Demeter Revenue Aggregate
Chain-linked LTM revenue index of 107 global ag companies
What DRAG tracks
The Demeter Revenue Aggregate (DRAG) is a chain-linked monthly index that tracks last-twelve-months (LTM) revenue across a constant universe of 107 listed global agriculture companies. It is published monthly on the 5th business day and provides a clean read on top-line growth across the listed ag complex.
DRAG history begins in 1986, giving multi-decade coverage of agricultural top-line growth across multiple business cycles, commodity supercycles and structural shifts in the global ag complex. The chain-linked construction neutralises the effect of constituent changes and currency translation, making historical comparisons meaningful.
Read alongside the Demeter Ag Aggregate (DAA) equity indices and the Demeter Relative Valuation Index (DRVI), DRAG lets users separate fundamental performance from valuation re-rating across the listed ag universe.
Frequently asked questions
What is DRAG?
The Demeter Revenue Aggregate (DRAG) is a chain-linked monthly index that tracks last-twelve-months (LTM) revenue across a constant universe of 107 listed global agriculture companies. It is designed to give a clean read on top-line growth across the listed ag complex without distortion from index-membership changes or M&A.
How is DRAG constructed?
DRAG aggregates LTM revenue from a constant universe of 107 companies that span the agriculture value chain — upstream production, crop inputs, equipment & technology, trading & processing, downstream food and ag finance. The series is chain-linked monthly to neutralise the effect of constituent additions, removals and currency translation.
How far back does DRAG go?
DRAG history begins in 1986, giving multi-decade coverage of agricultural top-line growth across multiple business cycles, commodity supercycles and structural shifts in the global ag complex.
How does DRAG relate to the DAA equity index?
DRAG tracks revenue (a fundamental); the Demeter Ag Aggregate (DAA) family tracks equity prices. Read together, they let users separate fundamental performance from valuation re-rating across the listed ag universe.
How can I access DRAG data?
Headline DRAG is published monthly on the 5th business day. Granular decomposition (by sector, by company, by region) is available to Demeter subscribers via the Demeter platform. For licensing enquiries please contact the index team.