Friday, 23 May 2025 Reading time : 2 minutes

German blue chips have been popular with investors this year. Since the start of 2025, the Dax has risen by more than 20% (total return, as of May 22, 2025) and has closed above 24,000 points for the first time ever this week. The MDax, which comprises medium-sized German companies, is also up by more than 17%.

However, a long-term comparison reveals significant performance differences between the two indices. While the Dax is currently reaching record highs and is now trading at more than double the level seen five years ago (+116.7%), the MDax has only gained around 22% in five years.

Although mid-sized stocks are catching up, the performance difference between individual MDax members since the beginning of 2025 is considerable. The index is topped by defence stocks and shares in the steel group Thyssenkrupp, which have risen by more than 100% year-to-date. In contrast, the shares of sportswear manufacturer Puma (-49.8%) and drugstore chain Douglas (-42.3%) have fallen significantly.

Between these extremes we find luxury fashion brand Hugo Boss (-8.6%), sports car manufacturer Porsche (+2.8%) and pharmaceutical and laboratory equipment supplier Sartorius (+4.4%). Zürcher Kantonalbank Research currently rates all three stocks as "Overweight", yet their performance year-to-date has been subdued.

Barrier Reverse Convertible on German Mid Caps
11.80% p.a. BRC on Hugo Boss, Porsche and Sartorius
Barrier: 54%
Valor: 144 651 032

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