NDAQ vs. TW: Nasdaq vs. Tradeweb Markets Stock Comparison

November 11, 2026

How do Nasdaq (NDAQ) and Tradeweb Markets (TW) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Nasdaq (NDAQ) and Tradeweb Markets (TW) are both classified in the Financial Exchanges & Data sub-industry within the broader Capital Markets industry, placing them in the closest GICS peer bucket.

Company profile comparison for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Profile Item	NDAQ	TW
Name	Nasdaq, Inc. Common Stock	Tradeweb Markets Inc. Class A Common Stock
Country/Region	United States	United States
GICS Sector	Financials	Financials
GICS Industry Group	Financial Services	Financial Services
GICS Industry	Capital Markets	Capital Markets
GICS Sub-Industry	Financial Exchanges & Data	Financial Exchanges & Data
Market Capitalization	59.88 billion USD	27.59 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	July 1, 2002	April 4, 2019
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

NDAQ

GSPC

Nasdaq (NDAQ) vs. Tradeweb Markets (TW), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Nasdaq (NDAQ) and Tradeweb Markets (TW). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Nasdaq (NDAQ) and Tradeweb Markets (TW). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
Total Return (1Y)	26.55%	17.01%
Total Return (3Y, Annualized)	30.18%	11.65%
Total Return (5Y, Annualized)	10.68%	6.31%

Risk Profile

Drawdown History

NDAQ

GSPC

Nasdaq (NDAQ) vs. Tradeweb Markets (TW), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Nasdaq (NDAQ) and Tradeweb Markets (TW). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
Volatility (1Y, Annualized)	28.74%	30.82%
Beta (5Y)	0.94	0.54
Max Drawdown (5Y)	-32.57%	-48.64%
Avg. Volume (3M)	3.13M	1.37M

Risk-Adjusted Performance

Risk-Return Positioning

NDAQ and TW are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
Sharpe Ratio (1Y)	0.77	0.41
Sortino Ratio (1Y)	1.09	0.60

Profitability

ROE (TTM)

Both Nasdaq (NDAQ) at 17.33% and Tradeweb Markets (TW) at 14.46% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

NDAQ

Financial Services industry group

17.33%

Max: 44.78%
Q3: 21.85%
NDAQ: 17.33%
Median: 12.91%
Q1: 4.48%
Min: -18.71%

TW

Financial Services industry group

14.46%

Max: 44.78%
Q3: 21.85%
TW: 14.46%
Median: 12.91%
Q1: 4.48%
Min: -18.71%

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their ROE against the Financial Services industry group benchmark.

Net Margin (TTM)

For every dollar of sales, both Nasdaq (NDAQ) at 36.06% and Tradeweb Markets (TW) at 39.86% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

NDAQ

Financial Services industry group

36.06%

Max: 62.84%
NDAQ: 36.06%
Q3: 28.05%
Median: 15.36%
Q1: 4.82%
Min: -28.52%

TW

Financial Services industry group

39.86%

Max: 62.84%
TW: 39.86%
Q3: 28.05%
Median: 15.36%
Q1: 4.82%
Min: -28.52%

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their net margin against the Financial Services industry group benchmark.

Operating Margin (TTM)

Both Nasdaq (NDAQ) at 50.57% and Tradeweb Markets (TW) at 43.30% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

NDAQ

Financial Services industry group

50.57%

Max: 107.33%
Q3: 55.90%
NDAQ: 50.57%
Median: 30.09%
Q1: 14.60%
Min: -44.34%

TW

Financial Services industry group

43.30%

Max: 107.33%
Q3: 55.90%
TW: 43.30%
Median: 30.09%
Q1: 14.60%
Min: -44.34%

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their operating margin against the Financial Services industry group benchmark.

Profitability Metrics

Profitability metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
ROE (TTM)	17.33%	14.46%
ROA (TTM)	6.10%	12.57%
Net Margin (TTM)	36.06%	39.86%
Operating Margin (TTM)	50.57%	43.30%
Gross Margin (TTM)	--	--

Growth

Revenue Growth

Both Nasdaq (NDAQ) at 11.65% and Tradeweb Markets (TW) at 18.92% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Nasdaq (NDAQ) at 60.10% and Tradeweb Markets (TW) at 62.23% sit in the top peer quartile for EPS growth, so each is compounding per-share earnings faster than typical industry peers.

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
Revenue Growth (YoY)	11.65%	18.92%
Revenue Growth (3Y CAGR)	9.89%	19.97%
EPS Growth (YoY)	60.10%	62.23%
EPS Growth (3Y CAGR)	10.99%	36.69%

Financial Strength

Current Ratio (MRQ)

current ratio doesn’t apply on either side: Nasdaq (NDAQ) in Financial Services and Tradeweb Markets (TW) in Financial Services both report balance sheets without a current/non-current split, so their short-term liquidity is better judged through regulatory and funding measures.

Debt / Equity (MRQ)

debt-to-equity ratio is set aside for both: Nasdaq (NDAQ) in Financial Services and Tradeweb Markets (TW) in Financial Services run businesses where balance-sheet leverage is part of the model, so capital-adequacy and funding measures are the better gauges of balance-sheet risk.

Financial Strength Metrics

Financial strength metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
Current Ratio (MRQ)	--	--
Debt / Equity (MRQ)	--	--
Net Debt / EBITDA	--	--

Dividends

Dividend Yield (TTM)

Both Nasdaq (NDAQ) at 1.09% and Tradeweb Markets (TW) at 0.42% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

NDAQ

Financial Services industry group

1.09%

Max: 9.77%
Q3: 3.92%
Median: 1.09%
NDAQ: 1.09%
Q1: 0.00%
Min: 0.00%

TW

Financial Services industry group

0.42%

Max: 9.77%
Q3: 3.92%
Median: 1.09%
TW: 0.42%
Q1: 0.00%
Min: 0.00%

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their dividend yield against the Financial Services industry group benchmark.

Dividend Payout Ratio (TTM)

Both Nasdaq (NDAQ) at 31.69% and Tradeweb Markets (TW) at 12.68% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

NDAQ

Financial Services industry group

31.69%

Max: 241.07%
Q3: 97.36%
NDAQ: 31.69%
Median: 25.77%
Q1: 0.00%
Min: 0.00%

TW

Financial Services industry group

12.68%

Max: 241.07%
Q3: 97.36%
Median: 25.77%
TW: 12.68%
Q1: 0.00%
Min: 0.00%

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their payout ratio against the Financial Services industry group benchmark.

Dividend Metrics

Dividend metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
Dividend Yield (TTM)	1.09%	0.42%
Dividend Payout Ratio (TTM)	31.69%	12.68%

Valuation

P/E Ratio (TTM)

Both Nasdaq (NDAQ) at 29.27 and Tradeweb Markets (TW) at 29.98 sit in the richer earnings-multiple quartile for P/E ratio, so investors are paying more for TTM earnings than they pay for typical peers.

NDAQ

Financial Services industry group

29.27

Max: 45.85
NDAQ: 29.27
Q3: 24.64
Median: 15.37
Q1: 9.68
Min: 0.16

TW

Financial Services industry group

29.98

Max: 45.85
TW: 29.98
Q3: 24.64
Median: 15.37
Q1: 9.68
Min: 0.16

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their P/E ratio against the Financial Services industry group benchmark.

P/S Ratio (TTM)

Investors are paying well above the peer range per dollar of sales for both Nasdaq (NDAQ) at 10.36 and Tradeweb Markets (TW) at 12.10 — each P/S ratio clears its industry’s benchmark range.

NDAQ

Financial Services industry group

10.36

NDAQ: 10.36
Max: 9.23
Q3: 4.57
Median: 2.72
Q1: 1.28
Min: -0.55

TW

Financial Services industry group

12.10

TW: 12.10
Max: 9.23
Q3: 4.57
Median: 2.72
Q1: 1.28
Min: -0.55

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their P/S ratio against the Financial Services industry group benchmark.

P/B Ratio (MRQ)

Both Nasdaq (NDAQ) at 4.99 and Tradeweb Markets (TW) at 4.03 carry a premium to book value versus peers, sitting in the upper P/B ratio quartile of their industries.

NDAQ

Financial Services industry group

4.99

Max: 7.79
NDAQ: 4.99
Q3: 3.63
Median: 1.57
Q1: 0.81
Min: -0.39

TW

Financial Services industry group

4.03

Max: 7.79
TW: 4.03
Q3: 3.63
Median: 1.57
Q1: 0.81
Min: -0.39

Nasdaq (NDAQ) vs. Tradeweb Markets (TW): A comparison of their P/B ratio against the Financial Services industry group benchmark.

Valuation Metrics

Valuation metrics for Nasdaq (NDAQ) and Tradeweb Markets (TW)
Metric	NDAQ	TW
P/E Ratio (TTM)	29.27	29.98
P/S Ratio (TTM)	10.36	12.10
P/B Ratio (MRQ)	4.99	4.03
Free Cash Flow Yield (TTM)	--	--