CBOE vs. SPY

Last updated Aug 1, 2026

CBOE (Cboe Global Markets, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CBOE returned 17.85%/yr vs 15.07%/yr for SPY. Their 0.27 correlation means their historical movements had little consistent relationship.

Performance

CBOE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cboe Global Markets, Inc. (CBOE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOE achieves a 24.16% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, CBOE has outperformed SPY with an annualized return of 17.85%, while SPY has yielded a comparatively lower 15.07% 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%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOE Cboe Global Markets, Inc.	$331.59M	$331.44M	$425.74M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

CBOE vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CBOE and SPY is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (3Y) Balances recent behavior with more history.	-0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Jun 15, 2010	0.27

The correlation between CBOE and SPY shifts across timeframes, from -0.17 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CBOE vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBOE

CBOE Risk / Return Rank: 69
CBOE Sharpe Ratio Rank: 74
CBOE Sortino Ratio Rank: 68
CBOE Omega Ratio Rank: 70
CBOE Calmar Ratio Rank: 63
CBOE Martin Ratio Rank: 69

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBOE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cboe Global Markets, Inc. (CBOE) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.52	-0.57
Sortino ratio: Return per unit of downside risk	1.38	2.11	-0.73
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	0.82	2.20	-1.38
Martin ratio: Return relative to average drawdown	2.67	9.40	-6.73

CBOE vs. SPY - Sharpe Ratio Comparison

The current CBOE Sharpe Ratio is 0.95, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of CBOE and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBOE vs. SPY - Drawdown Comparison

The maximum CBOE drawdown since its inception was -43.23%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CBOE and SPY.

Drawdown Indicators

	CBOE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-43.23%	-55.19%	+11.96%
Max Drawdown (1Y) Largest decline over 1 year	-36.73%	-8.88%	-27.85%
Max Drawdown (3Y) Largest decline over 3 years	-36.73%	-18.76%	-17.97%
Max Drawdown (5Y) Largest decline over 5 years	-36.73%	-24.50%	-12.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.23%	-33.72%	-9.51%
Current Drawdown Current decline from peak	-15.22%	-1.40%	-13.82%
Average Drawdown Average peak-to-trough decline	-11.53%	-9.01%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.27%	2.08%	+9.19%

Volatility

CBOE vs. SPY - Volatility Comparison

Cboe Global Markets, Inc. (CBOE) has a higher volatility of 10.21% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that CBOE's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.21%	3.58%	+6.63%
Volatility (6M) Calculated over the trailing 6-month period	29.24%	10.14%	+19.10%
Volatility (1Y) Calculated over the trailing 1-year period	31.94%	12.89%	+19.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.22%	17.18%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.89%	17.95%	+7.94%

Dividends

CBOE vs. SPY - Dividend Comparison

CBOE's dividend yield for the trailing twelve months is around 0.93%, less than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CBOE and SPY in my portfolio?

CBOE and SPY have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOE or SPY?

CBOE has higher volatility (10.21%) compared to SPY (3.58%). In terms of maximum drawdown, CBOE dropped -43.23% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 0.95), 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.