MIAX vs MKTX vs CBOE vs TW vs CME

For growth investors, Miami International Holdings, Inc.

(MIAX) is the stronger pick with 19. 6% revenue growth year-over-year, versus 3. 8% for MarketAxess Holdings Inc. (MKTX). MarketAxess Holdings Inc. (MKTX) offers the better valuation at 21. 2x trailing P/E (17. 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, MarketAxess Holdings Inc.

(MKTX) is the cheapest at 21. 2x versus Cboe Global Markets, Inc. at 34. 1x. On forward P/E, MarketAxess Holdings Inc. is actually cheaper at 17. 3x. 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 CME Group Inc. 's 1. 70x — 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 +230. 2%, compared to -65. 1% for MarketAxess Holdings Inc. (MKTX). Over 10 years, the gap is even starker: CBOE returned +480. 2% versus MKTX's +24. 6%. 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), MarketAxess Holdings Inc.

(MKTX) is the lower-risk stock at -0. 33β versus Miami International Holdings, Inc. 's 0. 61β — meaning MIAX is approximately -287% more volatile than MKTX relative to the S&P 500. On balance sheet safety, Miami International Holdings, Inc. (MIAX) carries a lower debt/equity ratio of 0% versus 33% for Cboe Global Markets, 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 3. 8% for MarketAxess Holdings Inc. (MKTX). On earnings-per-share growth, the picture is similar: Tradeweb Markets Inc. grew EPS 61. 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, Tradeweb Markets Inc. (TW) is the more undervalued stock at a PEG of 0. 80x versus CME Group Inc. 's 1. 70x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, MarketAxess Holdings Inc. (MKTX) trades at 17. 3x forward P/E versus 34. 4x for Miami International Holdings, Inc. — 17. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MKTX: 38. 4% to $195. 60.

In this comparison, CME (3.

8% yield), MKTX (2. 2% yield), CBOE (0. 8% yield), TW (0. 4% 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; MKTX is a small-cap quality compounder stock; CBOE is a mid-cap high-growth stock; TW is a mid-cap high-growth stock; CME is a mid-cap income-oriented stock. MKTX, CBOE, CME pay a dividend while MIAX, TW do 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.