CBOE vs ICE: Correlation
Cboe Global Markets (CBOE) and Intercontinental Exchange (ICE) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and ICE?
On 3 years of weekly data the CBOE/ICE correlation comes out at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 221.1 %².
ICE is one of the assets that tracks CBOE most closely: it ranks #2 out of the 39 assets we track against CBOE. Correlation aside, the last 12 months split them widely, with CBOE ahead by 40.4 points (+32.5% versus -7.9%). This link changes with the market regime, having swung between 0.04 and 0.56 on a rolling one-year basis.
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 ICE: side by side
| CBOE (Cboe Global Markets) | ICE (Intercontinental Exchange) | |
|---|---|---|
| 1-year return | +32.5% | -7.9% |
| 5-year return | +168.0% | +44.2% |
| Volatility (ann.) | 26.1% | 21.2% |
| Beta vs S&P 500 | 0.09 | 0.62 |
| Max drawdown (3Y) | -36.7% | -33.9% |
| Market cap | $32.8B | $90.5B |
| P/E (trailing) | 24.5 | 22.7 |
| Dividend yield | 0.92% | 1.24% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | CBOE | ICE |
|---|---|---|
| 2022 | -2.2% | -23.9% |
| 2023 | +44.4% | +27.1% |
| 2024 | +10.7% | +17.5% |
| 2025 | +29.2% | +9.9% |
| 2026 | +25.7% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and ICE good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CBOE and ICE?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.47 over the last year and 0.41 over 5 years.
Is ICE a good diversifier for CBOE?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: CBOE correlations · ICE correlations
