CBOE vs CME: Correlation
How closely do Cboe Global Markets (CBOE) and CME Group (CME) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and CME?
Over the past 3 years, CBOE and CME moved with a correlation of 0.58, which is moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.58). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 301.2 %².
In CBOE's tracked universe of 39 assets, CME sits right near the top at #1. The last year tells two different stories: CBOE led by 24.4 percentage points, +32.5% for CBOE against +8.1% for CME. The rolling one-year correlation moved between 0.27 and 0.71 over the past three years, a moderate range.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CBOE vs CME: side by side
| CBOE (Cboe Global Markets) | CME (CME Group) | |
|---|---|---|
| 1-year return | +32.5% | +8.1% |
| 5-year return | +168.0% | +73.9% |
| Volatility (ann.) | 26.1% | 20.0% |
| Beta vs S&P 500 | 0.09 | 0.12 |
| Max drawdown (3Y) | -36.7% | -31.1% |
| Market cap | $32.8B | $101.0B |
| P/E (trailing) | 24.5 | 23.8 |
| Dividend yield | 0.92% | 1.82% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | CBOE | CME |
|---|---|---|
| 2022 | -2.2% | -22.9% |
| 2023 | +44.4% | +31.3% |
| 2024 | +10.7% | +15.4% |
| 2025 | +29.2% | +19.8% |
| 2026 | +25.7% | +5.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and CME good diversifiers for each other?
Only partially. A correlation of 0.58 means CBOE and CME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CBOE and CME?
As of 2026-08-27, the correlation of weekly returns between CBOE and CME is 0.58 over 3 years, 0.68 over 1 year and 0.53 over 5 years.
Is CME a good diversifier for CBOE?
Only partially. A correlation of 0.58 means CBOE and CME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cboe-vs-cme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cboe-vs-cme/)
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Related comparisons
Hubs: CBOE correlations · CME correlations
