MKTX vs. TW

Last updated Apr 2, 2026

Compare and contrast key facts about MarketAxess Holdings Inc. (MKTX) and Tradeweb Markets Inc. (TW).

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.

MKTX vs. TW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MKTX MarketAxess Holdings Inc.	-8.22%	-18.54%	-21.58%	6.11%	-31.50%	-27.51%	51.28%	53.33%
TW Tradeweb Markets Inc.	10.37%	-17.55%	44.56%	40.61%	-34.86%	60.96%	35.50%	30.15%

Fundamentals

Market Cap MKTX : $6.10B TW : $25.46B
EPS MKTX : $6.66 TW : $3.78
PE Ratio MKTX : 24.88 TW : 31.35
PS Ratio MKTX : 7.26 TW : 12.41
PB Ratio MKTX : 5.32 TW : 3.91
Total Revenue (TTM) MKTX : $846.26M TW : $2.05B
Gross Profit (TTM) MKTX : $611.28M TW : $1.36B
EBITDA (TTM) MKTX : $442.77M TW : $1.43B

Returns By Period

In the year-to-date period, MKTX achieves a -8.22% return, which is significantly lower than TW's 10.37% return.

MKTX

• 1D: 0.39%
• 1M: -13.76%
• YTD: -8.22%
• 6M: -2.20%
• 1Y: -22.04%
• 3Y*: -23.80%
• 5Y*: -19.49%
• 10Y*: 3.54%

TW

• 1D: 0.76%
• 1M: -3.60%
• YTD: 10.37%
• 6M: 10.43%
• 1Y: -19.54%
• 3Y*: 14.93%
• 5Y*: 9.75%
• 10Y*: —

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

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: 13
MKTX Sharpe Ratio Rank: 8
MKTX Sortino Ratio Rank: 10
MKTX Omega Ratio Rank: 11
MKTX Calmar Ratio Rank: 15
MKTX Martin Ratio Rank: 19

TW

TW Risk / Return Rank: 17
TW Sharpe Ratio Rank: 13
TW Sortino Ratio Rank: 15
TW Omega Ratio Rank: 14
TW Calmar Ratio Rank: 20
TW Martin Ratio Rank: 23

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	-0.82	-0.66	-0.17
Sortino ratio Return per unit of downside risk	-1.06	-0.74	-0.32
Omega ratio Gain probability vs. loss probability	0.87	0.90	-0.03
Calmar ratio Return relative to maximum drawdown	-0.72	-0.60	-0.12
Martin ratio Return relative to average drawdown	-1.15	-0.98	-0.17
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 -0.82, which is comparable to the TW Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of MKTX and TW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MKTX	TW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	-0.66	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.60	0.37	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.64	-0.36

Correlation

The correlation between MKTX and TW is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MKTX vs. TW - Dividend Comparison

MKTX's dividend yield for the trailing twelve months is around 1.85%, more than TW's 0.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKTX MarketAxess Holdings Inc.	1.85%	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.	0.42%	0.45%	0.31%	0.40%	0.49%	0.32%	0.51%	0.52%	0.00%	0.00%	0.00%	0.00%

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	-30.74%	-33.05%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-68.99%	-48.64%	-20.35%
Max Drawdown (10Y) Largest decline over 10 years	-71.62%	—	—
Current Drawdown Current decline from peak	-70.14%	-20.12%	-50.02%
Average Drawdown Average peak-to-trough decline	-28.32%	-13.57%	-14.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.30%	20.15%	-0.85%

Volatility

MKTX vs. TW - Volatility Comparison

The current volatility for MarketAxess Holdings Inc. (MKTX) is 5.55%, while Tradeweb Markets Inc. (TW) has a volatility of 5.85%. This indicates that MKTX experiences smaller price fluctuations and is considered to be less risky 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	5.55%	5.85%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	18.21%	19.48%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	26.87%	29.93%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.81%	26.22%	+6.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.41%	30.08%	+2.33%

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 Apr 2026, MarketAxess Holdings Inc. reported a gross profit of 194.10M and revenue of 209.40M. Therefore, the gross margin over that period was 92.7%.

TW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Tradeweb Markets Inc. reported a gross profit of 335.96M and revenue of 521.18M. Therefore, the gross margin over that period was 64.5%.

MKTX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, MarketAxess Holdings Inc. reported an operating income of 76.00M and revenue of 209.40M, resulting in an operating margin of 36.3%.

TW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Tradeweb Markets Inc. reported an operating income of 212.78M and revenue of 521.18M, resulting in an operating margin of 40.8%.

MKTX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, MarketAxess Holdings Inc. reported a net income of 92.40M and revenue of 209.40M, resulting in a net margin of 44.1%.

TW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Tradeweb Markets Inc. reported a net income of 324.99M and revenue of 521.18M, resulting in a net margin of 62.4%.