MIAX vs NDAQ: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
NDAQ is the larger of the two ($52.65B market cap): the incumbent the market prices for continued execution (20.24x forward earnings, beta 1.00). MIAX is the smaller challenger ($4.55B), actually pricier on forward earnings (25.24x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
MIAX vs NDAQ: the tie-breaker metrics
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.
| Metric | MIAX | NDAQ | What it tells you |
|---|---|---|---|
| Market cap | $4.55B | $52.65B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 25.24 | 20.24 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 36.47 | 27.46 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Price vs 52-week range | 65% of range | 70% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 4.16 | 4.42 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: NDAQ 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.
Before you buy: how MIAX and NDAQ affect your concentration
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. MIAX and NDAQ 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 MIAX and NDAQ 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.
What does Miami International Holdings (MIAX) do?
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.
What does Nasdaq (NDAQ) do?
Nasdaq, Inc. is a global markets-infrastructure and financial-technology company. Most people know it for the Nasdaq Stock Market, home to many large technology listings, but the exchange is now only one part of the company. Nasdaq reports across three divisions: Market Services (the trading and exchange business, tied to volumes), Capital Access Platforms (company listings, the fast-growing index and index-linked product business, and investor-relations and ESG analytics), and Financial Technology (software for anti-money-laundering and fraud detection, regulatory technology, and capital-markets trading and risk systems).
MIAX vs NDAQ: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- MIAX drivers: Options market-share gains; High-margin, recurring revenue model.
- NDAQ drivers: Financial Technology and recurring revenue; Index business and Capital Access Platforms.
Which fits which kind of investor
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: 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. For NDAQ, nasdaq's Market Services division still depends on trading volumes and volatility, so quieter markets can pressure that revenue line.
MIAX or NDAQ: which should you pick?
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 MIAX if you believe its drivers more; NDAQ 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 MIAX and NDAQ guides.
MIAX vs NDAQ: the full fundamentals
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.
NDAQ. Figures are approximate and tied to the asOf date; verify live numbers before acting. Nasdaq is increasingly valued like a data-and-software company rather than a pure exchange, which supports a higher multiple but also raises the bar for growth. Because part of the model still swings with trading activity, quarter-to-quarter results can be lumpy even as recurring revenue grows. Where the stock trades relative to peers like ICE and CME is as much a judgment about the durability of its software and index growth as about any single quarter.
Headline figures (approximate, JULY 2026): MIAX shows gross revenue (ttm) ~$1.4B, net revenue (fy2025) ~$430M, net revenue growth (fy2025) ~56%, adjusted ebitda (fy2025) ~$199M; NDAQ shows q1 2026 net revenue ~$1.4 billion, up roughly 14% year over year, q1 2026 eps Reported in the low-$0.90s per share (approximate; verify live), financial technology growth Record pace, up roughly 18% year over year in Q1 2026, revenue mix Majority now from recurring solutions (index, data, and fintech software) rather than trading volumes.
The bottom line: MIAX vs NDAQ
MIAX and NDAQ 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 MIAX and NDAQ exposure against your real portfolio. It is not an investment adviser.
Wondering how MIAX or NDAQ fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Miami International Holdings with AI
Connect the broker you already use and ask Walnut's AI how MIAX fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between MIAX and NDAQ?
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Miami International Holdings operates regulated financial markets across options, equities, and futures. Nasdaq, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is MIAX or NDAQ the better stock?
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Neither is universally better. NDAQ is the larger incumbent; MIAX is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, MIAX or NDAQ?
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On forward P/E (as of August 2026), MIAX trades at 25.24x and NDAQ at 20.24x, so NDAQ is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both MIAX and NDAQ?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of MIAX vs NDAQ?
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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. Its revenue is sensitive to trading volumes, which are cyclical and can fall sharply in quiet or risk-off markets. As a newly public company with a short trading history, the stock carries a growth valuation (a price-to-earnings ratio in the high 20s) that leaves little margin for a volume or share stumble. Reported GAAP earnings have been lumpy around the IPO and portfolio moves such as the sale of most of MIAXdx to a Robinhood and Susquehanna joint venture. Exchanges are also heavily regulated, so rule changes on fees, market structure, or payment-for-order-flow could affect the business. NDAQ: Nasdaq's Market Services division still depends on trading volumes and volatility, so quieter markets can pressure that revenue line. The stock also tends to trade at a premium multiple relative to some exchange peers, which leaves less room for error if growth slows. Integration and execution risk around large software acquisitions like Adenza is real: cross-sell targets and synergy assumptions may not fully materialize, and the balance sheet still carries acquisition-related debt. Competition is intense across every division, from ICE, CME, and Cboe in trading to S&P and others in indexes and data, and specialized software vendors in fintech. New competitive threats also emerge, such as analyst concern in 2026 about crypto-derivatives venues and event-contract platforms potentially chipping at parts of the exchange landscape. Regulation of market structure, listings, and financial software is another persistent variable outside the company's control.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell MIAX or NDAQ; figures are approximate and dated (as of August 2026). Verify current data before investing.