Correlation Analysis
Cboe Global Markets, Inc. vs Mastercard Incorporated
CBOE vs MA
+0.915
Very strong positive
When one moves up, the other tends to follow.
Cboe Global Markets, Inc.
↗CBOE
Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue. The company is best known for its proprietary S&P 500 and VIX index options, which it offers through an exclusive contract with S&P Global. The firm moved into US and European equities through the $3.4 billion acquisition of BATS in 2017. Cboe has continued to look to expand internationally, using acquisitions to build a presence in both Canada and Australia.
Market cap 31B · 1,661 employees
Mastercard Incorporated
↗MA
Mastercard is the second-largest payment processor in the world, having processed close to $11 trillion in volume during 2025. Mastercard operates in over 200 countries and processes transactions in over 150 currencies.
Market cap 447.2B
Time Series
Relative Performance
Who Moves First
CBOE leads MA by 6 days
CBOE tends to move before MA.
After testing 13 timing shifts, the strongest relationship was +0.918 (they moved in the same direction).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+0.383
13 periods · Return correlation when both series rose
Both Falling
N/A
3 periods · Return correlation when both series fell
Diverging
-0.680
19 periods · Return correlation when series moved apart
R-Squared
83.8%
Share of variance in one series explained by the other.
Trend Agreement
56.3%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,254
Deep shared window — 1,254 usable pairs.
Significance
p < 0.001
95% CI: [0.906, 0.924]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,254 paired data points survived the daily window.
Raw input
1,254
1,254
Normalized
1,254
1,254
Prepared
1,254
1,254
Aligned
1,254
1,254
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
0
A: 0 / B: 0
Series A
Cboe Global Markets, Inc.
CBOE
Market cap 31B · 1,661 employees
Stock · 1,254 raw → 1,254 prepared
Series B
Mastercard Incorporated
MA
Market cap 447.2B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
41
Estimated crossover points between normalized spreads.
Slope
1.5330
Linear regression slope.
Intercept
172.5133
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 5 hours ago · ID: stock-cboe-vs-stock-ma-daily