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NDAQ
Nasdaq, Inc. · Financials - Stock Exchange & Financial Technology
$82.24
-10.59% this month
VERSUS
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COMPARE
CBOE
Cboe Global Markets, Inc. · Financials - Options & Derivatives Exchange
$249.10
-31.37% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
NDAQ
2
CBOE
3
Comparison scoreboard
CBOE LEADS 3/5AI Score
NDAQ 50.7
CBOE ✓52.1
1Y Return
NDAQ -4.32%
CBOE ✓+10.51%
Fwd P/E
NDAQ 20.06
CBOE ✓20.04
Target Up.
NDAQ ✓+19.73%
CBOE +10.86%
Op. Margin
NDAQ ✓48.40%
CBOE 39.72%
Metrics last refreshed: 6/20/2026
Quick take
NDAQ vs CBOE Stock Comparison: AI Score, Valuation, Performance and Upside
NDAQ (Nasdaq) is pivoting toward SaaS-based financial technology with recurring subscription revenue while retaining its technology-listings franchise, while CBOE (Cboe Global Markets) dominates options and derivatives trading with VIX and SPX options as its key franchises. Nasdaq is the tech-listings and financial software play; Cboe is the options and volatility market leader.
NDAQ vs CBOE is technology-listings and financial SaaS pivoting exchange versus dominant options and volatility derivatives market operator — Nasdaq's recurring technology revenue build-out against Cboe's structurally growing options trading franchise.
Live analysis · updated 6/20/2026
CBOE holds the edge across 3 of 5 key metrics in this comparison. CBOE leads on both 1-year return (+10.51%) and forward P/E (20.04x vs 20.06x for NDAQ), a relatively favorable combination of momentum and valuation. NDAQ leads on both revenue growth (13.70%) and operating margin (48.40%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for NDAQ (+19.73%) than for CBOE (+10.86%).
Normalized 1Y performance
NDAQ
CBOE
Recent returns
NDAQ
CBOE
Analyst price targets & sentiment
NDAQ
Price target range
analyst mean$106.53
current price$82.24
+19.7% upside to analyst mean
CBOE
Price target range
analyst mean$326.93
current price$249.10
+10.9% upside to analyst mean
Who should consider this stock?
NDAQ may suit investors who:
- →Want a financial technology and data company with the Nasdaq exchange franchise and a growing SaaS-based financial technology business reducing dependence on volatile transaction revenues
- →Value Nasdaq's technology listings franchise and Nasdaq-100 brand as durable competitive assets creating data licensing and ETF revenue
- →See Nasdaq's Adenza acquisition as expanding its financial crime and compliance software capabilities into a growing regulatory technology market
CBOE may suit investors who:
- →Want the dominant options exchange operator with VIX and SPX options franchises generating structurally growing volume as retail and institutional options usage expands
- →Value Cboe's proprietary index licensing fees (VIX, SPX) as a high-margin revenue stream tied to growing derivatives market activity
- →See 0DTE (zero days to expiration) options volume growth as a sustained structural trend expanding the addressable market for Cboe's options franchises
Performance & AI score
| Metric | NDAQ | CBOE |
|---|---|---|
| AI score | 50.7 | 52.1 |
| AI rank | #421 | #342 |
| Latest close | $82.24 | $249.10 |
| 1M return | -10.59% | -31.37% |
| 6M return | -12.24% | -1.25% |
| 1Y return | -4.32% | +10.51% |
$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 | NDAQ | CBOE |
|---|---|---|
| 1Y ago | $9.52K (-4.8%) started 2025-06-18 | $10.94K (+9.4%) started 2025-06-18 |
| 5Y ago | $15.34K (+53.4%) started 2021-06-21 | $22.81K (+128.1%) started 2021-06-21 |
| 10Y ago | $52.65K (+426.5%) started 2016-06-20 | $50.28K (+402.8%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | NDAQ | CBOE |
|---|---|---|
| Market cap | $50.32B | $30.86B |
| Trailing P/E | 26.80 | 25.18 |
| Forward P/E | 20.06 | 20.04 |
| Price/Sales | N/A | N/A |
| EV/Revenue | 10.95 | 6.33 |
| Analyst target | $106.53 | $326.93 |
| Target upside | +19.73% | +10.86% |
Growth, profitability & risk
| Metric | NDAQ | CBOE |
|---|---|---|
| Revenue growth | 13.70% | 6.50% |
| Earnings growth | 33.80% | 54.40% |
| EPS growth | +33.80% | +54.40% |
| FCF margin | +28.78% | +20.93% |
| Operating margin | 48.40% | 39.72% |
| Profit margin | 35.28% | 25.77% |
| ROIC proxy | 16.20% | 25.14% |
| Return on equity | 16.20% | 25.14% |
| Dividend yield | 1.26% | 0.98% |
| Beta | 0.97 | 0.40 |
| Debt/equity | 79.06 | 29.49 |
| Current ratio | 1.00 | 1.39 |
| Quick ratio | 0.34 | 0.59 |
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
NDAQ max drawdown21.76%
CBOE max drawdown32.07%
NDAQ max wkly drop12.82%
CBOE max wkly drop22.26%
5Y risk snapshot
NDAQ max drawdown32.84%
CBOE max drawdown32.07%
NDAQ max wkly drop12.82%
CBOE max wkly drop22.26%
10Y risk snapshot
NDAQ max drawdown38.31%
CBOE max drawdown42.59%
NDAQ max wkly drop21.95%
CBOE max wkly drop28.68%
Performance metrics by period
| Period | Metric | NDAQ | CBOE |
|---|---|---|---|
| 1Y | Growth | -4.78% | +9.45% |
| CAGR | -4.79% | +9.46% | |
| Sharpe ratio | -0.24 | 0.30 | |
| Max drawdown | 21.76% | 32.07% | |
| Max daily drop | 9.40% | 9.76% | |
| Max wkly drop | 12.82% | 22.26% | |
| 5Y | Growth | +45.44% | +119.33% |
| CAGR | +7.79% | +17.04% | |
| Sharpe ratio | 0.25 | 0.60 | |
| Max drawdown | 32.84% | 32.07% | |
| Max daily drop | 11.81% | 9.76% | |
| Max wkly drop | 12.82% | 22.26% | |
| 10Y | Growth | +351.22% | +350.61% |
| CAGR | +16.27% | +16.26% | |
| Sharpe ratio | 0.56 | 0.54 | |
| Max drawdown | 38.31% | 42.59% | |
| Max daily drop | 11.81% | 14.33% | |
| Max wkly drop | 21.95% | 28.68% |
Business comparison
| Category | NDAQ | CBOE |
|---|---|---|
| Company | Nasdaq, Inc. | Cboe Global Markets, Inc. |
| Sector | Financial Services | Financial Services |
| Industry | N/A | N/A |
| Core business | Nasdaq operates global capital markets technology — including equity exchanges (Nasdaq Stock Market), financial technology products (market surveillance, trading systems), and market intelligence data and analytics — while also operating the Nasdaq Indices (including the NASDAQ-100). | Cboe Global Markets is the world's largest options exchange operator, running markets for equity options (including VIX options), index options (S&P 500 options — SPX), futures, equities, and FX — operating globally including European and Asia-Pacific markets. |
| Investor focus | Investors track Nasdaq's Solutions segments (SaaS-based financial technology revenues), Market Platforms revenue, market data and analytics subscriptions, the integration of Adenza (financial crime management software), and the ratio of recurring subscription revenue to transaction-based revenue. | Investors track Cboe's options volume (particularly SPX index options and VIX products), net revenue per contract, global expansion into equities and data, and the cyclical tailwind from elevated market volatility driving options trading activity. |
NDAQ strengths
- →Technology-listings leadership — Nasdaq lists most major technology companies (Apple, Microsoft, Amazon, Alphabet, Meta, NVIDIA) making it the default home for tech IPOs
- →Financial technology solutions segment (market surveillance, risk management, anti-financial crime) provides high-growth SaaS revenue streams beyond traditional exchange transaction fees
- →Nasdaq-100 Index and associated QQQ ETF create a powerful brand and data licensing revenue that persists regardless of equity trading volume levels
CBOE strengths
- →Dominant position in U.S. options markets — Cboe controls a large share of listed equity and index options volume with particularly strong position in the VIX index and S&P 500 options
- →VIX (Volatility Index) is the globally recognized measure of stock market volatility — Cboe owns the VIX methodology and the derivatives markets that trade it
- →SPX (S&P 500 index options) and 0DTE (zero days to expiration) options trading has seen dramatic volume growth as retail and institutional investors use daily options for hedging and speculation
Risks to watch — NDAQ
- →Adenza acquisition added significant debt and compliance-focused software that investors are still evaluating for strategic fit and growth trajectory
- →Exchange transaction revenue is cyclical with equity market volatility and volume — Nasdaq must grow its recurring technology revenue to reduce this cyclicality
- →Competition in equity exchange trading from NYSE (ICE), BATS, and other venues limits transaction revenue pricing power in commoditized equity matching
Risks to watch — CBOE
- →Options trading volumes are sensitive to equity market volatility — low VIX environments reduce hedging urgency and options trading activity
- →Market structure changes (SEC regulations on payment for order flow, exchange fees) could affect options market economics and Cboe's transaction revenue
- →International expansion (European and Asia-Pacific markets) requires sustained investment and local market penetration against established regional competitors
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