BRO vs. CBOE
BRO (Brown & Brown, Inc.) and CBOE (Cboe Global Markets, Inc.) are both stocks. Both are in the Financial Services sector — BRO in Insurance Brokers, CBOE in Financial Data & Stock Exchanges. Over the past 10 years, BRO returned 13.27%/yr vs 17.38%/yr for CBOE. At a 0.30 correlation, their price movements are largely independent.
Performance
BRO vs. CBOE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BRO achieves a -26.85% return, which is significantly lower than CBOE's 12.19% return. Over the past 10 years, BRO has underperformed CBOE with an annualized return of 13.27%, while CBOE has yielded a comparatively higher 17.38% annualized return.
BRO
- 1D
- -1.46%
- 1M
- 3.05%
- YTD
- -26.85%
- 6M
- -24.91%
- 1Y
- -47.08%
- 3Y*
- -2.56%
- 5Y*
- 3.04%
- 10Y*
- 13.27%
CBOE
- 1D
- -0.56%
- 1M
- -19.41%
- YTD
- 12.19%
- 6M
- 11.21%
- 1Y
- 27.25%
- 3Y*
- 27.99%
- 5Y*
- 21.30%
- 10Y*
- 17.38%
BRO vs. CBOE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRO Brown & Brown, Inc. | -26.85% | -21.37% | 44.32% | 25.73% | -18.39% | 49.31% | 21.06% | 44.67% | 8.30% | 16.15% |
CBOE Cboe Global Markets, Inc. | 12.19% | 29.96% | 10.74% | 44.37% | -2.16% | 42.23% | -21.17% | 24.16% | -20.60% | 70.49% |
Correlation
The correlation between BRO and CBOE is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2010 | 0.30 |
The correlation between BRO and CBOE shifts across timeframes, from 0.20 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
BRO:
$4.76
CBOE:
$11.77
BRO:
12.18
CBOE:
23.83
BRO:
0.89
CBOE:
0.44
BRO:
2.18
CBOE:
6.14
BRO:
$6.43B
CBOE:
$4.79B
BRO:
$3.82B
CBOE:
$2.50B
BRO:
$1.51B
CBOE:
$1.87B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BRO vs. CBOE — Risk / Return Rank
BRO
CBOE
BRO vs. CBOE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brown & Brown, Inc. (BRO) and Cboe Global Markets, Inc. (CBOE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| BRO | CBOE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.93 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.20 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.11 | -2.04 |
| Martin ratioReturn relative to average drawdown | -1.59 | 5.44 | -7.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BRO | CBOE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.66 | 1.01 | -2.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.92 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.69 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.66 | -0.15 |
Drawdowns
BRO vs. CBOE - Drawdown Comparison
The maximum BRO drawdown since its inception was -55.85%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for BRO and CBOE.
Loading charts...
Drawdown Indicators
| BRO | CBOE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.85% | -43.23% | -12.62% |
Max Drawdown (1Y)Largest decline over 1 year | -50.55% | -24.69% | -25.86% |
Max Drawdown (3Y)Largest decline over 3 years | -55.85% | -24.69% | -31.16% |
Max Drawdown (5Y)Largest decline over 5 years | -55.85% | -24.69% | -31.16% |
Max Drawdown (10Y)Largest decline over 10 years | -55.85% | -43.23% | -12.62% |
Current DrawdownCurrent decline from peak | -52.91% | -23.40% | -29.51% |
Average DrawdownAverage peak-to-trough decline | -13.52% | -11.40% | -2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.57% | 5.02% | +24.55% |
Volatility
BRO vs. CBOE - Volatility Comparison
The current volatility for Brown & Brown, Inc. (BRO) is 9.52%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 15.60%. This indicates that BRO experiences smaller price fluctuations and is considered to be less risky than CBOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BRO | CBOE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.52% | 15.60% | -6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 21.90% | 23.74% | -1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.53% | 27.02% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.81% | 23.17% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.69% | 25.32% | -1.63% |
Dividends
BRO vs. CBOE - Dividend Comparison
BRO's dividend yield for the trailing twelve months is around 1.11%, more than CBOE's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRO Brown & Brown, Inc. | 1.11% | 0.77% | 0.53% | 0.67% | 0.74% | 0.54% | 0.73% | 0.82% | 1.11% | 1.08% | 1.12% | 1.41% |
CBOE Cboe Global Markets, Inc. | 1.03% | 1.08% | 1.21% | 1.18% | 1.56% | 1.38% | 1.68% | 1.12% | 1.19% | 0.83% | 1.30% | 1.36% |
Financials
BRO vs. CBOE - Financials Comparison
This section allows you to compare key financial metrics between Brown & Brown, Inc. and Cboe Global Markets, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BRO vs. CBOE - Profitability Comparison
BRO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Brown & Brown, Inc. reported a gross profit of 994.00M and revenue of 1.90B. Therefore, the gross margin over that period was 52.3%.
CBOE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cboe Global Markets, Inc. reported a gross profit of 669.90M and revenue of 1.27B. Therefore, the gross margin over that period was 52.6%.
BRO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Brown & Brown, Inc. reported an operating income of 0.00 and revenue of 1.90B, resulting in an operating margin of 0.0%.
CBOE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cboe Global Markets, Inc. reported an operating income of 505.60M and revenue of 1.27B, resulting in an operating margin of 39.7%.
BRO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Brown & Brown, Inc. reported a net income of 426.00M and revenue of 1.90B, resulting in a net margin of 22.4%.
CBOE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cboe Global Markets, Inc. reported a net income of 385.70M and revenue of 1.27B, resulting in a net margin of 30.3%.
Frequently Asked Questions
BRO and CBOE have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOE has higher volatility (15.60%) compared to BRO (9.52%). In terms of maximum drawdown, BRO dropped -55.85% vs CBOE's -43.23%.
CBOE currently has the higher Sharpe Ratio (1.01 vs -1.66), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for BRO and CBOE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer