MKTX vs. TW

Last updated Jun 3, 2026

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 -21.61%/yr vs 4.07%/yr for TW. At a 0.45 correlation, their price movements are largely independent.

Performance

MKTX vs. TW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MarketAxess Holdings Inc. (MKTX) and Tradeweb Markets Inc. (TW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKTX achieves a -31.36% return, which is significantly lower than TW's -8.66% return.

MKTX

• 1D: -4.73%
• 1M: -18.98%
• YTD: -31.36%
• 6M: -22.61%
• 1Y: -42.71%
• 3Y*: -22.87%
• 5Y*: -21.61%
• 10Y*: -0.41%

TW

• 1D: -2.21%
• 1M: -12.14%
• YTD: -8.66%
• 6M: -7.56%
• 1Y: -31.89%
• 3Y*: 12.11%
• 5Y*: 4.07%
• 10Y*: —

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

MKTX vs. TW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MKTX MarketAxess Holdings Inc.	-31.36%	-18.54%	-21.58%	6.11%	-31.50%	-27.51%	51.28%	53.33%
TW Tradeweb Markets Inc.	-8.66%	-17.55%	44.56%	40.61%	-34.86%	60.96%	35.50%	30.15%

Correlation

The correlation between MKTX and TW is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Apr 5, 2019	0.45

The correlation between MKTX and TW shifts across timeframes, from 0.33 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MKTX : $4.36B TW : $20.90B
EPS MKTX : $8.45 TW : $4.05
PE Ratio MKTX : 14.58 TW : 24.17
PS Ratio MKTX : 5.16 TW : 9.73
PB Ratio MKTX : 3.66 TW : 3.16
Total Revenue (TTM) MKTX : $875.65M TW : $2.16B
Gross Profit (TTM) MKTX : $606.31M TW : $1.56B
EBITDA (TTM) MKTX : $456.55M TW : $1.34B

Return for Risk

MKTX vs. TW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MKTX

MKTX Risk / Return Rank: 2
MKTX Sharpe Ratio Rank: 0
MKTX Sortino Ratio Rank: 1
MKTX Omega Ratio Rank: 2
MKTX Calmar Ratio Rank: 4
MKTX Martin Ratio Rank: 1

TW

TW Risk / Return Rank: 4
TW Sharpe Ratio Rank: 2
TW Sortino Ratio Rank: 4
TW Omega Ratio Rank: 5
TW Calmar Ratio Rank: 2
TW Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	MKTX	TW	Difference
Sharpe ratio Return per unit of total volatility	-1.58	-1.14	-0.44
Sortino ratio Return per unit of downside risk	-2.43	-1.65	-0.78
Omega ratio Gain probability vs. loss probability	0.72	0.81	-0.09
Calmar ratio Return relative to maximum drawdown	-0.94	-0.97	+0.03
Martin ratio Return relative to average drawdown	-1.87	-1.51	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKTX vs. TW - Sharpe Ratio Comparison

The current MKTX Sharpe Ratio is -1.58, which is lower than the TW Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of MKTX and TW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MKTX	TW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.58	-1.14	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	0.15	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.52	-0.28

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.

Drawdown Indicators

	MKTX	TW	Difference
Max Drawdown Largest peak-to-trough decline	-80.60%	-48.64%	-31.96%
Max Drawdown (1Y) Largest decline over 1 year	-44.70%	-32.76%	-11.94%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-33.89%	-22.94%
Max Drawdown (5Y) Largest decline over 5 years	-73.33%	-48.64%	-24.69%
Max Drawdown (10Y) Largest decline over 10 years	-77.67%	—	—
Current Drawdown Current decline from peak	-77.67%	-33.89%	-43.78%
Average Drawdown Average peak-to-trough decline	-28.66%	-13.82%	-14.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.49%	21.07%	+1.42%

Volatility

MKTX vs. TW - Volatility Comparison

MarketAxess Holdings Inc. (MKTX) has a higher volatility of 9.03% compared to Tradeweb Markets Inc. (TW) at 6.95%. 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.

Volatility by Period

	MKTX	TW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	6.95%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	19.90%	20.71%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	27.16%	28.06%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.95%	26.48%	+6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.55%	30.10%	+2.45%

Dividends

MKTX vs. TW - Dividend Comparison

MKTX's dividend yield for the trailing twelve months is around 2.50%, more than TW's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKTX MarketAxess Holdings Inc.	2.50%	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.	0.53%	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 - Profitability Comparison

The chart below illustrates the profitability comparison between MarketAxess Holdings Inc. and Tradeweb Markets Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MKTX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, MarketAxess Holdings Inc. reported a gross profit of 159.37M and revenue of 233.38M. Therefore, the gross margin over that period was 68.3%.

TW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tradeweb Markets Inc. reported a gross profit of 411.78M and revenue of 617.76M. Therefore, the gross margin over that period was 66.7%.

MKTX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, MarketAxess Holdings Inc. reported an operating income of 100.92M and revenue of 233.38M, resulting in an operating margin of 43.2%.

TW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tradeweb Markets Inc. reported an operating income of 287.25M and revenue of 617.76M, resulting in an operating margin of 46.5%.

MKTX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, MarketAxess Holdings Inc. reported a net income of 78.11M and revenue of 233.38M, resulting in a net margin of 33.5%.

TW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tradeweb Markets Inc. reported a net income of 205.28M and revenue of 617.76M, resulting in a net margin of 33.2%.

Frequently Asked Questions

Can I hold both MKTX and TW in my portfolio?

MKTX and TW have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKTX or TW?

MKTX has higher volatility (9.03%) compared to TW (6.95%). In terms of maximum drawdown, MKTX dropped -80.60% vs TW's -48.64%.

Which has better risk-adjusted returns?

TW currently has the higher Sharpe Ratio (-1.14 vs -1.58), 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.