{"slug":"how-dax-index-weights-are-calculated","qid":"cap_math","label":"cap_math","post_title":"how-dax-index-weights-are-calculated","post_url":"/blog/how-dax-index-weights-are-calculated#q-cap_math","columns":["ticker","uncapped_weight_pct","capped_weight_pct","cap_shift_pp","as_of"],"rows":[{"ticker":"NVDA","uncapped_weight_pct":14.53,"capped_weight_pct":10,"cap_shift_pp":-4.53,"as_of":"Sep 28, 2026"},{"ticker":"AAPL","uncapped_weight_pct":12.99,"capped_weight_pct":10,"cap_shift_pp":-2.99,"as_of":"Sep 28, 2026"},{"ticker":"GOOGL","uncapped_weight_pct":11.02,"capped_weight_pct":10,"cap_shift_pp":-1.02,"as_of":"Sep 28, 2026"},{"ticker":"MSFT","uncapped_weight_pct":9.94,"capped_weight_pct":11.33,"cap_shift_pp":1.38,"as_of":"Sep 28, 2026"},{"ticker":"AMZN","uncapped_weight_pct":6.98,"capped_weight_pct":7.95,"cap_shift_pp":0.97,"as_of":"Sep 28, 2026"},{"ticker":"META","uncapped_weight_pct":4.79,"capped_weight_pct":5.46,"cap_shift_pp":0.67,"as_of":"Sep 28, 2026"},{"ticker":"AVGO","uncapped_weight_pct":4.39,"capped_weight_pct":5,"cap_shift_pp":0.61,"as_of":"Sep 28, 2026"},{"ticker":"TSLA","uncapped_weight_pct":3.71,"capped_weight_pct":4.23,"cap_shift_pp":0.52,"as_of":"Sep 28, 2026"},{"ticker":"LLY","uncapped_weight_pct":2.78,"capped_weight_pct":3.16,"cap_shift_pp":0.39,"as_of":"Sep 28, 2026"},{"ticker":"AMD","uncapped_weight_pct":2.61,"capped_weight_pct":2.97,"cap_shift_pp":0.36,"as_of":"Sep 28, 2026"},{"ticker":"JPM","uncapped_weight_pct":2.35,"capped_weight_pct":2.68,"cap_shift_pp":0.33,"as_of":"Sep 28, 2026"},{"ticker":"WMT","uncapped_weight_pct":2.27,"capped_weight_pct":2.58,"cap_shift_pp":0.32,"as_of":"Sep 28, 2026"}],"shape":"table","sql":"WITH basket AS (\n    SELECT\n        ticker,\n        toFloat64(argMax(market_cap, date)) AS mcap,\n        max(date)                           AS asof\n    FROM global_markets.stocks_ratios\n    WHERE ticker IN ('AAPL','MSFT','NVDA','AMZN','GOOGL','META','AVGO','TSLA','LLY','JPM',\n                     'V','MA','XOM','UNH','JNJ','PG','HD','COST','ABBV','WMT',\n                     'NFLX','BAC','KO','MRK','PEP','ADBE','CSCO','AMD','TMO','ACN',\n                     'MCD','ABT','CRM','LIN','PFE','INTU','TXN','QCOM','AMGN','ORCL')\n      AND date >= today() - 60\n      AND market_cap > 0\n    GROUP BY ticker\n),\nweights AS (\n    SELECT\n        ticker,\n        asof,\n        100 * mcap / sum(mcap) OVER () AS w0\n    FROM basket\n),\nspill AS (\n    SELECT\n        sum(greatest(w0 - 10, 0))              AS excess,\n        sum(if(w0 < 10, w0, 0))                AS room,\n        formatDateTime(max(asof), '%b %e, %Y') AS as_of\n    FROM weights\n)\nSELECT\n    ticker,\n    round(w0, 2)                                                AS uncapped_weight_pct,\n    round(if(w0 >= 10, 10.0, w0 * (1 + excess / room)), 2)      AS capped_weight_pct,\n    round(if(w0 >= 10, 10.0, w0 * (1 + excess / room)) - w0, 2) AS cap_shift_pp,\n    as_of\nFROM weights\nCROSS JOIN spill\nORDER BY uncapped_weight_pct DESC\nLIMIT 12","computed_at":"2026-09-29T14:48:44.240802+00:00","elapsed":0.192561266}