CBOE vs MKTX: Correlation
Cboe Global Markets (CBOE) and MarketAxess Holdings, Inc. (MKTX) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and MKTX?
On 3 years of weekly data the CBOE/MKTX correlation comes out at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. The 5-year figure is 0.23, and annualized covariance runs at 317.6 %².
Among the 39 assets we track against CBOE, MKTX ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CBOE outperformed by 44.2 percentage points (+32.5% for CBOE against -11.7% for MKTX).
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 MKTX: side by side
| CBOE (Cboe Global Markets) | MKTX (MarketAxess Holdings, Inc.) | |
|---|---|---|
| 1-year return | +32.5% | -11.7% |
| 5-year return | +168.0% | -63.7% |
| Volatility (ann.) | 26.1% | 37.8% |
| Beta vs S&P 500 | 0.09 | 0.21 |
| Max drawdown (3Y) | -36.7% | -61.8% |
| Market cap | $32.8B | $5.7B |
| P/E (trailing) | 24.5 | 19.2 |
| Dividend yield | 0.92% | 1.90% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | MKTX |
|---|---|---|
| 2022 | -2.2% | -31.5% |
| 2023 | +44.4% | +6.1% |
| 2024 | +10.7% | -21.8% |
| 2025 | +29.2% | -18.5% |
| 2026 | +25.7% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and MKTX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBOE and MKTX?
As of 2026-08-27, the correlation of weekly returns between CBOE and MKTX is 0.32 over 3 years, 0.37 over 1 year and 0.23 over 5 years.
Is MKTX a good diversifier for CBOE?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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.
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Hubs: CBOE correlations · MKTX correlations
