MIAX vs CME vs ICE vs CBOE

For growth investors, Miami International Holdings, Inc.

(MIAX) is the stronger pick with 19. 6% revenue growth year-over-year, versus 6. 4% for CME Group Inc. (CME). CME Group Inc. (CME) offers the better valuation at 25. 6x trailing P/E (23. 3x forward), making it the more compelling value choice. Analysts rate Miami International Holdings, Inc. (MIAX) a "Buy" — based on 5 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. 6x versus Cboe Global Markets, Inc. at 34. 1x. On forward P/E, Intercontinental Exchange, Inc. is actually cheaper at 19. 3x — 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: Cboe Global Markets, Inc. wins at 1. 37x versus Intercontinental Exchange, Inc. 's 2. 18x — a reasonable growth-adjusted valuation.

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

(CBOE) delivered a total return of +230. 2%, compared to +47. 4% for Intercontinental Exchange, Inc. (ICE). Over 10 years, the gap is even starker: CBOE returned +480. 2% versus MIAX's +70. 7%. 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. 32β versus Miami International Holdings, Inc. 's 0. 61β — meaning MIAX is approximately -292% more volatile than CME relative to the S&P 500. On balance sheet safety, Miami International Holdings, Inc. (MIAX) carries a lower debt/equity ratio of 0% versus 70% for Intercontinental Exchange, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Miami International Holdings, Inc.

(MIAX) is pulling ahead at 19. 6% versus 6. 4% for CME Group Inc. (CME). On earnings-per-share growth, the picture is similar: Cboe Global Markets, Inc. grew EPS 44. 5% year-over-year, compared to -177. 5% for Miami International Holdings, 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 -5. 1% for Miami International Holdings, 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 2. 7% for MIAX. 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, Cboe Global Markets, Inc. (CBOE) is the more undervalued stock at a PEG of 1. 37x versus Intercontinental Exchange, Inc. 's 2. 18x. A PEG below 1. 5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Intercontinental Exchange, Inc. (ICE) trades at 19. 3x forward P/E versus 34. 4x for Miami International Holdings, Inc. — 15. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ICE: 25. 6% to $195. 71.

In this comparison, CME (3.

8% yield), ICE (1. 2% yield), CBOE (0. 8% yield) pay a dividend. MIAX does not pay a meaningful dividend and should not be held primarily for income.

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. 26), 0. 8% yield, +480. 2% 10Y return). Both have compounded well over 10 years (CBOE: +480. 2%, MIAX: +70. 7%), 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: MIAX is a small-cap high-growth stock; CME is a mid-cap income-oriented stock; ICE is a mid-cap quality compounder stock; CBOE is a mid-cap high-growth stock. CME, ICE, CBOE pay a dividend while MIAX 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.