DAX 40
^GDAXIGermanyGermany's premier benchmark tracking the 40 major blue-chip companies trading on the Frankfurt Stock Exchange.
As of Oct 29, 2026, DAX 40 (^GDAXI) closed at 26,039.70 pts, representing a -2.00% drawdown from its all-time high of 26,570.00 pts recorded on Aug 28, 2026 (62 days ago). Returning to all-time high requires a +2.0% gain.
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Drawdowns of Top Holdings
Historical Maximum Drawdowns & Annual Drops
Deepest peak-to-trough drop recorded within each calendar year.
Over the last 10 completed years, DAX 40 experienced an average intra-year drawdown of -15.2% lasting an average of 98 days peak-to-trough, with its deepest drawdown reaching -38.8% in 2020.
| Year | Max Intra-Year Drawdown | Peak High | Bottom Trough | Peak-to-Trough | Yearly Return |
|---|---|---|---|---|---|
| 2025 | -16.01%Correction | Mar 6, 2025 23,419.50 | Apr 9, 2025 19,670.90 | 34 days | +23.01% |
| 2024 | -8.11%Pullback | May 15, 2024 18,869.40 | Aug 5, 2024 17,339.00 | 82 days | +18.85% |
| 2023 | -10.82%Correction | Jul 28, 2023 16,469.80 | Oct 27, 2023 14,687.40 | 91 days | +20.31% |
| 2022 | -26.40%Bear Market | Jan 5, 2022 16,271.80 | Sep 29, 2022 11,975.50 | 267 days | -12.35% |
| 2021 | -7.08%Pullback | Nov 17, 2021 16,251.10 | Nov 30, 2021 15,100.10 | 13 days | +15.79% |
| 2020 | -38.78%Bear Market | Feb 19, 2020 13,789.00 | Mar 18, 2020 8,441.71 | 28 days | +3.55% |
| 2019 | -9.64%Pullback | Jul 4, 2019 12,629.90 | Aug 15, 2019 11,412.70 | 42 days | +25.48% |
| 2018 | -23.44%Bear Market | Jan 23, 2018 13,559.60 | Dec 27, 2018 10,381.50 | 338 days | -18.26% |
| 2017 | -7.32%Pullback | Jun 19, 2017 12,889.00 | Aug 29, 2017 11,945.90 | 71 days | +12.51% |
| 2016 | -4.67%Minor Dip | Oct 24, 2016 10,761.20 | Nov 4, 2016 10,259.10 | 11 days | +6.69% |
DAX 40 Historical Maximum Drawdown & Bear Market History
Historical Maximum Drawdowns & Major Crashes
Germany's DAX 40 (historically DAX 30) has experienced pronounced cyclical bear markets tied to global trade and European industrial output. During the 2000–2003 Dot-com and telecom crash, the DAX collapsed -72.7% from 8,064 down to 2,202. In the 2007–2009 Global Financial Crisis, the index dropped -54.8% from 8,105 to 3,666. More recently, the March 2020 COVID shock triggered a -38.8% plunge in 28 calendar days (from 13,789 to 8,441), and the 2022 European energy crisis generated a -26.4% peak-to-trough decline down to 11,975.
Typical Pullback Frequency
As an export-oriented total-return index heavily weighted toward industrial manufacturing, enterprise software (SAP), insurance, and automotive leaders, the DAX experiences routine pullbacks of -7% to -12% once or twice per calendar year. Deeper corrections of -15% to -25% typically accompany global manufacturing slowdowns or Eurozone rate-hiking cycles.
Historical Recovery Timelines
Because the headline DAX is calculated as a performance (total return) index that automatically reinvests gross corporate dividends, its multi-year recovery trajectories are significantly faster than European price-only benchmarks. While the 2000 peak took 7.3 years to recover in 2007, both the 2020 pandemic crash (295 days) and the 2022 energy shock (452 days) reclaimed all-time highs within 10 to 15 months.