CME vs MKTX: Correlation
How closely do CME Group (CME) and MarketAxess Holdings, Inc. (MKTX) 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 CME and MKTX?
On 3 years of weekly data the CME/MKTX correlation comes out at 0.36, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.36 over 3. The 5-year figure is 0.36, and annualized covariance runs at 275.3 %².
By 3-year correlation, MKTX places #5 of the 47 assets tracked against CME. The last year tells two different stories: CME led by 19.8 percentage points, +8.1% for CME against -11.7% for MKTX. Risk is not evenly split, since MKTX carries 1.9 times the volatility of the other side.
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 MKTX: side by side
| CME (CME Group) | MKTX (MarketAxess Holdings, Inc.) | |
|---|---|---|
| 1-year return | +8.1% | -11.7% |
| 5-year return | +73.9% | -63.7% |
| Volatility (ann.) | 20.0% | 37.8% |
| Beta vs S&P 500 | 0.12 | 0.21 |
| Max drawdown (3Y) | -31.1% | -61.8% |
| Market cap | $101.0B | $5.7B |
| P/E (trailing) | 23.8 | 19.2 |
| Dividend yield | 1.82% | 1.90% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CME | MKTX |
|---|---|---|
| 2022 | -22.9% | -31.5% |
| 2023 | +31.3% | +6.1% |
| 2024 | +15.4% | -21.8% |
| 2025 | +19.8% | -18.5% |
| 2026 | +5.9% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and MKTX 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 CME and MKTX?
The CME/MKTX correlation stands at 0.36 on a 3-year window (1 year: 0.44, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is MKTX a good diversifier for CME?
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?
On the −1 to +1 scale, 0.36 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
$ curl https://www.pairbook.io/api/v1/pairs/cme-vs-mktx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cme-vs-mktx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CME correlations · MKTX correlations
