CME vs CBOE: comparing growth, income, and valuation

CME Group Inc Class A (CME) offers the stronger income profile. Cboe Global Markets Inc (CBOE) offers faster growth and stronger momentum.

CME Group Inc Class A (CME): Trading at $295.96 as of Oct 20, 2026, 1:34 PM EDT (Market Cap: $105.55B) || P/E: 24.9x || Forward P/E: 23.7x || Dividend Yield: 1.8%

Cboe Global Markets Inc (CBOE): Trading at $315.52 as of Oct 20, 2026, 1:33 PM EDT (Market Cap: $32.00B) || P/E: 23.8x || Forward P/E: 21.7x || Dividend Yield: 1.1%

Growth changes the verdict

Revenue tells the sharper story. CME Group Inc Class A (CME) grew from $4.69B in 2021 to $6.51B in 2025. Cboe Global Markets Inc (CBOE) grew from $3.49B to $4.71B over the same period.

• CME compounds steadily: Revenue growth was 5.0% as of Jun 30, 2026, supported by its broad futures and interest-rate franchise.
• CBOE accelerates faster: Revenue growth reached 11.7% as of Jun 30, 2026, despite a revenue dip in 2023.
• CBOE earns more efficiently: ROE was 26.2% versus CME’s 15.7%, meaning stronger returns on shareholder capital.

Price rewards CBOE

The market has already noticed the growth difference.

• Cboe Global Markets Inc (CBOE) gained 33.04% over one year and 25.69% year-to-date, as of Oct 20, 2026.
• CME Group Inc Class A (CME) gained 10.48% over one year and 8.60% year-to-date.
• CBOE trades at a lower forward P/E, despite faster growth. That is the surprising relationship.

Risk versus reward

Bull case for CME: Higher dividend yield, steadier revenue expansion, and greater scale. Its derivatives exposure can benefit from volatility and changing interest-rate expectations.

Bear case for CME: Its 1.0% fair-value upside as of Oct 20, 2026 suggests limited modeled valuation cushion.

Bull case for CBOE: Faster growth, higher ROE, stronger recent performance, and a 21.7x forward P/E.

Bear case for CBOE: Its -0.1% fair-value upside indicates the growth premium may already be reflected. Its 2023 revenue decline also shows greater sensitivity to market activity.

Take

For income and durability, CME Group Inc Class A (CME) leads.

For growth, capital efficiency, and momentum, Cboe Global Markets Inc (CBOE) leads.

Overall, CBOE has the more attractive operating profile, while CME offers the more defensive shareholder-return profile. Neither shows meaningful fair-value upside currently.

Historical data is limited to 10 years on Pro+ plan.