GAP vs. CBOE
GAP (The Gap, Inc.) and CBOE (Cboe Global Markets, Inc.) are both stocks. GAP operates in Apparel Retail (Consumer Cyclical), while CBOE operates in Financial Data & Stock Exchanges (Financial Services). Over the past 10 years, GAP returned 5.04%/yr vs 17.84%/yr for CBOE. At a 0.11 correlation, their price movements are largely independent.
Performance
GAP vs. CBOE - Performance Comparison
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Returns By Period
In the year-to-date period, GAP achieves a -13.35% return, which is significantly lower than CBOE's 18.03% return. Over the past 10 years, GAP has underperformed CBOE with an annualized return of 5.04%, while CBOE has yielded a comparatively higher 17.84% annualized return.
GAP
- 1D
- 0.14%
- 1M
- 4.14%
- YTD
- -13.35%
- 6M
- -15.79%
- 1Y
- 4.16%
- 3Y*
- 35.49%
- 5Y*
- -3.87%
- 10Y*
- 5.04%
CBOE
- 1D
- -0.33%
- 1M
- -19.41%
- YTD
- 18.03%
- 6M
- 17.09%
- 1Y
- 31.68%
- 3Y*
- 31.02%
- 5Y*
- 22.58%
- 10Y*
- 17.84%
GAP vs. CBOE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAP The Gap, Inc. | -13.35% | 11.74% | 16.14% | 96.66% | -32.64% | -11.11% | 15.73% | -28.11% | -21.95% | 56.05% |
CBOE Cboe Global Markets, Inc. | 18.03% | 29.96% | 10.74% | 44.37% | -2.16% | 42.23% | -21.17% | 24.16% | -20.60% | 70.49% |
Correlation
The correlation between GAP and CBOE is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2010 | 0.11 |
The correlation between GAP and CBOE shifts across timeframes, from -0.18 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
Fundamentals
GAP:
$8.27B
CBOE:
$30.97B
GAP:
$2.53
CBOE:
$11.77
GAP:
8.65
CBOE:
25.07
GAP:
0.26
CBOE:
0.47
GAP:
0.54
CBOE:
6.46
GAP:
2.26
CBOE:
5.76
GAP:
$15.40B
CBOE:
$4.79B
GAP:
$6.24B
CBOE:
$2.50B
GAP:
$1.71B
CBOE:
$1.87B
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Return for Risk
GAP vs. CBOE — Risk / Return Rank
GAP
CBOE
GAP vs. CBOE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Gap, Inc. (GAP) 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.
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.
| GAP | CBOE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.23 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 1.29 | -1.14 |
| Martin ratioReturn relative to average drawdown | 0.35 | 5.70 | -5.34 |
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Drawdowns
GAP vs. CBOE - Drawdown Comparison
The maximum GAP drawdown since its inception was -85.61%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for GAP and CBOE.
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Drawdown Indicators
| GAP | CBOE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.61% | -43.23% | -42.38% |
Max Drawdown (1Y)Largest decline over 1 year | -28.33% | -24.69% | -3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -38.00% | -24.69% | -13.31% |
Max Drawdown (5Y)Largest decline over 5 years | -76.13% | -24.69% | -51.44% |
Max Drawdown (10Y)Largest decline over 10 years | -83.13% | -43.23% | -39.90% |
Current DrawdownCurrent decline from peak | -30.08% | -19.41% | -10.67% |
Average DrawdownAverage peak-to-trough decline | -40.91% | -11.41% | -29.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.81% | 5.58% | +6.23% |
Volatility
GAP vs. CBOE - Volatility Comparison
The Gap, Inc. (GAP) has a higher volatility of 20.49% compared to Cboe Global Markets, Inc. (CBOE) at 15.70%. This indicates that GAP's price experiences larger fluctuations and is considered to be riskier than CBOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAP | CBOE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.49% | 15.70% | +4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 35.39% | 24.24% | +11.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.28% | 27.44% | +16.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.65% | 23.27% | +32.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.31% | 25.36% | +29.95% |
Dividends
GAP vs. CBOE - Dividend Comparison
GAP's dividend yield for the trailing twelve months is around 3.06%, more than CBOE's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBOE Cboe Global Markets, Inc. | 0.98% | 1.08% | 1.21% | 1.18% | 1.56% | 1.38% | 1.68% | 1.12% | 1.19% | 0.83% | 1.30% | 1.36% |
GAP The Gap, Inc. | 3.06% | 2.52% | 2.54% | 2.87% | 5.05% | 2.73% | 1.20% | 5.49% | 3.72% | 2.03% | 5.12% | 3.68% |
Financials
GAP vs. CBOE - Financials Comparison
This section allows you to compare key financial metrics between The Gap, 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
GAP vs. CBOE - Profitability Comparison
GAP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported a gross profit of 1.42B and revenue of 3.50B. Therefore, the gross margin over that period was 40.5%.
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%.
GAP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported an operating income of 445.00M and revenue of 3.50B, resulting in an operating margin of 12.7%.
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%.
GAP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Gap, Inc. reported a net income of 339.00M and revenue of 3.50B, resulting in a net margin of 9.7%.
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
GAP and CBOE have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GAP has higher volatility (20.49%) compared to CBOE (15.70%). In terms of maximum drawdown, GAP dropped -85.61% vs CBOE's -43.23%.
CBOE currently has the higher Sharpe Ratio (1.16 vs 0.09), 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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