ICE vs NDAQ: Correlation
Intercontinental Exchange (ICE) and Nasdaq, Inc. (NDAQ) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and NDAQ?
Across a 3-year window, the weekly returns of ICE and NDAQ correlate at 0.66, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 323.3 %².
NDAQ is one of the assets that tracks ICE most closely: it ranks #1 out of the 31 assets we track against ICE. Over the last 12 months NDAQ came out ahead by 14.0 percentage points (-7.9% against +6.1%). On a rolling one-year basis the correlation drifted between 0.39 and 0.73, a moderate band.
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.
ICE vs NDAQ: side by side
| ICE (Intercontinental Exchange) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | -7.9% | +6.1% |
| 5-year return | +44.2% | +64.4% |
| Volatility (ann.) | 21.2% | 23.2% |
| Beta vs S&P 500 | 0.62 | 0.80 |
| Max drawdown (3Y) | -33.9% | -23.4% |
| Market cap | $90.5B | $55.5B |
| P/E (trailing) | 22.7 | 29.0 |
| Dividend yield | 1.24% | 1.13% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | ICE | NDAQ |
|---|---|---|
| 2022 | -23.9% | -11.2% |
| 2023 | +27.1% | -3.7% |
| 2024 | +17.5% | +34.8% |
| 2025 | +9.9% | +27.2% |
| 2026 | +0.2% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICE and NDAQ good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ICE and NDAQ?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.71 over the last year and 0.66 over 5 years.
Is NDAQ a good diversifier for ICE?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ice-vs-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ice-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICE correlations · NDAQ correlations
