MarketAxess (MKTX)
Market Price (12/26/2025): $182.64 | Market Cap: $6.8 BilSector: Financials | Industry: Financial Exchanges & Data
MarketAxess (MKTX)
Market Price (12/26/2025): $182.64Market Cap: $6.8 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 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -112% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 31x |
| Attractive yieldFCF Yield is 5.1% | Key risksMKTX key risks include [1] intense competitive pressure eroding its market share and profit margins in key credit markets, Show more. | |
| Low stock price volatilityVol 12M is 27% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Electronic Fixed Income Trading, and Algorithmic Trading. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% |
| Attractive yieldFCF Yield is 5.1% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Electronic Fixed Income Trading, and Algorithmic Trading. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -112% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 31x |
| Key risksMKTX key risks include [1] intense competitive pressure eroding its market share and profit margins in key credit markets, Show more. |
Why The Stock Moved
Qualitative Assessment
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Here are the key points for MarketAxess (MKTX) stock movement from approximately August 31, 2025, to December 26, 2025:1. MarketAxess reported its Third Quarter 2025 Financial Results on November 7, 2025. Total revenues increased by 1% to $208.8 million, including a $1.3 million benefit from foreign currency fluctuations. Diluted earnings per share (EPS) decreased by 3% to $1.84, though it surpassed Zacks Consensus Estimate by 8.9%. Total commission revenue was flat year-over-year.
2. Despite overall revenue growth, total credit commission revenue saw a decrease of 2% compared to the prior year, falling to $164.9 million. Additionally, total rates commission revenue decreased by 6% year-over-year and 18% from Q2 2025 levels.
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Stock Movement Drivers
Fundamental Drivers
The 2.9% change in MKTX stock from 9/25/2025 to 12/25/2025 was primarily driven by a 3.9% change in the company's P/E Multiple.| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 177.39 | 182.54 | 2.90% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 837.16 | 839.26 | 0.25% |
| Net Income Margin (%) | 26.62% | 26.16% | -1.73% |
| P/E Multiple | 29.62 | 30.78 | 3.93% |
| Shares Outstanding (Mil) | 37.21 | 37.02 | 0.50% |
| Cumulative Contribution | 2.90% |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| MKTX | 2.9% | |
| Market (SPY) | 4.9% | -21.0% |
| Sector (XLF) | 4.2% | 5.9% |
Fundamental Drivers
The -16.5% change in MKTX stock from 6/26/2025 to 12/25/2025 was primarily driven by a -18.4% change in the company's P/E Multiple.| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 218.69 | 182.54 | -16.53% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 815.36 | 839.26 | 2.93% |
| Net Income Margin (%) | 26.57% | 26.16% | -1.54% |
| P/E Multiple | 37.74 | 30.78 | -18.45% |
| Shares Outstanding (Mil) | 37.39 | 37.02 | 0.98% |
| Cumulative Contribution | -16.54% |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| MKTX | -16.5% | |
| Market (SPY) | 13.1% | -17.2% |
| Sector (XLF) | 8.0% | 3.7% |
Fundamental Drivers
The -19.2% change in MKTX stock from 12/25/2024 to 12/25/2025 was primarily driven by a -23.8% change in the company's Net Income Margin (%).| 12252024 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 225.80 | 182.54 | -19.16% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 811.94 | 839.26 | 3.37% |
| Net Income Margin (%) | 34.32% | 26.16% | -23.78% |
| P/E Multiple | 30.41 | 30.78 | 1.23% |
| Shares Outstanding (Mil) | 37.53 | 37.02 | 1.34% |
| Cumulative Contribution | -19.17% |
Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| MKTX | -19.2% | |
| Market (SPY) | 15.8% | -16.9% |
| Sector (XLF) | 14.9% | -6.0% |
Fundamental Drivers
The -32.4% change in MKTX stock from 12/26/2022 to 12/25/2025 was primarily driven by a -26.1% change in the company's P/E Multiple.| 12262022 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 270.13 | 182.54 | -32.43% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 705.46 | 839.26 | 18.97% |
| Net Income Margin (%) | 34.47% | 26.16% | -24.11% |
| P/E Multiple | 41.63 | 30.78 | -26.07% |
| Shares Outstanding (Mil) | 37.48 | 37.02 | 1.22% |
| Cumulative Contribution | -32.44% |
Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| MKTX | -35.6% | |
| Market (SPY) | 48.3% | -0.6% |
| Sector (XLF) | 52.6% | 6.0% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MKTX Return | 51% | -28% | -32% | 6% | -22% | -18% | -49% |
| Peers Return | 12% | 43% | -19% | 28% | 25% | 15% | 136% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| MKTX Win Rate | 58% | 33% | 50% | 50% | 50% | 42% | |
| Peers Win Rate | 58% | 63% | 38% | 63% | 55% | 62% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| MKTX Max Drawdown | -26% | -39% | -46% | -27% | -34% | -29% | |
| Peers Max Drawdown | -30% | -3% | -31% | -7% | -4% | -9% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: TW, ICE, CME, CBOE, NDAQ. See MKTX 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 12/24/2025 (YTD)
How Low Can It Go
| Event | MKTX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -65.2% | -25.4% |
| % Gain to Breakeven | 187.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -26.0% | -33.9% |
| % Gain to Breakeven | 35.2% | 51.3% |
| Time to Breakeven | 11 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.0% | -19.8% |
| % Gain to Breakeven | 31.6% | 24.7% |
| Time to Breakeven | 197 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -77.7% | -56.8% |
| % Gain to Breakeven | 348.3% | 131.3% |
| Time to Breakeven | 790 days | 1,480 days |
Compare to ICE, NDAQ, MSCI, CBOE, FDS
In The Past
MarketAxess's stock fell -65.2% during the 2022 Inflation Shock from a high on 2/2/2021. A -65.2% loss requires a 187.5% gain to breakeven.
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MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.
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1. The NASDAQ for corporate bonds.
2. Booking.com for institutional bond trading.
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- Electronic Trading Platform: Facilitates institutional investors in trading a wide range of fixed-income securities, including corporate bonds, emerging markets debt, and municipal bonds.
- Market Data Solutions: Provides real-time and historical pricing, liquidity, and analytical data for fixed-income markets, exemplified by its Composite+ data product.
- Post-Trade Services: Offers straight-through processing (STP) and regulatory reporting solutions to streamline trade operations for fixed-income securities.
- Open Trading™: An all-to-all trading protocol that enhances liquidity by connecting a diverse network of institutional participants for anonymous fixed-income trading.
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MarketAxess (MKTX) primarily sells its services to other companies, specifically institutional firms within the global financial markets. Due to the nature of its business as an electronic trading platform for fixed-income securities, MarketAxess serves a highly diversified customer base consisting of thousands of institutional clients globally. The company's annual reports typically state that no single client accounts for a significant portion (e.g., 10% or more) of its total revenues, meaning there are no "major customers" by name in the traditional sense of revenue concentration. Instead, MarketAxess's major customers are best described by the categories of institutional companies that utilize its platform and services:- Institutional Investor Firms (Buy-side): These include a wide array of entities such as:
- Asset Managers
- Hedge Funds
- Pension Funds
- Insurance Companies
- Sovereign Wealth Funds
- Broker-Dealer Firms (Sell-side): These are investment banks and brokerages that act as market makers, provide liquidity to the buy-side, and execute trades for their own clients or for proprietary trading. While specific firms like Goldman Sachs (GS), JPMorgan Chase (JPM), or Morgan Stanley (MS) are among the many broker-dealers that participate on the platform, none individually represent a "major customer" to MarketAxess by revenue concentration.
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Chris Concannon, Chief Executive Officer
Mr. Concannon has served as MarketAxess' Chief Executive Officer since April 2023. Prior to this role, he was the company's President and Chief Operating Officer from January 2019 to April 2023, and also served as Interim Chief Financial Officer between January 2024 and May 2024. Before joining MarketAxess, Mr. Concannon served as President and Chief Operating Officer of Cboe Global Markets, Inc. until 2019, a position he took following Cboe's acquisition of Bats Global Markets, Inc. in 2017. He was President of Bats Global Markets from December 2014, a director from February 2015, and Chief Executive Officer from March 2015 until its acquisition by Cboe. Mr. Concannon also has over 20 years of executive experience at Nasdaq, Virtu Financial, and Instinet, and previously worked as an attorney at Morgan Lewis & Bockius and the SEC.
Ilene Fiszel Bieler, Chief Financial Officer
Ms. Fiszel Bieler has been the Chief Financial Officer of MarketAxess since May 2024. Prior to joining MarketAxess, she was Executive Vice President, Global Head of Investor Relations and Chief Operating Officer of State Street Global Markets and Global Credit Finance of State Street Corporation from 2022 to May 2024. She also held roles as Executive Vice President, Global Head of Investor Relations of State Street from 2020 to 2022 and Senior Vice President, Global Head of Investor Relations of State Street from 2017 to 2020.
Dean Berry, Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC
Mr. Berry has served as MarketAxess' Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC since September 2025. Before this, he was the Group Head of Workflows of the London Stock Exchange Group (LSEG) from January 2024 to September 2025, and also served as Interim Group Co-Head of LSEG Data & Analytics from December 2024 to September 2025.
Oliver Huggins, Global Chief Risk Officer
Mr. Huggins serves as the Global Chief Risk Officer for MarketAxess.
Kevin M. McPherson, Global Head of Sales
Mr. McPherson has been the Global Head of Sales for MarketAxess since June 2014. Prior to this role, he served as the company's U.S. Sales Manager from January 2008 to June 2014. He has been with MarketAxess since March 1999.
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The key risks to MarketAxess (MKTX) primarily revolve around competitive dynamics, market conditions, and regulatory shifts.
- Competitive Pressure and Market Share Erosion: MarketAxess faces significant competitive pressure, particularly from rivals like Tradeweb. This competition has led to challenges in maintaining market share, especially in key areas such as US high-yield and investment-grade credit markets. The company's performance has been affected by a slowdown in these markets amid intensifying competitive forces. Furthermore, a shift towards trading protocols with lower fees per million, such as portfolio trading and block trading, could put pressure on MarketAxess's profit margins if not offset by increased efficiency or cost reductions.
- Market Volatility and Revenue Concentration: The financial performance of MarketAxess is closely linked to the overall health and volatility of fixed-income markets. A substantial portion of the company's revenue (approximately 98.7% in 2023) is derived from commissions on fixed-income electronic trading. This high dependence on trading volumes and the fixed-income market exposes MarketAxess to risks associated with unpredictable trading volumes and periods of low market volatility or downturns, which can negatively impact commission revenues and financial results.
- Regulatory Changes: Operating within a highly regulated financial services industry, MarketAxess is susceptible to changes in financial regulations. New or altered regulations could lead to increased compliance costs, modify trading dynamics, or restrict the company's ability to offer specific products and services, thereby threatening its business model. The company must continuously adapt to regulatory developments to mitigate this threat.
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MarketAxess (MKTX) operates an electronic trading platform for institutional credit markets, with key products and services spanning several fixed-income categories. The addressable market sizes for its main offerings are as follows:
-
Corporate Bonds:
- The global corporate bond market was valued at approximately USD 37.58 trillion in 2024 and is projected to reach USD 57.99 trillion in 2025.
- The global corporate bond market was estimated at USD 36.19 trillion in 2025 and is expected to reach USD 54.41 trillion by 2030.
- The U.S. corporate bond market, as of Q3/2023, accounted for USD 11.3 trillion of the total global bond markets.
- In terms of country of incorporation, the global corporate bond markets are dominated by the US ($10.9 trillion as of August 2020) and China ($7.4 trillion as of August 2020), together making up 45% of the total global corporate bond market.
- The European investment-grade corporate bond market (including financial and non-financial corporate issuers) was estimated to have a combined equivalent nominal value of approximately €5.65 trillion as of May 2020.
-
Emerging Markets Bonds:
- Emerging market (EM) sovereign hard-currency debt has grown to approximately USD 1.4 trillion.
- Emerging market corporate hard-currency debt has grown to USD 2.5 trillion.
- EM local currency debt for sovereigns and corporates has become the dominant segment of EM debt, with EM local sovereigns at USD 13.3 trillion and EM local corporates at USD 11.6 trillion, as of December 2022.
- The Emerging Market Bond Index Global (EMBI Global) for USD-denominated emerging markets sovereign bonds had a market capitalization of $692.3 billion as of March 2016.
-
Municipal Bonds:
- The U.S. municipal bond market had USD 4.3 trillion outstanding as of Q2 2025.
- Approximately 80% of the USD 4 trillion in outstanding U.S. municipal bonds were issued by state and local governments as of April 2024.
- MarketAxess reported average daily trading volume of $737 million for municipal bonds in April 2025.
-
Rates Trading (U.S. Treasuries and European Government Bonds):
- The global rates market grew 7.7% year-over-year, reaching USD 687 trillion in 2023.
- The total notional value of sovereign bonds traded in Europe in 2022 was €46,571 billion.
- The outstanding amount of European government ESG bonds surpassed EUR 475.9 billion in Q1 2024.
- U.S. Treasuries accounted for USD 28.3 trillion of global bond markets as of December 2022.
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MarketAxess (MKTX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Expansion of New Trading Protocols: MarketAxess anticipates growth from the increased adoption of new trading protocols and workflow tools, including portfolio trading, block trading, and the recently introduced closing auction for fixed income. The company has seen significant traction with these initiatives, with block trading average daily volume (ADV) increasing by 10% in Q3 2025 and 21% in October, and portfolio trading ADV rising by 20% in Q3 2025. Additionally, the dealer-initiated channel, supported by the Mid-X protocol for Eurobonds and U.S. credit, experienced an 18% increase in ADV in Q3 2025.
- International Expansion and Emerging Markets Growth: Geographic expansion and a focus on non-U.S. credit markets are significant drivers. MarketAxess reported a robust 10% revenue growth outside the U.S. credit market in Q3 2025, with non-U.S. credit trading volumes growing at double-digit rates. Emerging markets and Eurobonds have shown strong commission revenue growth, contributing to the overall international diversification. Clients outside North America now account for more than a third of global credit trading volume.
- Technology Enhancements and Automation: The company is heavily investing in technology transformation to modernize its platform and enhance trading efficiency. This includes developing advanced workflow tools and increasing automation. MarketAxess has observed rapid growth in automated trading, with trade counts and volumes increasing at a compound annual rate of nearly 30%. These technological advancements are aimed at gaining market share and reinforcing the firm's competitive edge.
- Growth in Services Revenue: MarketAxess expects continued growth from its services revenue, which includes Information Services, Post-Trade Services, and Technology Services. Services revenue increased by 9% to a record $29 million in Q3 2025. Information services revenue saw a 6% increase, post-trade services revenue rose by 9%, and technology services revenue grew by 20% compared to the prior year. This high-margin business segment, which accounts for approximately 9% of total revenue, leverages proprietary data and analytics.
- Increased Market Volatility and Improved Credit Market Conditions: A return to higher market volatility and more constructive operating environments are expected to fuel revenue growth. Historically, MarketAxess performs well in periods of increased volatility, wider spreads, and higher liquidity demands. The new issue calendar has been robust, with U.S. high-grade bond issuance up 27% and U.S. high-yield up 86% year-to-date in 2024, indicating potentially improved underlying credit market activity.
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Share Repurchases
- MarketAxess repurchased $120.0 million in shares year-to-date through October 2025, with $105.0 million remaining under authorized repurchase programs as of October 31, 2025.
- In full year 2024, the company repurchased $75.0 million in shares.
- In August 2024, the Board of Directors authorized a new share repurchase program for up to an additional $200.0 million, bringing the aggregate outstanding authorization to $250.0 million at that time.
Share Issuance
- The number of outstanding shares slightly decreased from 37.73 million in 2023 to 37.47 million in 2024, and further to 37.21 million as of November 2025.
- In 2024, MarketAxess issued 3,756 shares of common stock under its Employee Stock Purchase Plan.
- During the first three months of 2024, the company granted approximately 127,000 restricted stock units, 21,000 stock options, and performance stock units for an estimated 31,000 shares.
Outbound Investments
- In May 2025, MarketAxess completed the acquisition of a majority stake (approximately 90%) in the RFQ-hub platform, a bilateral multi-asset and multi-dealer request for quote platform.
- In 2023, MarketAxess acquired Pragma to expand its automated and algorithmic trading solutions to equities and foreign exchange.
- In September 2020, MarketAxess acquired MuniBrokers and the Regulatory Reporting Hub, enhancing its municipal bond trading and post-trade services.
Capital Expenditures
- MarketAxess's capital expenditures were $75.0 million in 2024.
- Capital expenditures were approximately $52.45 million in 2023 and $51.87 million in 2022.
- For 2025, expected capital expenditures are projected to be between $65.0 million and $70.0 million, primarily focused on supporting new protocols, products, and trading platform enhancements.
Latest Trefis Analyses
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| ARTICLES |
Trade Ideas
Select ideas related to MKTX. 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 | 13.8% | 13.8% | -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 | -0.3% | -0.3% | -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 | -4.4% | -4.4% | -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 | 7.6% | 7.6% | -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 | -11.2% | -11.2% | -12.1% |
| 12312022 | MKTX | MarketAxess | 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 | -5.8% | 6.1% | -27.1% |
| 04302022 | MKTX | MarketAxess | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -6.7% | 22.0% | -16.5% |
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Peer Comparisons for MarketAxess
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.58 |
| Mkt Cap | 41.7 |
| Rev LTM | 5,464 |
| Op Inc LTM | 1,819 |
| FCF LTM | 1,543 |
| FCF 3Y Avg | 1,409 |
| CFO LTM | 1,714 |
| CFO 3Y Avg | 1,535 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.4% |
| Rev Chg 3Y Avg | 9.5% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 39.4% |
| Op Mgn 3Y Avg | 38.7% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 43.2% |
| CFO/Rev 3Y Avg | 41.4% |
| FCF/Rev LTM | 36.9% |
| FCF/Rev 3Y Avg | 35.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 41.7 |
| P/S | 7.7 |
| P/EBIT | 20.0 |
| P/E | 30.9 |
| P/CFO | 20.0 |
| Total Yield | 4.4% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Price Behavior
Price Behavior
| Market Price | $182.54 | |
| Market Cap ($ Bil) | 6.8 | |
| First Trading Date | 11/05/2004 | |
| Distance from 52W High | -20.1% | |
| 50 Days | 200 Days | |
| DMA Price | $169.28 | $195.32 |
| DMA Trend | down | down |
| Distance from DMA | 7.8% | -6.5% |
| 3M | 1YR | |
| Volatility | 26.1% | 27.6% |
| Downside Capture | -58.90 | -25.74 |
| Upside Capture | -31.90 | -42.71 |
| Correlation (SPY) | -20.3% | -16.9% |
MKTX Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.06 | -0.48 | -0.45 | -0.43 | -0.23 | 0.27 |
| Up Beta | 0.65 | 0.37 | 0.55 | 0.20 | -0.09 | 0.15 |
| Down Beta | 0.08 | -0.72 | -0.61 | -0.75 | -0.26 | 0.19 |
| Up Capture | 1% | -67% | -70% | -54% | -25% | 7% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 12 | 21 | 30 | 60 | 119 | 366 |
| Down Capture | -40% | -54% | -52% | -23% | -27% | 77% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 21 | 33 | 66 | 130 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of MKTX With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| MKTX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -18.8% | 18.3% | 19.2% | 71.9% | 8.9% | 6.0% | -10.1% |
| Annualized Volatility | 27.4% | 19.0% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | -0.78 | 0.75 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | -5.7% | -16.7% | 10.0% | -10.0% | 9.0% | -7.4% | |
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 MKTX With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| MKTX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -19.2% | 16.3% | 14.9% | 18.7% | 11.7% | 4.8% | 32.7% |
| Annualized Volatility | 33.6% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | -0.56 | 0.72 | 0.70 | 0.97 | 0.51 | 0.17 | 0.60 |
| Correlation With Other Assets | 21.9% | 28.8% | 14.1% | 2.5% | 34.5% | 13.5% | |
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 MKTX With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| MKTX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 6.2% | 13.0% | 14.7% | 14.9% | 6.9% | 5.2% | 69.3% |
| Annualized Volatility | 32.6% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.27 | 0.54 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 29.2% | 36.3% | 11.1% | 7.7% | 35.6% | 10.0% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/7/2025 | 0.9% | 5.4% | 4.9% |
| 8/6/2025 | -10.1% | -9.4% | -13.0% |
| 5/7/2025 | -0.3% | -6.9% | -0.9% |
| 2/6/2025 | 1.6% | -2.6% | 5.9% |
| 11/6/2024 | -1.5% | -2.7% | -12.4% |
| 8/6/2024 | 5.2% | 5.4% | 8.9% |
| 5/7/2024 | -2.4% | 0.1% | -4.2% |
| 1/31/2024 | -17.8% | -19.3% | -22.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 10 |
| # Negative | 15 | 14 | 14 |
| Median Positive | 3.9% | 5.2% | 6.6% |
| Median Negative | -2.4% | -3.6% | -7.0% |
| Max Positive | 10.2% | 13.8% | 9.7% |
| Max Negative | -17.8% | -19.3% | -22.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8062025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2242025 | 10-K 12/31/2024 |
| 9302024 | 11062024 | 10-Q 9/30/2024 |
| 6302024 | 8062024 | 10-Q 6/30/2024 |
| 3312024 | 5072024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 10252023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2222023 | 10-K 12/31/2022 |
| 9302022 | 10262022 | 10-Q 9/30/2022 |
| 6302022 | 7272022 | 10-Q 6/30/2022 |
| 3312022 | 4272022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 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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