CBOE vs. CME
CBOE (Cboe Global Markets, Inc.) and CME (CME Group Inc.) are both stocks. Both operate in the Financial Data & Stock Exchanges industry within the Financial Services sector. Over the past 10 years, CBOE returned 17.85%/yr vs 14.32%/yr for CME. Their 0.47 correlation means their historical movements had little consistent relationship.
Performance
CBOE vs. CME - Performance Comparison
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Returns By Period
In the year-to-date period, CBOE achieves a 24.16% return, which is significantly higher than CME's 0.93% return. Over the past 10 years, CBOE has outperformed CME with an annualized return of 17.85%, while CME has yielded a comparatively lower 14.32% annualized return.
CBOE
- 1D
- 4.62%
- 1M
- 24.60%
- 6M
- 17.58%
- YTD
- 24.16%
- 1Y
- 26.51%
- 3Y*
- 31.94%
- 5Y*
- 22.86%
- 10Y*
- 17.85%
- ALL TIME*
- 16.84%
CME
- 1D
- 0.21%
- 1M
- 13.18%
- 6M
- -4.65%
- YTD
- 0.93%
- 1Y
- -0.91%
- 3Y*
- 15.08%
- 5Y*
- 9.26%
- 10Y*
- 14.32%
- ALL TIME*
- 19.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $331.59M | $331.44M | $425.74M | |
| $710.10M | $709.21M | $863.92M |
CBOE vs. CME - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBOE Cboe Global Markets, Inc. | 24.16% | 29.96% | 10.74% | 44.37% | -2.16% | 42.23% | -21.17% | 24.16% | -20.60% | 70.49% |
CME CME Group Inc. | 0.93% | 19.83% | 15.41% | 31.32% | -22.89% | 29.47% | -6.34% | 9.67% | 32.15% | 32.35% |
Correlation
The correlation between CBOE and CME is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2010 | 0.47 |
The correlation between CBOE and CME shifts across timeframes, from 0.46 (5 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
CBOE:
$32.47B
CME:
$96.29B
CBOE:
$12.89
CME:
$11.82
CBOE:
24.06
CME:
22.66
CBOE:
0.45
CME:
1.98
CBOE:
6.43
CME:
14.29
CBOE:
5.78
CME:
3.66
CBOE:
$5.06B
CME:
$6.77B
CBOE:
$2.65B
CME:
$5.55B
CBOE:
$2.05B
CME:
$5.37B
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Return for Risk
CBOE vs. CME — Risk / Return Rank
CBOE
CME
CBOE vs. CME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe Global Markets, Inc. (CBOE) and CME Group Inc. (CME). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBOE | CME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.02 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | -0.00 | +0.82 |
| Martin ratioReturn relative to average drawdown | 2.67 | -0.00 | +2.68 |
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Drawdowns
CBOE vs. CME - Drawdown Comparison
The maximum CBOE drawdown since its inception was -43.23%, smaller than the maximum CME drawdown of -77.50%. Use the drawdown chart below to compare losses from any high point for CBOE and CME.
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Drawdown Indicators
| CBOE | CME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.23% | -77.50% | +34.27% |
Max Drawdown (1Y)Largest decline over 1 year | -36.73% | -31.09% | -5.64% |
Max Drawdown (3Y)Largest decline over 3 years | -36.73% | -31.09% | -5.64% |
Max Drawdown (5Y)Largest decline over 5 years | -36.73% | -31.74% | -4.99% |
Max Drawdown (10Y)Largest decline over 10 years | -43.23% | -37.36% | -5.87% |
Current DrawdownCurrent decline from peak | -15.22% | -15.58% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -11.53% | -20.69% | +9.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.27% | 10.72% | +0.55% |
Volatility
CBOE vs. CME - Volatility Comparison
Cboe Global Markets, Inc. (CBOE) has a higher volatility of 10.21% compared to CME Group Inc. (CME) at 7.71%. This indicates that CBOE's price experiences larger fluctuations and is considered to be riskier than CME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOE | CME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.21% | 7.71% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 29.24% | 19.93% | +9.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.94% | 23.51% | +8.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.22% | 20.66% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.89% | 24.14% | +1.75% |
Dividends
CBOE vs. CME - Dividend Comparison
CBOE's dividend yield for the trailing twelve months is around 0.93%, less than CME's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBOE Cboe Global Markets, Inc. | 0.93% | 1.08% | 1.21% | 1.18% | 1.56% | 1.38% | 1.68% | 1.12% | 1.19% | 0.83% | 1.30% | 1.36% |
CME CME Group Inc. | 4.20% | 1.83% | 4.48% | 4.58% | 5.05% | 3.00% | 3.24% | 2.74% | 2.42% | 4.20% | 4.90% | 5.41% |
Financials
CBOE vs. CME - Financials Comparison
This section allows you to compare key financial metrics between Cboe Global Markets, Inc. and CME Group 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
CBOE vs. CME - Profitability Comparison
CBOE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Cboe Global Markets, Inc. reported a gross profit of 731.60M and revenue of 1.44B. Therefore, the gross margin over that period was 50.7%.
CME - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, CME Group Inc. reported a gross profit of 1.18B and revenue of 1.71B. Therefore, the gross margin over that period was 69.3%.
CBOE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Cboe Global Markets, Inc. reported an operating income of 476.00M and revenue of 1.44B, resulting in an operating margin of 33.0%.
CME - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, CME Group Inc. reported an operating income of 1.11B and revenue of 1.71B, resulting in an operating margin of 64.9%.
CBOE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Cboe Global Markets, Inc. reported a net income of 353.10M and revenue of 1.44B, resulting in a net margin of 24.5%.
CME - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, CME Group Inc. reported a net income of 1.04B and revenue of 1.71B, resulting in a net margin of 61.1%.
Frequently Asked Questions
CBOE and CME have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOE has higher volatility (10.21%) compared to CME (7.71%). In terms of maximum drawdown, CBOE dropped -43.23% vs CME's -77.50%.
CBOE currently has the higher Sharpe Ratio (0.95 vs -0.00), 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.
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