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Relative Intelligence · Capital Markets

How Intercontinental Exchange (ICE) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ICE alone. It places ICE (Intercontinental Exchange, Inc.) against 16 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 ICE stands in the market, and of the alternatives worth a closer look.

Period covered: ICE's full trading record, from November 2005 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 ICE →Chart ICE vs. 16 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ICE over the past 20 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ICE over the same span and ICE'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: ICE began trading on November 16, 2005, so the chart cannot reach back to the dot-com bust. It covers the most recent 20 years of ICE's record, starting at the end of September 2006.

Choose a period

From the end of September 2006 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. 273 of the 1,663 stocks and funds worth at least $500 million that traded the whole period ended ahead of ICE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2006200920122015201820212024$10,000$100,000$1M20062011201620212026
  • NVDA$5M+50,740% total · +36.6% a year
  • AAPL$1M+14,379% total · +28.2% a year
  • GOOG$343,481+3,335% total · +19.3% a year
  • MSFT$267,857+2,579% total · +17.9% a year
  • MKTX$196,781+1,868% total · +16.1% a year
  • ICE$119,429+1,094% total · +13.2% a year
  • NDAQ$115,593+1,056% total · +13.0% a year
  • SPY (S&P 500)$82,294+723% total · +11.1% a year
  • GS$73,415+634% total · +10.5% a year
  • CME$54,353+444% total · +8.8% 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. 1,720 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ICE; 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
  • VIRT$26,921+169% total · +21.9% a year
  • GS$26,885+169% total · +21.9% a year
  • CBOE$23,731+137% total · +18.9% 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
  • NDAQ$15,317+53.2% total · +8.9% a year
  • ICE$14,141+41.4% total · +7.2% a year
  • MCO$13,345+33.5% total · +5.9% a year
  • TW$12,750+27.5% total · +5.0% a year
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ICE 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: ICE began trading on November 16, 2005, 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
$89B
Industry
Financial - Data & Stock Exchanges
Price history from
November 2005

Returns

Past 1 year
+3.5%total return
Past 3 years
+52.4%+15.1% a year
Past 5 years
+30.0%+5.4% a year
Past 10 years
+240%+13.0% a year
Best calendar year
+197%2006
Worst calendar year
−57.2%2008
Losing years
3 of 20full calendar years

Risk

Volatility
21.8%typical yearly swing, 5 years
Sharpe ratio
0.35return per unit of risk, 5 years
Worst decline ever
−73.9%Dec 2007 to Nov 2008
From its all-time high
−14.5%below the peak

ICE against the whole market

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

How does ICE rank among all stocks?

This section ranks ICE 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 ICE 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.

MeasureICERankStanding
1-year return+3.5%1,830 of 3,287bottom 45%
3-year return+52.4%1,503 of 3,017top 50%
5-year return+30.0%1,336 of 2,893top 46%
10-year return+240%741 of 2,202top 34%
Volatility, 5 years21.8%141 of 2,893top 5%
Sharpe ratio, 5 years0.351,395 of 2,893top 48%
Worst decline, past 10 years−34.3%61 of 2,187top 3%

What has beaten ICE 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). ICE sits where the dashed lines cross. Anything in the green box above and to the left earned more than ICE 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 ICE; faint dots are 89 more of the 484 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.

0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ICEAVLV: +14.0% a year, volatility 16.9%DFAI: +9.7% a year, volatility 16.0%BUFR: +9.9% a year, volatility 10.5%JAVA: +11.5% a year, volatility 14.5%BKLC: +13.8% a year, volatility 17.3%QYLD: +8.4% a year, volatility 15.0%EFAV: +7.6% a year, volatility 11.9%MPLX: +23.5% a year, volatility 18.8%PTLC: +9.5% a year, volatility 11.8%GSUS: +12.4% a year, volatility 17.2%DIVI: +13.4% a year, volatility 15.5%AOR: +6.4% a year, volatility 10.7%ACIO: +9.3% a year, volatility 11.1%SCHY: +9.5% a year, volatility 13.3%EWL: +7.2% a year, volatility 16.3%BRK-B: +13.4% a year, volatility 17.1%TDVG: +9.6% a year, volatility 13.8%PTNQ: +9.7% a year, volatility 14.1%FTQI: +11.5% a year, volatility 14.8%SIXA: +12.8% a year, volatility 12.7%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%WTPI: +9.1% a year, volatility 12.2%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%EPD: +16.4% a year, volatility 17.1%SCHD: +9.7% a year, volatility 14.3%VT: +10.3% a year, volatility 16.2%IEMG: +6.8% a year, volatility 19.4%RSG: +13.9% a year, volatility 18.5%RSP: +8.2% a year, volatility 16.1%TAK: +11.9% a year, volatility 19.4%QUAL: +11.4% a year, volatility 17.3%VBR: +8.2% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%SLF: +11.7% a year, volatility 19.4%XLF: +8.6% a year, volatility 18.3%FNDF: +13.6% a year, volatility 16.3%L: +14.3% a year, volatility 19.2%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%FTS: +8.4% a year, volatility 16.4%SPHQ: +12.0% a year, volatility 16.7%COWZ: +11.4% a year, volatility 17.7%AMLP: +16.1% a year, volatility 18.9%SCHV: +10.2% a year, volatility 14.4%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%PJUL: +10.5% a year, volatility 8.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%PNW: +13.4% a year, volatility 19.9%ESGV: +11.3% a year, volatility 18.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%DIVO: +11.1% a year, volatility 11.9%CL: +7.2% a year, volatility 19.2%OGE: +11.5% a year, volatility 18.8%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%SCHM: +6.8% a year, volatility 19.7%JEPI: +7.5% a year, volatility 11.0%XLV: +8.4% a year, volatility 15.3%EMLP: +14.9% a year, volatility 14.5%CHT: +7.7% a year, volatility 13.3%GCOW: +14.1% a year, volatility 13.6%SPYD: +7.6% a year, volatility 15.9%MLPX: +18.6% a year, volatility 19.7%HYGH: +6.6% a year, volatility 7.1%IDMO: +13.3% a year, volatility 18.2%GNR: +10.7% a year, volatility 20.1%FTGC: +12.9% a year, volatility 15.6%XMHQ: +9.7% a year, volatility 20.5%OMFL: +9.0% a year, volatility 16.4%EWU: +11.4% a year, volatility 16.4%AEE: +7.9% a year, volatility 19.4%SPUS: +15.0% a year, volatility 19.5%WTV: +13.4% a year, volatility 17.0%EQWL: +11.6% a year, volatility 15.0%DIVB: +13.9% a year, volatility 15.4%JMOM: +12.9% a year, volatility 19.1%HFXI: +11.4% a year, volatility 15.3%NULV: +9.2% a year, volatility 14.2%XLP: +7.2% a year, volatility 13.8%DSTL: +11.3% a year, volatility 16.1%ICE: +5.4% a year, volatility 21.8%SPY (S&P 500): +12.7% a year, volatility 17.1%CME: +11.2% a year, volatility 20.8%CBOE: +21.5% a year, volatility 25.1%NDAQ: +8.9% a year, volatility 24.7%VIRT: +20.8% a year, volatility 33.8%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%BNS: +12.9% a year, volatility 19.9%CM: +19.2% a year, volatility 21.6%BMO: +13.6% a year, volatility 21.4%SEIC: +12.7% a year, volatility 22.3%JNJ: +12.7% a year, volatility 17.9%NVS: +17.1% a year, volatility 20.7%DFAC: +11.4% a year, volatility 17.0%FJAN: +11.1% a year, volatility 10.5%DFIV: +14.8% a year, volatility 16.4%WM: +9.3% a year, volatility 19.2%DFAT: +9.6% a year, volatility 21.0%JAAA: +5.1% a year, volatility 1.7%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%ICESPY (S&P 500)CMECBOENDAQVIRTRYTDCMJNJNVSDFACFJANDFIVWMDFATJAAADXJLVHI0.0%10.0%20.0%30.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ICEAVLV: +14.0% a year, volatility 16.9%DFAI: +9.7% a year, volatility 16.0%BUFR: +9.9% a year, volatility 10.5%JAVA: +11.5% a year, volatility 14.5%BKLC: +13.8% a year, volatility 17.3%QYLD: +8.4% a year, volatility 15.0%EFAV: +7.6% a year, volatility 11.9%MPLX: +23.5% a year, volatility 18.8%PTLC: +9.5% a year, volatility 11.8%GSUS: +12.4% a year, volatility 17.2%DIVI: +13.4% a year, volatility 15.5%AOR: +6.4% a year, volatility 10.7%ACIO: +9.3% a year, volatility 11.1%SCHY: +9.5% a year, volatility 13.3%EWL: +7.2% a year, volatility 16.3%BRK-B: +13.4% a year, volatility 17.1%TDVG: +9.6% a year, volatility 13.8%PTNQ: +9.7% a year, volatility 14.1%FTQI: +11.5% a year, volatility 14.8%SIXA: +12.8% a year, volatility 12.7%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%WTPI: +9.1% a year, volatility 12.2%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%EPD: +16.4% a year, volatility 17.1%SCHD: +9.7% a year, volatility 14.3%VT: +10.3% a year, volatility 16.2%IEMG: +6.8% a year, volatility 19.4%RSG: +13.9% a year, volatility 18.5%RSP: +8.2% a year, volatility 16.1%TAK: +11.9% a year, volatility 19.4%QUAL: +11.4% a year, volatility 17.3%VBR: +8.2% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%SLF: +11.7% a year, volatility 19.4%XLF: +8.6% a year, volatility 18.3%FNDF: +13.6% a year, volatility 16.3%L: +14.3% a year, volatility 19.2%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%FTS: +8.4% a year, volatility 16.4%SPHQ: +12.0% a year, volatility 16.7%COWZ: +11.4% a year, volatility 17.7%AMLP: +16.1% a year, volatility 18.9%SCHV: +10.2% a year, volatility 14.4%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%PJUL: +10.5% a year, volatility 8.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%PNW: +13.4% a year, volatility 19.9%ESGV: +11.3% a year, volatility 18.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%DIVO: +11.1% a year, volatility 11.9%CL: +7.2% a year, volatility 19.2%OGE: +11.5% a year, volatility 18.8%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%SCHM: +6.8% a year, volatility 19.7%JEPI: +7.5% a year, volatility 11.0%XLV: +8.4% a year, volatility 15.3%EMLP: +14.9% a year, volatility 14.5%CHT: +7.7% a year, volatility 13.3%GCOW: +14.1% a year, volatility 13.6%SPYD: +7.6% a year, volatility 15.9%MLPX: +18.6% a year, volatility 19.7%HYGH: +6.6% a year, volatility 7.1%IDMO: +13.3% a year, volatility 18.2%GNR: +10.7% a year, volatility 20.1%FTGC: +12.9% a year, volatility 15.6%XMHQ: +9.7% a year, volatility 20.5%OMFL: +9.0% a year, volatility 16.4%EWU: +11.4% a year, volatility 16.4%AEE: +7.9% a year, volatility 19.4%SPUS: +15.0% a year, volatility 19.5%WTV: +13.4% a year, volatility 17.0%EQWL: +11.6% a year, volatility 15.0%DIVB: +13.9% a year, volatility 15.4%JMOM: +12.9% a year, volatility 19.1%HFXI: +11.4% a year, volatility 15.3%NULV: +9.2% a year, volatility 14.2%XLP: +7.2% a year, volatility 13.8%DSTL: +11.3% a year, volatility 16.1%ICE: +5.4% a year, volatility 21.8%SPY (S&P 500): +12.7% a year, volatility 17.1%CME: +11.2% a year, volatility 20.8%CBOE: +21.5% a year, volatility 25.1%NDAQ: +8.9% a year, volatility 24.7%VIRT: +20.8% a year, volatility 33.8%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%BNS: +12.9% a year, volatility 19.9%CM: +19.2% a year, volatility 21.6%BMO: +13.6% a year, volatility 21.4%SEIC: +12.7% a year, volatility 22.3%JNJ: +12.7% a year, volatility 17.9%NVS: +17.1% a year, volatility 20.7%DFAC: +11.4% a year, volatility 17.0%FJAN: +11.1% a year, volatility 10.5%DFIV: +14.8% a year, volatility 16.4%WM: +9.3% a year, volatility 19.2%DFAT: +9.6% a year, volatility 21.0%JAAA: +5.1% a year, volatility 1.7%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%ICESPY (S&P 500)CMECBOENDAQVIRTRYTDCMJNJFJANDFIVWMDFATJAAADXJLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× ICE's volatility is in the table only

Is there a better investment than ICE?

Investments that beat ICE 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 ICE 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 ICE'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 ICE 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 ICE'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× ICE's volatility counts as better.

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

Screen the whole market against ICE for any period in BetterThanSPYOpen these 20 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 ICE?lower diversifies moreExpenseper year
ICEIntercontinental Exchange, Inc. · this page
+5.4%21.8%0.35−34.3%+240%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.550.09%
Popular alternativesbest 5 shownThe investments people most often weigh against ICE. 5 of 16 passed at least one test.
CMECME Group Inc. · Capital Markets
Higher return, similar volatilityHigher return in most periods+11.2%20.8%0.62−37.4%+319%0.64—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return in most periods+35.4%35.4%1.04−55.1%+935%0.33—
CBOECboe Global Markets, Inc. · Capital Markets
Higher return in most periods+21.5%25.1%0.91−43.2%+463%0.55—
NDAQNasdaq, Inc. · Capital Markets
Higher return in most periods+8.9%24.7%0.47−38.3%+407%0.70—
VIRTVirtu Financial, Inc. · Capital Markets
Higher return in most periods+20.8%33.8%0.73−56.2%+545%0.30—
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 ICE's specific themes. 39 of 122 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%0.30—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.30—
BNSThe Bank of Nova Scotia · Banks
Higher return, lower volatilityHigher return in most periods+12.9%19.9%0.71−46.9%+187%0.39—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, similar volatilityHigher return in most periods+19.2%21.6%0.93−47.3%+395%0.37—
BMOBank of Montreal · Banks
Higher return, similar volatilityHigher return in most periods+13.6%21.4%0.71−51.0%+295%0.36—
SEICSEI Investments Company · Asset Management
Higher return, similar volatilityHigher return in most periods+12.7%22.3%0.65−51.8%+168%0.64—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 972 of 3,495 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%0.21—
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.1%20.7%0.87−26.8%+226%0.32—
DFACDimensional - US Core Equity 2 ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.4%17.0%0.72−23.1%—0.560.21%
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.1%10.5%1.05−13.6%—0.490.85%
DFIVDimensional - International Value ETF · International Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.8%16.4%0.93−25.4%—0.560.27%
WMWaste Management, Inc. · Environmental Services
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.46—
DFATDimensional - US Targeted Value ETF · US Small-Cap Equity
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.6%21.0%0.54−26.1%—0.500.33%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.360.20%
What these numbers mean for ICE
Annual return
ICE returned 5.4% 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 $13,000. 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
ICE's volatility over the past 5 years was 21.8%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ICE's return lands within 21.8% 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
ICE's Sharpe ratio over the past 5 years was 0.35, against 0.79 for the S&P 500, so ICE 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
ICE's worst fall from a peak to a low over the past 10 years was 34.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 34.3% fall takes a 52.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ICE's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against ICE instead: the lower it is, the more that option would diversify a ICE holding. Guide: Correlation and diversification →
Show all 484 stocks and funds worth at least $500 million that earned more than ICE with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ICEExpense
1
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.21—
2
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.32—
3
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.560.21%
4
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.490.85%
5
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.560.27%
6
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.550.15%
7
DFAIDimensional - International Core Equity Market ETF · Developed International Equity
Whole market+9.7%16.0%0.66−27.4%—0.570.18%
8
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.550.10%
9
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.46—
10
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Whole market+11.5%14.5%0.82−16.5%——0.44%
11
BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity
Whole market+13.8%17.3%0.84−26.2%—0.540.00%
12
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.380.60%
13
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity
Whole market+7.6%11.9%0.68−27.6%+97.7%0.650.20%
14
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.37—
15
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+188%0.400.60%
16
GSUSGoldman Sachs MarketBeta U.S. Equity ETF · Broad Market
Whole market+12.4%17.2%0.77−25.6%—0.540.09%
17
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.530.09%
18
AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset
Whole market+6.4%10.7%0.64−23.0%+118%0.550.20%
19
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%—0.540.79%
20
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.570.08%
21
EWLiShares MSCI Switzerland ETF · Broad Market
Whole market+7.2%16.3%0.51−29.0%+160%0.570.50%
22
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.48—
23
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.610.50%
24
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.150.65%
25
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.340.75%
26
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.30—
27
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.590.31%
28
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.120.48%
29
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.480.40%
30
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.44—
31
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.500.05%
32
WTPIWisdomTree Equity Premium Income Fund · Alternatives
Whole market+9.1%12.2%0.78−28.4%+121%0.550.44%
33
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.32—
34
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.590.03%
35
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.620.04%
36
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.36—
37
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.620.06%
38
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.550.06%
39
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.280.09%
40
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.44—
41
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.600.20%
42
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.22—
43
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.4%17.3%0.71−34.1%+293%0.560.15%
44
VBRVanguard Morningstar Small-Cap Value ETF · US Small-Cap Equity
Whole market+8.2%19.4%0.51−45.3%+169%0.530.05%
45
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.280.80%
46
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.310.40%
47
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.7%19.4%0.67−50.8%+255%0.42—
48
XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity
Whole market+8.6%18.3%0.54−42.9%+241%0.600.08%
49
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.500.25%
50
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.28—
51
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.570.08%
52
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.530.36%
53
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.490.47%
54
FTSFortis Inc. · Electric Utilities
Whole market+8.4%16.4%0.58−34.3%+154%0.30—
55
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.420.20%
56
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.580.49%
57
TDThe Toronto-Dominion Bank · Banks
Same or nearby category+15.8%20.0%0.84−42.0%+310%0.30—
58
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.371.01%
59
SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value
Whole market+10.2%14.4%0.75−37.1%+195%0.520.04%
60
EVRGEvergy, Inc. · Electric Utilities
Whole market+9.5%18.9%0.57−38.8%+109%0.21—
61
BBJPJPMorgan BetaBuilders Japan ETF · International Equity
Whole market+9.3%18.6%0.57−32.7%—0.380.19%
62
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.530.79%
63
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.610.15%
64
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.440.35%
65
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.530.40%
66
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.16—
67
ESGVVanguard ESG U.S. Stock ETF · US ESG Equity
Whole market+11.3%18.5%0.67−33.7%—0.530.09%
68
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.550.12%
69
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.320.15%
70
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—0.630.56%
71
BNSThe Bank of Nova Scotia · Banks
Same or nearby category+12.9%19.9%0.71−46.9%+187%0.39—
72
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.27—
73
OGEOGE Energy Corp. · Electric Utilities
Whole market+11.5%18.8%0.68−48.9%+134%0.34—
74
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity
Whole market+9.8%17.0%0.64−39.9%+151%0.430.39%
75
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.600.46%
76
SCHMSchwab U.S. Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%19.7%0.43−42.5%+182%0.470.03%
77
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.650.35%
78
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.430.08%
79
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.490.95%
80
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.25—
81
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.560.60%
82
SPYDState Street SPDR Portfolio S&P 500 High Dividend ETF · US Dividend Equity
Whole market+7.6%15.9%0.54−46.4%+125%0.550.07%
83
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.440.45%
84
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+74.5%0.461.12%
85
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.540.25%
86
GNRState Street SPDR S&P Global Natural Resources ETF · Natural Resources Equity
Whole market+10.7%20.1%0.61−48.6%+173%0.540.40%
87
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.290.98%
88
XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity
Whole market+9.7%20.5%0.56−36.9%+240%0.560.30%
89
OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity
Whole market+9.0%16.4%0.61−33.2%—0.520.29%
90
EWUiShares MSCI United Kingdom ETF · International
Whole market+11.4%16.4%0.74−43.3%+130%0.560.50%
91
AEEAmeren Corporation · Electric Utilities
Whole market+7.9%19.4%0.49−29.1%+192%0.29—
92
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.440.45%
93
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.590.12%
94
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.580.30%
95
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.650.05%
96
JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market
Whole market+12.9%19.1%0.73−34.3%—0.430.12%
97
HFXINYLI FTSE International Equity Currency Neutral ETF · International
Whole market+11.4%15.3%0.79−32.4%+180%0.430.19%
98
NULVNuveen ESG Large-Cap Value · Broad Market
Whole market+9.2%14.2%0.69−37.0%—0.630.26%
99
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.530.08%
100
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.690.39%

ICE against its popular alternatives

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

How do ICE'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 ICE, which divides the map into what did better or worse on each measure.

Green points earned more than ICE 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%80.0%90.0%−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 volatilityICE: 5.4% a year, volatility 21.8%SPY (S&P 500): 12.7% a year, volatility 17.1%CME: 11.2% a year, volatility 20.8%MSCI: 0.1% a year, volatility 31.3%SPGI: 0.7% a year, volatility 25.6%SCHW: 3.6% a year, volatility 31.9%COIN: −11.5% a year, volatility 86.9%FDS: −4.8% a year, volatility 30.4%MORN: −5.1% a year, volatility 32.4%MKTX: −15.4% a year, volatility 35.3%FIS: −19.7% a year, volatility 33.9%CBOE: 21.5% a year, volatility 25.1%IBKR: 35.4% a year, volatility 35.4%VIRT: 20.8% a year, volatility 33.8%NDAQ: 8.9% a year, volatility 24.7%GS: 19.6% a year, volatility 28.6%MCO: 5.9% a year, volatility 26.9%TW: 7.8% a year, volatility 27.8%ICESPY (S&P 500)MSCISPGISCHWCOINFDSMKTXFISCBOEIBKRVIRTNDAQGSMCO0.0%20.0%40.0%60.0%80.0%100%−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 volatilityICE: 5.4% a year, volatility 21.8%SPY (S&P 500): 12.7% a year, volatility 17.1%CME: 11.2% a year, volatility 20.8%MSCI: 0.1% a year, volatility 31.3%SPGI: 0.7% a year, volatility 25.6%SCHW: 3.6% a year, volatility 31.9%COIN: −11.5% a year, volatility 86.9%FDS: −4.8% a year, volatility 30.4%MORN: −5.1% a year, volatility 32.4%MKTX: −15.4% a year, volatility 35.3%FIS: −19.7% a year, volatility 33.9%CBOE: 21.5% a year, volatility 25.1%IBKR: 35.4% a year, volatility 35.4%VIRT: 20.8% a year, volatility 33.8%NDAQ: 8.9% a year, volatility 24.7%GS: 19.6% a year, volatility 28.6%MCO: 5.9% a year, volatility 26.9%TW: 7.8% a year, volatility 27.8%ICESPY (S&P 500)CMEMSCISPGISCHWCOINFDSMORNMKTXFISCBOEIBKRNDAQGS
All figures
InvestmentAnnual returnVolatility
IBKR Interactive Brokers Group, Inc.+35.4%35.4%
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%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CME CME Group Inc.+11.2%20.8%
NDAQ Nasdaq, Inc.+8.9%24.7%
TW Tradeweb Markets Inc.+7.8%27.8%
MCO Moody's Corporation+5.9%26.9%
ICE This pageIntercontinental 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%
MORN Morningstar, Inc.−5.1%32.4%
COIN Coinbase Global, Inc.−11.5%86.9%
MKTX MarketAxess Holdings Inc.−15.4%35.3%
FIS Fidelity National Information Services, Inc.−19.7%33.9%
Open these 18 in EasyCompare

Has ICE consistently beaten its popular alternatives?

This section compares ICE 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 ICE helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than ICE 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
ICE Intercontinental Exchange, Inc. (this page)—+2.1%+12.4%−0.6%+0.1%+3.5%+52.4%+30.0%+240%21.8%0.35−34.3%—$89B—
CBOE QualifiedCboe Global Markets, Inc.5/5 short3/3 longAll-weather+16.1%+13.5%+4.0%+27.9%+34.2%+101%+165%+463%25.1%0.91−43.2%—$33B—
CME QualifiedCME Group Inc.5/5 short3/3 longAll-weather+7.2%+21.0%+3.8%+13.2%+14.6%+57.7%+70.1%+319%20.8%0.62−37.4%—$106B—
IBKR QualifiedInteractive Brokers Group, Inc.3/5 short3/3 long−11.1%−9.5%+2.2%+23.7%+24.4%+320%+355%+935%35.4%1.04−55.1%—$146B—
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—
NDAQ Financial - Data & Stock ExchangesNasdaq, Inc.2/5 short3/3 long+0.1%+3.5%+8.8%−0.9%+8.1%+95.1%+52.9%+407%24.7%0.47−38.3%—$53B—
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—
MCO Financial - Data & Stock ExchangesMoody's Corporation1/5 short3/3 long+1.7%−5.7%+3.8%−4.1%+1.1%+57.3%+33.4%+383%26.9%0.35−42.0%—$82B—
TW Financial - Capital MarketsTradeweb Markets Inc.5/5 short1/3 long+14.3%+18.9%+4.0%+12.8%+10.2%+48.4%+45.3%—27.8%0.41−48.6%—$26B—
MSCI Financial - Data & Stock ExchangesMSCI Inc.4/5 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—
SPGI Financial - Data & Stock ExchangesS&P Global Inc.1/5 short1/3 long+8.3%−2.1%−0.6%−13.9%−7.4%+28.2%+3.7%+293%25.6%0.16−39.8%—$129B—
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—
COIN Financial - Data & Stock ExchangesCoinbase Global, Inc.0/5 short1/3 long−15.0%+6.5%−19.3%−27.8%−50.3%+129%−45.7%—86.9%0.29−90.9%—$45B—
FDS Financial - Data & Stock ExchangesFactSet Research Systems Inc.5/5 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—
MORN Financial - Data & Stock ExchangesMorningstar, Inc.4/5 short0/3 long+5.4%+23.6%+14.2%+1.5%−1.9%−3.7%−22.9%+203%32.4%0.00−60.0%—$7.9B—
MKTX Financial - Capital MarketsMarketAxess Holdings Inc.2/5 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—
FIS Information Technology ServicesFidelity National Information Services, Inc.1/5 short0/3 long+3.5%−12.8%−22.9%−42.7%−44.3%−21.6%−66.6%−41.3%33.9%-0.47−76.0%—$19B—
Open these 17 in EasyCompare

How did ICE do year by year?

This table shows each investment's total return in every full calendar year since 2006, along with where ICE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ICE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ICE began trading on November 16, 2005, so the table starts with 2006, 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 ICE; gray means the two finished within a fraction of a point. The rank row places ICE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ICE20252024202320222021202020192018201720162015201420132012201120102009200820072006
ICE This pageIntercontinental Exchange, Inc.—+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%
Rank among alternativesTop quarter in 3 of 207 of 1710 of 178 of 179 of 1713 of 167 of 1610 of 157 of 1510 of 158 of 156 of 1413 of 144 of 1411 of 147 of 149 of 138 of 1311 of 131 of 111 of 11
SPY S&P 500State Street SPDR S&P 500 ETF11 of 20+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%
CBOE Cboe Global Markets, Inc.9 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%—————
CME CME Group Inc.10 of 20+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%
IBKR Interactive Brokers Group, Inc.10 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%——
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%——————————
NDAQ Nasdaq, Inc.12 of 20+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%
GS The Goldman Sachs Group, Inc.9 of 20+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%
MCO Moody's Corporation9 of 20+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%
TW Tradeweb Markets Inc.4 of 6−17.5%+44.6%+40.6%−34.9%+61.0%+35.5%——————————————
MSCI MSCI Inc.10 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%——
SPGI S&P Global Inc.10 of 20+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%
SCHW The Charles Schwab Corporation8 of 20+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%
COIN Coinbase Global, Inc.2 of 4−8.9%+42.8%+391%−86.0%————————————————
FDS FactSet Research Systems Inc.7 of 20−38.9%+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%
MORN Morningstar, Inc.12 of 20−35.0%+18.3%+33.1%−36.3%+48.2%+54.5%+38.9%+14.3%+33.4%−7.5%+25.6%−16.4%+24.9%+6.6%+12.3%+9.9%+36.2%−54.4%+72.6%+30.0%
MKTX MarketAxess Holdings Inc.12 of 20−18.5%−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%
FIS Fidelity National Information Services, Inc.9 of 20−15.8%+37.0%−8.2%−36.5%−21.9%+2.7%+37.2%+10.3%+26.1%+26.6%−1.0%+17.8%+57.4%+34.1%−2.2%+17.7%+45.4%+282%+4.7%+19.1%
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Risk and diversification

How ICE 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 ICE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ICE's five deepest drawdowns since it began trading in 2005, 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: ICE began trading on November 16, 2005, 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 ICE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringICE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−73.9%−48.8%Dec 2007Nov 200811 monthsOct 20134.9 years
No named crash−41.9%−6.4%May 2006Jun 20061 monthOct 20064 months
2022 bear market−34.3%−19.9%Nov 2021Jun 20227 monthsFeb 202420 months
No named crash−34.0%+18.7%Aug 2025Jun 202610 monthsNot yet—
Covid crash−33.0%−28.3%Mar 2020Mar 2020Under a monthAug 20205 months

How did ICE do in stock market crashes?

This section measures how far ICE, 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: ICE began trading on November 16, 2005, 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 ICE.

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
ICE This pageIntercontinental Exchange, Inc.—−7.0%−33.8%−33.0%−13.3%−9.4%−12.7%−19.3%−2.0%−73.9%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF6 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CBOE Cboe Global Markets, Inc.3 of 7−3.7%−16.4%−38.6%−18.9%−20.4%−17.0%−11.8%———
CME CME Group Inc.5 of 9−3.4%−31.7%−37.4%−9.4%−4.3%−17.3%−18.0%−1.9%−77.5%—
IBKR Interactive Brokers Group, Inc.3 of 9−14.3%−33.3%−38.0%−18.2%−5.6%−32.6%−14.2%−2.6%−63.7%—
VIRT Virtu Financial, Inc.3 of 6−8.7%−44.4%−21.7%−9.6%−3.4%−20.9%————
NDAQ Nasdaq, Inc.6 of 9−5.7%−27.8%−37.1%−16.7%−6.4%−10.1%−16.1%−5.3%−68.5%—
GS The Goldman Sachs Group, Inc.3 of 9−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
MCO Moody's Corporation4 of 9−3.4%−37.6%−42.0%−26.1%−4.6%−29.3%−27.6%−0.7%−69.3%−18.5%
TW Tradeweb Markets Inc.2 of 3−5.9%−44.3%−30.1%———————
MSCI MSCI Inc.3 of 8−2.5%−35.8%−32.2%−24.6%−6.1%−13.3%−26.3%−1.7%——
SPGI S&P Global Inc.4 of 9−4.2%−36.3%−38.1%−24.6%−6.2%−21.3%−20.8%−0.4%−66.4%−29.5%
SCHW The Charles Schwab Corporation2 of 9−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
COIN Coinbase Global, Inc.0 of 2−15.2%−81.2%————————
FDS FactSet Research Systems Inc.5 of 9−3.0%−25.9%−33.6%−19.7%−5.7%−22.3%−18.4%−2.2%−54.4%−59.0%
MORN Morningstar, Inc.5 of 9−10.0%−37.3%−35.4%−19.4%−4.9%−11.2%−16.7%−0.7%−67.9%—
MKTX MarketAxess Holdings Inc.4 of 9−3.4%−44.0%−25.5%−13.1%−4.1%−12.7%−20.1%−3.8%−72.8%—
FIS Fidelity National Information Services, Inc.3 of 9−20.2%−38.5%−34.7%−13.1%−8.0%−23.4%−23.3%0.0%−46.4%—
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How closely does ICE 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 ICE 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 ICE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ICE This pageIntercontinental Exchange, Inc.88%94%0.940.84
CME CME 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
GS The Goldman Sachs Group, Inc.136%133%1.021.39
SCHW The Charles Schwab Corporation89%90%0.990.91
MCO Moody's Corporation131%151%0.871.26
SPGI S&P Global Inc.107%125%0.851.04
MORN Morningstar, Inc.93%117%0.791.07
FDS FactSet Research Systems Inc.71%97%0.730.76
MKTX MarketAxess Holdings Inc.40%74%0.540.62
FIS Fidelity National Information Services, Inc.54%150%0.360.82
VIRT Virtu Financial, Inc.45%-28%—0.20
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What diversifies ICE?

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 ICE's. Because such investments tend not to fall at the same time, pairing ICE 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 ICE lost money. The last two columns show a portfolio that is 80% ICE and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222014200880/20 mix volatility80/20 mix annual return
ICE Intercontinental Exchange, Inc. (this page)1.00+30.0%0.35−23.9%−1.3%−57.2%26.8%+7.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.48+119%1.48+3.8%——22.4%+9.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+6.0%+8.1%−20.8%21.9%+11.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.49+101%1.04+10.4%+23.8%—23.0%+9.2%
EWP Broad MarketiShares MSCI Spain ETF0.41+140%0.97−5.2%−6.3%−36.8%23.3%+10.3%
SMH TechnologyVanEck Semiconductor ETF0.14+323%0.97−33.5%+30.2%−44.7%23.4%+14.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.44+85.0%0.96−5.1%+3.4%—22.5%+8.9%
GLD CommoditiesSPDR Gold Shares0.31+126%0.96−0.8%−2.2%+4.9%22.7%+9.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.26+136%0.93−10.4%——22.9%+10.6%

Stocks

InvestmentCorrelation5Y returnSharpe20222014200880/20 mix volatility80/20 mix annual return
ICE Intercontinental Exchange, Inc. (this page)1.00+30.0%0.35−23.9%−1.3%−57.2%26.8%+7.2%
CAH Medical - DistributionCardinal Health, Inc.0.06+479%1.55+54.1%+23.0%−39.6%22.4%+13.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.06+3,143%1.47+1.3%+12.9%−20.5%25.0%+26.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.17+1,636%1.46+17.0%−10.4%−15.2%24.6%+22.2%
MCK Medical - DistributionMcKesson Corporation0.22+413%1.44+51.8%+29.3%−40.4%23.1%+13.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.27+690%1.41+86.6%+0.4%—24.0%+15.6%
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Common questions

What was ICE's worst drawdown?

ICE's deepest decline since it began trading in 2005 was 73.9%, from December 2007 to November 2008. It took about five years from the low to climb back to its old high. Because ICE launched in November 2005, that record does not include the dot-com bust.

What were ICE's best and worst years?

Over 20 full calendar years, ICE's best year was 2006, when it returned 197%. Its worst was 2008, with a return of -57.2%.

Is there a better investment than ICE?

Among ICE's popular alternatives, CME earned more than ICE over the past 5 years with similar volatility: 11.2% a year at 20.8% volatility, against 5.4% a year at 21.8%. Looking beyond its popular alternatives, RY (banks) and TD (banks) earned more than ICE with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 5.4% a year at 21.8%.

Is ICE more volatile than the S&P 500?

Yes. ICE's volatility over the past 5 years was 21.8%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ICE's return lands within 21.8% 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 ICE's Sharpe ratio?

ICE's Sharpe ratio over the past 5 years was 0.35, against 0.79 for the S&P 500, so ICE 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 ICE with the S&P 500?

Over the past 5 years, ICE's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against ICE instead: the lower it is, the more that option would diversify a ICE holding.

What are the best alternatives to ICE?

Of the 16 popular alternatives we compared, four outperformed ICE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CBOE, CME and IBKR.

Did ICE outperform the S&P 500?

ICE finished ahead of the S&P 500 (SPY) in nine of 20 full calendar years. In 2025, it returned +9.9%, against +17.7% for the index.

How did ICE do in stock market crashes?

ICE fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in six. The clearest case was the 2008 financial crisis, when ICE fell 73.9% and the S&P 500 fell 55.2%.

What diversifies ICE?

These had a low correlation with ICE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.12) and EMLP (correlation 0.49); among large stocks, CAH (correlation 0.06), CLS (correlation 0.06) and FIX (correlation 0.17). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ICE

Other stocks and ETFs