CBOE vs MIAX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CBOE is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CBOE and MIAX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CBOE and MIAX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Cboe Global Markets operates a family of exchanges spanning options, North American equities, European and Asia-Pacific markets, futures, and global FX, and it earns money primarily from transaction fees, market data, and access services. Its crown jewel is the proprietary volatility franchise: the VIX index, VIX futures and options, and SPX index options are exclusively listed on Cboe venues, giving it a durable niche that rivals cannot easily replicate. The Data Vantage segment (market data and analytics) adds a recurring, subscription-like revenue stream on top of the more volume-sensitive transaction business.

Full CBOE guide

Miami International Holdings operates regulated financial markets across options, equities, and futures. Its core franchise is the MIAX Exchange Group, four US options exchanges (MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire) that together reached a record 18.2% US options market share in the fourth quarter of 2025, ranking fourth behind Cboe, Nasdaq, and NYSE. The company also runs MIAX Pearl Equities, MIAX Futures, and owns international listing venues including The Bermuda Stock Exchange and The International Stock Exchange. It was incorporated in Delaware in 2007, is headquartered in Princeton, New Jersey, and listed on the NYSE under the ticker MIAX in August 2025 after an IPO priced at $23 that raised roughly $345 million.

Full MIAX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CBOE drivers: Proprietary volatility and index-options franchise; Recurring Data Vantage revenue.
• MIAX drivers: Options market-share gains; High-margin, recurring revenue model.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Cboe's transaction revenue is tied to trading volumes and market volatility, so a prolonged calm, low-volume market environment can pressure its most profitable options and VIX products. For MIAX, mIAX competes against Cboe, Nasdaq, and NYSE, all far larger with deeper balance sheets, broader product suites, and pricing power that could compress MIAX's take rates.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CBOE if you believe its drivers more; MIAX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CBOE and MIAX guides.

CBOE. Cboe reported record Q1 2026 net revenue of roughly $729 million and adjusted EPS near $3.70, both well above analyst expectations, on strength in options and volatility products. Full-year 2025 delivered about 17 percent net revenue growth and strong EPS gains. The stock trades at a premium P/E in the high-20s, consistent with its moat and steady cash generation but leaving little margin for a volume slowdown.

MIAX. Reported gross revenue of roughly $1.4 billion (TTM) includes large pass-through items such as liquidity payments and regulatory fees, so MIAX and analysts focus on net revenue, which grew about 56% in 2025 to roughly $430 million. Adjusted EBITDA rose about 143% to roughly $199 million as margins expanded toward 50% in the fourth quarter. The stock trades around a high-20s price-to-earnings multiple, a growth valuation that reflects its share gains but sits above where mature exchange operators typically trade.

Headline figures (approximate, JUNE 2026): CBOE shows net revenue (q1 2026) ~$729M (+29% YoY), total revenue (fy2025) ~$4.7B, adjusted diluted eps (q1 2026) ~$3.70 (+48% YoY), net income (q1 2026) ~$386M; MIAX shows gross revenue (ttm) ~$1.4B, net revenue (fy2025) ~$430M, net revenue growth (fy2025) ~56%, adjusted ebitda (fy2025) ~$199M.

CBOE and MIAX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CBOE and MIAX exposure against your real portfolio. It is not an investment adviser.