Building Materials

Amrize Ltd vs Cemex S.A.B. de C.V.

WatchlistAMRZ / CXPrices through Oct 22, 2026

Why these are rivals: #2 and #3 by market value ($21B vs $16B) in Nasdaq's "Building Materials" industry; SEC SIC 3241 / 3241 (same major group); #2 and #3 by market value ($21B vs $16B) with SEC SIC 3241 (Cement, Hydraulic).

Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.

Co-movement: daily return correlation, 252 sessions: 0.51 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -1.53 (needs <= -2.873 (5% critical value))

Business leadership

Business size

Annual revenue reported to the SEC. Scale, not market share.

Year	AMRZ	CX	Larger
2025	$11.8B	-	-
2024	$11.7B	-	-
2023	$11.7B	-	-

Market value: AMRZ $20.8B, CX $15.6B.

Stock leadership

CX is ahead now

Measured against the pair's own last 252 trading days.

CX leads AMRZ by 1.21 standard deviations: +13.9% over its usual price ratio. 0 lead switches in the last year.

Price change	3 mo	6 mo	12 mo
AMRZ	-19.9%	-30.6%	-19.6%
CX	-16.2%	-19.2%	+10.4%

Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass: Aligned sessions: 337 (needs >= 254)
Fail: Co-movement: daily return correlation, 252 sessions: 0.51 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -1.53 (needs <= -2.873 (5% critical value))
Pass: Speed: half-life of the spread, sessions: 27.90 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

AMRZ Amrize Ltd CX Cemex S.A.B. de C.V.Price index, 100 = 2025-06-23. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).

Spread z-score: AMRZ relative to CX, against the 252 sessions before each day. Above 0: AMRZ ahead; below 0: CX ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (337 sessions)

Date	AMRZ index	CX index	z	Ahead
2026-10-22	75.86	148.90	-1.21	CX ahead
2026-10-21	74.63	153.02	-1.64	CX ahead
2026-10-20	74.69	151.25	-1.54	CX ahead
2026-10-19	73.07	151.55	-1.78	CX ahead
2026-10-16	72.74	150.96	-1.80	CX ahead
2026-10-15	71.78	148.16	-1.77	CX ahead
2026-10-14	69.80	140.21	-1.52	CX ahead
2026-10-13	70.05	143.59	-1.73	CX ahead
2026-10-12	69.42	140.94	-1.66	CX ahead
2026-10-09	69.63	140.80	-1.63	CX ahead
2026-10-08	70.21	140.80	-1.56	CX ahead
2026-10-07	69.99	141.24	-1.64	CX ahead
2026-10-06	71.71	146.10	-1.74	CX ahead
2026-10-05	71.55	140.50	-1.40	CX ahead
2026-10-02	71.67	140.35	-1.38	CX ahead
2026-10-01	71.65	138.44	-1.26	CX ahead
2026-09-30	71.92	140.06	-1.35	CX ahead
2026-09-29	72.53	142.12	-1.42	CX ahead
2026-09-28	73.19	140.35	-1.22	CX ahead
2026-09-25	73.51	143.00	-1.37	CX ahead
2026-09-24	71.61	140.06	-1.43	CX ahead
2026-09-23	72.90	143.74	-1.52	CX ahead
2026-09-22	75.01	150.81	-1.71	CX ahead
2026-09-21	74.23	147.57	-1.62	CX ahead
2026-09-18	72.21	148.16	-1.93	CX ahead
2026-09-17	73.46	150.07	-1.90	CX ahead
2026-09-16	73.86	149.63	-1.83	CX ahead
2026-09-15	75.78	150.07	-1.63	CX ahead
2026-09-14	75.84	153.90	-1.87	CX ahead
2026-09-11	77.94	157.44	-1.83	CX ahead
2026-09-10	77.78	157.00	-1.84	CX ahead
2026-09-09	78.80	159.79	-1.89	CX ahead
2026-09-08	80.69	161.56	-1.79	CX ahead
2026-09-04	84.29	162.44	-1.45	CX ahead
2026-09-03	84.65	160.09	-1.28	CX ahead
2026-09-02	82.65	155.82	-1.26	CX ahead
2026-09-01	82.34	153.90	-1.19	CX ahead
2026-08-31	84.05	158.17	-1.26	CX ahead
2026-08-28	85.92	160.09	-1.17	CX ahead
2026-08-27	85.19	160.97	-1.31	CX ahead
2026-08-26	86.06	161.71	-1.27	CX ahead
2026-08-25	85.11	162.00	-1.39	CX ahead
2026-08-24	86.90	162.44	-1.24	CX ahead
2026-08-21	87.86	163.62	-1.21	CX ahead
2026-08-20	85.82	156.11	-1.01	CX ahead
2026-08-19	87.06	157.00	-0.94	CX ahead
2026-08-18	85.84	157.00	-1.07	CX ahead
2026-08-17	87.96	163.62	-1.22	CX ahead
2026-08-14	89.81	162.89	-1.01	CX ahead
2026-08-13	89.92	163.18	-1.02	CX ahead
2026-08-12	89.19	165.54	-1.23	CX ahead
2026-08-11	91.56	164.80	-0.97	CX ahead
2026-08-10	89.04	166.42	-1.30	CX ahead
2026-08-07	89.71	166.86	-1.27	CX ahead
2026-08-06	98.52	166.42	-0.45	near the usual relationship
2026-08-05	101.71	170.10	-0.37	near the usual relationship
2026-08-04	99.73	170.99	-0.59	CX ahead
2026-08-03	98.25	174.37	-0.88	CX ahead
2026-07-31	94.08	174.08	-1.24	CX ahead
2026-07-30	95.40	175.70	-1.21	CX ahead
2026-07-29	95.13	172.31	-1.08	CX ahead
2026-07-28	96.88	176.73	-1.14	CX ahead
2026-07-27	96.10	179.68	-1.35	CX ahead
2026-07-24	94.73	177.61	-1.38	CX ahead
2026-07-23	93.00	180.56	-1.67	CX ahead
2026-07-22	95.33	187.33	-1.77	CX ahead
2026-07-21	93.65	187.04	-1.91	CX ahead
2026-07-20	93.84	183.95	-1.77	CX ahead
2026-07-17	95.67	191.02	-1.92	CX ahead
2026-07-16	98.44	192.93	-1.78	CX ahead
2026-07-15	97.61	192.49	-1.83	CX ahead
2026-07-14	95.73	188.51	-1.83	CX ahead
2026-07-13	94.44	183.36	-1.72	CX ahead
2026-07-10	97.61	183.80	-1.49	CX ahead
2026-07-09	96.71	182.18	-1.50	CX ahead
2026-07-08	95.11	179.23	-1.50	CX ahead
2026-07-07	97.98	178.35	-1.25	CX ahead
2026-07-06	103.89	181.44	-0.94	CX ahead
2026-07-02	103.17	181.00	-0.98	CX ahead
2026-07-01	101.42	178.65	-1.01	CX ahead
2026-06-30	102.52	176.73	-0.86	CX ahead
2026-06-29	102.23	178.79	-0.97	CX ahead
2026-06-26	107.46	180.85	-0.70	CX ahead
2026-06-25	107.48	182.33	-0.76	CX ahead
2026-06-24	104.89	177.03	n/a
2026-06-23	101.56	179.09	n/a
2026-06-22	103.17	185.27	n/a
2026-06-18	106.46	187.48	n/a
2026-06-17	104.33	185.57	n/a
2026-06-16	106.98	191.16	n/a
2026-06-15	103.90	189.84	n/a
2026-06-12	102.27	191.16	n/a
2026-06-11	100.65	187.04	n/a
2026-06-10	97.15	173.78	n/a
2026-06-09	101.35	177.91	n/a
2026-06-08	97.71	177.32	n/a
2026-06-05	103.06	183.65	n/a
2026-06-04	104.56	190.57	n/a
2026-06-03	103.58	189.99	n/a
2026-06-02	104.54	192.34	n/a
2026-06-01	103.46	192.93	n/a
2026-05-29	104.62	192.78	n/a
2026-05-28	101.69	192.34	n/a
2026-05-27	102.14	194.55	n/a
2026-05-26	98.96	192.93	n/a
2026-05-22	96.08	184.98	n/a
2026-05-21	97.11	185.42	n/a
2026-05-20	96.17	186.60	n/a
2026-05-19	92.88	180.71	n/a
2026-05-18	95.48	187.04	n/a
2026-05-15	94.27	184.98	n/a
2026-05-14	97.88	193.81	n/a
2026-05-13	97.75	195.14	n/a
2026-05-12	100.67	193.96	n/a
2026-05-11	100.10	195.73	n/a
2026-05-08	101.73	193.08	n/a
2026-05-07	102.85	193.52	n/a
2026-05-06	105.69	199.56	n/a
2026-05-05	102.65	189.54	n/a
2026-05-04	97.92	175.11	n/a
2026-05-01	102.67	180.41	n/a
2026-04-30	103.44	181.15	n/a
2026-04-29	109.19	179.23	n/a
2026-04-28	110.54	178.65	n/a
2026-04-27	111.87	180.27	n/a
2026-04-24	110.69	182.03	n/a
2026-04-23	109.39	184.24	n/a
2026-04-22	108.83	173.34	n/a
2026-04-21	109.87	173.64	n/a
2026-04-20	111.94	176.73	n/a
2026-04-17	110.98	176.29	n/a
2026-04-16	109.98	171.72	n/a
2026-04-15	112.96	174.82	n/a
2026-04-14	115.33	174.08	n/a
2026-04-13	113.94	175.11	n/a
2026-04-10	111.56	175.55	n/a
2026-04-09	110.39	175.41	n/a
2026-04-08	109.37	173.49	n/a
2026-04-07	103.54	166.57	n/a
2026-04-06	105.00	167.30	n/a
2026-04-02	104.31	165.39	n/a
2026-04-01	106.14	170.69	n/a
2026-03-31	107.75	168.48	n/a
2026-03-30	103.52	157.73	n/a
2026-03-27	103.48	158.32	n/a
2026-03-26	106.17	161.41	n/a
2026-03-25	107.94	166.86	n/a
2026-03-24	106.39	159.79	n/a
2026-03-23	106.29	156.55	n/a
2026-03-20	101.10	147.13	n/a
2026-03-19	104.14	151.69	n/a
2026-03-18	105.12	151.25	n/a
2026-03-17	108.52	155.52	n/a
2026-03-16	108.39	158.62	n/a
2026-03-13	106.85	153.31	n/a
2026-03-12	108.29	152.87	n/a
2026-03-11	111.96	156.26	n/a
2026-03-10	113.81	158.47	n/a
2026-03-09	113.31	160.97	n/a
2026-03-06	111.79	160.82	n/a
2026-03-05	118.31	167.01	n/a
2026-03-04	120.66	175.85	n/a
2026-03-03	118.83	167.89	n/a
2026-03-02	122.66	178.94	n/a
2026-02-27	125.00	184.24	n/a
2026-02-26	123.41	187.92	n/a
2026-02-25	121.93	187.63	n/a
2026-02-24	126.68	185.13	n/a
2026-02-23	122.39	181.74	n/a
2026-02-20	125.27	189.99	n/a
2026-02-19	122.95	186.01	n/a
2026-02-18	122.52	185.13	n/a
2026-02-17	110.39	184.09	n/a
2026-02-13	113.16	185.13	n/a
2026-02-12	112.31	180.71	n/a
2026-02-11	113.37	190.57	n/a
2026-02-10	115.71	190.57	n/a
2026-02-09	114.23	188.37	n/a
2026-02-06	112.35	179.68	n/a
2026-02-05	106.94	175.99	n/a
2026-02-04	107.98	178.20	n/a
2026-02-03	103.87	187.78	n/a
2026-02-02	101.83	186.30	n/a
2026-01-30	101.21	183.80	n/a
2026-01-29	104.17	189.84	n/a
2026-01-28	103.17	193.96	n/a
2026-01-27	104.25	189.69	n/a
2026-01-26	104.79	187.92	n/a
2026-01-23	104.33	190.13	n/a
2026-01-22	105.44	191.31	n/a
2026-01-21	103.15	190.28	n/a
2026-01-20	101.81	183.95	n/a
2026-01-16	104.89	183.95	n/a
2026-01-15	104.87	181.89	n/a
2026-01-14	105.02	185.13	n/a
2026-01-13	108.56	182.03	n/a
2026-01-12	111.00	183.21	n/a
2026-01-09	110.25	182.92	n/a
2026-01-08	106.31	180.71	n/a
2026-01-07	104.71	169.81	n/a
2026-01-06	107.39	175.55	n/a
2026-01-05	108.29	174.37	n/a
2026-01-02	106.62	170.40	n/a
2025-12-31	104.02	169.22	n/a
2025-12-30	105.71	170.99	n/a
2025-12-29	106.16	173.64	n/a
2025-12-26	107.23	176.44	n/a
2025-12-24	107.42	174.37	n/a
2025-12-23	107.00	174.96	n/a
2025-12-22	106.69	173.49	n/a
2025-12-19	104.39	171.72	n/a
2025-12-18	104.89	170.25	n/a
2025-12-17	102.98	165.24	n/a
2025-12-16	106.58	169.81	n/a
2025-12-15	108.66	171.72	n/a
2025-12-12	108.21	169.51	n/a
2025-12-11	108.35	164.80	n/a
2025-12-10	104.89	160.09	n/a
2025-12-09	102.92	161.41	n/a
2025-12-08	102.58	161.71	n/a
2025-12-05	105.29	159.50	n/a
2025-12-04	101.44	161.71	n/a
2025-12-03	101.21	160.24	n/a
2025-12-02	98.90	158.32	n/a
2025-12-01	100.10	156.11	n/a
2025-11-28	99.08	158.91	n/a
2025-11-26	96.56	155.67	n/a
2025-11-25	97.67	153.46	n/a
2025-11-24	94.40	148.31	n/a
2025-11-21	92.61	147.72	n/a
2025-11-20	90.67	149.78	n/a
2025-11-19	91.36	152.14	n/a
2025-11-18	91.56	150.37	n/a
2025-11-17	92.44	147.28	n/a
2025-11-14	93.90	148.90	n/a
2025-11-13	95.69	150.07	n/a
2025-11-12	96.23	152.58	n/a
2025-11-11	95.63	154.79	n/a
2025-11-10	93.75	152.43	n/a
2025-11-07	95.10	150.22	n/a
2025-11-06	95.63	150.07	n/a
2025-11-05	97.77	151.25	n/a
2025-11-04	98.04	147.86	n/a
2025-11-03	98.33	149.48	n/a
2025-10-31	99.71	149.48	n/a
2025-10-30	99.96	149.19	n/a
2025-10-29	101.65	151.25	n/a
2025-10-28	97.02	151.55	n/a
2025-10-27	95.94	137.85	n/a
2025-10-24	95.35	137.85	n/a
2025-10-23	93.09	137.41	n/a
2025-10-22	92.31	135.49	n/a
2025-10-21	94.33	134.90	n/a
2025-10-20	93.84	140.80	n/a
2025-10-17	93.48	142.12	n/a
2025-10-16	92.98	142.86	n/a
2025-10-15	93.23	144.77	n/a
2025-10-14	94.33	140.65	n/a
2025-10-13	91.59	137.26	n/a
2025-10-10	90.33	134.76	n/a
2025-10-09	92.56	134.32	n/a
2025-10-08	94.15	136.67	n/a
2025-10-07	90.65	134.02	n/a
2025-10-06	92.98	132.40	n/a
2025-10-03	93.71	133.58	n/a
2025-10-02	92.73	133.43	n/a
2025-10-01	93.17	130.93	n/a
2025-09-30	93.34	132.40	n/a
2025-09-29	92.23	133.28	n/a
2025-09-26	91.69	132.55	n/a
2025-09-25	91.09	132.25	n/a
2025-09-24	93.54	132.25	n/a
2025-09-23	96.67	134.61	n/a
2025-09-22	97.17	135.79	n/a
2025-09-19	96.94	133.58	n/a
2025-09-18	100.44	137.26	n/a
2025-09-17	103.48	138.88	n/a
2025-09-16	105.00	140.65	n/a
2025-09-15	104.58	140.50	n/a
2025-09-12	105.90	138.14	n/a
2025-09-11	107.00	139.76	n/a
2025-09-10	103.65	135.20	n/a
2025-09-09	104.60	138.29	n/a
2025-09-08	105.92	140.06	n/a
2025-09-05	103.17	138.44	n/a
2025-09-04	100.48	135.94	n/a
2025-09-03	99.73	134.90	n/a
2025-09-02	101.31	134.90	n/a
2025-08-29	100.04	133.87	n/a
2025-08-28	100.12	133.14	n/a
2025-08-27	99.94	131.52	n/a
2025-08-26	99.94	132.11	n/a
2025-08-25	98.38	130.63	n/a
2025-08-22	98.56	131.08	n/a
2025-08-21	95.10	129.46	n/a
2025-08-20	94.83	127.39	n/a
2025-08-19	98.02	127.39	n/a
2025-08-18	97.11	127.25	n/a
2025-08-15	98.83	125.63	n/a
2025-08-14	99.02	125.18	n/a
2025-08-13	99.17	127.98	n/a
2025-08-12	93.42	129.16	n/a
2025-08-11	91.09	127.39	n/a
2025-08-08	91.69	126.95	n/a
2025-08-07	89.73	126.22	n/a
2025-08-06	96.19	123.56	n/a
2025-08-05	96.54	122.68	n/a
2025-08-04	97.67	120.91	n/a
2025-08-01	98.12	123.71	n/a
2025-07-31	98.33	128.13	n/a
2025-07-30	100.06	125.77	n/a
2025-07-29	100.12	127.25	n/a
2025-07-28	98.35	123.86	n/a
2025-07-25	98.75	123.86	n/a
2025-07-24	98.35	121.50	n/a
2025-07-23	99.00	117.38	n/a
2025-07-22	96.71	116.49	n/a
2025-07-21	95.56	113.84	n/a
2025-07-18	95.40	112.22	n/a
2025-07-17	97.10	113.99	n/a
2025-07-16	98.02	108.54	n/a
2025-07-15	98.13	107.07	n/a
2025-07-14	97.27	108.69	n/a
2025-07-11	96.94	108.84	n/a
2025-07-10	98.06	109.13	n/a
2025-07-09	98.65	108.39	n/a
2025-07-08	96.46	106.19	n/a
2025-07-07	97.21	105.15	n/a
2025-07-03	95.96	106.48	n/a
2025-07-02	96.08	105.60	n/a
2025-07-01	95.54	104.57	n/a
2025-06-30	95.31	102.06	n/a
2025-06-27	94.27	100.29	n/a
2025-06-26	94.04	100.59	n/a
2025-06-25	96.65	99.26	n/a
2025-06-24	101.94	102.21	n/a
2025-06-23	100.00	100.00	n/a

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Aug 7, 2026 (AMRZ -8.9%, CX +0.3%). Upcoming earnings: CX Oct 26, 2026 (pre-market); AMRZ Oct 27, 2026 (not-supplied); AMRZ Oct 28, 2026 (after-hours).

Paired trades

The shared paper book and the replay, kept apart

Forward paper record

No paper position on this pair yet.

Historical simulation (a diagnostic, same rules)

No simulated trade through Oct 20, 2026: the pair rarely passed every test while 2 standard deviations apart.

Per $10,000 a leg. A replay on today's companies cannot prove an edge.

The companies

AMRZ and CX at a glance

AMRZ Amrize Ltd

Listing: NYSE · SEC CIK 2035989
Industry: Building Materials · SIC 3241 Cement, Hydraulic
Market value: $20.8B
Price history: 337 daily closes, Jun 23, 2025 to Oct 22, 2026

CX Cemex S.A.B. de C.V.

Listing: NYSE · SEC CIK 1076378
Industry: Building Materials · SIC 3241 Cement, Hydraulic
Market value: $15.6B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.

All pairs →

Pair	Status	Ahead now	Industry
CRH / CX	Watchlist	CX by 0.82 sd	Building Materials
CRH / AMRZ	Watchlist	CRH by 0.47 sd	Building Materials

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