MDAX – Volatility in the Mid‑Tier Index
The German mid‑cap index, MDAX, has delivered a stark display of volatility in the first half of February, oscillating between a low of 31 025,95 points and a high of 31 813,17 points. The index opened 11 Feb 2026 at 31 113,70 points and closed the day at 31 618,96 points, a loss of 1,07 %. A mere two days later the market surged to 31 813,17 points, an increase of 0,61 % over the previous close, before retreating again on 14 Feb. The recent trend underscores the fragility of mid‑cap German equities and the broader economic headwinds that continue to press on them.
Weekly Performance Snapshot
| Date | Time | Direction | Points | % Change | Notes |
|---|---|---|---|---|---|
| 11 Feb | 09:11 UTC | Down | 31 926,75 | –0,11 % | Start‑of‑day decline |
| 11 Feb | 12:09 UTC | Down | 31 664,43 | –0,93 % | Midday slide |
| 11 Feb | 15:40 UTC | Down | 31 794,89 | –0,52 % | Afternoon fall |
| 11 Feb | 16:57 UTC | Down | 31 618,96 | –1,07 % | Close‑of‑day loss |
| 12 Feb | 09:11 UTC | Up | 31 813,17 | +0,61 % | Morning rally |
| 12 Feb | 12:09 UTC | Up | 31 704,93 | +0,27 % | Midday gain |
| 12 Feb | 15:41 UTC | Up | 31 727,76 | +0,34 % | Afternoon lift |
| 12 Feb | 16:57 UTC | Down | 31 071,66 | –1,73 % | Evening decline |
| 13 Feb | 09:11 UTC | Up | 31 180,33 | +0,21 % | Morning rebound |
| 13 Feb | 12:09 UTC | Down | 31 025,95 | –0,28 % | Midday dip |
| 13 Feb | 15:41 UTC | Up | 31 141,84 | +0,09 % | Afternoon uptick |
| 13 Feb | 16:57 UTC | Up | 31 263,20 | +0,48 % | Close‑of‑day gain |
| 14 Feb | 02:24 UTC | — | — | — | Report on weekly winners and losers |
The day‑to‑day swings reveal that the index has been a “winner‑loser” battlefield. Investors who entered on the first day of the week suffered a 2 % decline by the end of the week, whereas those who timed their entries at the early 12 Feb rally were rewarded with a near‑8 % gain over the next four days.
Relative Strength Signal
A separate analysis published on 12 Feb by sg‑zerti.de identified a buy signal for the MDAX based on its relative strength compared to the benchmark DAX. The index’s relative performance suggests that mid‑cap German companies are outperforming large‑cap peers, an encouraging sign for risk‑averse investors seeking better risk‑adjusted returns. However, the subsequent volatility demonstrates that relative strength alone is insufficient to guard against market turbulence.
Market Sentiment
While the finanzen.net daily updates paint a picture of “freundlicher Handel” (friendly trading) on 13 Feb, the underlying data indicates a cautious market. The index’s 0,48 % rise at market close was offset by earlier intraday losses. Moreover, the 1,73 % decline in the evening session on 12 Feb points to heightened risk aversion and possible profit‑taking by large investors.
Fundamental Context
MDAX’s 52‑week high of 32 383,6 points (as of 12 Jan 2026) and low of 23 135,2 points (as of 6 Apr 2025) provide a backdrop of significant upside potential and downside risk. The index’s current level, 31 113,7 points, sits comfortably above its 2025 low but still shy of the 2026 high, indicating that the index remains in a consolidation phase after a rally in early February.
Bottom Line
The MDAX’s recent behaviour exemplifies the precarious nature of mid‑cap German equities. While relative strength against the DAX offers a tantalising buy signal, the index’s rapid intraday swings, coupled with a still‑present gap to its 52‑week high, caution against complacency. Investors should remain vigilant, employing stringent risk management and considering diversification beyond the mid‑cap segment if they seek to mitigate exposure to sudden reversals.
