TW vs. CBOE

Last updated Jun 23, 2026

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 3.34%/yr vs 18.18%/yr for CBOE. At a 0.30 correlation, their price movements are largely independent.

Performance

TW vs. CBOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradeweb Markets Inc. (TW) 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, TW achieves a -8.45% return, which is significantly lower than CBOE's 2.45% return.

TW

• 1D: -1.30%
• 1M: -7.40%
• YTD: -8.45%
• 6M: -7.34%
• 1Y: -29.20%
• 3Y*: 12.72%
• 5Y*: 3.34%
• 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)

TW vs. CBOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TW Tradeweb Markets Inc.	-8.45%	-17.55%	44.56%	40.61%	-34.86%	60.96%	35.50%	36.03%
CBOE Cboe Global Markets, Inc.	2.45%	29.96%	10.74%	44.37%	-2.16%	42.23%	-21.17%	26.50%

Correlation

The correlation between TW and CBOE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019	0.30

Fundamentals

Market Cap TW : $20.95B CBOE : $26.88B
EPS TW : $4.05 CBOE : $11.77
PE Ratio TW : 24.22 CBOE : 21.76
PEG Ratio TW : 0.66 CBOE : 0.41
PS Ratio TW : 9.75 CBOE : 5.61
PB Ratio TW : 3.16 CBOE : 5.00
Total Revenue (TTM) TW : $2.16B CBOE : $4.79B
Gross Profit (TTM) TW : $1.56B CBOE : $2.50B
EBITDA (TTM) TW : $1.34B CBOE : $1.87B

Return for Risk

TW vs. CBOE — Risk / Return Rank

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

TW

TW Risk / Return Rank: 7
TW Sharpe Ratio Rank: 4
TW Sortino Ratio Rank: 7
TW Omega Ratio Rank: 8
TW Calmar Ratio Rank: 7
TW Martin Ratio Rank: 11

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.

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 ratio: Return per unit of total volatility	-1.03	0.49	-1.53
Sortino ratio: Return per unit of downside risk	-1.45	0.82	-2.27
Omega ratio: Gain probability vs. loss probability	0.83	1.12	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.89	0.46	-1.35
Martin ratio: Return relative to average drawdown	-1.32	2.12	-3.44

TW vs. CBOE - Sharpe Ratio Comparison

The current TW Sharpe Ratio is -1.03, which is lower than the CBOE Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of TW 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

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.

Drawdown Indicators

	TW	CBOE	Difference
Max Drawdown Largest peak-to-trough decline	-48.64%	-43.23%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-32.76%	-31.93%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-33.89%	-31.93%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-48.64%	-31.93%	-16.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.23%	—
Current Drawdown Current decline from peak	-33.74%	-30.05%	-3.69%
Average Drawdown Average peak-to-trough decline	-13.94%	-11.43%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.20%	6.85%	+15.35%

Volatility

TW vs. CBOE - Volatility Comparison

The current volatility for Tradeweb Markets Inc. (TW) is 8.34%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 18.36%. This indicates that TW 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

	TW	CBOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	18.36%	-10.02%
Volatility (6M) Calculated over the trailing 6-month period	21.24%	26.62%	-5.38%
Volatility (1Y) Calculated over the trailing 1-year period	28.46%	29.55%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.58%	23.66%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.13%	25.59%	+4.54%

Dividends

TW vs. CBOE - Dividend Comparison

TW's dividend yield for the trailing twelve months is around 0.53%, less than CBOE's 1.13% yield.

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%
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

TW vs. CBOE - Profitability Comparison

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

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%.

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%.

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%.

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%.

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%.

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 TW and CBOE in my portfolio?

TW and CBOE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TW or CBOE?

CBOE has higher volatility (18.36%) compared to TW (8.34%). In terms of maximum drawdown, TW dropped -48.64% vs CBOE's -43.23%.

Which has better risk-adjusted returns?

CBOE currently has the higher Sharpe Ratio (0.49 vs -1.03), 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.