CME vs ICE: Correlation
Measured on weekly returns over the past three years, CME Group (CME) and Intercontinental Exchange (ICE) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CME and ICE?
Over the past 3 years, CME and ICE moved with a correlation of 0.47, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 198.3 %².
Few assets follow CME as closely as ICE, which ranks #2 of 47 tracked partners. The last year tells two different stories: CME led by 16.0 percentage points, +8.1% for CME against -7.9% for ICE. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.07 to 0.62.
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.
CME vs ICE: side by side
| CME (CME Group) | ICE (Intercontinental Exchange) | |
|---|---|---|
| 1-year return | +8.1% | -7.9% |
| 5-year return | +73.9% | +44.2% |
| Volatility (ann.) | 20.0% | 21.2% |
| Beta vs S&P 500 | 0.12 | 0.62 |
| Max drawdown (3Y) | -31.1% | -33.9% |
| Market cap | $101.0B | $90.5B |
| P/E (trailing) | 23.8 | 22.7 |
| Dividend yield | 1.82% | 1.24% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | CME | ICE |
|---|---|---|
| 2022 | -22.9% | -23.9% |
| 2023 | +31.3% | +27.1% |
| 2024 | +15.4% | +17.5% |
| 2025 | +19.8% | +9.9% |
| 2026 | +5.9% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and ICE good diversifiers for each other?
Reasonably. At 0.47, CME and ICE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CME and ICE?
As of 2026-08-27, the correlation of weekly returns between CME and ICE is 0.47 over 3 years, 0.57 over 1 year and 0.55 over 5 years.
Is ICE a good diversifier for CME?
Reasonably. At 0.47, CME and ICE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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/cme-vs-ice.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: CME correlations · ICE correlations
