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FoundationJanuary 14, 1992 (1992-01-14)
OperatorBolsas y Mercados Españoles
ExchangesBolsa de Madrid
Trading symbol^IBEX
TypeLarge cap
Market cap€451,626 billion (March 2021)[1]
Weighting methodCapitalization-weighted
Related indicesMadrid Stock Exchange General Index
WebsiteOfficial website

The IBEX 35 (IBerian 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]


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 financial crisis of 2007–2008 included 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 capitalization 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 IPOed 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.


IBEX Mini futures contracts are traded on the MEFF Renta Variable (MEFF-RV) exchange under the ticker symbol BIBX. The full contract specifiactions for IBEX Mini futures are listed below.

Contract Specification[16]
Exchange: MEFF-RV
Sector: Index
Tick Size: 0.1
Tick Value: 0.5 EUR
Big Point Value (BPV): 5
Denomination: EUR
Decimal Place: 1


As of August 3, 2023, the following 35 companies make up the index:[17]

Ticker Company Sector
ACS.MC ACS Construction
ACX.MC Acerinox Steel
AENA.MC Aena Aviation
AMS.MC Amadeus IT Group Tourism
ANA.MC Acciona Construction
ANE.MC Acciona Energía Energy
BBVA.MC BBVA Financial Services
BKT.MC Bankinter Financial Services
CABK.MC CaixaBank Financial Services
CLNX.MC Cellnex Telecom Telecommunications
COL.MC Inmobiliaria Colonial Real Estate
ELE.MC Endesa Energy
ENG.MC Enagás Energy
FDR.MC Fluidra Manufacturing
FER.MC Ferrovial Infrastructure
GRF.MC Grifols Pharmaceuticals
IAG.MC International Airlines Group Aviation
IBE.MC Iberdrola Energy
IDR.MC Indra Information Technology
ITX.MC Inditex Textile
LOG.MC Logista Logistics
MAP.MC Mapfre Insurance
MEL.MC Meliá Hotels Tourism
MRL.MC Merlin Properties Real Estate
MTS.MC ArcelorMittal Steel
NTGY.MC Naturgy Energy
RED.MC Redeia Corporación Energy
REP.MC Repsol Oil and Gas
ROVI.MC Laboratorios Rovi [es] Pharmaceuticals
SAB.MC Banco Sabadell Financial Services
SAN.MC Santander Financial Services
SCYR.MC Sacyr Construction
SLR.MC Solaria Solar Energy
TEF.MC Telefónica Telecommunications
UNI.MC Unicaja Financial Services

Record values[edit]

The index reached the following record values:

Category All-time highs All-time lows
Closing 15,945.70 8 November 2007 1,873.58 5 October 1992
Intraday 16,040.40 9 November 2007 1.861,90 5 October 1992

Annual returns[edit]

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 %
1992 2,344.57
1993 3,615.22 1,270.65 54.20
1994 3,087.68 −527.54 −14.59
1995 3,630.76 543.08 17.59
1996 5,154.77 1,524.01 41.97
1997 7,255.40 2,100.63 40.75
1998 9,836.60 2,581.20 35.58
1999 11,641.40 1,804.80 18.35
2000 9,109.80 −2,531.60 −21.75
2001 8,397.60 −712.20 −7.82
2002 6,036.90 −2,360.70 −28.11
2003 7,737.20 1,700.30 28.17
2004 9,080.80 1,343.60 17.37
2005 10,733.90 1,653,10 18.20
2006 14,146.50 3,412.60 31.79
2007 15,182.30 1,035.80 7.32
2008 9,195.80 −5,986.50 −39.43
2009 11,940.00 2,744.20 29.84
2010 9,859.10 2,080.90 −17.43
2011 8,566.30 −1,292.80 −13.11
2012 8,167.50 −398.80 −4.66
2013 9,916.70 1,749.50 21.42
2014 10,279.20 362.80 3.66
2015 9,544.50 −734.70 −7.15
2016 9,352.10 −192.10 −2.01
2017 10,043.90 691.80 7.40
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
2021 8,713.80 640.10 7.93
2022 8,229.10 −484.70 −5.56
2023 10,102.10 1,873.02 22.76

Related indices[edit]

  • 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.
  • BME Growth: a sub-market of Bolsas y Mercados Españoles (BME) for smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.

Past components[edit]

All changes are due to market capitalisation unless stated otherwise.[19]

See also[edit]


  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. ^ a b c d e "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" [The Ibex 35 loses 7.5% and registers the biggest drop in its history]. El Mundo (in Spanish). January 21, 2008.
  11. ^ "El Ibex gana un 6,95%, la mayor subida de su historia". El País (in Spanish). January 24, 2008.
  12. ^ a b c d e "10 key questions about IBEX 35". Sociedad de Bolsas. Archived from the original on March 29, 2009.
  13. ^ "Bolsa de Madrid". BME Exchange. Retrieved April 30, 2023.
  14. ^ "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). Bolsas y Mercados Españoles. April 17, 2008. Archived from the original (PDF) on July 16, 2011. Retrieved April 18, 2008.
  15. ^ a b David Fernández (January 8, 2017). "Los fondos extranjeros se adueñan del IBEX 35". El País (in Spanish).
  16. ^ "Historical Ibex Mini Intraday Data (BIBX)". PortaraCQG. Retrieved September 16, 2022.
  17. ^ "Indices IBEX" (PDF) (in Spanish). Bolsas y Mercados Españoles. August 3, 2023.
  18. ^ "IBEX 35. (^IBEX) Historical Data - Yahoo Finance". finance.yahoo.com. Retrieved January 21, 2020.
  19. ^ "Bolsa de Madrid - Historical Constituents". www.bolsamadrid.es. Retrieved June 1, 2021.

External links[edit]

  • Official website Edit this at Wikidata
  • Reuters page for .IBEX
  • Business data for IBEX 35: