NOTE vs SPGI vs ICE vs MSCI vs CME

For growth investors, MSCI Inc.

(MSCI) is the stronger pick with 9. 7% revenue growth year-over-year, versus -20. 7% for FiscalNote Holdings, Inc. (NOTE). CME Group Inc. (CME) offers the better valuation at 25. 7x trailing P/E (23. 5x forward), making it the more compelling value choice. Analysts rate S&P Global Inc. (SPGI) a "Buy" — based on 28 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 MSCI Inc. at 37. 8x. On forward P/E, Intercontinental Exchange, Inc. is actually cheaper at 19. 5x — 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: CME Group Inc. wins at 1. 71x versus S&P Global Inc. 's 2. 51x — a reasonable growth-adjusted valuation.

Over the past 5 years, CME Group Inc.

(CME) delivered a total return of +64. 5%, compared to -99. 8% for FiscalNote Holdings, Inc. (NOTE). Over 10 years, the gap is even starker: MSCI returned +720. 9% versus NOTE's -99. 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 FiscalNote Holdings, Inc. 's 2. 79β — meaning NOTE is approximately -1016% more volatile than CME relative to the S&P 500. On balance sheet safety, FiscalNote Holdings, Inc. (NOTE) 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), MSCI Inc.

(MSCI) is pulling ahead at 9. 7% versus -20. 7% for FiscalNote Holdings, Inc. (NOTE). On earnings-per-share growth, the picture is similar: Intercontinental Exchange, Inc. grew EPS 20. 7% year-over-year, compared to -660. 2% for FiscalNote 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 -68. 4% for FiscalNote 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 -38. 9% for NOTE. 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, CME Group Inc. (CME) is the more undervalued stock at a PEG of 1. 71x versus S&P Global Inc. 's 2. 51x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Intercontinental Exchange, Inc. (ICE) trades at 19. 5x forward P/E versus 30. 0x for MSCI Inc. — 10. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SPGI: 27. 9% to $548. 11.

In this comparison, CME (3.

8% yield), ICE (1. 2% yield), MSCI (1. 2% yield), SPGI (0. 9% yield) pay a dividend. NOTE does not pay a meaningful dividend and should not be held primarily for income.

For long-horizon retirement investors, CME Group Inc.

(CME) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0. 30), 3. 8% yield, +284. 9% 10Y return). FiscalNote Holdings, Inc. (NOTE) carries a higher beta of 2. 79 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CME: +284. 9%, NOTE: -99. 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.

These companies operate in different sectors (NOTE (Technology) and SPGI (Financial Services) and ICE (Financial Services) and MSCI (Financial Services) and CME (Financial Services)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: NOTE is a small-cap quality compounder stock; SPGI is a mid-cap quality compounder stock; ICE is a mid-cap quality compounder stock; MSCI is a mid-cap quality compounder stock; CME is a mid-cap income-oriented stock. SPGI, ICE, MSCI, CME pay a dividend while NOTE 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.