TW vs. CBOE

Last updated Apr 2, 2026

Compare and contrast key facts about Tradeweb Markets Inc. (TW) and Cboe Global Markets, Inc. (CBOE).

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.

TW vs. CBOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TW Tradeweb Markets Inc.	10.37%	-17.55%	44.56%	40.61%	-34.86%	60.96%	35.50%	30.15%
CBOE Cboe Global Markets, Inc.	11.95%	29.96%	10.74%	44.37%	-2.16%	42.23%	-21.17%	26.44%

Fundamentals

Market Cap TW : $25.46B CBOE : $29.43B
EPS TW : $3.78 CBOE : $10.48
PE Ratio TW : 31.35 CBOE : 26.75
PEG Ratio TW : 0.86 CBOE : 0.50
PS Ratio TW : 12.41 CBOE : 6.24
PB Ratio TW : 3.91 CBOE : 5.73
Total Revenue (TTM) TW : $2.05B CBOE : $4.71B
Gross Profit (TTM) TW : $1.36B CBOE : $4.48B
EBITDA (TTM) TW : $1.43B CBOE : $1.71B

Returns By Period

In the year-to-date period, TW achieves a 10.37% return, which is significantly lower than CBOE's 11.95% return.

TW

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

CBOE

• 1D: -0.28%
• 1M: -5.78%
• YTD: 11.95%
• 6M: 16.64%
• 1Y: 25.94%
• 3Y*: 29.38%
• 5Y*: 24.37%
• 10Y*: 16.96%

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

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: 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

CBOE

CBOE Risk / Return Rank: 75
CBOE Sharpe Ratio Rank: 78
CBOE Sortino Ratio Rank: 71
CBOE Omega Ratio Rank: 67
CBOE Calmar Ratio Rank: 81
CBOE Martin Ratio Rank: 80

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.

	TW	CBOE	Difference
Sharpe ratio Return per unit of total volatility	-0.66	1.18	-1.84
Sortino ratio Return per unit of downside risk	-0.74	1.65	-2.39
Omega ratio Gain probability vs. loss probability	0.90	1.21	-0.31
Calmar ratio Return relative to maximum drawdown	-0.60	2.45	-3.04
Martin ratio Return relative to average drawdown	-0.98	6.21	-7.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TW vs. CBOE - Sharpe Ratio Comparison

The current TW Sharpe Ratio is -0.66, which is lower than the CBOE Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of TW and CBOE, 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

	TW	CBOE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	1.18	-1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	1.13	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.67	-0.03

Correlation

The correlation between TW and CBOE is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TW vs. CBOE - Dividend Comparison

TW's dividend yield for the trailing twelve months is around 0.42%, less than CBOE's 1.00% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
CBOE Cboe Global Markets, Inc.	1.00%	1.08%	1.21%	1.18%	1.56%	1.38%	1.68%	1.12%	1.19%	0.83%	1.30%	1.36%

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	-33.05%	-10.32%	-22.73%
Max Drawdown (5Y) Largest decline over 5 years	-48.64%	-21.77%	-26.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.23%	—
Current Drawdown Current decline from peak	-20.12%	-7.93%	-12.19%
Average Drawdown Average peak-to-trough decline	-13.57%	-11.48%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	4.06%	+16.09%

Volatility

TW vs. CBOE - Volatility Comparison

The current volatility for Tradeweb Markets Inc. (TW) is 5.85%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 7.89%. 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	5.85%	7.89%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	19.48%	15.45%	+4.03%
Volatility (1Y) Calculated over the trailing 1-year period	29.93%	22.02%	+7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.22%	21.73%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.08%	24.63%	+5.45%

Financials