ICE vs TW vs CME vs CBOE

For growth investors, Tradeweb Markets Inc.

(TW) is the stronger pick with 18. 9% revenue growth year-over-year, versus 6. 4% for CME Group Inc. (CME). CME Group Inc. (CME) offers the better valuation at 25. 7x trailing P/E (23. 6x forward), making it the more compelling value choice. Analysts rate Intercontinental Exchange, Inc. (ICE) a "Buy" — based on 36 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, CME Group Inc.

(CME) is the cheapest at 25. 7x versus Cboe Global Markets, Inc. at 33. 0x. On forward P/E, Intercontinental Exchange, Inc. is actually cheaper at 19. 1x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Tradeweb Markets Inc. wins at 0. 80x versus Intercontinental Exchange, Inc. 's 2. 15x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Cboe Global Markets, Inc.

(CBOE) delivered a total return of +224. 0%, compared to +36. 5% for Tradeweb Markets Inc. (TW). Over 10 years, the gap is even starker: CBOE returned +473. 5% versus TW's +212. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), CME Group Inc.

(CME) is the lower-risk stock at -0. 30β versus Intercontinental Exchange, Inc. 's 0. 33β — meaning ICE is approximately -208% more volatile than CME relative to the S&P 500. On balance sheet safety, Tradeweb Markets Inc. (TW) carries a lower debt/equity ratio of 4% versus 70% for Intercontinental Exchange, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Tradeweb Markets Inc.

(TW) is pulling ahead at 18. 9% versus 6. 4% for CME Group Inc. (CME). On earnings-per-share growth, the picture is similar: Tradeweb Markets Inc. grew EPS 61. 5% year-over-year, compared to 15. 4% for CME Group Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

CME Group Inc.

(CME) is the more profitable company, earning 62. 0% net margin versus 23. 3% for Cboe Global Markets, Inc. — meaning it keeps 62. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CME leads at 64. 9% versus 32. 1% for CBOE. At the gross margin level — before operating expenses — CME leads at 86. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Tradeweb Markets Inc. (TW) is the more undervalued stock at a PEG of 0. 80x versus Intercontinental Exchange, Inc. 's 2. 15x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Intercontinental Exchange, Inc. (ICE) trades at 19. 1x forward P/E versus 27. 5x for Cboe Global Markets, Inc. — 8. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ICE: 26. 0% to $195. 71.

All stocks in this comparison pay dividends.

CME Group Inc. (CME) offers the highest yield at 3. 8%, versus 0. 4% for Tradeweb Markets Inc. (TW).

For long-horizon retirement investors, Cboe Global Markets, Inc.

(CBOE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0. 27), 0. 8% yield, +473. 5% 10Y return). Both have compounded well over 10 years (CBOE: +473. 5%, TW: +212. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: ICE is a mid-cap quality compounder stock; TW is a mid-cap high-growth stock; CME is a mid-cap income-oriented stock; CBOE is a mid-cap high-growth stock. ICE, CME, CBOE pay a dividend while TW does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.