Company wey dey outside Germany fit enter DAX?

Yes. Candidate wey register for another EU or EFTA country fit qualify if most of its trading focus dey on Xetra and e meet the other entry tests. Na how small number of members registered outside Germany dey inside the index today.

How often DAX membership dey change?

Regular composition review happen two times every year, for March and September. Dem check accelerated entry and exit rules on four quarterly dates. Quiet year fit pass without any change, while eventful year fit replace several names.

Every panel here carry the exact SQL underneath am, so you fit recount any figure above line by line. To run the same dividend and weighting checks on company wey you dey follow, ask the question in plain English on the Strasmore terminal.