X.TO vs. CBOE

Last updated Jun 4, 2026

X.TO (TMX Group Limited) and CBOE (Cboe Global Markets, Inc.) are both stocks. Both operate in the Financial Data & Stock Exchanges industry within the Financial Services sector. Over the past 10 years, X.TO returned 19.00%/yr vs 18.70%/yr for CBOE. At a 0.07 correlation, their price movements are largely independent.

Performance

X.TO vs. CBOE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TMX Group Limited (X.TO) and Cboe Global Markets, Inc. (CBOE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

X.TO is traded in CAD, while CBOE is traded in USD. To make them comparable, the CBOE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, X.TO achieves a -8.39% return, which is significantly lower than CBOE's 15.56% return. Both investments have delivered pretty close results over the past 10 years, with X.TO having a 19.00% annualized return and CBOE not far behind at 18.70%.

X.TO

• 1D: -0.86%
• 1M: -14.97%
• YTD: -8.39%
• 6M: -5.66%
• 1Y: -13.58%
• 3Y*: 19.59%
• 5Y*: 14.84%
• 10Y*: 19.00%

CBOE

• 1D: 3.88%
• 1M: -14.02%
• YTD: 15.56%
• 6M: 12.37%
• 1Y: 28.39%
• 3Y*: 31.25%
• 5Y*: 25.67%
• 10Y*: 18.70%

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

X.TO vs. CBOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
X.TO TMX Group Limited	-8.39%	19.95%	41.58%	21.62%	8.39%	3.21%	15.50%	63.10%	3.22%	1.31%
CBOE Cboe Global Markets, Inc.	15.56%	24.00%	20.26%	41.19%	4.81%	40.95%	-22.51%	18.05%	-13.86%	59.63%

Correlation

The correlation between X.TO and CBOE is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 16, 2010	0.07

Fundamentals

Market Cap X.TO : CA$13.23B CBOE : $29.94B
EPS X.TO : CA$9.15 CBOE : $11.77
PE Ratio X.TO : 5.18 CBOE : 24.23
PEG Ratio X.TO : 0.43 CBOE : 0.45
PS Ratio X.TO : 1.33 CBOE : 6.25
PB Ratio X.TO : 0.27 CBOE : 5.57
Total Revenue (TTM) X.TO : CA$9.91B CBOE : $4.79B
Gross Profit (TTM) X.TO : CA$4.54B CBOE : $2.50B
EBITDA (TTM) X.TO : CA$4.93B CBOE : $1.87B

Return for Risk

X.TO vs. CBOE — Risk / Return Rank

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

X.TO

X.TO Risk / Return Rank: 15
X.TO Sharpe Ratio Rank: 15
X.TO Sortino Ratio Rank: 16
X.TO Omega Ratio Rank: 16
X.TO Calmar Ratio Rank: 19
X.TO Martin Ratio Rank: 11

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.

X.TO vs. CBOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TMX Group Limited (X.TO) 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.

	X.TO	CBOE	Difference
Sharpe ratio Return per unit of total volatility	-0.59	1.04	-1.63
Sortino ratio Return per unit of downside risk	-0.68	1.49	-2.16
Omega ratio Gain probability vs. loss probability	0.91	1.20	-0.29
Calmar ratio Return relative to maximum drawdown	-0.60	1.19	-1.78
Martin ratio Return relative to average drawdown	-1.30	6.66	-7.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

X.TO vs. CBOE - Sharpe Ratio Comparison

The current X.TO Sharpe Ratio is -0.59, which is lower than the CBOE Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of X.TO 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

	X.TO	CBOE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	1.04	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.11	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.75	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.76	-0.02

Drawdowns

X.TO vs. CBOE - Drawdown Comparison

The maximum X.TO drawdown since its inception was -59.39%, which is greater than CBOE's maximum drawdown of -39.98%. Use the drawdown chart below to compare losses from any high point for X.TO and CBOE.

Drawdown Indicators

	X.TO	CBOE	Difference
Max Drawdown Largest peak-to-trough decline	-59.39%	-39.98%	-19.41%
Max Drawdown (1Y) Largest decline over 1 year	-22.81%	-24.05%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-24.05%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.81%	-24.05%	+1.24%
Max Drawdown (10Y) Largest decline over 10 years	-28.93%	-37.80%	+8.87%
Current Drawdown Current decline from peak	-16.80%	-21.11%	+4.31%
Average Drawdown Average peak-to-trough decline	-11.37%	-10.88%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	4.30%	+6.16%

Volatility

X.TO vs. CBOE - Volatility Comparison

The current volatility for TMX Group Limited (X.TO) is 8.24%, while Cboe Global Markets, Inc. (CBOE) has a volatility of 15.89%. This indicates that X.TO 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

	X.TO	CBOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	15.89%	-7.65%
Volatility (6M) Calculated over the trailing 6-month period	18.10%	23.96%	-5.86%
Volatility (1Y) Calculated over the trailing 1-year period	23.16%	27.44%	-4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.90%	23.21%	-4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	25.15%	-4.82%

Dividends

X.TO vs. CBOE - Dividend Comparison

X.TO's dividend yield for the trailing twelve months is around 1.94%, 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%
X.TO TMX Group Limited	1.94%	1.70%	2.15%	2.52%	2.45%	2.35%	2.14%	2.24%	3.17%	2.77%	2.31%	4.47%

Financials

X.TO vs. CBOE - Profitability Comparison

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

X.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported a gross profit of 3.58B and revenue of 7.41B. Therefore, the gross margin over that period was 48.3%.

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%.

X.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported an operating income of 2.39B and revenue of 7.41B, resulting in an operating margin of 32.2%.

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%.

X.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TMX Group Limited reported a net income of 2.25B and revenue of 7.41B, resulting in a net margin of 30.3%.

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 X.TO and CBOE in my portfolio?

X.TO and CBOE have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.