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ATX
Flagship index of the Vienna Stock Exchange since 1991 with 20 constituents, a classic price index (total-return variant published separately), heavily tilted to banks, insurers, industrials and CEE exposure.
Austria's blue-chip index
The ATX — Austrian Traded Index — has been the flagship index of the Vienna Stock Exchange (Wiener Börse) since 2 January 1991 and tracks the most liquid and largest Austrian shares. It is calculated by Wiener Börse AG itself and updated tick-by-tick during trading hours. Unlike the DAX, the ATX in its standard form is a classic price index: dividends are not factored into the headline level. The Vienna Stock Exchange also publishes the ATX Total Return as the performance variant with reinvested dividends.
The index contains 20 names, selected by free-float market capitalisation and trading turnover. The index committee at Wiener Börse reviews the membership semi-annually in March and September.
Economic heavyweights
The composition mirrors the structure of the Austrian economy: heavy weights in banks and insurers (Erste Group, Raiffeisen Bank International, Vienna Insurance Group, UNIQA), energy (OMV, Verbund), industry and construction (voestalpine, ANDRITZ, Strabag, Wienerberger) and real estate (CA Immo, S Immo, IMMOFINANZ). Pure tech names are virtually absent — a structural feature of the Austrian stock market.
The top five names recently accounted for around 60% of the index, making the ATX considerably more concentrated than broader benchmarks such as the MSCI World or the Euro Stoxx 600.
Liquidity and international perception
With a total market capitalisation of around €130 billion for its constituents (mid-2026), the ATX is far smaller than the DAX (over €1.8 trillion). International institutional investors typically access Austria through the broader MSCI Austria index or as part of the CEE (Central Eastern European) universe. That small size is also a strength: ATX constituents tend to have above-average exposure to Central and Eastern European markets, providing a specific geographic diversification that Western European indices do not deliver.
Returns and taxation
Over long horizons the ATX (price index plus dividends) has returned around 6% to 7% per year — slightly below the German market, with high interim volatility. Constituents pay comparatively generous dividends (historically 3% to 4% yield). Capital gains and dividends on Austrian shares are subject to KESt at 27.5%; withholding tax issues do not arise because the shares are domestically issued.
ETFs tracking the ATX are rare — the iShares ATX UCITS ETF (ISIN AT0000A0DXC6) is the main vehicle, with a TER of 0.32%.
What investors often ask
Why is the ATX so volatile? Its concentration in a small number of cyclical sectors (banks, industry, commodities) makes it sensitive to economic cycles and ECB interest-rate moves.