The DAX counts its dividends
published 13:17 · updated never, that’s the point
GER40 — prices, shape and the desk →
€STR 2.44% · 22 Sept 2026 · ECB
The DAX reinvests every dividend into the number itself, which most of its peers don't.
The DAX is calculated on a total-return basis, folding dividends back into the index level, so comparing its long-run chart directly against a price-only index like the FTSE 100 overstates how much better German equities have actually performed, since part of that gap is just accounting convention.