Introduced in 1997, the AMEX Composite Index (XAX) is a market capitalization-weighted index that measures price appreciation of exchange-listed equities relative to a Dec. 29, 1995 base of 550. Components include common stocks and many closed-end investment vehicles. Market value determines component weight, and common corporate actions are adjusted to preserve index continuity. For current maintenance, components, and data, consult the exchange or index provider's official resources.

Origins and purpose

The AMEX Composite Index (ticker: XAX) was introduced on January 2, 1997 as a market-capitalization-weighted, price-appreciation index. It replaced the earlier AMEX Market Value Index (XAM), which was calculated on a total-return basis to reflect dividend reinvestment. The Composite was designed to be more directly comparable to other major price-only indexes.

What the index measures

XAX reflects the combined market value of the exchange's listed equity components relative to their value on December 29, 1995, when the index was given a base level of 550. Components include common stocks of exchange-listed companies and many closed-end investment vehicles; historically the index has also included REITs and master limited partnerships where exchange-listed.

Each component's market value equals its price multiplied by shares outstanding. The index aggregates those market values and weights daily price changes by each component's share of the total market capitalization. That means a company with a larger market value has a proportionally larger effect on the index's daily move.

Corporate actions and index continuity

The index is constructed so that stock splits and stock dividends do not change the level of the index; those events trigger adjustments to share counts or divisors rather than to the index value itself. Similarly, routine listings, additional issuances, delistings, or temporary trading halts are handled through the index maintenance process so the series remains comparable over time.

Where XAX sits today

The exchange that launched the AMEX Composite has gone through ownership and branding changes since the 1990s. For current governance, maintenance of the XAX series, and up-to-date component lists, consult the exchange or index provider's official materials and data feeds.

How to follow the index

Investors can track XAX through financial data services, market terminals, and the exchange's published index pages. For live-level quotes, historical values, methodology documents, and lists of current components, use the exchange or index-provider resources. 1

Why it matters

XAX provides a market-cap-weighted snapshot of the exchange's listed equities and offers a way to monitor the price-only performance of that segment of the U.S. market. Because it omits dividend reinvestment, it differs in interpretation from total-return series and is best used in contexts that compare price-only movements.
  1. Confirm current maintainer and official name of the exchange that publishes XAX (American Stock Exchange acquisition and present branding).
  2. Verify that XAX is still published and its current ticker and data source.
  3. Confirm the correct exchange or index-provider URL(s) for methodology, component lists, and live quotes.

FAQs about Amex Composite

What is the AMEX Composite Index (XAX)?
XAX is a market-capitalization-weighted, price-appreciation index introduced in 1997 that tracks the combined market value of the exchange's listed equity components relative to a Dec. 29, 1995 base of 550.
Does the index include dividend reinvestment?
No. XAX is a price-only index and does not reflect dividend reinvestment; the earlier XAM series was calculated on a total-return basis to include dividends.
How are component weights determined?
Each component's weight equals its market value (price times shares outstanding) as a percentage of the total market value of all index components, so larger market-cap companies have a proportionally larger effect on daily index moves.
Do stock splits or new listings change the index level?
No. Stock splits, stock dividends, new listings, additional issuances, delistings, and trading halts are managed by index maintenance procedures so they do not directly alter the index level.
Where can I find current components and methodology?
Use the exchange or official index-provider pages and data feeds for the latest components, methodology documents, and historical data.

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