CBOE vs TW: Correlation
How closely do Cboe Global Markets (CBOE) and Tradeweb Markets Inc. (TW) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and TW?
Across a 3-year window, the weekly returns of CBOE and TW correlate at 0.28, weak. The relationship has been stable: the 1-year correlation (0.20) sits close to the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 170.6 %².
By 3-year correlation, TW places #9 of the 39 assets tracked against CBOE. Their recent paths diverged sharply: over the last 12 months CBOE outperformed by 46.4 percentage points (+32.5% for CBOE against -13.9% for TW).
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 TW: side by side
| CBOE (Cboe Global Markets) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | +32.5% | -13.9% |
| 5-year return | +168.0% | +24.2% |
| Volatility (ann.) | 26.1% | 23.1% |
| Beta vs S&P 500 | 0.09 | 0.39 |
| Max drawdown (3Y) | -36.7% | -38.3% |
| Market cap | $32.8B | $23.4B |
| P/E (trailing) | 24.5 | 25.6 |
| Dividend yield | 0.92% | 0.48% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | TW |
|---|---|---|
| 2022 | -2.2% | -34.9% |
| 2023 | +44.4% | +40.6% |
| 2024 | +10.7% | +44.6% |
| 2025 | +29.2% | -17.5% |
| 2026 | +25.7% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and TW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBOE and TW?
As of 2026-08-27, the correlation of weekly returns between CBOE and TW is 0.28 over 3 years, 0.20 over 1 year and 0.30 over 5 years.
Is TW a good diversifier for CBOE?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CBOE correlations · TW correlations
