CME vs TW: Correlation
How closely do CME Group (CME) and Tradeweb Markets Inc. (TW) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CME and TW?
Across a 3-year window, the weekly returns of CME and TW correlate at 0.46, moderate. The link has tightened recently: the 1-year correlation (0.61) runs above the 3-year figure (0.46). Stretching to 5 years gives 0.53, with an annualized covariance of 214.7 %².
Few assets follow CME as closely as TW, which ranks #3 of 47 tracked partners. The last year tells two different stories: CME led by 22.0 percentage points, +8.1% for CME 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.
CME vs TW: side by side
| CME (CME Group) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | +8.1% | -13.9% |
| 5-year return | +73.9% | +24.2% |
| Volatility (ann.) | 20.0% | 23.1% |
| Beta vs S&P 500 | 0.12 | 0.39 |
| Max drawdown (3Y) | -31.1% | -38.3% |
| Market cap | $101.0B | $23.4B |
| P/E (trailing) | 23.8 | 25.6 |
| Dividend yield | 1.82% | 0.48% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CME | TW |
|---|---|---|
| 2022 | -22.9% | -34.9% |
| 2023 | +31.3% | +40.6% |
| 2024 | +15.4% | +44.6% |
| 2025 | +19.8% | -17.5% |
| 2026 | +5.9% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and TW good diversifiers for each other?
Reasonably. At 0.46, CME and TW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CME and TW?
As of 2026-08-27, the correlation of weekly returns between CME and TW is 0.46 over 3 years, 0.61 over 1 year and 0.53 over 5 years.
Is TW a good diversifier for CME?
Reasonably. At 0.46, CME and TW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
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Related comparisons
Hubs: CME correlations · TW correlations
