TH vs. CBOE

Last updated Jun 23, 2026

TH (Target Hospitality Corp.) and CBOE (Cboe Global Markets, Inc.) are both stocks. TH operates in Oil & Gas Equipment & Services (Energy), while CBOE operates in Financial Data & Stock Exchanges (Financial Services). Over the past 5 years, TH returned 34.71%/yr vs 18.18%/yr for CBOE. At a 0.04 correlation, their price movements are largely independent.

Performance

TH vs. CBOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Target Hospitality Corp. (TH) 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, TH achieves a 151.44% return, which is significantly higher than CBOE's 2.45% return.

TH

• 1D: -0.10%
• 1M: 12.51%
• YTD: 151.44%
• 6M: 145.01%
• 1Y: 184.46%
• 3Y*: 14.78%
• 5Y*: 34.71%
• 10Y*: —

CBOE

• 1D: 2.76%
• 1M: -28.22%
• YTD: 2.45%
• 6M: 2.11%
• 1Y: 14.53%
• 3Y*: 25.12%
• 5Y*: 18.18%
• 10Y*: 16.25%

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

TH vs. CBOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TH Target Hospitality Corp.	151.44%	-17.12%	-0.67%	-35.73%	325.28%	125.32%	-68.40%	-50.40%	3.38%
CBOE Cboe Global Markets, Inc.	2.45%	29.96%	10.74%	44.37%	-2.16%	42.23%	-21.17%	24.16%	-16.92%

Correlation

The correlation between TH and CBOE is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (All Time) Calculated using the full available price history since Mar 8, 2018	0.04

Fundamentals

Market Cap TH : $2.01B CBOE : $26.88B
EPS TH : -$0.44 CBOE : $11.77
PS Ratio TH : 6.21 CBOE : 5.61
PB Ratio TH : 5.34 CBOE : 5.00
Total Revenue (TTM) TH : $323.52M CBOE : $4.79B
Gross Profit (TTM) TH : $34.44M CBOE : $2.50B
EBITDA (TTM) TH : $17.91M CBOE : $1.87B

Return for Risk

TH vs. CBOE — Risk / Return Rank

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

TH

TH Risk / Return Rank: 94
TH Sharpe Ratio Rank: 95
TH Sortino Ratio Rank: 96
TH Omega Ratio Rank: 95
TH Calmar Ratio Rank: 94
TH Martin Ratio Rank: 93

CBOE

CBOE Risk / Return Rank: 56
CBOE Sharpe Ratio Rank: 59
CBOE Sortino Ratio Rank: 51
CBOE Omega Ratio Rank: 53
CBOE Calmar Ratio Rank: 53
CBOE Martin Ratio Rank: 62

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.

TH vs. CBOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Target Hospitality Corp. (TH) 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.

	TH	CBOE	Difference
Sharpe ratio: Return per unit of total volatility	3.03	0.49	+2.53
Sortino ratio: Return per unit of downside risk	4.18	0.82	+3.36
Omega ratio: Gain probability vs. loss probability	1.54	1.12	+0.42
Calmar ratio: Return relative to maximum drawdown	5.81	0.46	+5.35
Martin ratio: Return relative to average drawdown	14.39	2.12	+12.27

TH vs. CBOE - Sharpe Ratio Comparison

The current TH Sharpe Ratio is 3.03, which is higher than the CBOE Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of TH 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

TH vs. CBOE - Drawdown Comparison

The maximum TH drawdown since its inception was -92.35%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for TH and CBOE.

Drawdown Indicators

	TH	CBOE	Difference
Max Drawdown Largest peak-to-trough decline	-92.35%	-43.23%	-49.12%
Max Drawdown (1Y) Largest decline over 1 year	-31.95%	-31.93%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-69.13%	-31.93%	-37.20%
Max Drawdown (5Y) Largest decline over 5 years	-71.94%	-31.93%	-40.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.23%	—
Current Drawdown Current decline from peak	-0.10%	-30.05%	+29.95%
Average Drawdown Average peak-to-trough decline	-41.98%	-11.43%	-30.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.87%	6.85%	+6.02%

Volatility

TH vs. CBOE - Volatility Comparison

The current volatility for Target Hospitality Corp. (TH) is 12.69%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 18.36%. This indicates that TH 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

	TH	CBOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.69%	18.36%	-5.67%
Volatility (6M) Calculated over the trailing 6-month period	48.01%	26.62%	+21.39%
Volatility (1Y) Calculated over the trailing 1-year period	61.49%	29.55%	+31.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.36%	23.66%	+43.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.58%	25.59%	+49.99%

Dividends

TH vs. CBOE - Dividend Comparison

TH has not paid dividends to shareholders, while CBOE's dividend yield for the trailing twelve months is around 1.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBOE Cboe Global Markets, Inc.	1.13%	1.08%	1.21%	1.18%	1.56%	1.38%	1.68%	1.12%	1.19%	0.83%	1.30%	1.36%
TH Target Hospitality Corp.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

TH vs. CBOE - Profitability Comparison

The chart below illustrates the profitability comparison between Target Hospitality Corp. and Cboe Global Markets, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Target Hospitality Corp. reported a gross profit of 6.88M and revenue of 72.78M. Therefore, the gross margin over that period was 9.5%.

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%.

TH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Target Hospitality Corp. reported an operating income of -7.67M and revenue of 72.78M, resulting in an operating margin of -10.5%.

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%.

TH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Target Hospitality Corp. reported a net income of -12.92M and revenue of 72.78M, resulting in a net margin of -17.8%.

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

Can I hold both TH and CBOE in my portfolio?

TH and CBOE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TH or CBOE?

CBOE has higher volatility (18.36%) compared to TH (12.69%). In terms of maximum drawdown, TH dropped -92.35% vs CBOE's -43.23%.

Which has better risk-adjusted returns?

TH currently has the higher Sharpe Ratio (3.03 vs 0.49), 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.