The IBEX 35 (/ˈbɛks ˈθɜːrti fv/; Spanish: [ˈiβe(ɣ)s ˈtɾejntajˈθiŋko]; contraction of Índice Bursátil Español, literally Spanish Exchange Index) is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets (including the Bolsa de Madrid). It is a market capitalization weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually.[2] Trading on options and futures contracts on the IBEX 35 is provided by MEFF (Mercado Español de Futuros Financieros), another subsidiary of BME.[3]

FoundationJanuary 14, 1992 (1992-01-14)
OperatorBolsas y Mercados Españoles
ExchangesBolsa de Madrid
Trading symbol^IBEX
TypeLarge cap
Market cap€35,154 billion (March 2021)[1]
Weighting methodCapitalization-weighted
Related indicesMadrid Stock Exchange General Index
Websiteofficial website


Performance of the IBEX 35 between 1992 and 2009

The IBEX 35 was inaugurated on January 14, 1992,[4] although there are calculated values for the index back to December 29, 1989, where the base value of 3,000 points lies.[5]

Between 2000 and 2007, the index outperformed many of its Western peers,[6] driven by relatively strong domestic economic growth which particularly helped construction and real estate stocks.[7] Consequently, while the record highs to date of the FTSE 100, CAC 40 and AEX, for example, were set during the dot-com bubble in 1999 and 2000, the IBEX 35's all-time maximum of 15,945.70 was reached on November 8, 2007.[8][9]

The week of the 2008 economic downturn was characterised by extreme volatility in the markets, and saw both the biggest one day percentage fall and rise in the IBEX 35's history. The index closed 7.5% down on January 21, 2008, the second biggest fall in the Spanish equity market since 1987,[10] and rose a record 6.95% three days later.[11]



The composition of the IBEX 35 is reviewed twice per year (in June and December)[12] by the so-called Technical Advisory Committee, which consists of "representatives of the stock exchanges and derivatives markets, as well as... renowned experts from the academic and financial fields".[12] If any changes are made, they come into effect the following trading day after the third Friday of the rebalance month[13][12] In general, at each review, the 35 companies with the highest trading volume in Euros over the previous six months are chosen for inclusion in the index, provided that the average free float market cap of the stock is at least 0.3% of the total market cap of the index.[5] Any candidate stock must also have either been traded on at least a third of all trading days in the previous six months,[12] or rank in the top twenty overall in market cap[14] (thus allowing large recently IPO'ed companies to be included).

The Bolsa de Madrid


The IBEX 35 is a capitalization-weighted index.[12] The market cap used to calculate the weighting of each constituent is multiplied by a free float factor (ranging from 0.1 to 1) depending on the fraction of shares not subject to block ownership.[5] Any company with 50% or more of its shares considered free float is given a free float factor of 1.[5] Unlike many other European benchmark indices, the weightings of companies in the IBEX 35 are not capped.

As of 2015, international funds based abroad (chiefly in Norway, the United States, the United Kingdom and Qatar) owned 43% of the index, vs. 16% in 1992.[15] Such rate of foreign investment was about 5% above the EU average.[15]


The index value (given here as I) of the IBEX 35 index is calculated using the following formula:[5]

with t the moment of calculation; Cap the free float market cap of a specific listing and J a coefficient used to adjust the index on the back of capital increases or other corporate actions so as to ensure continuity. The formula can be adjusted to accommodate changes in index structure, such as the temporary suspension of companies pending news.


Passenger ferry operated by Acciona Trasmediterránea in Tenerife
Banco Santander branch in Göppingen, Germany
A branch of Inditex's Zara chain in Hong Kong

As of June 1st, 2021, the following 35 companies make up the index:[16][17]

Ticker Company Headquarters Sector ISIN Weighting
ANA Acciona Alcobendas, Madrid Construction ES0125220311 0.99
ACX Acerinox Madrid Steel ES0132105018 0.63
ACS ACS Group Madrid Construction ES0167050915 1.88
AENA ENAIRE Madrid Airports ES0105046009 3.78
ALM Almirall Barcelona Pharmaceuticals ES0157097017 0.39
AMS Amadeus IT Group Madrid Tourism ES0109067019 5.99
MTS ArcelorMittal Luxembourg City, Luxembourg Steel LU1598757687 1.14
SAB Banco Sabadell Alicante Financial Services ES0113860A34 0.59
SAN Banco Santander Santander, Cantabria Financial Services ES0113900J37 11.19
BKT Bankinter Madrid Financial Services ES0113679I37 1.12
BBVA BBVA Bilbao, Biscay Financial Services ES0113211835 6.96
CABK CaixaBank Valencia Financial Services ES0140609019 3.43
CLNX Cellnex Telecom Madrid Telecommunications ES0105066007 3.87
CIE CIE Automotive Bilbao, Biscay Automotive ES0105630315 0.50
ENG Enagás Madrid Natural Gas ES0130960018 1.05
ELE Endesa Madrid Electricity ES0130670112 2.09
FDR Fluidra Barcelona Industrials ES0137650018
FER Ferrovial Madrid Infrastructures Management ES0118900010 3.44
GRF Grifols Barcelona Pharmaceuticals ES0171996087 2.08
IAG IAG Madrid (registered office) / London (headquarters) Aviation ES0177542018 2.68
IBE Iberdrola Bilbao, Biscay Electricity ES0144580Y14 15.61
ITX Inditex Arteixo, A Coruña Clothing ES0148396007 11.63
IDR Indra Alcobendas, Madrid IT Services ES0118594417 0.30
COL Inmobiliaria Colonial Madrid Real Estate ES0139140174 0.56
MAP Mapfre Majadahonda, Madrid Insurance ES0124244E34 0.74
MEL Meliá Hotels Palma de Mallorca, Balearic Islands Tourism ES0176252718 0.27
MRL Merlin Properties Madrid Real Estate ES0105025003 0.93
NTGY Naturgy Madrid Natural Gas ES0116870314 1.79
PHM PharmaMar Madrid Pharmaceuticals ES0169501022 0.42
REE Red Eléctrica de España Alcobendas, Madrid Electricity ES0173093024 1.76
REP Repsol Madrid Oil and Gas ES0173516115 3.73
SGRE Siemens Gamesa Zamudio, Biscay Wind Power ES0143416115 1.69
SLR Solaria Madrid Photovoltaic ES0165386014 0.49
TEF Telefónica Madrid Telecommunications ES0178430E18 4.98
VIS Viscofan Tajonar, Navarre Meat Casings ES0184262212 0.58

Record values

The index reached the following record values:

Category All-time highsAll-time lows
Closing15,945.708 November 20071,873.585 October 1992
Intraday16,040.409 November 20071.861,905 October 1992

Annual returns

The following table shows the annual development of the IBEX 35 since 1992.[18]

Year Closing level Change in Index
in Points
Change in Index
in %
2016 9,352.10 −192.10 −2.01
2018 8,539.90 −1,504.00 −14.97
2019 9,549.20 1,009.30 11.82
2020 8,073.70 −1,475.50 −15.45

Sectorial indices

  • IBEX Medium Cap: It is composed by the 20 listed Spanish companies with the largest capitalization after those included in the IBEX 35.
  • IBEX Small Cap: It is composed by the 30 listed Spanish companies with the largest capitalization after those included in the IBEX Medium Cap.
  • IBEX Top Dividendo.

Past components[19]

All changes are due to market capitalisation unless stated otherwise.

See also


  1. "IBEX 35 Factsheet" (PDF). BME Market Data. March 2021. Retrieved April 16, 2021.
  2. IBEX 35 facts via Wikinvest
  3. "About us". Mercado Español de Futuros Financieros. Archived from the original on September 18, 2010. Retrieved October 1, 2010.
  4. "El Ibex 35 celebra su 15º cumpleaños con una revalorización superior al 400%". El Mundo. January 15, 2007. Retrieved January 21, 2008.
  5. "Technical Regulations for the Composition and Calculation of the Sociedad De Bolsas, S.A. Indexes" (PDF) (in Spanish). Sociedad de Bolsas. Archived from the original (PDF) on May 22, 2006. Retrieved January 27, 2008.
  6. "5-year comparison chart of Xetra DAX, IBEX 35, CAC 40, FTSE 100 and DJIA". Yahoo! Finance. Retrieved December 28, 2007.
  7. Smyth, Sharon (January 9, 2007). "Around the Markets: Spanish stock market could become victim of its own success". International Herald Tribune. Bloomberg. Archived from the original on March 14, 2007. Retrieved January 27, 2008.
  8. "Récord para el Ibex: Santander hizo saltar la sesión por los aires". El Economista. November 8, 2007. Retrieved January 27, 2008.
  9. "Historical prices of IBEX 35" (in Spanish). Yahoo! Finance. Retrieved December 28, 2007.
  10. "El Ibex 35 pierde un 7,5% y registra la mayor caída de toda su historia". El Mundo. January 21, 2008. Retrieved January 21, 2008.
  11. "El Ibex gana un 6,95%, la mayor subida de su historia". El País (in Spanish). January 24, 2008. Retrieved January 24, 2008.
  12. "TEN KEY QUESTIONS ABOUT IBEX 35". Sociedad de Bolsas. Archived from the original on March 29, 2009. Retrieved January 27, 2008.
  13. "Notice from the Technical Advisory Committee of the IBEX indices regarding changes to the Technical Regulations for the Composition and Calculation of the Indices" (PDF). Sociedad de Bolsas. April 17, 2008. Archived from the original (PDF) on July 16, 2011. Retrieved April 18, 2008.
  14. David Fernández (January 8, 2017). "Los fondos extranjeros se adueñan del IBEX 35". El País (in Spanish).
  15. "Bolsa de Madrid – Precios Sesión". bolsamadrid.es. Retrieved March 21, 2019.
  16. "Bolsa de Madrid". www.bolsamadrid.es. Retrieved June 1, 2021.
  17. "IBEX 35. (^IBEX) Historical Data - Yahoo Finance". finance.yahoo.com. Retrieved January 21, 2020.
  18. "Bolsa de Madrid - Historical Constituents". www.bolsamadrid.es. Retrieved June 1, 2021.