MKTX vs. TW
MKTX (MarketAxess Holdings Inc.) and TW (Tradeweb Markets Inc.) are both stocks. Both operate in the Capital Markets industry within the Financial Services sector. Over the past 5 years, MKTX returned -18.28%/yr vs 3.42%/yr for TW. Their 0.45 correlation means their historical movements had little consistent relationship.
Performance
MKTX vs. TW - Performance Comparison
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Returns By Period
In the year-to-date period, MKTX achieves a -9.56% return, which is significantly lower than TW's -6.31% return.
MKTX
- 1D
- -0.28%
- 1M
- 39.28%
- 6M
- -3.14%
- YTD
- -9.56%
- 1Y
- -20.43%
- 3Y*
- -13.54%
- 5Y*
- -18.28%
- 10Y*
- 1.02%
- ALL TIME*
- 13.60%
TW
- 1D
- 2.76%
- 1M
- -2.23%
- 6M
- -2.25%
- YTD
- -6.31%
- 1Y
- -26.32%
- 3Y*
- 7.73%
- 5Y*
- 3.42%
- 10Y*
- —
- ALL TIME*
- 16.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $282.10M | $167.19M | $119.48M | |
| $197.00M | $171.87M | $180.44M |
MKTX vs. TW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MKTX MarketAxess Holdings Inc. | -9.56% | -18.54% | -21.58% | 6.11% | -31.50% | -27.51% | 51.28% | 54.41% |
TW Tradeweb Markets Inc. | -6.31% | -17.55% | 44.56% | 40.61% | -34.86% | 60.96% | 35.50% | 36.03% |
Correlation
The correlation between MKTX and TW is 0.51, 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. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | 0.45 |
The correlation between MKTX and TW shifts across timeframes, from 0.33 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
MKTX:
$5.71B
TW:
$21.40B
MKTX:
$8.49
TW:
$4.19
MKTX:
19.12
TW:
23.97
MKTX:
6.75
TW:
9.75
MKTX:
4.63
TW:
3.22
MKTX:
$869.77M
TW:
$2.21B
MKTX:
$598.39M
TW:
$1.50B
MKTX:
$445.37M
TW:
$1.52B
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Return for Risk
MKTX vs. TW — Risk / Return Rank
MKTX
TW
MKTX vs. TW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MarketAxess Holdings Inc. (MKTX) and Tradeweb Markets Inc. (TW). 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.
| MKTX | TW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.86 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | -0.78 | +0.36 |
| Martin ratioReturn relative to average drawdown | -0.81 | -1.24 | +0.43 |
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Drawdowns
MKTX vs. TW - Drawdown Comparison
The maximum MKTX drawdown since its inception was -80.60%, which is greater than TW's maximum drawdown of -48.64%. Use the drawdown chart below to compare losses from any high point for MKTX and TW.
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Drawdown Indicators
| MKTX | TW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.60% | -48.64% | -31.96% |
Max Drawdown (1Y)Largest decline over 1 year | -46.94% | -34.83% | -12.11% |
Max Drawdown (3Y)Largest decline over 3 years | -61.77% | -38.26% | -23.51% |
Max Drawdown (5Y)Largest decline over 5 years | -76.38% | -48.64% | -27.74% |
Max Drawdown (10Y)Largest decline over 10 years | -80.23% | — | — |
Current DrawdownCurrent decline from peak | -70.58% | -32.19% | -38.39% |
Average DrawdownAverage peak-to-trough decline | -29.03% | -14.23% | -14.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.16% | 21.86% | +2.30% |
Volatility
MKTX vs. TW - Volatility Comparison
MarketAxess Holdings Inc. (MKTX) has a higher volatility of 26.38% compared to Tradeweb Markets Inc. (TW) at 13.40%. This indicates that MKTX's price experiences larger fluctuations and is considered to be riskier than TW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MKTX | TW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.38% | 13.40% | +12.98% |
Volatility (6M)Calculated over the trailing 6-month period | 33.85% | 25.51% | +8.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.52% | 31.13% | +10.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.71% | 27.46% | +8.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.96% | 30.52% | +3.44% |
Dividends
MKTX vs. TW - Dividend Comparison
MKTX's dividend yield for the trailing twelve months is around 1.90%, more than TW's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MKTX MarketAxess Holdings Inc. | 1.90% | 1.68% | 1.64% | 0.98% | 1.00% | 0.64% | 0.42% | 0.54% | 0.80% | 0.65% | 0.71% | 0.72% |
TW Tradeweb Markets Inc. | 0.52% | 0.45% | 0.31% | 0.40% | 0.49% | 0.32% | 0.51% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
MKTX vs. TW - Financials Comparison
This section allows you to compare key financial metrics between MarketAxess Holdings Inc. and Tradeweb 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
MKTX vs. TW - Profitability Comparison
MKTX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, MarketAxess Holdings Inc. reported a gross profit of 141.44M and revenue of 218.42M. Therefore, the gross margin over that period was 64.8%.
TW - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Tradeweb Markets Inc. reported a gross profit of 378.11M and revenue of 558.95M. Therefore, the gross margin over that period was 67.7%.
MKTX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, MarketAxess Holdings Inc. reported an operating income of 89.88M and revenue of 218.42M, resulting in an operating margin of 41.2%.
TW - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Tradeweb Markets Inc. reported an operating income of 245.26M and revenue of 558.95M, resulting in an operating margin of 43.9%.
MKTX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, MarketAxess Holdings Inc. reported a net income of 68.55M and revenue of 218.42M, resulting in a net margin of 31.4%.
TW - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Tradeweb Markets Inc. reported a net income of 181.32M and revenue of 558.95M, resulting in a net margin of 32.4%.
Frequently Asked Questions
MKTX and TW have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MKTX has higher volatility (26.38%) compared to TW (13.40%). In terms of maximum drawdown, MKTX dropped -80.60% vs TW's -48.64%.
MKTX currently has the higher Sharpe Ratio (-0.47 vs -0.89), 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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