TNET vs. CBOE

Last updated Jun 4, 2026

TNET (TriNet Group, Inc.) and CBOE (Cboe Global Markets, Inc.) are both stocks. TNET operates in Staffing & Employment Services (Industrials), while CBOE operates in Financial Data & Stock Exchanges (Financial Services). Over the past 10 years, TNET returned 8.93%/yr vs 17.84%/yr for CBOE. At a 0.16 correlation, their price movements are largely independent.

Performance

TNET vs. CBOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TriNet Group, Inc. (TNET) 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, TNET achieves a -22.24% return, which is significantly lower than CBOE's 14.10% return. Over the past 10 years, TNET has underperformed CBOE with an annualized return of 8.93%, while CBOE has yielded a comparatively higher 17.84% annualized return.

TNET

• 1D: -5.61%
• 1M: 5.73%
• YTD: -22.24%
• 6M: -20.81%
• 1Y: -43.70%
• 3Y*: -20.80%
• 5Y*: -8.49%
• 10Y*: 8.93%

CBOE

• 1D: 3.45%
• 1M: -15.70%
• YTD: 14.10%
• 6M: 12.80%
• 1Y: 26.75%
• 3Y*: 29.74%
• 5Y*: 22.18%
• 10Y*: 17.84%

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

TNET vs. CBOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNET TriNet Group, Inc.	-22.24%	-33.93%	-23.14%	75.41%	-28.83%	18.19%	42.38%	34.95%	-5.39%	73.07%
CBOE Cboe Global Markets, Inc.	14.10%	29.96%	10.74%	44.37%	-2.16%	42.23%	-21.17%	24.16%	-20.60%	70.49%

Correlation

The correlation between TNET and CBOE is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 28, 2014	0.16

The correlation between TNET and CBOE shifts across timeframes, from -0.03 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TNET : $2.13B CBOE : $29.94B
EPS TNET : $3.31 CBOE : $11.77
PE Ratio TNET : 13.71 CBOE : 24.23
PS Ratio TNET : 0.44 CBOE : 6.25
PB Ratio TNET : 25.71 CBOE : 5.57
Total Revenue (TTM) TNET : $4.94B CBOE : $4.79B
Gross Profit (TTM) TNET : $591.00M CBOE : $2.50B
EBITDA (TTM) TNET : $370.00M CBOE : $1.87B

Return for Risk

TNET vs. CBOE — Risk / Return Rank

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

TNET

TNET Risk / Return Rank: 9
TNET Sharpe Ratio Rank: 5
TNET Sortino Ratio Rank: 7
TNET Omega Ratio Rank: 8
TNET Calmar Ratio Rank: 13
TNET Martin Ratio Rank: 12

CBOE

CBOE Risk / Return Rank: 68
CBOE Sharpe Ratio Rank: 71
CBOE Sortino Ratio Rank: 63
CBOE Omega Ratio Rank: 65
CBOE Calmar Ratio Rank: 62
CBOE Martin Ratio Rank: 78

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.

TNET vs. CBOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TriNet Group, Inc. (TNET) 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.

	TNET	CBOE	Difference
Sharpe ratio Return per unit of total volatility	-0.97	1.00	-1.97
Sortino ratio Return per unit of downside risk	-1.34	1.43	-2.77
Omega ratio Gain probability vs. loss probability	0.83	1.20	-0.37
Calmar ratio Return relative to maximum drawdown	-0.74	1.09	-1.83
Martin ratio Return relative to average drawdown	-1.26	6.14	-7.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNET vs. CBOE - Sharpe Ratio Comparison

The current TNET Sharpe Ratio is -0.97, which is lower than the CBOE Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of TNET 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.

Sharpe Ratios by Period

	TNET	CBOE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	1.00	-1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.96	-1.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.71	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.66	-0.48

Drawdowns

TNET vs. CBOE - Drawdown Comparison

The maximum TNET drawdown since its inception was -74.04%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for TNET and CBOE.

Drawdown Indicators

	TNET	CBOE	Difference
Max Drawdown Largest peak-to-trough decline	-74.04%	-43.23%	-30.81%
Max Drawdown (1Y) Largest decline over 1 year	-58.94%	-24.69%	-34.25%
Max Drawdown (3Y) Largest decline over 3 years	-74.04%	-24.69%	-49.35%
Max Drawdown (5Y) Largest decline over 5 years	-74.04%	-24.69%	-49.35%
Max Drawdown (10Y) Largest decline over 10 years	-74.04%	-43.23%	-30.81%
Current Drawdown Current decline from peak	-64.91%	-22.09%	-42.82%
Average Drawdown Average peak-to-trough decline	-23.08%	-11.39%	-11.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.75%	4.38%	+30.37%

Volatility

TNET vs. CBOE - Volatility Comparison

The current volatility for TriNet Group, Inc. (TNET) is 15.00%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 15.84%. This indicates that TNET 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

	TNET	CBOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.00%	15.84%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	38.98%	23.69%	+15.29%
Volatility (1Y) Calculated over the trailing 1-year period	45.09%	27.03%	+18.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	23.16%	+13.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.69%	25.31%	+14.38%

Dividends

TNET vs. CBOE - Dividend Comparison

TNET's dividend yield for the trailing twelve months is around 2.46%, more than CBOE's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBOE Cboe Global Markets, Inc.	1.01%	1.08%	1.21%	1.18%	1.56%	1.38%	1.68%	1.12%	1.19%	0.83%	1.30%	1.36%
TNET TriNet Group, Inc.	2.46%	1.82%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

TNET vs. CBOE - Profitability Comparison

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

TNET - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TriNet Group, Inc. reported a gross profit of 0.00 and revenue of 1.23B. Therefore, the gross margin over that period was 0.0%.

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%.

TNET - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TriNet Group, Inc. reported an operating income of 0.00 and revenue of 1.23B, resulting in an operating margin of 0.0%.

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%.

TNET - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TriNet Group, Inc. reported a net income of 89.00M and revenue of 1.23B, resulting in a net margin of 7.3%.

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 TNET and CBOE in my portfolio?

TNET and CBOE have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNET or CBOE?

CBOE has higher volatility (15.84%) compared to TNET (15.00%). In terms of maximum drawdown, TNET dropped -74.04% vs CBOE's -43.23%.

Which has better risk-adjusted returns?

CBOE currently has the higher Sharpe Ratio (1.00 vs -0.97), 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.