TW vs. CBOE
TW (Tradeweb Markets Inc.) and CBOE (Cboe Global Markets, Inc.) are both stocks. Both are in the Financial Services sector — TW in Capital Markets, CBOE in Financial Data & Stock Exchanges. Over the past 5 years, TW returned 3.42%/yr vs 22.86%/yr for CBOE. Their 0.31 correlation means their historical movements had little consistent relationship.
Performance
TW vs. CBOE - Performance Comparison
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Returns By Period
In the year-to-date period, TW achieves a -6.31% return, which is significantly lower than CBOE's 24.16% return.
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%
CBOE
- 1D
- 4.62%
- 1M
- 24.60%
- 6M
- 17.58%
- YTD
- 24.16%
- 1Y
- 26.51%
- 3Y*
- 31.94%
- 5Y*
- 22.86%
- 10Y*
- 17.85%
- ALL TIME*
- 16.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $331.59M | $331.44M | $425.74M | |
| $197.00M | $171.87M | $180.44M |
TW vs. CBOE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TW Tradeweb Markets Inc. | -6.31% | -17.55% | 44.56% | 40.61% | -34.86% | 60.96% | 35.50% | 36.03% |
CBOE Cboe Global Markets, Inc. | 24.16% | 29.96% | 10.74% | 44.37% | -2.16% | 42.23% | -21.17% | 26.50% |
Correlation
The correlation between TW and CBOE is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | 0.31 |
Fundamentals
TW:
$21.40B
CBOE:
$32.47B
TW:
$4.19
CBOE:
$12.89
TW:
23.97
CBOE:
24.06
TW:
0.66
CBOE:
0.45
TW:
9.75
CBOE:
6.43
TW:
3.22
CBOE:
5.78
TW:
$2.21B
CBOE:
$5.06B
TW:
$1.50B
CBOE:
$2.65B
TW:
$1.52B
CBOE:
$2.05B
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Return for Risk
TW vs. CBOE — Risk / Return Rank
TW
CBOE
TW vs. CBOE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradeweb Markets Inc. (TW) 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.
| TW | CBOE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.19 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 0.82 | -1.60 |
| Martin ratioReturn relative to average drawdown | -1.24 | 2.67 | -3.92 |
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Drawdowns
TW vs. CBOE - Drawdown Comparison
The maximum TW drawdown since its inception was -48.64%, which is greater than CBOE's maximum drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for TW and CBOE.
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Drawdown Indicators
| TW | CBOE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.64% | -43.23% | -5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -34.83% | -36.73% | +1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -38.26% | -36.73% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -48.64% | -36.73% | -11.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.23% | — |
Current DrawdownCurrent decline from peak | -32.19% | -15.22% | -16.97% |
Average DrawdownAverage peak-to-trough decline | -14.23% | -11.53% | -2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.86% | 11.27% | +10.59% |
Volatility
TW vs. CBOE - Volatility Comparison
Tradeweb Markets Inc. (TW) has a higher volatility of 13.40% compared to Cboe Global Markets, Inc. (CBOE) at 10.21%. This indicates that TW's price experiences larger fluctuations and is considered to be riskier than CBOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TW | CBOE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.40% | 10.21% | +3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 25.51% | 29.24% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.13% | 31.94% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.46% | 24.22% | +3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.52% | 25.89% | +4.63% |
Dividends
TW vs. CBOE - Dividend Comparison
TW's dividend yield for the trailing twelve months is around 0.52%, less than CBOE's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBOE Cboe Global Markets, Inc. | 0.93% | 1.08% | 1.21% | 1.18% | 1.56% | 1.38% | 1.68% | 1.12% | 1.19% | 0.83% | 1.30% | 1.36% |
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
TW vs. CBOE - Financials Comparison
This section allows you to compare key financial metrics between Tradeweb Markets Inc. and Cboe Global 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
TW vs. CBOE - Profitability Comparison
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%.
CBOE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Cboe Global Markets, Inc. reported a gross profit of 731.60M and revenue of 1.44B. Therefore, the gross margin over that period was 50.7%.
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%.
CBOE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Cboe Global Markets, Inc. reported an operating income of 476.00M and revenue of 1.44B, resulting in an operating margin of 33.0%.
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%.
CBOE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Cboe Global Markets, Inc. reported a net income of 353.10M and revenue of 1.44B, resulting in a net margin of 24.5%.
Frequently Asked Questions
TW and CBOE have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TW has higher volatility (13.40%) compared to CBOE (10.21%). In terms of maximum drawdown, TW dropped -48.64% vs CBOE's -43.23%.
CBOE currently has the higher Sharpe Ratio (0.95 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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