CME vs NDAQ: Correlation
How closely do CME Group (CME) and Nasdaq, Inc. (NDAQ) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CME and NDAQ?
Across a 3-year window, the weekly returns of CME and NDAQ correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 174.3 %².
Within CME's tracked universe of 47 assets, NDAQ comes in at #4 by 3-year correlation. Their 12-month results are close: +8.1% for CME against +6.1% for NDAQ. Across three years, the rolling one-year figure varied moderately, from 0.15 to 0.44.
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 NDAQ: side by side
| CME (CME Group) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | +8.1% | +6.1% |
| 5-year return | +73.9% | +64.4% |
| Volatility (ann.) | 20.0% | 23.2% |
| Beta vs S&P 500 | 0.12 | 0.80 |
| Max drawdown (3Y) | -31.1% | -23.4% |
| Market cap | $101.0B | $55.5B |
| P/E (trailing) | 23.8 | 29.0 |
| Dividend yield | 1.82% | 1.13% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | CME | NDAQ |
|---|---|---|
| 2022 | -22.9% | -11.2% |
| 2023 | +31.3% | -3.7% |
| 2024 | +15.4% | +34.8% |
| 2025 | +19.8% | +27.2% |
| 2026 | +5.9% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and NDAQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CME and NDAQ?
The CME/NDAQ correlation stands at 0.38 on a 3-year window (1 year: 0.44, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is NDAQ a good diversifier for CME?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cme-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CME correlations · NDAQ correlations
