CBOE vs NDAQ: Correlation
How closely do Cboe Global Markets (CBOE) and Nasdaq, Inc. (NDAQ) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and NDAQ?
Across a 3-year window, the weekly returns of CBOE and NDAQ correlate at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 216.8 %².
In CBOE's tracked universe of 39 assets, NDAQ sits right near the top at #3. Correlation aside, the last 12 months split them widely, with CBOE ahead by 26.4 points (+32.5% versus +6.1%). Across three years, the rolling one-year figure varied moderately, from 0.13 to 0.53.
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 NDAQ: side by side
| CBOE (Cboe Global Markets) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | +32.5% | +6.1% |
| 5-year return | +168.0% | +64.4% |
| Volatility (ann.) | 26.1% | 23.2% |
| Beta vs S&P 500 | 0.09 | 0.80 |
| Max drawdown (3Y) | -36.7% | -23.4% |
| Market cap | $32.8B | $55.5B |
| P/E (trailing) | 24.5 | 29.0 |
| Dividend yield | 0.92% | 1.13% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | CBOE | NDAQ |
|---|---|---|
| 2022 | -2.2% | -11.2% |
| 2023 | +44.4% | -3.7% |
| 2024 | +10.7% | +34.8% |
| 2025 | +29.2% | +27.2% |
| 2026 | +25.7% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and NDAQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBOE and NDAQ?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.45 over the last year and 0.41 over 5 years.
Is NDAQ a good diversifier for CBOE?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cboe-vs-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cboe-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBOE correlations · NDAQ correlations
