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

> Source: EasyCompare research, https://easycompare.io/research/ice
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over the past 6 months, ICE fell 0.6% while the S&P 500 rose 9.1%.
- **Stock or market?:** ICE held up far better than its industry: it rose 12.4% over the past 3 months while the capital markets ETF IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) fell 5.9%. The S&P 500 rose 3.9%. Its capital market peers did not move as one over the past 3 months: CME (CME Group) rose 21.0%, while MCO (Moody's) fell 5.7%.
- **Past 1 to 3 years:** ICE has trailed the market, rising 3.5% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (52.4% against 89.3%). Even so, ICE lagged its capital market peers in 2023, then moved up the pack in 2025.
- **Long term:** ICE turned $10,000 into $34,000 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** In the 2022 bear market, ICE fell 33.8%, against 24.5% for the S&P 500. That was more than CME (CME Group, 31.7%) but less than SPGI (S&P Global, 36.3%).
- **Diversification:** Against the S&P 500, ICE has a correlation of 0.55 over 5 years, more closely than 82% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. When the S&P 500 had a down month, ICE usually fell with it (19 of 22 months).
- **Better options**
  - **Nearby categories and themes:** RY (Royal Bank of Canada, banks) and TD (Toronto-Dominion Bank, 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%.
  - **Whole market:** 484 of the 3,633 stocks and funds worth at least $500 million earned more than ICE with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## 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.

- $10,000 invested in ICE at the end of September 2006 would have grown to $119,429 by September 2026, more than the $82,294 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ICE, and NVDA finished highest, at $5,084,012.

## 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.

- 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.
- Over 20 full calendar years, ICE's best was 2006, when it returned 197%, and its worst was 2008, when it lost 57.2%. It lost money in three of those years.
- ICE is 14.5% below its all-time high.

- Type: Stock, Financials (Financial - Data & Stock Exchanges)
- Trading since: November 16, 2005
- Market value: $89B
- Volatility (5 years): 21.8%; Sharpe ratio: 0.35
- Worst decline ever: −73.9%, from December 26, 2007 to November 20, 2008; back at its high by October 11, 2013

| Period | ICE total return |
| --- | --- |
| 1 month | +2.1% |
| 3 months | +12.4% |
| 6 months | −0.6% |
| year to date | +0.1% |
| 1 year | +3.5% |
| 3 years | +52.4% |
| 5 years | +30.0% |
| 10 years | +240% |

## 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.

- ICE's worst decline of the past 10 years ranks in the top 3% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | ICE | Rank |
| --- | --- | --- |
| 1-year return | +3.5% | 1,830 of 3,287 (top 56%) |
| 3-year return | +52.4% | 1,503 of 3,017 (top 50%) |
| 5-year return | +30.0% | 1,336 of 2,893 (top 47%) |
| 10-year return | +240% | 741 of 2,202 (top 34%) |
| Volatility, 5 years | 21.8% | 141 of 2,893 (top 5%) |
| Sharpe ratio, 5 years | 0.35 | 1,395 of 2,893 (top 49%) |
| Worst decline, past 10 years | −34.3% | 61 of 2,187 (top 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).

- 41 stocks and 443 ETFs worth at least $500 million sit in the green region: each earned more than ICE over the past 5 years with smaller price swings. That is 13% of the 3,633 screened.
- Among those with at least half ICE's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 49% less than ICE's 21.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.35 for ICE. DXJ earned the most, 26.6% a year, while still swinging less than ICE (19.1% against 21.8%).
- None of ICE's popular alternatives made it, but RY (banks) did: 17.3% a year at 18.2% volatility, 16% less than ICE's 21.8%.

### Is there a better investment than ICE?

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.

- 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%.
- Across the whole market, 484 of the 3,633 stocks and funds worth at least $500 million earned more than ICE with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 484 investments that beat ICE over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with ICE | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ICE: Intercontinental Exchange, Inc. (this page) |  | +5.4% | 21.8% | 0.35 | −34.3% | +240% |  |  |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | Pharmaceuticals | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DFAC](https://easycompare.io/research/dfac): Dimensional - US Core Equity 2 ETF | US Total Market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | Multi-Asset | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFIV: Dimensional - International Value ETF | International Equity | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFAI: Dimensional - International Core Equity Market ETF | Developed International Equity | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BUFR: FT Vest Laddered Buffer ETF | Buffered Equity | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.46 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| JAVA: JPMorgan Active Value ETF | US Large-Cap Value | +11.5% | 14.5% | 0.82 | −16.5% | — |  | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BKLC: BNY Mellon US Large Cap Core Equity ETF | US Large-Cap Equity | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| QYLD: Global X - Nasdaq 100 Covered Call ETF | Equity Income | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| EFAV: iShares MSCI EAFE Min Vol Factor ETF | International Equity | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.65 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.37 | Higher return, lower volatility; Higher return in most periods |
| PTLC: Pacer Trendpilot US Large Cap ETF | Broad Market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Only CME was both more rewarding and calmer than ICE over the past 5 years, earning a higher annual return with lower volatility.
- Eight of the 16 popular alternatives earned less than ICE over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, ICE returned 5.4% a year, less than the S&P 500's 12.7%, with higher volatility (21.8% against 17.1%).

### 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.

- Four of the 16 popular alternatives, led by CBOE, CME and IBKR, outperformed ICE in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CBOE and CME outperformed ICE in every long-term period and in all but one short-term period, the most consistent record in the group.
- GS outperformed ICE over all three long-term periods but in only one of the five short-term ones, so ICE has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of ICE | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ICE: Intercontinental Exchange, Inc. (this page) | +3.5% | +52.4% | +30.0% | +240% |  |  | 0.35 |
| CBOE: Cboe Global Markets, Inc. | +34.2% | +101% | +165% | +463% | 5/5 short-term, 3/3 long-term | all-weather | 0.91 |
| [CME](https://easycompare.io/research/cme): CME Group Inc. | +14.6% | +57.7% | +70.1% | +319% | 5/5 short-term, 3/3 long-term | all-weather | 0.62 |
| [IBKR](https://easycompare.io/research/ibkr): Interactive Brokers Group, Inc. | +24.4% | +320% | +355% | +935% | 3/5 short-term, 3/3 long-term | consistent | 1.04 |
| VIRT: Virtu Financial, Inc. | +76.5% | +243% | +158% | +545% | 3/5 short-term, 3/3 long-term | consistent | 0.73 |
| [NDAQ](https://easycompare.io/research/ndaq): Nasdaq, Inc. | +8.1% | +95.1% | +52.9% | +407% | 2/5 short-term, 3/3 long-term |  | 0.47 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | +18.2% | +215% | +145% | +521% | 1/5 short-term, 3/3 long-term |  | 0.77 |
| [MCO](https://easycompare.io/research/mco): Moody's Corporation | +1.1% | +57.3% | +33.4% | +383% | 1/5 short-term, 3/3 long-term |  | 0.35 |
| TW: Tradeweb Markets Inc. | +10.2% | +48.4% | +45.3% | — | 5/5 short-term, 1/3 long-term |  | 0.41 |
| [MSCI](https://easycompare.io/research/msci): MSCI Inc. | +11.8% | +25.5% | +0.5% | +702% | 4/5 short-term, 1/3 long-term |  | 0.16 |
| [SPGI](https://easycompare.io/research/spgi): S&P Global Inc. | −7.4% | +28.2% | +3.7% | +293% | 1/5 short-term, 1/3 long-term |  | 0.16 |
| [SCHW](https://easycompare.io/research/schw): The Charles Schwab Corporation | −3.1% | +86.2% | +19.1% | +221% | 0/5 short-term, 1/3 long-term |  | 0.27 |
| [COIN](https://easycompare.io/research/coin): Coinbase Global, Inc. | −50.3% | +129% | −45.7% | — | 0/5 short-term, 1/3 long-term |  | 0.29 |
| FDS: FactSet Research Systems Inc. | +9.5% | −24.7% | −21.8% | +127% | 5/5 short-term, 0/3 long-term |  | -0.01 |
| MORN: Morningstar, Inc. | −1.9% | −3.7% | −22.9% | +203% | 4/5 short-term, 0/3 long-term |  | 0.00 |
| MKTX: MarketAxess Holdings Inc. | −1.9% | −26.8% | −56.7% | +19.9% | 2/5 short-term, 0/3 long-term |  | -0.30 |
| FIS: Fidelity National Information Services, Inc. | −44.3% | −21.6% | −66.6% | −41.3% | 1/5 short-term, 0/3 long-term |  | -0.47 |

### 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.

- ICE finished ahead of the S&P 500 in nine of its 20 full calendar years, and behind it in each of the last two.
- Among its popular alternatives, TW came out ahead of ICE most often, in four of the six years both traded.
- Ranked against its popular alternatives each year, ICE finished in the top quarter in three of 20 years and in the bottom quarter in three. In 2025, it ranked 7 of 17.

| Year | ICE | SPY |
| --- | --- | --- |
| 2025 | +9.9% | +17.7% |
| 2024 | +17.5% | +24.9% |
| 2023 | +27.1% | +26.2% |
| 2022 | −23.9% | −18.2% |
| 2021 | +19.9% | +28.7% |
| 2020 | +26.2% | +18.3% |
| 2019 | +24.5% | +31.2% |
| 2018 | +8.1% | −4.6% |
| 2017 | +26.6% | +21.7% |
| 2016 | +11.5% | +12.0% |

## 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.

- In all five of ICE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ICE fell 34.0% from August 2025 to June 2026, while the S&P 500 rose 18.7%.
- The slowest recovery came after ICE fell 73.9% from December 2007 to November 2008; it did not regain that peak until October 2013, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −73.9% | December 26, 2007 | November 20, 2008 | October 11, 2013 | −48.8% | 2008 financial crisis |
| −41.9% | May 11, 2006 | June 13, 2006 | October 4, 2006 | −6.4% |  |
| −34.3% | November 2, 2021 | June 17, 2022 | February 9, 2024 | −19.9% | 2022 bear market |
| −34.0% | August 4, 2025 | June 29, 2026 | not yet | +18.7% |  |
| −33.0% | March 4, 2020 | March 23, 2020 | August 7, 2020 | −28.3% | Covid crash |

### 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.

- ICE fell further than the S&P 500 in six of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when ICE fell 73.9% and the S&P 500 fell 55.2%.
- Among its popular alternatives, NDAQ held up best, falling less than ICE in six of the nine crashes they both traded through.
- ICE began trading after the dot-com bust, but five of its popular alternatives lived through it. The mildest fall among them was MCO's 18.5%, against 47.5% for the S&P 500.

| Crash | Dates | ICE fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −73.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −19.3% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −12.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −9.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −13.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −33.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −33.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −7.0% | −3.4% |

### 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.

- Seven of the 13 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ICE's 0.94, led by CME, CBOE and IBKR.
- CBOE took just 50% of the S&P 500's losses, against 94% for ICE, while still keeping 79% of its gains.
- Over the past 10 years, ICE captured 88% of the S&P 500's gains in rising months and 94% of its losses in falling months, with a beta of 0.84. Its share of the market's losses was slightly larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ICE: Intercontinental Exchange, Inc. (this page) | 88.0% | 94.0% | 0.84 |
| CBOE: Cboe Global Markets, Inc. | 79.0% | 50.0% | 0.53 |
| [CME](https://easycompare.io/research/cme): CME Group Inc. | 50.0% | 11.0% | 0.33 |
| [IBKR](https://easycompare.io/research/ibkr): Interactive Brokers Group, Inc. | 128% | 92.0% | 1.03 |
| VIRT: Virtu Financial, Inc. | 45.0% | −28.0% | 0.20 |
| [NDAQ](https://easycompare.io/research/ndaq): Nasdaq, Inc. | 104% | 97.0% | 0.91 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | 136% | 133% | 1.39 |
| [MCO](https://easycompare.io/research/mco): Moody's Corporation | 131% | 151% | 1.26 |
| [MSCI](https://easycompare.io/research/msci): MSCI Inc. | 131% | 121% | 1.12 |
| [SPGI](https://easycompare.io/research/spgi): S&P Global Inc. | 107% | 125% | 1.04 |
| [SCHW](https://easycompare.io/research/schw): The Charles Schwab Corporation | 89.0% | 90.0% | 0.91 |
| FDS: FactSet Research Systems Inc. | 71.0% | 97.0% | 0.76 |
| MORN: Morningstar, Inc. | 93.0% | 117% | 1.07 |
| MKTX: MarketAxess Holdings Inc. | 40.0% | 74.0% | 0.62 |
| FIS: Fidelity National Information Services, Inc. | 54.0% | 150% | 0.82 |

### 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).

- Moving a fifth of the money in ICE into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+7.2% for ICE alone, +11.6% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ICE over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- CAH made money in two of the three calendar years in which ICE lost money.

| Investment | Correlation with ICE | 5Y return | Volatility | Sharpe | Rose in ICE's 3 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 11.1% | 1.48 | 1 of 3 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.12 | +225% | 19.1% | 1.34 | 2 of 3 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.49 | +101% | 14.5% | 1.04 | 2 of 3 |
| EWP: iShares MSCI Spain ETF | 0.41 | +140% | 20.3% | 0.97 | 0 of 3 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.14 | +323% | 36.9% | 0.97 | 1 of 3 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.44 | +85.0% | 13.8% | 0.96 | 1 of 3 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.31 | +126% | 18.9% | 0.96 | 1 of 3 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.26 | +136% | 20.8% | 0.93 | 0 of 3 |

## 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.

## More research

- [CME Group (CME) Performance, Alternatives and Market Rank](https://easycompare.io/research/cme)
- [Interactive Brokers Group (IBKR) Performance, Alternatives and Market Rank](https://easycompare.io/research/ibkr)
- [Nasdaq (NDAQ) Performance, Alternatives and Market Rank](https://easycompare.io/research/ndaq)
- [Goldman Sachs Group (GS) Performance, Alternatives and Market Rank](https://easycompare.io/research/gs)
- [Moody's (MCO) Performance, Alternatives and Market Rank](https://easycompare.io/research/mco)
- [MSCI Performance, Alternatives and Market Rank](https://easycompare.io/research/msci)
- [S&P Global (SPGI) Performance, Alternatives and Market Rank](https://easycompare.io/research/spgi)
- [Charles Schwab (SCHW) Performance, Alternatives and Market Rank](https://easycompare.io/research/schw)
- [Coinbase Global (COIN) Performance, Alternatives and Market Rank](https://easycompare.io/research/coin)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)

## Explore further

- Full page with charts: https://easycompare.io/research/ice
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against ICE live: https://betterthanspy.com/?b=ICE&utm_source=easycompare&utm_medium=research