ICE vs TW: Correlation
Intercontinental Exchange (ICE) and Tradeweb Markets Inc. (TW) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and TW?
Across a 3-year window, the weekly returns of ICE and TW correlate at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 220.0 %².
Among the 31 assets we track against ICE, TW ranks #17 by 3-year correlation. The trailing year gives ICE the advantage: -7.9% versus -13.9%, a 6.0-point spread.
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 TW: side by side
| ICE (Intercontinental Exchange) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | -7.9% | -13.9% |
| 5-year return | +44.2% | +24.2% |
| Volatility (ann.) | 21.2% | 23.1% |
| Beta vs S&P 500 | 0.62 | 0.39 |
| Max drawdown (3Y) | -33.9% | -38.3% |
| Market cap | $90.5B | $23.4B |
| P/E (trailing) | 22.7 | 25.6 |
| Dividend yield | 1.24% | 0.48% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | ICE | TW |
|---|---|---|
| 2022 | -23.9% | -34.9% |
| 2023 | +27.1% | +40.6% |
| 2024 | +17.5% | +44.6% |
| 2025 | +9.9% | -17.5% |
| 2026 | +0.2% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICE and TW good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICE and TW?
As of 2026-08-27, the correlation of weekly returns between ICE and TW is 0.45 over 3 years, 0.49 over 1 year and 0.53 over 5 years.
Is TW a good diversifier for ICE?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: ICE correlations · TW correlations
