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Relative Intelligence · Capital Markets

How CME Group (CME) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CME alone. It places CME (CME Group Inc.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CME stands in the market, and of the alternatives worth a closer look.

Period covered: CME's full trading record, from December 2002 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against CME →Chart CME vs. 18 alternatives →
On this page12 sections

Key findings

How much would $10,000 in CME have grown?

This chart tracks a hypothetical $10,000 investment in CME over the past 23 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CME over the same span and CME's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: CME began trading on December 6, 2002, so the chart cannot reach back to the dot-com bust. It covers the most recent 23 years of CME's record, starting at the end of September 2003.

Choose a period

From the end of September 2003 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 107 of the 1,407 stocks and funds worth at least $500 million that traded the whole period ended ahead of CME; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M200320072011201520192023$10,000$100,000$1M$10M2003200920152021
  • NVDA$19M+188,297% total · +38.8% a year
  • AAPL$11M+107,372% total · +35.5% a year
  • AMZN$1M+10,195% total · +22.3% a year
  • TSM$1M+9,905% total · +22.2% a year
  • NDAQ$434,017+4,240% total · +17.8% a year
  • CME$386,399+3,764% total · +17.2% a year
  • GS$152,364+1,424% total · +12.6% a year
  • SPY (S&P 500)$116,093+1,061% total · +11.2% a year
  • BNY$82,508+725% total · +9.6% a year
  • STT$61,740+517% total · +8.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,249 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CME; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • IBKR$56,308+463% total · +41.3% a year
  • BNY$31,954+220% total · +26.2% a year
  • VIRT$26,921+169% total · +21.9% a year
  • GS$26,885+169% total · +21.9% a year
  • STT$23,984+140% total · +19.1% a year
  • CBOE$23,731+137% total · +18.9% a year
  • RY$23,646+136% total · +18.8% a year
  • TD$21,998+120% total · +17.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • CME$16,716+67.2% total · +10.8% a year
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CME at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: CME began trading on December 6, 2002, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$106B
Industry
Financial - Data & Stock Exchanges
Price history from
December 2002

Returns

Past 1 year
+14.6%total return
Past 3 years
+57.7%+16.4% a year
Past 5 years
+70.1%+11.2% a year
Past 10 years
+319%+15.4% a year
Best calendar year
+219%2004
Worst calendar year
−68.8%2008
Losing years
5 of 23full calendar years

Risk

Volatility
20.8%typical yearly swing, 5 years
Sharpe ratio
0.62return per unit of risk, 5 years
Worst decline ever
−77.5%Dec 2007 to Nov 2008
From its all-time high
−6.5%below the peak

CME against the whole market

Where CME ranks among every stock and fund, and what across the market has done better.

How does CME rank among all stocks?

This section ranks CME on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CME stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureCMERankStanding
1-year return+14.6%1,418 of 3,287top 43%
3-year return+57.7%1,435 of 3,017top 48%
5-year return+70.1%901 of 2,893top 31%
10-year return+319%540 of 2,202top 25%
Volatility, 5 years20.8%115 of 2,893top 4%
Sharpe ratio, 5 years0.62634 of 2,893top 22%
Worst decline, past 10 years−37.4%91 of 2,187top 4%

What has beaten CME on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). CME sits where the dashed lines cross. Anything in the green box above and to the left earned more than CME with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CME; faint dots are 53 more of the 132 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMEBKLC: +13.8% a year, volatility 17.3%SPUS: +15.0% a year, volatility 19.5%IHE: +12.6% a year, volatility 16.8%DBJP: +20.9% a year, volatility 19.2%EWJV: +14.9% a year, volatility 18.2%SIXA: +12.8% a year, volatility 12.7%KO: +14.7% a year, volatility 16.8%BRK-B: +13.4% a year, volatility 17.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FNDF: +13.6% a year, volatility 16.3%VYMI: +13.2% a year, volatility 14.8%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%MGV: +12.6% a year, volatility 13.4%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%DLN: +12.2% a year, volatility 13.2%GCOW: +14.1% a year, volatility 13.6%MLPX: +18.6% a year, volatility 19.7%FTGC: +12.9% a year, volatility 15.6%WTV: +13.4% a year, volatility 17.0%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%JMOM: +12.9% a year, volatility 19.1%FNDB: +13.0% a year, volatility 15.1%HLAL: +14.0% a year, volatility 18.0%FDRR: +12.6% a year, volatility 15.0%DGT: +13.8% a year, volatility 15.1%FYLD: +13.1% a year, volatility 16.0%IDMO: +13.3% a year, volatility 18.2%FIVA: +13.1% a year, volatility 16.4%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%FFLC: +15.7% a year, volatility 16.8%EPD: +16.4% a year, volatility 17.1%RSG: +13.9% a year, volatility 18.5%ATO: +14.9% a year, volatility 18.4%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%FDVV: +13.2% a year, volatility 14.6%IDV: +12.8% a year, volatility 15.5%PPA: +16.3% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%DDWM: +12.3% a year, volatility 13.4%AUSF: +13.2% a year, volatility 13.6%FDD: +12.6% a year, volatility 18.5%IDOG: +14.1% a year, volatility 15.6%IGLD: +12.5% a year, volatility 16.1%CME: +11.2% a year, volatility 20.8%SPY (S&P 500): +12.7% a year, volatility 17.1%BNY: +22.7% a year, volatility 24.4%STT: +14.4% a year, volatility 29.9%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%CM: +19.2% a year, volatility 21.6%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%AVLV: +14.0% a year, volatility 16.9%DFUS: +12.3% a year, volatility 17.3%IOO: +15.7% a year, volatility 17.2%MPLX: +23.5% a year, volatility 18.8%SPMO: +18.7% a year, volatility 20.8%FTQI: +11.5% a year, volatility 14.8%DXJ: +26.6% a year, volatility 19.1%CMESPY (S&P 500)BNYSTTRYTDCMMUFGMFGSMFGLVHIAVLVDFUSIOOMPLXSPMOFTQIDXJ10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMEBKLC: +13.8% a year, volatility 17.3%SPUS: +15.0% a year, volatility 19.5%IHE: +12.6% a year, volatility 16.8%DBJP: +20.9% a year, volatility 19.2%EWJV: +14.9% a year, volatility 18.2%SIXA: +12.8% a year, volatility 12.7%KO: +14.7% a year, volatility 16.8%BRK-B: +13.4% a year, volatility 17.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FNDF: +13.6% a year, volatility 16.3%VYMI: +13.2% a year, volatility 14.8%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%MGV: +12.6% a year, volatility 13.4%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%DLN: +12.2% a year, volatility 13.2%GCOW: +14.1% a year, volatility 13.6%MLPX: +18.6% a year, volatility 19.7%FTGC: +12.9% a year, volatility 15.6%WTV: +13.4% a year, volatility 17.0%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%JMOM: +12.9% a year, volatility 19.1%FNDB: +13.0% a year, volatility 15.1%HLAL: +14.0% a year, volatility 18.0%FDRR: +12.6% a year, volatility 15.0%DGT: +13.8% a year, volatility 15.1%FYLD: +13.1% a year, volatility 16.0%IDMO: +13.3% a year, volatility 18.2%FIVA: +13.1% a year, volatility 16.4%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%FFLC: +15.7% a year, volatility 16.8%EPD: +16.4% a year, volatility 17.1%RSG: +13.9% a year, volatility 18.5%ATO: +14.9% a year, volatility 18.4%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%FDVV: +13.2% a year, volatility 14.6%IDV: +12.8% a year, volatility 15.5%PPA: +16.3% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%DDWM: +12.3% a year, volatility 13.4%AUSF: +13.2% a year, volatility 13.6%FDD: +12.6% a year, volatility 18.5%IDOG: +14.1% a year, volatility 15.6%IGLD: +12.5% a year, volatility 16.1%CME: +11.2% a year, volatility 20.8%SPY (S&P 500): +12.7% a year, volatility 17.1%BNY: +22.7% a year, volatility 24.4%STT: +14.4% a year, volatility 29.9%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%CM: +19.2% a year, volatility 21.6%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%AVLV: +14.0% a year, volatility 16.9%DFUS: +12.3% a year, volatility 17.3%IOO: +15.7% a year, volatility 17.2%MPLX: +23.5% a year, volatility 18.8%SPMO: +18.7% a year, volatility 20.8%FTQI: +11.5% a year, volatility 14.8%DXJ: +26.6% a year, volatility 19.1%CMESPY (S&P 500)BNYSTTRYTDCMMUFGMFGJNJLVHIAVLVIOOMPLXSPMOFTQIDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× CME's volatility is in the table only

Is there a better investment than CME?

Investments that beat CME over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat CME over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks CME's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CME follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than CME's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CME's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than CME's.

Screen the whole market against CME for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with CME?lower diversifies moreExpenseper year
CMECME Group Inc. · this page
+11.2%20.8%0.62−37.4%+319%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.170.09%
Popular alternativesbest 3 shownThe investments people most often weigh against CME. 3 of 18 passed at least one test.
BNYBank of New York Mellon Corp · Banks
Higher return in most periods+22.7%24.4%0.97−50.5%+341%0.22—
STTState Street Corporation · Banks
Higher return in most periods+14.4%29.9%0.60−59.6%+212%0.10—
VIRTVirtu Financial, Inc. · Capital Markets
Higher return in most periods+20.8%33.8%0.73−56.2%+545%0.14—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Capital Markets and the categories next to it (Investment Banking & Brokerage, Financial Data, Banks, Asset Management), plus CME's specific themes. 15 of 118 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+352%-0.01—
TDThe Toronto-Dominion Bank · Banks
Higher return, similar volatilityHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.06—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, similar volatilityHigher return in most periods+19.2%21.6%0.93−47.3%+395%0.18—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.13—
MFGMizuho Financial Group, Inc. · Banks
Higher return in most periods+33.6%30.6%1.10−45.7%+345%0.04—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return in most periods+33.7%29.4%1.14−47.6%+474%0.05—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 411 of 3,497 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.05—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.350.40%
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.0%16.9%0.86−19.5%—0.160.15%
DFUSDimensional U.S. Equity ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.3%17.3%0.76−24.6%—0.160.09%
IOOiShares Global 100 ETF · Global Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.7%17.2%0.94−31.4%+361%0.210.40%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.26—
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.7%20.8%0.93−30.9%+499%-0.110.13%
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%14.8%0.82−19.4%+121%0.050.75%
What these numbers mean for CME
Annual return
CME returned 11.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $17,000. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
CME's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CME's return lands within 20.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
CME's Sharpe ratio over the past 5 years was 0.62, against 0.79 for the S&P 500, so CME earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
CME's worst fall from a peak to a low over the past 10 years was 37.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 37.4% fall takes a 59.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CME's monthly returns had a correlation of 0.17 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CME instead: the lower it is, the more that option would diversify a CME holding. Guide: Correlation and diversification →
Show all 132 stocks and funds worth at least $500 million that earned more than CME with less volatility

Out of 3,633 tested over 5 years. The strongest 61 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CMEExpense
1
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.05—
2
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.350.40%
3
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.160.15%
4
DFUSDimensional U.S. Equity ETF · US Total Market
Whole market+12.3%17.3%0.76−24.6%—0.160.09%
5
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.210.40%
6
BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity
Whole market+13.8%17.3%0.84−26.2%—0.180.00%
7
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.26—
8
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.120.45%
9
IHEiShares U.S. Pharmaceuticals ETF · Broad Market
Whole market+12.6%16.8%0.80−29.6%+151%0.110.37%
10
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.010.45%
11
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.290.15%
12
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%-0.01—
13
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.220.31%
14
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.120.48%
15
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.40—
16
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.22—
17
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.250.80%
18
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.480.40%
19
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.290.25%
20
VYMIVanguard International High Dividend Yield ETF · International Equity
Whole market+13.2%14.8%0.92−40.0%+176%0.330.07%
21
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.240.56%
22
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.300.08%
23
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+244%0.140.05%
24
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.230.39%
25
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.150.35%
26
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.300.43%
27
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.170.12%
28
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.000.15%
29
DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity
Whole market+12.2%13.2%0.95−35.8%+231%0.250.28%
30
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.390.60%
31
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.230.45%
32
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.270.98%
33
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.230.12%
34
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.280.05%
35
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+223%0.230.55%
36
JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market
Whole market+12.9%19.1%0.73−34.3%—0.060.12%
37
FNDBSchwab Fundamental U.S. Broad Market Index ETF · Broad Market
Whole market+13.0%15.1%0.89−38.1%+284%0.180.25%
38
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.110.50%
39
FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income
Whole market+12.6%15.0%0.87−36.5%+265%0.230.15%
40
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.240.50%
41
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.370.59%
42
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.220.25%
43
FIVAFidelity International Value Factor ETF · International
Whole market+13.1%16.4%0.84−39.7%—0.210.18%
44
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.060.70%
45
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.220.68%
46
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.100.38%
47
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.24—
48
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.32—
49
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.29—
50
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.14—
51
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.320.36%
52
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.211.01%
53
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.240.15%
54
IDViShares International Select Dividend ETF · International Equity
Whole market+12.8%15.5%0.86−42.5%+159%0.360.50%
55
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+344%0.230.58%
56
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.300.95%
57
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+149%0.270.40%
58
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%—0.290.27%
59
FDDFirst Trust STOXX European Select Dividend Index Fund · Dividend & Income
Whole market+12.6%18.5%0.74−41.4%+175%0.260.56%
60
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.330.50%
61
IGLDFT Vest Gold Strategy Target Income ETF · Multi-Asset
Whole market+12.5%16.1%0.82−99.1%−96.9%0.510.85%

CME against its popular alternatives

The investments people most often weigh against CME, compared period by period and year by year.

How do CME's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CME, which divides the map into what did better or worse on each measure.

Green points earned more than CME with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCME: 11.2% a year, volatility 20.8%SPY (S&P 500): 12.7% a year, volatility 17.1%NDAQ: 8.9% a year, volatility 24.7%MSCI: 0.1% a year, volatility 31.3%BLK: 7.1% a year, volatility 27.1%MCO: 5.9% a year, volatility 26.9%SCHW: 3.6% a year, volatility 31.9%FDS: −4.8% a year, volatility 30.4%SPGI: 0.7% a year, volatility 25.6%MKTX: −15.4% a year, volatility 35.3%TW: 7.8% a year, volatility 27.8%ICE: 5.4% a year, volatility 21.8%VIRT: 20.8% a year, volatility 33.8%CBOE: 21.5% a year, volatility 25.1%BNY: 22.7% a year, volatility 24.4%STT: 14.4% a year, volatility 29.9%IBKR: 35.4% a year, volatility 35.4%GS: 19.6% a year, volatility 28.6%MS: 16.0% a year, volatility 28.8%HOOD: 18.6% a year, volatility 68.6%CMESPY (S&P 500)NDAQMSCIMCOSCHWFDSSPGIMKTXICEVIRTCBOEBNYSTTIBKRGSMSHOOD0.0%20.0%40.0%60.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCME: 11.2% a year, volatility 20.8%SPY (S&P 500): 12.7% a year, volatility 17.1%NDAQ: 8.9% a year, volatility 24.7%MSCI: 0.1% a year, volatility 31.3%BLK: 7.1% a year, volatility 27.1%MCO: 5.9% a year, volatility 26.9%SCHW: 3.6% a year, volatility 31.9%FDS: −4.8% a year, volatility 30.4%SPGI: 0.7% a year, volatility 25.6%MKTX: −15.4% a year, volatility 35.3%TW: 7.8% a year, volatility 27.8%ICE: 5.4% a year, volatility 21.8%VIRT: 20.8% a year, volatility 33.8%CBOE: 21.5% a year, volatility 25.1%BNY: 22.7% a year, volatility 24.4%STT: 14.4% a year, volatility 29.9%IBKR: 35.4% a year, volatility 35.4%GS: 19.6% a year, volatility 28.6%MS: 16.0% a year, volatility 28.8%HOOD: 18.6% a year, volatility 68.6%CMESPY (S&P 500)NDAQMSCIBLKMCOSCHWFDSSPGIMKTXVIRTCBOEBNYIBKRGSMSHOOD
All figures
InvestmentAnnual returnVolatility
IBKR Interactive Brokers Group, Inc.+35.4%35.4%
BNY Bank of New York Mellon Corp+22.7%24.4%
CBOE Cboe Global Markets, Inc.+21.5%25.1%
VIRT Virtu Financial, Inc.+20.8%33.8%
GS The Goldman Sachs Group, Inc.+19.6%28.6%
HOOD Robinhood Markets, Inc.+18.6%68.6%
MS Morgan Stanley+16.0%28.8%
STT State Street Corporation+14.4%29.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CME This pageCME Group Inc.+11.2%20.8%
NDAQ Nasdaq, Inc.+8.9%24.7%
TW Tradeweb Markets Inc.+7.8%27.8%
BLK BlackRock, Inc.+7.1%27.1%
MCO Moody's Corporation+5.9%26.9%
ICE Intercontinental Exchange, Inc.+5.4%21.8%
SCHW The Charles Schwab Corporation+3.6%31.9%
SPGI S&P Global Inc.+0.7%25.6%
MSCI MSCI Inc.+0.1%31.3%
FDS FactSet Research Systems Inc.−4.8%30.4%
MKTX MarketAxess Holdings Inc.−15.4%35.3%
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Has CME consistently beaten its popular alternatives?

This section compares CME with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than CME helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than CME over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CME CME Group Inc. (this page)—+7.2%+21.0%+3.8%+13.2%+14.6%+57.7%+70.1%+319%20.8%0.62−37.4%—$106B—
VIRT QualifiedVirtu Financial, Inc.3/5 short3/3 long−1.5%+1.1%+13.8%+77.5%+76.5%+243%+158%+545%33.8%0.73−56.2%—$5.0B—
CBOE QualifiedCboe Global Markets, Inc.3/5 short3/3 long+16.1%+13.5%+4.0%+27.9%+34.2%+101%+165%+463%25.1%0.91−43.2%—$33B—
BNY QualifiedBank of New York Mellon Corp3/5 short3/3 long−6.3%−7.7%+7.4%+24.8%+35.3%+272%+179%+341%24.4%0.97−50.5%—$98B—
STT QualifiedState Street Corporation3/5 short2/3 long−9.2%−8.3%+12.1%+31.3%+47.9%+181%+96.2%+212%29.9%0.60−59.6%—$46B—
IBKR Investment - Banking & Investment ServicesInteractive Brokers Group, Inc.2/5 short3/3 long−11.1%−9.5%+2.2%+23.7%+24.4%+320%+355%+935%35.4%1.04−55.1%—$146B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.1/5 short3/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
MS Financial - Capital MarketsMorgan Stanley0/5 short3/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
NDAQ Financial - Data & Stock ExchangesNasdaq, Inc.1/5 short2/3 long+0.1%+3.5%+8.8%−0.9%+8.1%+95.1%+52.9%+407%24.7%0.47−38.3%—$53B—
HOOD Financial - Capital MarketsRobinhood Markets, Inc.1/5 short2/3 long−20.3%−1.1%+7.6%−14.8%−27.7%+976%+135%—68.6%0.59−90.2%—$78B—
MSCI Financial - Data & Stock ExchangesMSCI Inc.1/5 short1/3 long+5.9%−5.0%+5.1%+5.8%+11.8%+25.5%+0.5%+702%31.3%0.16−43.7%—$43B—
BLK Asset ManagementBlackRock, Inc.1/5 short1/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
MCO Financial - Data & Stock ExchangesMoody's Corporation0/5 short1/3 long+1.7%−5.7%+3.8%−4.1%+1.1%+57.3%+33.4%+383%26.9%0.35−42.0%—$82B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation0/5 short1/3 long−15.0%−11.1%−1.8%−9.6%−3.1%+86.2%+19.1%+221%31.9%0.27−51.1%—$157B—
FDS Financial - Data & Stock ExchangesFactSet Research Systems Inc.3/5 short0/3 long+9.9%+22.5%+33.5%+11.1%+9.5%−24.7%−21.8%+127%30.4%-0.01−61.1%—$11B—
SPGI Financial - Data & Stock ExchangesS&P Global Inc.1/5 short0/3 long+8.3%−2.1%−0.6%−13.9%−7.4%+28.2%+3.7%+293%25.6%0.16−39.8%—$129B—
MKTX Financial - Capital MarketsMarketAxess Holdings Inc.1/5 short0/3 long+0.6%+43.8%+0.8%−6.5%−1.9%−26.8%−56.7%+19.9%35.3%-0.30−80.3%—$5.8B—
TW Financial - Capital MarketsTradeweb Markets Inc.1/5 short0/3 long+14.3%+18.9%+4.0%+12.8%+10.2%+48.4%+45.3%—27.8%0.41−48.6%—$26B—
ICE Financial - Data & Stock ExchangesIntercontinental Exchange, Inc.0/5 short0/3 long+2.1%+12.4%−0.6%+0.1%+3.5%+52.4%+30.0%+240%21.8%0.35−34.3%—$89B—
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How did CME do year by year?

This table shows each investment's total return in every full calendar year since 2003, along with where CME ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CME and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: CME began trading on December 6, 2002, so the table starts with 2003, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of CME; gray means the two finished within a fraction of a point. The rank row places CME among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CME20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003
CME This pageCME Group Inc.—+19.8%+15.4%+31.3%−22.9%+29.5%−6.3%+9.7%+32.1%+32.4%+33.9%+4.4%+18.3%+64.0%+11.4%−22.7%−2.7%+64.3%−68.8%+35.3%+39.5%+61.8%+219%+67.5%
Rank among alternativesTop quarter in 5 of 2310 of 1913 of 196 of 1911 of 1914 of 1816 of 1814 of 172 of 178 of 173 of 1710 of 167 of 167 of 1611 of 1612 of 1612 of 156 of 1514 of 155 of 135 of 132 of 121 of 111 of 11
SPY S&P 500State Street SPDR S&P 500 ETF8 of 23+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%
VIRT Virtu Financial, Inc.3 of 10−4.2%+83.0%+4.6%−26.5%+18.6%+64.3%−34.8%+46.0%+21.4%−25.4%—————————————
CBOE Cboe Global Markets, Inc.10 of 15+30.0%+10.7%+44.4%−2.1%+42.2%−21.2%+24.1%−20.6%+70.5%+15.5%+3.8%+23.8%+80.7%+19.1%+15.0%————————
BNY Bank of New York Mellon Corp7 of 23+54.4%+51.9%+18.5%−19.1%+40.6%−12.9%+9.6%−10.8%+15.7%+17.1%+3.3%+18.3%+38.6%+32.1%−32.8%+9.3%+0.9%−40.4%+20.0%+26.8%−1.2%+4.8%+45.2%
STT State Street Corporation10 of 23+35.5%+30.2%+3.5%−13.8%+31.0%−4.8%+29.3%−34.0%+27.8%+19.8%−13.9%+8.7%+58.6%+19.2%−11.4%+6.6%+10.8%−50.7%+21.9%+23.2%+14.5%−4.4%+35.4%
IBKR Interactive Brokers Group, Inc.12 of 18+46.3%+114%+15.2%−8.3%+31.2%+31.7%−14.0%−7.1%+62.8%−15.4%+51.0%+21.7%+82.8%+1.0%−14.5%+11.1%−0.9%−44.6%—————
GS The Goldman Sachs Group, Inc.11 of 23+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%
MS Morgan Stanley11 of 23+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%
NDAQ Nasdaq, Inc.13 of 23+27.2%+34.9%−3.7%−11.2%+60.1%+26.0%+33.9%+8.2%+16.8%+17.4%+23.3%+22.4%+61.9%+3.7%+3.2%+19.7%−19.8%−50.1%+60.8%−12.5%+245%+8.0%−5.3%
HOOD Robinhood Markets, Inc.3 of 4+204%+192%+56.5%−54.2%———————————————————
MSCI MSCI Inc.9 of 18−3.2%+7.3%+22.9%−23.3%+38.1%+74.4%+77.2%+18.0%+62.6%+10.6%+54.0%+9.0%+41.0%−5.9%−15.5%+22.5%+79.1%−53.8%—————
BLK BlackRock, Inc.11 of 23+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%
MCO Moody's Corporation12 of 23+8.7%+22.2%+41.5%−28.0%+35.6%+23.3%+71.3%−4.1%+58.5%−4.5%+6.1%+23.7%+58.3%+51.8%+28.9%+0.8%+35.5%−43.0%−48.0%+13.0%+41.9%+44.1%+47.2%
SCHW The Charles Schwab Corporation10 of 23+36.6%+9.2%−16.0%+0.1%+60.2%+13.6%+16.4%−18.4%+31.1%+21.0%+9.9%+17.2%+83.3%+29.8%−33.1%−7.8%+18.1%−36.1%+40.0%+32.8%+23.5%+1.7%+9.5%
FDS FactSet Research Systems Inc.9 of 23−38.9%+1.6%+20.0%−16.8%+47.5%+25.1%+35.5%+5.0%+19.4%+1.8%+16.7%+31.3%+24.9%+2.2%−5.9%+44.1%+51.1%−19.5%−0.7%+37.9%+6.3%+54.2%+36.0%
SPGI S&P Global Inc.10 of 23+5.7%+13.9%+32.8%−28.4%+44.7%+21.4%+62.3%+1.4%+59.3%+10.5%+12.3%+15.5%+45.9%+30.1%+26.6%+12.0%+49.3%−45.5%−34.7%+33.5%+14.2%+33.0%+17.8%
MKTX MarketAxess Holdings Inc.10 of 21−18.5%−21.8%+6.1%−31.5%−27.5%+51.3%+80.7%+5.6%+38.3%+32.7%+57.0%+8.3%+91.7%+23.8%+46.8%+52.4%+71.1%−36.3%−5.5%+18.7%−32.8%——
TW Tradeweb Markets Inc.4 of 6−17.5%+44.6%+40.6%−34.9%+61.0%+35.5%—————————————————
ICE Intercontinental Exchange, Inc.10 of 20+9.9%+17.5%+27.1%−23.9%+19.9%+26.2%+24.5%+8.1%+26.6%+11.5%+18.3%−1.3%+82.2%+2.7%+1.2%+6.1%+36.2%−57.2%+78.4%+197%———
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Risk and diversification

How CME has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were CME's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CME's five deepest drawdowns since it began trading in 2002, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: CME began trading on December 6, 2002, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means CME fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCME fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−77.5%−48.3%Dec 2007Nov 200811 monthsAug 20167.8 years
Covid crash−37.4%−28.3%Mar 2020Mar 2020Under a monthMay 202114 months
2022 bear market−31.7%−18.3%Mar 2022Oct 20227 monthsOct 20242 years
No named crash−31.1%+8.5%Mar 2026Jun 20263 monthsNot yet—
No named crash−25.5%−3.6%Dec 2004Apr 20054 monthsJun 20052 months

How did CME do in stock market crashes?

This section measures how far CME, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: CME began trading on December 6, 2002, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CME.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
CME This pageCME Group Inc.—−3.4%−31.7%−37.4%−9.4%−4.3%−17.3%−18.0%−1.9%−77.5%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VIRT Virtu Financial, Inc.2 of 6−8.7%−44.4%−21.7%−9.6%−3.4%−20.9%————
CBOE Cboe Global Markets, Inc.2 of 7−3.7%−16.4%−38.6%−18.9%−20.4%−17.0%−11.8%———
BNY Bank of New York Mellon Corp2 of 9−11.4%−40.5%−40.1%−16.2%−5.4%−27.0%−30.9%−0.5%−62.4%−62.6%
STT State Street Corporation0 of 9−14.6%−41.4%−45.1%−32.3%−8.3%−34.1%−28.3%−1.9%−82.3%−50.7%
IBKR Interactive Brokers Group, Inc.2 of 9−14.3%−33.3%−38.0%−18.2%−5.6%−32.6%−14.2%−2.6%−63.7%—
GS The Goldman Sachs Group, Inc.2 of 9−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
MS Morgan Stanley1 of 9−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
NDAQ Nasdaq, Inc.4 of 9−5.7%−27.8%−37.1%−16.7%−6.4%−10.1%−16.1%−5.3%−68.5%—
HOOD Robinhood Markets, Inc.0 of 2−6.8%−60.4%————————
MSCI MSCI Inc.3 of 8−2.5%−35.8%−32.2%−24.6%−6.1%−13.3%−26.3%−1.7%——
BLK BlackRock, Inc.2 of 9−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
MCO Moody's Corporation2 of 9−3.4%−37.6%−42.0%−26.1%−4.6%−29.3%−27.6%−0.7%−69.3%−18.5%
SCHW The Charles Schwab Corporation1 of 9−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
FDS FactSet Research Systems Inc.3 of 9−3.0%−25.9%−33.6%−19.7%−5.7%−22.3%−18.4%−2.2%−54.4%−59.0%
SPGI S&P Global Inc.2 of 9−4.2%−36.3%−38.1%−24.6%−6.2%−21.3%−20.8%−0.4%−66.4%−29.5%
MKTX MarketAxess Holdings Inc.3 of 9−3.4%−44.0%−25.5%−13.1%−4.1%−12.7%−20.1%−3.8%−72.8%—
TW Tradeweb Markets Inc.1 of 3−5.9%−44.3%−30.1%———————
ICE Intercontinental Exchange, Inc.3 of 9−7.0%−33.8%−33.0%−13.3%−9.4%−12.7%−19.3%−2.0%−73.9%—
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How closely does CME move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CME with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CME's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CME This pageCME Group Inc.50%11%4.480.33
CBOE Cboe Global Markets, Inc.79%50%1.590.53
IBKR Interactive Brokers Group, Inc.128%92%1.401.03
MSCI MSCI Inc.131%121%1.081.12
NDAQ Nasdaq, Inc.104%97%1.070.91
MS Morgan Stanley142%137%1.041.39
GS The Goldman Sachs Group, Inc.136%133%1.021.39
SCHW The Charles Schwab Corporation89%90%0.990.91
BNY Bank of New York Mellon Corp115%120%0.961.08
ICE Intercontinental Exchange, Inc.88%94%0.940.84
MCO Moody's Corporation131%151%0.871.26
SPGI S&P Global Inc.107%125%0.851.04
BLK BlackRock, Inc.127%157%0.811.30
STT State Street Corporation128%166%0.771.48
FDS FactSet Research Systems Inc.71%97%0.730.76
MKTX MarketAxess Holdings Inc.40%74%0.540.62
VIRT Virtu Financial, Inc.45%-28%—0.20
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What diversifies CME?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CME's. Because such investments tend not to fall at the same time, pairing CME with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which CME lost money. The last two columns show a portfolio that is 80% CME and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022202020112010200880/20 mix volatility80/20 mix annual return
CME CME Group Inc. (this page)1.00+70.1%0.62−22.9%−6.3%−22.7%−2.7%−68.8%21.3%+10.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.35+119%1.48+3.8%−9.0%———17.8%+12.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+6.0%+3.9%−16.1%−1.8%−20.8%17.5%+14.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.30+101%1.04+10.4%−13.4%———18.1%+12.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.30+83.3%1.00+7.1%−6.5%———18.1%+11.5%
SMH TechnologyVanEck Semiconductor ETF-0.16+323%0.97−33.5%+55.5%+6.8%+19.0%−44.7%17.4%+17.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.15+85.0%0.96−5.1%+2.1%———17.5%+11.8%
GLD CommoditiesSPDR Gold Shares0.48+126%0.96−0.8%+24.8%+9.6%+29.3%+4.9%18.9%+12.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.11+136%0.93−10.4%+28.2%———17.1%+13.8%

Stocks

InvestmentCorrelation5Y returnSharpe2022202020112010200880/20 mix volatility80/20 mix annual return
CME CME Group Inc. (this page)1.00+70.1%0.62−22.9%−6.3%−22.7%−2.7%−68.8%21.3%+10.8%
CAH Medical - DistributionCardinal Health, Inc.0.00+479%1.55+54.1%+10.1%+8.1%+21.4%−39.6%17.9%+16.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.00+3,143%1.47+1.3%−2.4%−24.4%+2.8%−20.5%20.7%+29.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.10+1,636%1.46+17.0%+6.7%−17.0%+8.7%−15.2%20.1%+25.4%
MCK Medical - DistributionMcKesson Corporation0.27+413%1.44+51.8%+27.1%+11.8%+13.8%−40.4%19.1%+15.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.18+690%1.41+86.6%−27.4%———19.3%+18.7%
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Common questions

What was CME's worst drawdown?

CME's deepest decline since it began trading in 2002 was 77.5%, from December 2007 to November 2008. It took about eight years from the low to climb back to its old high. Because CME launched in December 2002, that record does not include the dot-com bust.

What were CME's best and worst years?

Over 23 full calendar years, CME's best year was 2004, when it returned 219%. Its worst was 2008, with a return of -68.8%.

Is there a better investment than CME?

Among CME's popular alternatives, BNY, STT and VIRT were ahead of CME in most short and long periods. Looking beyond its popular alternatives, RY (banks) earned more than CME with less volatility over the past 5 years: 17.3% a year at 18.2% volatility, against 11.2% a year at 20.8%.

Is CME more volatile than the S&P 500?

Yes. CME's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CME's return lands within 20.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is CME's Sharpe ratio?

CME's Sharpe ratio over the past 5 years was 0.62, against 0.79 for the S&P 500, so CME earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is CME with the S&P 500?

Over the past 5 years, CME's monthly returns had a correlation of 0.17 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CME instead: the lower it is, the more that option would diversify a CME holding.

What are the best alternatives to CME?

Of the 18 popular alternatives we compared, four outperformed CME in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VIRT, CBOE and BNY.

Did CME outperform the S&P 500?

CME finished ahead of the S&P 500 (SPY) in 14 of 23 full calendar years. In 2025, it returned +19.8%, against +17.7% for the index.

How did CME do in stock market crashes?

CME fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in four. The clearest case was the 2008 financial crisis, when CME fell 77.5% and the S&P 500 fell 55.2%.

What diversifies CME?

These had a low correlation with CME over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.35), DXJ (correlation 0.12) and EMLP (correlation 0.30); among large stocks, CAH (correlation 0.00), CLS (correlation 0.00) and FIX (correlation 0.10). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CME