LPLA vs. CBOE

Last updated Aug 1, 2026

LPLA (LPL Financial Holdings Inc.) and CBOE (Cboe Global Markets, Inc.) are both stocks. Both are in the Financial Services sector — LPLA in Capital Markets, CBOE in Financial Data & Stock Exchanges. Over the past 10 years, LPLA returned 31.87%/yr vs 17.85%/yr for CBOE. Their 0.23 correlation means their historical movements had little consistent relationship.

Performance

LPLA vs. CBOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LPL Financial Holdings Inc. (LPLA) and Cboe Global Markets, Inc. (CBOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LPLA achieves a -0.77% return, which is significantly lower than CBOE's 24.16% return. Over the past 10 years, LPLA has outperformed CBOE with an annualized return of 31.87%, while CBOE has yielded a comparatively lower 17.85% annualized return.

LPLA

• 1D: 4.28%
• 1M: 19.83%
• 6M: -2.77%
• YTD: -0.77%
• 1Y: -4.03%
• 3Y*: 15.40%
• 5Y*: 20.76%
• 10Y*: 31.87%
• ALL TIME*: 18.24%

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%

*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
LPLA LPL Financial Holdings Inc.	$245.98M	$229.65M	$293.81M

LPLA vs. CBOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LPLA LPL Financial Holdings Inc.	-0.77%	9.76%	44.12%	5.88%	35.69%	54.63%	14.58%	52.95%	8.53%	66.03%
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%

Correlation

The correlation between LPLA and CBOE is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Nov 18, 2010	0.23

The correlation between LPLA and CBOE shifts across timeframes, from 0.04 (3 years) to 0.23 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap LPLA : $28.29B CBOE : $32.47B
EPS LPLA : $12.53 CBOE : $12.89
PE Ratio LPLA : 28.23 CBOE : 24.06
PEG Ratio LPLA : 1.19 CBOE : 0.45
PS Ratio LPLA : 1.45 CBOE : 6.43
PB Ratio LPLA : 4.93 CBOE : 5.78
Total Revenue (TTM) LPLA : $19.61B CBOE : $5.06B
Gross Profit (TTM) LPLA : $11.37B CBOE : $2.65B
EBITDA (TTM) LPLA : $2.34B CBOE : $2.05B

Return for Risk

LPLA vs. CBOE — Risk / Return Rank

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

LPLA

LPLA Risk / Return Rank: 31
LPLA Sharpe Ratio Rank: 32
LPLA Sortino Ratio Rank: 30
LPLA Omega Ratio Rank: 29
LPLA Calmar Ratio Rank: 34
LPLA Martin Ratio Rank: 32

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

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.

LPLA vs. CBOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LPL Financial Holdings Inc. (LPLA) 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.

	LPLA	CBOE	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	0.95	-1.22
Sortino ratio: Return per unit of downside risk	-0.14	1.38	-1.52
Omega ratio: Gain probability vs. loss probability	0.98	1.19	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.32	0.82	-1.14
Martin ratio: Return relative to average drawdown	-0.63	2.67	-3.30

LPLA vs. CBOE - Sharpe Ratio Comparison

The current LPLA Sharpe Ratio is -0.28, which is lower than the CBOE Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of LPLA and CBOE, 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

LPLA vs. CBOE - Drawdown Comparison

The maximum LPLA drawdown since its inception was -69.32%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for LPLA and CBOE.

Drawdown Indicators

	LPLA	CBOE	Difference
Max Drawdown Largest peak-to-trough decline	-69.32%	-43.23%	-26.09%
Max Drawdown (1Y) Largest decline over 1 year	-32.26%	-36.73%	+4.47%
Max Drawdown (3Y) Largest decline over 3 years	-33.18%	-36.73%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-33.18%	-36.73%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-60.34%	-43.23%	-17.11%
Current Drawdown Current decline from peak	-11.03%	-15.22%	+4.19%
Average Drawdown Average peak-to-trough decline	-13.98%	-11.53%	-2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.47%	11.27%	+6.20%

Volatility

LPLA vs. CBOE - Volatility Comparison

The current volatility for LPL Financial Holdings Inc. (LPLA) is 8.03%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 10.21%. This indicates that LPLA 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.

Volatility by Period

	LPLA	CBOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	10.21%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	28.77%	29.24%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	37.05%	31.94%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.02%	24.22%	+11.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.84%	25.89%	+11.95%

Dividends

LPLA vs. CBOE - Dividend Comparison

LPLA's dividend yield for the trailing twelve months is around 0.34%, less than CBOE's 0.93% 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%
LPLA LPL Financial Holdings Inc.	0.34%	0.34%	0.37%	0.53%	0.46%	0.62%	0.96%	1.08%	1.64%	1.75%	2.84%	2.34%

Financials

Frequently Asked Questions

Can I hold both LPLA and CBOE in my portfolio?

LPLA and CBOE have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LPLA or CBOE?

CBOE has higher volatility (10.21%) compared to LPLA (8.03%). In terms of maximum drawdown, LPLA dropped -69.32% vs CBOE's -43.23%.

Which has better risk-adjusted returns?

CBOE currently has the higher Sharpe Ratio (0.95 vs -0.28), 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.