LIVE
MKTX
MarketAxess Holdings Inc. · Financials - Electronic Bond Trading
$120.33
-15.18% this month
VERSUS
⟷
COMPARE
ICE
Intercontinental Exchange, Inc. · Financials - Diversified Exchange & Data
$133.88
-13.13% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
MKTX
2
ICE
3
Comparison scoreboard
ICE LEADS 3/5AI Score
MKTX 25.0
ICE ✓49.9
1Y Return
MKTX -46.16%
ICE ✓-26.03%
Fwd P/E
MKTX ✓13.56
ICE 15.95
Target Up.
MKTX ✓+48.44%
ICE +40.66%
Op. Margin
MKTX 43.88%
ICE ✓57.31%
Metrics last refreshed: 6/20/2026
Quick take
MKTX vs ICE Stock Comparison: AI Score, Valuation, Performance and Upside
MKTX (MarketAxess) is a focused electronic bond trading platform benefiting from the electronification of fixed income markets, while ICE (Intercontinental Exchange) is a diversified exchange and data giant spanning equities (NYSE), energy, bonds, mortgage technology, and financial data. MarketAxess offers pure-play bond trading exposure; ICE offers diversified financial infrastructure.
MKTX vs ICE is focused electronic bond market network effect versus diversified financial exchange and data conglomerate — MarketAxess's bond market electronification tailwind versus ICE's broad market infrastructure spanning equities, commodities, rates, and mortgage technology.
Live analysis · updated 6/20/2026
ICE holds the edge across 3 of 5 key metrics in this comparison. ICE has delivered stronger 1-year price return (-26.03% vs -46.16%), though MKTX trades at the lower forward P/E (13.56x vs 15.95x). ICE leads on both revenue growth (20.40%) and operating margin (57.31%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for MKTX (+48.44%) than for ICE (+40.66%).
Normalized 1Y performance
MKTX
ICE
Recent returns
MKTX
ICE
Analyst price targets & sentiment
MKTX
Price target range
analyst mean$179.45
current price$120.33
+48.4% upside to analyst mean
ICE
Price target range
analyst mean$197.67
current price$133.88
+40.7% upside to analyst mean
Who should consider this stock?
MKTX may suit investors who:
- →Want pure-play electronic bond trading exposure with the market-leading liquidity network and structural tailwind from fixed income market electronification
- →Value MarketAxess's network effect as a durable competitive advantage — dealers and investors connecting through the same network creates self-reinforcing liquidity
- →See the continued shift from voice/phone bond trading to electronic execution as a multi-year share gain driver for MarketAxess
ICE may suit investors who:
- →Want diversified financial market infrastructure exposure spanning equities (NYSE), energy commodities, interest rates, bond trading, and mortgage technology with a mix of transaction and data subscription revenue
- →Value ICE's mortgage technology business (Encompass/ICE Mortgage Technology) as a high-switching-cost subscription software platform with secular mortgage market digitization tailwind
- →Prefer diversified market exposure versus single-market concentration risk from a pure-play bond trading company
Performance & AI score
| Metric | MKTX | ICE |
|---|---|---|
| AI score | 25.0 | 49.9 |
| AI rank | #2912 | #482 |
| Latest close | $120.33 | $133.88 |
| 1M return | -15.18% | -13.13% |
| 6M return | -33.84% | -16.77% |
| 1Y return | -46.16% | -26.03% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | MKTX | ICE |
|---|---|---|
| 1Y ago | $5.45K (-45.5%) started 2025-06-18 | $7.45K (-25.5%) started 2025-06-18 |
| 5Y ago | $2.87K (-71.3%) started 2021-06-21 | $13.02K (+30.2%) started 2021-06-21 |
| 10Y ago | $9.92K (-0.8%) started 2016-06-20 | $33.42K (+234.2%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | MKTX | ICE |
|---|---|---|
| Market cap | $4.3B | $79.47B |
| Trailing P/E | 14.32 | 20.46 |
| Forward P/E | 13.56 | 15.95 |
| Price/Sales | N/A | N/A |
| EV/Revenue | 4.74 | 9.55 |
| Analyst target | $179.45 | $197.67 |
| Target upside | +48.44% | +40.66% |
Growth, profitability & risk
| Metric | MKTX | ICE |
|---|---|---|
| Revenue growth | 11.90% | 20.40% |
| Earnings growth | 450.00% | 79.70% |
| EPS growth | +450.00% | +79.70% |
| FCF margin | -29.14% | +35.87% |
| Operating margin | 43.88% | 57.31% |
| Profit margin | 35.52% | 37.67% |
| ROIC proxy | 24.30% | 13.85% |
| Return on equity | 24.30% | 13.85% |
| Dividend yield | 2.58% | 1.48% |
| Beta | 0.85 | 0.92 |
| Debt/equity | 24.25 | 70.99 |
| Current ratio | 4.94 | 1.01 |
| Quick ratio | 4.28 | 0.03 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
MKTX max drawdown48.01%
ICE max drawdown28.96%
MKTX max wkly drop11.09%
ICE max wkly drop10.97%
5Y risk snapshot
MKTX max drawdown75.48%
ICE max drawdown34.32%
MKTX max wkly drop20.50%
ICE max wkly drop15.73%
10Y risk snapshot
MKTX max drawdown79.47%
ICE max drawdown34.32%
MKTX max wkly drop21.25%
ICE max wkly drop22.78%
Performance metrics by period
| Period | Metric | MKTX | ICE |
|---|---|---|---|
| 1Y | Growth | -45.51% | -25.52% |
| CAGR | -45.55% | -25.55% | |
| Sharpe ratio | -2.22 | -1.41 | |
| Max drawdown | 48.01% | 28.96% | |
| Max daily drop | 10.11% | 7.78% | |
| Max wkly drop | 11.09% | 10.97% | |
| 5Y | Growth | -72.49% | +23.77% |
| CAGR | -22.78% | +4.36% | |
| Sharpe ratio | -0.76 | 0.10 | |
| Max drawdown | 75.48% | 34.32% | |
| Max daily drop | 17.80% | 7.78% | |
| Max wkly drop | 20.50% | 15.73% | |
| 10Y | Growth | -8.10% | +196.88% |
| CAGR | -0.84% | +11.50% | |
| Sharpe ratio | 0.00 | 0.40 | |
| Max drawdown | 79.47% | 34.32% | |
| Max daily drop | 17.80% | 12.29% | |
| Max wkly drop | 21.25% | 22.78% |
Business comparison
| Category | MKTX | ICE |
|---|---|---|
| Company | MarketAxess Holdings Inc. | Intercontinental Exchange, Inc. |
| Sector | Financial Services | Financial Services |
| Industry | N/A | N/A |
| Core business | MarketAxess operates the leading electronic trading platform for institutional fixed income securities — corporate bonds, municipal bonds, emerging market bonds, and U.S. Treasuries — plus data and analytics services for the global bond market. | Intercontinental Exchange is a global operator of regulated markets, exchanges, and clearing houses including the New York Stock Exchange (NYSE), ICE energy futures exchanges, bond trading (ICE Bonds), mortgage technology (ICE Mortgage Technology), and extensive financial data and analytics services. |
| Investor focus | Investors track MarketAxess's trading volume across product categories (high-grade, high-yield, EM bonds), revenue per million (commission rate), market share in electronic bond trading versus voice/phone trading, and the ongoing electronification of the bond market driving share gains. | Investors track ICE's transaction-based revenues (exchange volume fees), data and connectivity revenues (recurring subscription fees), mortgage technology revenue (ICE Mortgage Technology / Encompass), and the long-term integration of the Black Knight mortgage data acquisition. |
MKTX strengths
- →Market-leading position in electronic corporate bond trading — MarketAxess has the deepest liquidity network among institutional bond traders, creating a network effect that is difficult to dislodge
- →Bond market electronification is a secular multi-decade trend — the share of bond trades executed electronically versus traditional phone/voice methods continues to grow
- →Proprietary Composite+ and CP+ pricing data provide a market intelligence layer that complements trading and creates additional data subscription revenue
ICE strengths
- →Diversified revenue across equities (NYSE), energy futures, interest rate derivatives, bond trading, mortgage technology, and data provides business model resilience versus single-market competitors
- →ICE Mortgage Technology (Encompass) is the leading loan origination system (LOS) — a mission-critical software subscription with high switching costs in mortgage origination
- →Financial data and analytics subscriptions provide stable recurring revenue streams that are less sensitive to trading volume cycles than pure transaction revenue
Risks to watch — MKTX
- →Fixed income trading volumes are sensitive to interest rate volatility and credit market activity — periods of low volatility reduce trading urgency and can compress volumes and commission rates
- →Increasing competition from Tradeweb (which competes directly in electronic bond trading) and new entrants seeking to capture electronification growth
- →MarketAxess is a niche single-product company (bond trading) versus ICE's highly diversified platform — earnings are more concentrated in fixed income market cycles
Risks to watch — ICE
- →Significant debt from acquisitions (including Black Knight mortgage data and analytics) requires sustained execution to achieve synergy targets and de-lever
- →Mortgage technology revenue is sensitive to mortgage refinancing and origination volumes — rising interest rates reduced mortgage activity significantly in 2022-2023
- →ICE's diversification means it doesn't fully capture upside from any single market cycle — energy market boom helps but equity trading slowdown offsets partially
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