Intercontinental Exchange (ICE)
Market Price (12/24/2025): $161.18 | Market Cap: $92.4 BilSector: Financials | Industry: Financial Exchanges & Data
Intercontinental Exchange (ICE)
Market Price (12/24/2025): $161.18Market Cap: $92.4 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 4.9 Bil, FCF LTM is 4.1 Bil | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -12% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 31x |
| Low stock price volatilityVol 12M is 19% | Key risksICE key risks include [1] the sensitivity of its Mortgage Technology segment to high interest rates reducing home sales and servicing volumes, Show more. | |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 4.9 Bil, FCF LTM is 4.1 Bil |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Artificial Intelligence. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -12% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 31x |
| Key risksICE key risks include [1] the sensitivity of its Mortgage Technology segment to high interest rates reducing home sales and servicing volumes, Show more. |
Why The Stock Moved
Qualitative Assessment
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The Intercontinental Exchange (ICE) stock experienced a decline of approximately 7.8% between August 31, 2025, and December 24, 2025. This movement can be attributed to several factors:1. Negative Technical Signals and Forecasts. Technical analysis indicated potential downward pressure on ICE's stock. A sell signal was issued from a pivot top point on December 12, 2025, which preceded a -1.78% fall. Furthermore, a sell signal from the 3-month Moving Average Convergence Divergence (MACD) was also noted. Forecasts suggested that the stock value could drop by nearly 9% by early 2026.
2. Stock Overvaluation Concerns. Despite strong operational metrics, analysis from September 2025 suggested that ICE's stock might be overvalued at its then-current levels, which were near its 52-week high of $189.35. This perceived overvaluation could have contributed to investor caution and selling pressure.
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Stock Movement Drivers
Fundamental Drivers
The -3.4% change in ICE stock from 9/23/2025 to 12/23/2025 was primarily driven by a -3.4% change in the company's P/E Multiple.| 9232025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 167.59 | 161.95 | -3.37% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12554.00 | 12554.00 | 0.00% |
| Net Income Margin (%) | 23.92% | 23.92% | 0.00% |
| P/E Multiple | 31.98 | 30.90 | -3.37% |
| Shares Outstanding (Mil) | 573.00 | 573.00 | 0.00% |
| Cumulative Contribution | -3.37% |
Market Drivers
9/23/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| ICE | -3.4% | |
| Market (SPY) | 3.7% | 20.6% |
| Sector (XLF) | 3.1% | 65.8% |
Fundamental Drivers
The -9.9% change in ICE stock from 6/24/2025 to 12/23/2025 was primarily driven by a -16.6% change in the company's P/E Multiple.| 6242025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 179.81 | 161.95 | -9.93% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 12189.00 | 12554.00 | 2.99% |
| Net Income Margin (%) | 22.84% | 23.92% | 4.73% |
| P/E Multiple | 37.07 | 30.90 | -16.65% |
| Shares Outstanding (Mil) | 574.00 | 573.00 | 0.17% |
| Cumulative Contribution | -9.93% |
Market Drivers
6/24/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| ICE | -9.9% | |
| Market (SPY) | 13.7% | 23.5% |
| Sector (XLF) | 7.8% | 56.3% |
Fundamental Drivers
The 9.1% change in ICE stock from 12/23/2024 to 12/23/2025 was primarily driven by a 12.2% change in the company's Net Income Margin (%).| 12232024 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 148.48 | 161.95 | 9.07% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 11397.00 | 12554.00 | 10.15% |
| Net Income Margin (%) | 21.31% | 23.92% | 12.24% |
| P/E Multiple | 35.09 | 30.90 | -11.93% |
| Shares Outstanding (Mil) | 574.00 | 573.00 | 0.17% |
| Cumulative Contribution | 9.07% |
Market Drivers
12/23/2024 to 12/23/2025| Return | Correlation | |
|---|---|---|
| ICE | 9.1% | |
| Market (SPY) | 16.7% | 43.5% |
| Sector (XLF) | 15.7% | 62.6% |
Fundamental Drivers
The 63.8% change in ICE stock from 12/24/2022 to 12/23/2025 was primarily driven by a 42.7% change in the company's P/E Multiple.| 12242022 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 98.89 | 161.95 | 63.77% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 9587.00 | 12554.00 | 30.95% |
| Net Income Margin (%) | 26.58% | 23.92% | -10.00% |
| P/E Multiple | 21.66 | 30.90 | 42.69% |
| Shares Outstanding (Mil) | 558.00 | 573.00 | -2.69% |
| Cumulative Contribution | 63.65% |
Market Drivers
12/24/2023 to 12/23/2025| Return | Correlation | |
|---|---|---|
| ICE | 31.9% | |
| Market (SPY) | 48.4% | 42.7% |
| Sector (XLF) | 52.3% | 54.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ICE Return | 26% | 20% | -24% | 27% | 17% | 10% | 88% |
| Peers Return | 13% | 33% | -13% | 12% | 10% | 20% | 91% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| ICE Win Rate | 58% | 50% | 42% | 67% | 50% | 58% | |
| Peers Win Rate | 57% | 55% | 45% | 58% | 53% | 60% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| ICE Max Drawdown | -28% | -5% | -34% | -7% | -3% | -4% | |
| Peers Max Drawdown | -33% | -10% | -30% | -19% | -12% | -11% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: SCHW, CME, NDAQ, CBOE, MKTX. See ICE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)
How Low Can It Go
| Event | ICE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.9% | -25.4% |
| % Gain to Breakeven | 53.7% | 34.1% |
| Time to Breakeven | 615 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.3% | -33.9% |
| % Gain to Breakeven | 49.8% | 51.3% |
| Time to Breakeven | 137 days | 148 days |
| 2018 Correction | ||
| % Loss | -13.5% | -19.8% |
| % Gain to Breakeven | 15.6% | 24.7% |
| Time to Breakeven | 148 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -73.9% | -56.8% |
| % Gain to Breakeven | 283.7% | 131.3% |
| Time to Breakeven | 1,786 days | 1,480 days |
Compare to SCHW, CME, NDAQ, CBOE, MKTX
In The Past
Intercontinental Exchange's stock fell -34.9% during the 2022 Inflation Shock from a high on 11/2/2021. A -34.9% loss requires a 53.7% gain to breakeven.
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Here are 1-3 brief analogies for Intercontinental Exchange (ICE):
1. Nasdaq for all markets: Think of it as **Nasdaq** but operating a much wider range of global financial markets—from the New York Stock Exchange (NYSE) to critical energy futures—and also providing essential market data and services.
2. Salesforce for mortgages: It's like **Salesforce.com** but specifically focused on providing crucial software and technology solutions for the U.S. residential mortgage industry.
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- Exchanges: Operates regulated marketplaces for trading a wide range of financial and commodity products globally, including equities, futures, and options.
- Clearing Services: Provides post-trade clearing and settlement to manage counterparty risk across various asset classes.
- Data & Analytics: Offers comprehensive market data, indices, analytics, and valuation services to financial institutions worldwide.
- Mortgage Technology: Delivers end-to-end software solutions and services to streamline the U.S. residential mortgage industry, from origination to servicing.
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Intercontinental Exchange (symbol: ICE) primarily sells its services and products to **other companies**. Due to the nature of ICE's business as a global provider of data, technology, and market infrastructure, it serves thousands of institutional clients worldwide. Specific, exhaustive customer lists are generally proprietary. However, based on ICE's diverse business segments, its major customers are broadly categorized as, and include prominent examples of, the following:1. Financial Institutions (Investment Banks, Broker-Dealers, Trading Firms, Asset Managers):
These firms are major customers for ICE's global exchanges (such as the New York Stock Exchange, ICE Futures U.S., ICE Futures Europe) for trading, listings, and clearing services. They also extensively utilize ICE Data Services for market data, analytics, indices, and valuation tools across various asset classes.
- JPMorgan Chase & Co. (JPM)
- Goldman Sachs (GS)
- Morgan Stanley (MS)
- BlackRock (BLK)
- Virtu Financial (VIRT)
2. Mortgage Lenders and Originators:
Companies in the U.S. residential mortgage industry are significant customers for ICE Mortgage Technology. They leverage platforms like Encompass for loan origination, processing, and closing, as well as other mortgage-specific solutions.
- Wells Fargo & Company (WFC)
- Rocket Companies, Inc. (RKT)
- United Wholesale Mortgage (UWMC)
3. Corporations (for Listings and Hedging):
Public companies that choose to list their securities on ICE's exchanges (e.g., the New York Stock Exchange) are customers, paying listing fees and benefiting from market access. Additionally, corporations in commodity-intensive sectors often use ICE's futures markets for hedging against price fluctuations in energy, agriculture, and other commodities.
- Apple Inc. (AAPL) (as a NYSE-listed company)
- Exxon Mobil Corporation (XOM) (as a potential user of commodity futures for hedging)
- Delta Air Lines, Inc. (DAL) (as a potential user of energy futures for hedging)
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- Google (GOOGL)
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```htmlJeffrey Sprecher, Chair & Chief Executive Officer
Jeffrey Sprecher is the Founder, Chair, and CEO of Intercontinental Exchange (ICE). He is credited with pioneering digital networks and the electronification of trading and marketplaces. Sprecher acquired Continental Power Exchange in 1997, which became the foundation for ICE, a company he took public in 2005. Under his leadership, ICE has grown from a startup in 2000 to a diversified Fortune 500 company through a series of innovations and acquisitions, including the International Petroleum Exchange (2001), the New York Board of Trade (2007), Creditex (2008), the Clearing Corporation (2009), the Climate Exchange (2010), and the NYSE (2013). He became Chair of the NYSE following ICE's acquisition.
Warren Gardiner, Chief Financial Officer
Warren Gardiner has served as Chief Financial Officer of Intercontinental Exchange since May 2021, overseeing all aspects of ICE's finance and accounting functions, treasury, tax, audit, controls, sales operations, and investor relations. Prior to this role, he was ICE's Vice President of Investor Relations from July 2017 to May 2021, where he managed interactions with the investment community and played a role in business development initiatives. Before joining ICE in 2017, Gardiner was a research analyst covering Financial Information and Exchanges equities at Evercore ISI and an equity research analyst at Barclays.
Benjamin Jackson, President
Benjamin Jackson is the President of Intercontinental Exchange, overseeing ICE's global technology, information security, operations, and coordinating global futures and OTC trading businesses. He is also responsible for leading the integration planning and execution of ICE's acquisitions and joint ventures, and chairs the Board of Directors of ICE Mortgage Technology Holdings, Inc. Jackson joined ICE in 2011, having previously served as Chief Commercial Officer for Intercontinental Exchange and President and Chief Operating Officer of ICE Futures U.S. Before ICE, he was Senior Executive Vice President at SunGard, where he led the company's energy and commodities business segment, and also served as President of SunGard's Kiodex commodity risk management platform.
Lynn Martin, President, NYSE Group & Chair, ICE Fixed Income & Data Services
Lynn Martin is the 68th President of the New York Stock Exchange (NYSE) and Chair of Fixed Income & Data Services at Intercontinental Exchange, Inc. (ICE). She began her career as a computer programmer at IBM. Within ICE and its subsidiaries, she has held numerous leadership positions, including President of Fixed Income & Data Services, President of ICE Data Services, COO of ICE Clear U.S., CEO of NYSE Liffe U.S., and CEO of New York Portfolio Clearing.
Elizabeth King, Global Head of Clearing & Chief Regulatory Officer
Elizabeth King is the Global Head of Clearing and Chief Regulatory Officer at Intercontinental Exchange, Inc. She is responsible for ICE's clearing house operations, the global risk management team, and the company's global regulatory and government affairs strategies. King previously served as President of Sustainable Finance, General Counsel, and Corporate Secretary of NYSE Group. Before joining ICE in March 2014, she was Deputy General Counsel and Global Head of Regulatory Affairs at KCG Holdings, Inc. Prior to KCG, King was Associate Director, Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), where she oversaw the SEC's regulatory program for securities markets.
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The Intercontinental Exchange (ICE) faces several key risks to its business operations and financial performance.- Macro-economic Sensitivity and Market Volatility: ICE's revenue streams, particularly from its Exchange segment's transaction fees and its Mortgage Technology business, are highly susceptible to broader economic conditions and market volatility. Sustained high interest rates can negatively impact the Mortgage Technology segment by reducing home sales and servicing volumes, while a prolonged economic slowdown can diminish overall trading activity.
- Intense Competition and Market Consolidation: Intercontinental Exchange operates within highly competitive markets across its diverse business segments, including exchange operations, mortgage technology, and fixed income and data services. The company faces significant competition from other global exchanges, established financial technology (FinTech) players, and alternative trading arrangements. This competitive landscape, further intensified by market consolidation, can lead to erosion of ICE's market share and pressure on pricing and margins.
- Regulatory and Compliance Risks: As a global provider of financial market infrastructure, ICE operates in a highly regulated environment. The company's operations are subject to a complex and evolving set of laws and regulations, including those related to financial markets (e.g., EMIR 3.0) and geopolitical events (e.g., EU sanctions against Russia). Changes in these regulatory frameworks can impact trading volumes, clearing activities, and necessitate increased compliance costs and resources.
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Intercontinental Exchange (ICE) operates across three primary business segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The addressable market sizes for these segments are detailed below:
Exchanges
- The global Exchange industry revenue reached $57.9 billion in 2024.
- Global equity market capitalization increased to $126.7 trillion in 2024.
- The global foreign exchange (FX) market recorded an average daily turnover of $7.5 trillion in April 2022, increasing to $9.6 trillion per day in April 2025.
Fixed Income and Data Services
- The global fixed income markets outstanding were $145.1 trillion in 2024, with an estimated increase to $153.39 trillion in 2025.
- The global Financial Data Services market was valued at $24.15 billion in 2024 and is projected to reach $27.45 billion by 2025.
Mortgage Technology
- The global digital mortgage software market was valued at $3.7 billion in 2022 and is projected to grow to $35.3 billion by 2032.
- The global e-Mortgage market was valued at $12.1 billion in 2024 and is projected to reach $62.1 billion by 2034.
- The mortgage and loans software market globally was valued at $20.43 billion in 2024, with forecasts to reach $23.51 billion in 2025 and $73.2 billion by 2033.
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Intercontinental Exchange (ICE) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:
- Growth in Exchange Transaction Volumes: ICE expects continued growth from increased transaction volumes across its exchange segments. Notably, its interest rate business experienced a 20% increase in Q2 2025, and there's significant growth projected in global energy markets, including natural gas and environmental portfolios. The company also reported a 13% year-over-year increase in total open interest for August 2025, with strong performance in oil-related contracts (Brent crude up 16%, WTI up 5%) and interest rate products (open interest surging 41%).
- Expansion of Fixed Income and Data Services: This segment is a significant driver, with recurring revenues from Fixed Income and Data Services seeing a 7% rise in Q3 2025. Growth is fueled by increased demand for pricing and reference data, as well as the expansion of its index business, which saw record ETF assets under management (AUM) reaching $754 billion by the end of Q3 2025. Product innovation, including more comprehensive data and analytics tools for fixed income and commodity markets, further enhances offerings and attracts a broader client base. The ICE Global Network also demonstrated heightened demand, contributing to a 10% increase in data and network technology revenues in Q3 2025.
- Advancements and Adoption in Mortgage Technology: ICE's Mortgage Technology segment is expected to contribute to revenue growth through ongoing enhancements and new customer acquisition. The company is focused on introducing AI to create a fully automated and integrated digital mortgage platform, aiming to improve efficiencies and reduce costs. Revenues in this segment grew by 5% in Q2 2025, driven by improvements in its Data and Analytics and Servicing business segments. New customers coming online and higher transaction fees from Encompass closed loans are also expected to offset certain headwinds.
- Strategic Investments and Partnerships: Strategic initiatives and partnerships are poised to amplify ICE's growth potential. An example includes a strategic investment in Polymarket, expanding ICE's footprint into decentralized prediction markets. The company is also exploring collaborations with major financial institutions and technology providers, including the development of blockchain solutions for supply chain finance, which could significantly impact future revenue streams.
- Consistent Growth in Recurring Revenues: Across its diverse business lines, ICE emphasizes sustained growth in recurring revenues. This includes revenues from Exchange Data Services and NYSE Listings, which collectively reached $378 million in Q2 2025, up 5% year-over-year, and $389 million in Q3 2025, up 7% year-over-year. This stable and predictable revenue stream, underpinned by high-value proprietary data offerings, is a fundamental driver for overall company growth.
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Share Repurchases
- Intercontinental Exchange authorized a new share repurchase program of up to $2.4 billion in February 2020.
- In the first quarter of 2020, ICE repurchased $699 million of its common stock.
- Through September 30, 2025, ICE repurchased $894 million in common stock, with Q1 2025 repurchases totaling $241 million and Q2 2025 repurchases amounting to $255 million.
Share Issuance
- The acquisition of Black Knight, Inc. in late 2023 was a cash and stock transaction valued at $13.1 billion, indicating a share issuance component.
Outbound Investments
- In August 2020, ICE acquired Ellie Mae, a cloud-based platform for the mortgage finance industry, for approximately $11 billion.
- ICE completed the acquisition of Black Knight, Inc. in late 2023 for $13.1 billion, expanding its mortgage technology offerings.
- In October 2025, ICE announced a strategic investment of up to $2 billion in Polymarket, a decentralized prediction market platform.
Capital Expenditures
- Intercontinental Exchange expects total capital expenditures for 2025 to be in the range of $730 million to $780 million.
- Higher technology spend related to data center buildout and strategy contributed to operating expenses in Q2 2025.
Latest Trefis Analyses
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| ARTICLES |
Trade Ideas
Select ideas related to ICE. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.4% | -5.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.1% | 7.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.5% | -11.5% | -12.1% |
| 03312023 | ICE | Intercontinental Exchange | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 6.3% | 33.7% | 0.0% |
| 09302022 | ICE | Intercontinental Exchange | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 16.3% | 23.7% | -0.4% |
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Peer Comparisons for Intercontinental Exchange
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.59 |
| Mkt Cap | 74.5 |
| Rev LTM | 7,283 |
| Op Inc LTM | 2,322 |
| FCF LTM | 1,222 |
| FCF 3Y Avg | 2,627 |
| CFO LTM | 1,367 |
| CFO 3Y Avg | 2,838 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.4% |
| Rev Chg 3Y Avg | 8.4% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 38.2% |
| Op Mgn 3Y Avg | 38.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 33.7% |
| CFO/Rev 3Y Avg | 41.4% |
| FCF/Rev LTM | 29.1% |
| FCF/Rev 3Y Avg | 35.0% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Exchanges | 6,355 | 6,415 | 5,878 | 5,839 | 4,652 |
| Fixed Income and Data Services | 2,231 | 2,092 | 1,883 | 1,810 | 1,756 |
| Mortgage Technology | 1,317 | 1,129 | 1,407 | 595 | 139 |
| Total | 9,903 | 9,636 | 9,168 | 8,244 | 6,547 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Exchanges | 3,159 | 2,862 | 2,523 | 2,389 | 2,167 |
| Fixed Income and Data Services | 811 | 719 | 529 | 492 | 439 |
| Mortgage Technology | -276 | 57 | 397 | 152 | 67 |
| Total | 3,694 | 3,638 | 3,449 | 3,033 | 2,673 |
Price Behavior
| Market Price | $161.95 | |
| Market Cap ($ Bil) | 92.6 | |
| First Trading Date | 11/16/2005 | |
| Distance from 52W High | -13.6% | |
| 50 Days | 200 Days | |
| DMA Price | $154.93 | $168.51 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 4.5% | -3.9% |
| 3M | 1YR | |
| Volatility | 20.1% | 19.0% |
| Downside Capture | 20.78 | 38.11 |
| Upside Capture | 0.82 | 40.69 |
| Correlation (SPY) | 21.1% | 43.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.24 | 0.32 | 0.36 | 0.37 | 0.43 | 0.56 |
| Up Beta | -0.13 | 1.26 | 1.23 | 0.88 | 0.39 | 0.45 |
| Down Beta | 0.45 | 0.65 | 0.47 | 0.19 | 0.57 | 0.62 |
| Up Capture | 74% | -33% | -25% | 2% | 23% | 31% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 21 | 29 | 57 | 124 | 399 |
| Down Capture | 4% | 15% | 39% | 58% | 52% | 83% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 20 | 33 | 68 | 124 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of ICE With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| ICE | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 9.5% | 18.1% | 18.8% | 72.9% | 9.0% | 3.7% | -11.4% |
| Annualized Volatility | 18.9% | 19.0% | 19.5% | 19.2% | 15.3% | 17.2% | 35.0% |
| Sharpe Ratio | 0.35 | 0.74 | 0.76 | 2.72 | 0.36 | 0.05 | -0.14 |
| Correlation With Other Assets | 62.6% | 43.6% | 3.6% | 11.6% | 58.8% | 8.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of ICE With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| ICE | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 9.2% | 16.2% | 14.8% | 18.9% | 11.8% | 4.7% | 35.5% |
| Annualized Volatility | 20.2% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.37 | 0.71 | 0.70 | 0.98 | 0.51 | 0.16 | 0.62 |
| Correlation With Other Assets | 54.3% | 57.4% | 9.5% | 11.0% | 56.9% | 22.7% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 10-Year Data
| Comparison of ICE With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| ICE | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 13.9% | 13.1% | 14.8% | 15.1% | 6.8% | 5.4% | 69.1% |
| Annualized Volatility | 22.1% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.58 | 0.55 | 0.71 | 0.85 | 0.31 | 0.23 | 0.90 |
| Correlation With Other Assets | 59.9% | 62.2% | 4.8% | 18.8% | 55.6% | 16.1% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | -1.4% | -2.9% | 4.2% |
| 7/31/2025 | -0.5% | 1.2% | -4.6% |
| 5/1/2025 | 1.7% | 5.1% | 7.0% |
| 2/6/2025 | 4.3% | 3.6% | 5.9% |
| 10/31/2024 | -6.4% | -6.4% | -3.3% |
| 8/1/2024 | -0.4% | -0.3% | 5.7% |
| 5/2/2024 | -1.7% | 3.7% | 4.1% |
| 2/8/2024 | 4.7% | 6.7% | 8.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 16 | 15 |
| # Negative | 15 | 8 | 9 |
| Median Positive | 2.1% | 3.1% | 5.7% |
| Median Negative | -1.4% | -3.0% | -3.3% |
| Max Positive | 4.7% | 6.7% | 17.9% |
| Max Negative | -7.5% | -13.9% | -8.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 2062025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2082024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2022023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2032022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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