Air Products and Chemicals Inc. vs International Flavors & Fragrances Inc.
WatchlistAPD / IFFPrices through Oct 22, 2026
Why these are rivals: #2 and #3 by market value ($67B vs $23B) in Nasdaq's "Major Chemicals" industry; SEC SIC 2810 / 2860 (same major group).
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: 0.20 (needs >= 0.60)
- Mean reversion: ADF t-statistic of the spread: -2.37 (needs <= -2.873 (5% critical value))
Business leadership
APD is the larger business
Annual revenue reported to the SEC. Scale, not market share.
| Year | APD | IFF | Larger |
|---|---|---|---|
| 2025 | $12.0B | $10.9B | APD |
| 2024 | $12.1B | $11.5B | APD |
| 2023 | $12.6B | $11.5B | APD |
| 2022 | $12.7B | $12.4B | APD |
| 2021 | $10.3B | $11.7B | IFF |
| 2020 | $8.9B | $5.1B | APD |
Revenue lead switched: 2021 to IFF, 2022 to APD. Market value: APD $66.5B, IFF $23.2B.
Stock leadership
IFF is ahead now
Measured against the pair's own last 252 trading days.
IFF leads APD by 1.90 standard deviations: +13.9% over its usual price ratio. 3 lead switches in the last year.
| Price change | 3 mo | 6 mo | 12 mo |
|---|---|---|---|
| APD | +3.5% | +1.5% | +21.0% |
| IFF | +23.6% | +32.3% | +44.3% |
Relationship
Not a measured twin today
Only these tests can make a pair tradable on paper.
- Pass
- Aligned sessions: 2521 (needs >= 254)
- Fail
- Co-movement: daily return correlation, 252 sessions: 0.20 (needs >= 0.60)
- Fail
- Mean reversion: ADF t-statistic of the spread: -2.37 (needs <= -2.873 (5% critical value))
- Pass
- Speed: half-life of the spread, sessions: 11.03 (needs <= 63)
- Data
- Both stocks current
The twins over two years
Prices side by side, and the gap between them
APD Air Products and Chemicals Inc. IFF International Flavors & Fragrances Inc.Price index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).
Spread z-score: APD relative to IFF, against the 252 sessions before each day. Above 0: APD ahead; below 0: IFF ahead. Lines at +/-2 (idea) and +/-4 (stop).
Data table (504 sessions)
| Date | APD index | IFF index | z | Ahead |
|---|---|---|---|---|
| 2026-10-22 | 92.81 | 89.79 | -1.90 | IFF ahead |
| 2026-10-21 | 91.14 | 87.11 | -1.74 | IFF ahead |
| 2026-10-20 | 91.11 | 87.28 | -1.80 | IFF ahead |
| 2026-10-19 | 89.93 | 87.04 | -1.97 | IFF ahead |
| 2026-10-16 | 90.21 | 86.78 | -1.90 | IFF ahead |
| 2026-10-15 | 89.31 | 86.40 | -2.00 | IFF ahead |
| 2026-10-14 | 88.08 | 85.74 | -2.11 | IFF ahead |
| 2026-10-13 | 87.01 | 84.40 | -2.07 | IFF ahead |
| 2026-10-12 | 85.48 | 81.30 | -1.79 | IFF ahead |
| 2026-10-09 | 84.69 | 80.91 | -1.86 | IFF ahead |
| 2026-10-08 | 83.82 | 81.00 | -2.05 | IFF ahead |
| 2026-10-07 | 83.75 | 80.49 | -1.98 | IFF ahead |
| 2026-10-06 | 84.61 | 80.31 | -1.80 | IFF ahead |
| 2026-10-05 | 84.15 | 79.67 | -1.78 | IFF ahead |
| 2026-10-02 | 83.58 | 78.87 | -1.74 | IFF ahead |
| 2026-10-01 | 82.30 | 79.54 | -2.10 | IFF ahead |
| 2026-09-30 | 83.78 | 79.89 | -1.91 | IFF ahead |
| 2026-09-29 | 84.07 | 81.58 | -2.19 | IFF ahead |
| 2026-09-28 | 83.94 | 82.03 | -2.31 | IFF ahead |
| 2026-09-25 | 84.84 | 82.00 | -2.17 | IFF ahead |
| 2026-09-24 | 85.66 | 82.15 | -2.07 | IFF ahead |
| 2026-09-23 | 86.41 | 82.02 | -1.93 | IFF ahead |
| 2026-09-22 | 86.68 | 82.10 | -1.90 | IFF ahead |
| 2026-09-21 | 84.15 | 80.00 | -1.96 | IFF ahead |
| 2026-09-18 | 85.57 | 79.39 | -1.62 | IFF ahead |
| 2026-09-17 | 86.15 | 81.25 | -1.86 | IFF ahead |
| 2026-09-16 | 86.44 | 80.77 | -1.74 | IFF ahead |
| 2026-09-15 | 87.49 | 80.61 | -1.55 | IFF ahead |
| 2026-09-14 | 86.46 | 79.84 | -1.59 | IFF ahead |
| 2026-09-11 | 87.75 | 80.01 | -1.42 | IFF ahead |
| 2026-09-10 | 88.42 | 80.43 | -1.40 | IFF ahead |
| 2026-09-09 | 88.90 | 80.68 | -1.37 | IFF ahead |
| 2026-09-08 | 89.64 | 81.93 | -1.48 | IFF ahead |
| 2026-09-04 | 90.72 | 82.63 | -1.44 | IFF ahead |
| 2026-09-03 | 91.60 | 82.74 | -1.34 | IFF ahead |
| 2026-09-02 | 93.18 | 83.20 | -1.18 | IFF ahead |
| 2026-09-01 | 91.94 | 82.09 | -1.19 | IFF ahead |
| 2026-08-31 | 93.18 | 82.61 | -1.10 | IFF ahead |
| 2026-08-28 | 92.77 | 84.16 | -1.43 | IFF ahead |
| 2026-08-27 | 91.98 | 83.11 | -1.38 | IFF ahead |
| 2026-08-26 | 92.34 | 83.37 | -1.38 | IFF ahead |
| 2026-08-25 | 91.49 | 83.41 | -1.52 | IFF ahead |
| 2026-08-24 | 92.21 | 82.11 | -1.21 | IFF ahead |
| 2026-08-21 | 91.87 | 80.65 | -1.03 | IFF ahead |
| 2026-08-20 | 90.43 | 79.80 | -1.10 | IFF ahead |
| 2026-08-19 | 91.30 | 79.74 | -0.97 | IFF ahead |
| 2026-08-18 | 91.31 | 77.51 | -0.60 | IFF ahead |
| 2026-08-17 | 90.59 | 78.31 | -0.85 | IFF ahead |
| 2026-08-14 | 93.04 | 80.56 | -0.88 | IFF ahead |
| 2026-08-13 | 92.00 | 80.44 | -1.01 | IFF ahead |
| 2026-08-12 | 91.56 | 80.24 | -1.05 | IFF ahead |
| 2026-08-11 | 93.14 | 81.34 | -1.01 | IFF ahead |
| 2026-08-10 | 92.80 | 81.43 | -1.08 | IFF ahead |
| 2026-08-07 | 91.37 | 82.19 | -1.41 | IFF ahead |
| 2026-08-06 | 90.31 | 80.91 | -1.37 | IFF ahead |
| 2026-08-05 | 88.86 | 84.28 | -2.15 | IFF ahead |
| 2026-08-04 | 88.74 | 77.41 | -1.05 | IFF ahead |
| 2026-08-03 | 88.21 | 77.11 | -1.09 | IFF ahead |
| 2026-07-31 | 88.80 | 75.81 | -0.78 | IFF ahead |
| 2026-07-30 | 90.39 | 76.06 | -0.59 | IFF ahead |
| 2026-07-29 | 88.61 | 76.20 | -0.88 | IFF ahead |
| 2026-07-28 | 88.18 | 75.84 | -0.89 | IFF ahead |
| 2026-07-27 | 88.10 | 73.11 | -0.41 | near the usual relationship |
| 2026-07-24 | 89.69 | 72.67 | -0.09 | near the usual relationship |
| 2026-07-23 | 88.61 | 70.59 | +0.13 | near the usual relationship |
| 2026-07-22 | 89.43 | 73.88 | -0.35 | near the usual relationship |
| 2026-07-21 | 89.25 | 72.98 | -0.22 | near the usual relationship |
| 2026-07-20 | 89.32 | 73.94 | -0.38 | near the usual relationship |
| 2026-07-17 | 89.02 | 74.83 | -0.59 | IFF ahead |
| 2026-07-16 | 89.52 | 74.26 | -0.41 | near the usual relationship |
| 2026-07-15 | 88.43 | 72.07 | -0.17 | near the usual relationship |
| 2026-07-14 | 90.15 | 71.45 | +0.20 | near the usual relationship |
| 2026-07-13 | 90.92 | 71.87 | +0.24 | near the usual relationship |
| 2026-07-10 | 90.19 | 74.19 | -0.29 | near the usual relationship |
| 2026-07-09 | 89.08 | 75.15 | -0.63 | IFF ahead |
| 2026-07-08 | 89.36 | 75.54 | -0.66 | IFF ahead |
| 2026-07-07 | 91.85 | 78.31 | -0.77 | IFF ahead |
| 2026-07-06 | 93.00 | 79.21 | -0.76 | IFF ahead |
| 2026-07-02 | 94.61 | 80.22 | -0.70 | IFF ahead |
| 2026-07-01 | 92.26 | 77.66 | -0.61 | IFF ahead |
| 2026-06-30 | 88.28 | 75.81 | -0.88 | IFF ahead |
| 2026-06-29 | 81.71 | 73.21 | -1.45 | IFF ahead |
| 2026-06-26 | 83.65 | 73.06 | -1.12 | IFF ahead |
| 2026-06-25 | 84.29 | 71.85 | -0.79 | IFF ahead |
| 2026-06-24 | 83.93 | 72.56 | -0.98 | IFF ahead |
| 2026-06-23 | 85.05 | 71.49 | -0.60 | IFF ahead |
| 2026-06-22 | 85.25 | 72.68 | -0.79 | IFF ahead |
| 2026-06-18 | 84.38 | 73.42 | -1.06 | IFF ahead |
| 2026-06-17 | 84.84 | 72.78 | -0.87 | IFF ahead |
| 2026-06-16 | 84.46 | 74.50 | -1.25 | IFF ahead |
| 2026-06-15 | 85.20 | 74.99 | -1.22 | IFF ahead |
| 2026-06-12 | 84.80 | 74.90 | -1.27 | IFF ahead |
| 2026-06-11 | 83.75 | 74.17 | -1.30 | IFF ahead |
| 2026-06-10 | 83.26 | 71.03 | -0.80 | IFF ahead |
| 2026-06-09 | 85.21 | 72.52 | -0.76 | IFF ahead |
| 2026-06-08 | 83.34 | 69.47 | -0.48 | near the usual relationship |
| 2026-06-05 | 85.02 | 69.87 | -0.28 | near the usual relationship |
| 2026-06-04 | 85.17 | 70.08 | -0.30 | near the usual relationship |
| 2026-06-03 | 85.00 | 70.39 | -0.38 | near the usual relationship |
| 2026-06-02 | 84.10 | 70.09 | -0.46 | near the usual relationship |
| 2026-06-01 | 83.98 | 71.06 | -0.66 | IFF ahead |
| 2026-05-29 | 83.90 | 72.78 | -0.99 | IFF ahead |
| 2026-05-28 | 85.41 | 74.67 | -1.09 | IFF ahead |
| 2026-05-27 | 86.04 | 73.68 | -0.81 | IFF ahead |
| 2026-05-26 | 87.20 | 72.60 | -0.43 | near the usual relationship |
| 2026-05-22 | 87.16 | 72.04 | -0.33 | near the usual relationship |
| 2026-05-21 | 87.38 | 72.01 | -0.29 | near the usual relationship |
| 2026-05-20 | 87.08 | 71.22 | -0.19 | near the usual relationship |
| 2026-05-19 | 87.86 | 68.89 | +0.37 | near the usual relationship |
| 2026-05-18 | 88.32 | 70.53 | +0.14 | near the usual relationship |
| 2026-05-15 | 88.94 | 69.95 | +0.34 | near the usual relationship |
| 2026-05-14 | 90.30 | 72.81 | +0.02 | near the usual relationship |
| 2026-05-13 | 92.20 | 74.14 | +0.06 | near the usual relationship |
| 2026-05-12 | 91.42 | 75.09 | -0.21 | near the usual relationship |
| 2026-05-11 | 91.69 | 75.36 | -0.21 | near the usual relationship |
| 2026-05-08 | 88.95 | 77.56 | -0.97 | IFF ahead |
| 2026-05-07 | 88.83 | 74.89 | -0.53 | IFF ahead |
| 2026-05-06 | 90.40 | 79.36 | -1.04 | IFF ahead |
| 2026-05-05 | 91.52 | 67.72 | +1.13 | APD ahead |
| 2026-05-04 | 89.84 | 67.07 | +1.03 | APD ahead |
| 2026-05-01 | 90.66 | 67.76 | +1.02 | APD ahead |
| 2026-04-30 | 90.35 | 67.18 | +1.10 | APD ahead |
| 2026-04-29 | 91.09 | 65.92 | +1.45 | APD ahead |
| 2026-04-28 | 91.34 | 67.72 | +1.15 | APD ahead |
| 2026-04-27 | 91.05 | 67.93 | +1.08 | APD ahead |
| 2026-04-24 | 90.86 | 68.08 | +1.04 | APD ahead |
| 2026-04-23 | 91.43 | 67.89 | +1.16 | APD ahead |
| 2026-04-22 | 89.36 | 68.11 | +0.84 | APD ahead |
| 2026-04-21 | 88.76 | 69.30 | +0.54 | APD ahead |
| 2026-04-20 | 89.17 | 71.23 | +0.26 | near the usual relationship |
| 2026-04-17 | 87.87 | 72.61 | -0.16 | near the usual relationship |
| 2026-04-16 | 89.50 | 68.96 | +0.72 | APD ahead |
| 2026-04-15 | 88.89 | 68.45 | +0.73 | APD ahead |
| 2026-04-14 | 89.32 | 69.46 | +0.61 | APD ahead |
| 2026-04-13 | 89.93 | 68.61 | +0.86 | APD ahead |
| 2026-04-10 | 89.95 | 69.40 | +0.72 | APD ahead |
| 2026-04-09 | 89.65 | 69.98 | +0.58 | APD ahead |
| 2026-04-08 | 89.31 | 70.59 | +0.43 | near the usual relationship |
| 2026-04-07 | 88.04 | 66.97 | +0.92 | APD ahead |
| 2026-04-06 | 88.56 | 68.74 | +0.67 | APD ahead |
| 2026-04-02 | 88.39 | 69.31 | +0.55 | APD ahead |
| 2026-04-01 | 87.15 | 69.44 | +0.35 | near the usual relationship |
| 2026-03-31 | 87.47 | 69.43 | +0.40 | near the usual relationship |
| 2026-03-30 | 87.79 | 67.90 | +0.73 | APD ahead |
| 2026-03-27 | 87.98 | 67.95 | +0.75 | APD ahead |
| 2026-03-26 | 88.28 | 68.09 | +0.77 | APD ahead |
| 2026-03-25 | 87.35 | 67.67 | +0.72 | APD ahead |
| 2026-03-24 | 86.19 | 64.98 | +1.07 | APD ahead |
| 2026-03-23 | 83.91 | 65.20 | +0.70 | APD ahead |
| 2026-03-20 | 84.62 | 63.75 | +1.09 | APD ahead |
| 2026-03-19 | 85.56 | 65.20 | +0.96 | APD ahead |
| 2026-03-18 | 84.74 | 65.37 | +0.81 | APD ahead |
| 2026-03-17 | 86.16 | 68.21 | +0.49 | near the usual relationship |
| 2026-03-16 | 87.07 | 67.07 | +0.84 | APD ahead |
| 2026-03-13 | 86.71 | 66.61 | +0.88 | APD ahead |
| 2026-03-12 | 87.47 | 67.00 | +0.92 | APD ahead |
| 2026-03-11 | 83.62 | 65.76 | +0.59 | APD ahead |
| 2026-03-10 | 82.84 | 69.71 | -0.26 | near the usual relationship |
| 2026-03-09 | 82.63 | 70.01 | -0.35 | near the usual relationship |
| 2026-03-06 | 81.96 | 70.59 | -0.56 | IFF ahead |
| 2026-03-05 | 83.21 | 72.13 | -0.64 | IFF ahead |
| 2026-03-04 | 82.57 | 74.82 | -1.21 | IFF ahead |
| 2026-03-03 | 82.22 | 75.75 | -1.43 | IFF ahead |
| 2026-03-02 | 83.24 | 77.27 | -1.54 | IFF ahead |
| 2026-02-27 | 83.01 | 78.69 | -1.82 | IFF ahead |
| 2026-02-26 | 83.18 | 77.45 | -1.61 | IFF ahead |
| 2026-02-25 | 84.40 | 76.44 | -1.26 | IFF ahead |
| 2026-02-24 | 84.15 | 78.57 | -1.67 | IFF ahead |
| 2026-02-23 | 85.29 | 78.70 | -1.53 | IFF ahead |
| 2026-02-20 | 84.67 | 77.89 | -1.50 | IFF ahead |
| 2026-02-19 | 84.53 | 78.11 | -1.57 | IFF ahead |
| 2026-02-18 | 85.03 | 79.39 | -1.72 | IFF ahead |
| 2026-02-17 | 83.62 | 79.18 | -1.92 | IFF ahead |
| 2026-02-13 | 84.23 | 79.43 | -1.88 | IFF ahead |
| 2026-02-12 | 87.77 | 77.99 | -1.09 | IFF ahead |
| 2026-02-11 | 88.27 | 73.66 | -0.24 | near the usual relationship |
| 2026-02-10 | 87.55 | 73.45 | -0.31 | near the usual relationship |
| 2026-02-09 | 86.23 | 71.94 | -0.24 | near the usual relationship |
| 2026-02-06 | 85.25 | 71.60 | -0.33 | near the usual relationship |
| 2026-02-05 | 85.37 | 70.27 | -0.06 | near the usual relationship |
| 2026-02-04 | 86.30 | 71.09 | -0.07 | near the usual relationship |
| 2026-02-03 | 83.70 | 67.35 | +0.24 | near the usual relationship |
| 2026-02-02 | 81.60 | 66.75 | +0.03 | near the usual relationship |
| 2026-01-30 | 82.05 | 66.80 | +0.09 | near the usual relationship |
| 2026-01-29 | 77.09 | 66.60 | -0.71 | IFF ahead |
| 2026-01-28 | 77.05 | 69.05 | -1.21 | IFF ahead |
| 2026-01-27 | 78.02 | 70.06 | -1.24 | IFF ahead |
| 2026-01-26 | 79.08 | 70.84 | -1.21 | IFF ahead |
| 2026-01-23 | 78.70 | 70.08 | -1.14 | IFF ahead |
| 2026-01-22 | 79.51 | 69.05 | -0.80 | IFF ahead |
| 2026-01-21 | 79.23 | 68.23 | -0.69 | IFF ahead |
| 2026-01-20 | 77.74 | 67.81 | -0.86 | IFF ahead |
| 2026-01-16 | 80.56 | 68.59 | -0.53 | IFF ahead |
| 2026-01-15 | 80.09 | 67.78 | -0.45 | near the usual relationship |
| 2026-01-14 | 80.47 | 67.16 | -0.26 | near the usual relationship |
| 2026-01-13 | 80.15 | 66.61 | -0.20 | near the usual relationship |
| 2026-01-12 | 80.41 | 65.99 | -0.02 | near the usual relationship |
| 2026-01-09 | 79.41 | 66.12 | -0.21 | near the usual relationship |
| 2026-01-08 | 78.66 | 65.63 | -0.23 | near the usual relationship |
| 2026-01-07 | 78.85 | 64.40 | +0.06 | near the usual relationship |
| 2026-01-06 | 77.80 | 65.90 | -0.42 | near the usual relationship |
| 2026-01-05 | 76.43 | 64.08 | -0.27 | near the usual relationship |
| 2026-01-02 | 75.42 | 65.10 | -0.65 | IFF ahead |
| 2025-12-31 | 74.38 | 64.49 | -0.70 | IFF ahead |
| 2025-12-30 | 74.92 | 65.00 | -0.71 | IFF ahead |
| 2025-12-29 | 74.63 | 64.84 | -0.72 | IFF ahead |
| 2025-12-26 | 74.50 | 64.56 | -0.68 | IFF ahead |
| 2025-12-24 | 74.03 | 64.04 | -0.65 | IFF ahead |
| 2025-12-23 | 73.70 | 63.51 | -0.60 | IFF ahead |
| 2025-12-22 | 73.71 | 63.70 | -0.63 | IFF ahead |
| 2025-12-19 | 72.26 | 62.94 | -0.73 | IFF ahead |
| 2025-12-18 | 73.40 | 62.59 | -0.45 | near the usual relationship |
| 2025-12-17 | 74.19 | 62.79 | -0.35 | near the usual relationship |
| 2025-12-16 | 72.94 | 61.80 | -0.36 | near the usual relationship |
| 2025-12-15 | 73.78 | 61.41 | -0.13 | near the usual relationship |
| 2025-12-12 | 73.17 | 60.54 | -0.05 | near the usual relationship |
| 2025-12-11 | 73.39 | 60.53 | -0.01 | near the usual relationship |
| 2025-12-10 | 71.28 | 62.57 | -0.79 | IFF ahead |
| 2025-12-09 | 69.49 | 61.76 | -0.95 | IFF ahead |
| 2025-12-08 | 71.08 | 62.55 | -0.83 | IFF ahead |
| 2025-12-05 | 78.50 | 64.29 | +0.08 | near the usual relationship |
| 2025-12-04 | 78.78 | 63.63 | +0.26 | near the usual relationship |
| 2025-12-03 | 78.40 | 64.23 | +0.08 | near the usual relationship |
| 2025-12-02 | 77.32 | 65.59 | -0.35 | near the usual relationship |
| 2025-12-01 | 78.55 | 66.29 | -0.29 | near the usual relationship |
| 2025-11-28 | 78.61 | 66.49 | -0.31 | near the usual relationship |
| 2025-11-26 | 77.98 | 66.78 | -0.47 | near the usual relationship |
| 2025-11-25 | 77.97 | 66.22 | -0.36 | near the usual relationship |
| 2025-11-24 | 77.26 | 64.55 | -0.16 | near the usual relationship |
| 2025-11-21 | 77.50 | 64.55 | -0.12 | near the usual relationship |
| 2025-11-20 | 75.61 | 61.78 | +0.13 | near the usual relationship |
| 2025-11-19 | 76.26 | 62.33 | +0.13 | near the usual relationship |
| 2025-11-18 | 75.93 | 63.16 | -0.09 | near the usual relationship |
| 2025-11-17 | 76.21 | 62.33 | +0.13 | near the usual relationship |
| 2025-11-14 | 78.09 | 63.04 | +0.29 | near the usual relationship |
| 2025-11-13 | 79.20 | 64.53 | +0.18 | near the usual relationship |
| 2025-11-12 | 78.76 | 62.59 | +0.50 | APD ahead |
| 2025-11-11 | 78.96 | 62.50 | +0.55 | APD ahead |
| 2025-11-10 | 77.82 | 60.08 | +0.87 | APD ahead |
| 2025-11-07 | 78.21 | 59.33 | +1.08 | APD ahead |
| 2025-11-06 | 77.93 | 60.14 | +0.88 | APD ahead |
| 2025-11-05 | 71.53 | 61.24 | -0.35 | near the usual relationship |
| 2025-11-04 | 72.50 | 58.84 | +0.29 | near the usual relationship |
| 2025-11-03 | 72.07 | 59.41 | +0.12 | near the usual relationship |
| 2025-10-31 | 73.05 | 60.26 | +0.11 | near the usual relationship |
| 2025-10-30 | 73.67 | 60.41 | +0.19 | near the usual relationship |
| 2025-10-29 | 74.78 | 60.56 | +0.34 | near the usual relationship |
| 2025-10-28 | 76.61 | 62.09 | +0.34 | near the usual relationship |
| 2025-10-27 | 77.01 | 62.48 | +0.33 | near the usual relationship |
| 2025-10-24 | 76.76 | 63.07 | +0.20 | near the usual relationship |
| 2025-10-23 | 76.76 | 62.94 | +0.23 | near the usual relationship |
| 2025-10-22 | 76.23 | 62.03 | +0.32 | near the usual relationship |
| 2025-10-21 | 76.70 | 62.21 | +0.36 | near the usual relationship |
| 2025-10-20 | 76.55 | 61.86 | +0.41 | near the usual relationship |
| 2025-10-17 | 76.24 | 61.00 | +0.52 | APD ahead |
| 2025-10-16 | 76.24 | 59.90 | +0.71 | APD ahead |
| 2025-10-15 | 77.51 | 59.26 | +1.00 | APD ahead |
| 2025-10-14 | 78.89 | 59.01 | +1.24 | APD ahead |
| 2025-10-13 | 78.55 | 57.51 | +1.46 | APD ahead |
| 2025-10-10 | 77.41 | 56.99 | +1.42 | APD ahead |
| 2025-10-09 | 79.11 | 57.56 | +1.54 | APD ahead |
| 2025-10-08 | 80.87 | 58.66 | +1.58 | APD ahead |
| 2025-10-07 | 81.57 | 58.39 | +1.71 | APD ahead |
| 2025-10-06 | 81.59 | 58.85 | +1.63 | APD ahead |
| 2025-10-03 | 81.74 | 59.50 | +1.55 | APD ahead |
| 2025-10-02 | 81.48 | 58.86 | +1.62 | APD ahead |
| 2025-10-01 | 80.91 | 58.33 | +1.65 | APD ahead |
| 2025-09-30 | 82.12 | 58.89 | +1.70 | APD ahead |
| 2025-09-29 | 81.45 | 58.33 | +1.72 | APD ahead |
| 2025-09-26 | 80.33 | 58.11 | +1.63 | APD ahead |
| 2025-09-25 | 80.03 | 57.70 | +1.67 | APD ahead |
| 2025-09-24 | 81.99 | 59.85 | +1.56 | APD ahead |
| 2025-09-23 | 83.28 | 59.70 | +1.73 | APD ahead |
| 2025-09-22 | 86.57 | 59.52 | +2.12 | APD ahead |
| 2025-09-19 | 87.37 | 60.79 | +2.02 | APD ahead |
| 2025-09-18 | 88.06 | 61.00 | +2.07 | APD ahead |
| 2025-09-17 | 87.51 | 60.61 | +2.08 | APD ahead |
| 2025-09-16 | 85.80 | 61.74 | +1.74 | APD ahead |
| 2025-09-15 | 87.18 | 61.60 | +1.91 | APD ahead |
| 2025-09-12 | 88.17 | 62.79 | +1.84 | APD ahead |
| 2025-09-11 | 88.68 | 63.49 | +1.80 | APD ahead |
| 2025-09-10 | 86.57 | 61.70 | +1.84 | APD ahead |
| 2025-09-09 | 86.46 | 62.27 | +1.75 | APD ahead |
| 2025-09-08 | 86.99 | 63.32 | +1.67 | APD ahead |
| 2025-09-05 | 87.28 | 63.19 | +1.72 | APD ahead |
| 2025-09-04 | 87.31 | 62.71 | +1.79 | APD ahead |
| 2025-09-03 | 87.71 | 62.88 | +1.82 | APD ahead |
| 2025-09-02 | 87.98 | 63.68 | +1.74 | APD ahead |
| 2025-08-29 | 88.56 | 64.60 | +1.69 | APD ahead |
| 2025-08-28 | 88.83 | 64.21 | +1.77 | APD ahead |
| 2025-08-27 | 88.71 | 63.90 | +1.81 | APD ahead |
| 2025-08-26 | 88.52 | 63.85 | +1.81 | APD ahead |
| 2025-08-25 | 88.58 | 64.25 | +1.78 | APD ahead |
| 2025-08-22 | 90.12 | 65.05 | +1.83 | APD ahead |
| 2025-08-21 | 88.38 | 63.28 | +1.91 | APD ahead |
| 2025-08-20 | 88.04 | 63.26 | +1.90 | APD ahead |
| 2025-08-19 | 87.39 | 63.00 | +1.89 | APD ahead |
| 2025-08-18 | 86.76 | 62.50 | +1.91 | APD ahead |
| 2025-08-15 | 87.46 | 62.99 | +1.93 | APD ahead |
| 2025-08-14 | 87.98 | 62.89 | +2.01 | APD ahead |
| 2025-08-13 | 88.59 | 63.65 | +1.99 | APD ahead |
| 2025-08-12 | 87.10 | 61.76 | +2.12 | APD ahead |
| 2025-08-11 | 85.50 | 60.73 | +2.13 | APD ahead |
| 2025-08-08 | 86.94 | 60.82 | +2.29 | APD ahead |
| 2025-08-07 | 86.89 | 61.46 | +2.22 | APD ahead |
| 2025-08-06 | 87.04 | 63.31 | +2.01 | APD ahead |
| 2025-08-05 | 88.07 | 67.58 | +1.56 | APD ahead |
| 2025-08-04 | 86.56 | 67.13 | +1.48 | APD ahead |
| 2025-08-01 | 84.84 | 66.49 | +1.40 | APD ahead |
| 2025-07-31 | 86.68 | 67.97 | +1.40 | APD ahead |
| 2025-07-30 | 87.36 | 68.68 | +1.38 | APD ahead |
| 2025-07-29 | 88.89 | 71.57 | +1.19 | APD ahead |
| 2025-07-28 | 89.00 | 71.99 | +1.16 | APD ahead |
| 2025-07-25 | 90.11 | 73.33 | +1.11 | APD ahead |
| 2025-07-24 | 89.50 | 72.61 | +1.14 | APD ahead |
| 2025-07-23 | 89.70 | 74.12 | +1.00 | APD ahead |
| 2025-07-22 | 89.77 | 73.63 | +1.07 | APD ahead |
| 2025-07-21 | 88.44 | 72.97 | +1.03 | APD ahead |
| 2025-07-18 | 88.92 | 72.73 | +1.10 | APD ahead |
| 2025-07-17 | 88.40 | 71.80 | +1.17 | APD ahead |
| 2025-07-16 | 87.02 | 71.02 | +1.14 | APD ahead |
| 2025-07-15 | 86.31 | 70.48 | +1.14 | APD ahead |
| 2025-07-14 | 87.56 | 71.42 | +1.15 | APD ahead |
| 2025-07-11 | 87.92 | 72.68 | +1.05 | APD ahead |
| 2025-07-10 | 88.56 | 73.32 | +1.05 | APD ahead |
| 2025-07-09 | 88.60 | 73.25 | +1.07 | APD ahead |
| 2025-07-08 | 88.03 | 72.90 | +1.06 | APD ahead |
| 2025-07-07 | 87.03 | 71.77 | +1.10 | APD ahead |
| 2025-07-03 | 87.88 | 73.04 | +1.05 | APD ahead |
| 2025-07-02 | 87.41 | 73.33 | +0.98 | APD ahead |
| 2025-07-01 | 85.96 | 71.86 | +1.02 | APD ahead |
| 2025-06-30 | 84.93 | 70.38 | +1.09 | APD ahead |
| 2025-06-27 | 85.02 | 71.15 | +1.03 | APD ahead |
| 2025-06-26 | 85.22 | 70.74 | +1.10 | APD ahead |
| 2025-06-25 | 84.91 | 71.03 | +1.05 | APD ahead |
| 2025-06-24 | 84.61 | 71.50 | +0.98 | APD ahead |
| 2025-06-23 | 82.26 | 70.58 | +0.87 | APD ahead |
| 2025-06-20 | 81.45 | 70.52 | +0.81 | APD ahead |
| 2025-06-18 | 82.92 | 71.67 | +0.83 | APD ahead |
| 2025-06-17 | 83.42 | 71.80 | +0.87 | APD ahead |
| 2025-06-16 | 84.44 | 73.44 | +0.79 | APD ahead |
| 2025-06-13 | 84.42 | 72.81 | +0.86 | APD ahead |
| 2025-06-12 | 85.30 | 75.00 | +0.72 | APD ahead |
| 2025-06-11 | 84.98 | 74.96 | +0.70 | APD ahead |
| 2025-06-10 | 84.88 | 75.91 | +0.61 | APD ahead |
| 2025-06-09 | 84.29 | 74.83 | +0.67 | APD ahead |
| 2025-06-06 | 84.25 | 73.59 | +0.80 | APD ahead |
| 2025-06-05 | 83.17 | 73.17 | +0.75 | APD ahead |
| 2025-06-04 | 84.38 | 74.13 | +0.77 | APD ahead |
| 2025-06-03 | 85.30 | 73.36 | +0.93 | APD ahead |
| 2025-06-02 | 83.92 | 72.45 | +0.91 | APD ahead |
| 2025-05-30 | 83.98 | 73.26 | +0.84 | APD ahead |
| 2025-05-29 | 82.26 | 72.80 | +0.74 | APD ahead |
| 2025-05-28 | 81.83 | 71.90 | +0.80 | APD ahead |
| 2025-05-27 | 82.67 | 73.91 | +0.68 | APD ahead |
| 2025-05-23 | 81.25 | 71.77 | +0.77 | APD ahead |
| 2025-05-22 | 81.07 | 72.46 | +0.69 | APD ahead |
| 2025-05-21 | 81.20 | 73.75 | +0.58 | APD ahead |
| 2025-05-20 | 83.01 | 74.53 | +0.67 | APD ahead |
| 2025-05-19 | 83.51 | 74.01 | +0.77 | APD ahead |
| 2025-05-16 | 83.99 | 74.37 | +0.79 | APD ahead |
| 2025-05-15 | 82.63 | 72.85 | +0.82 | APD ahead |
| 2025-05-14 | 81.75 | 71.42 | +0.90 | APD ahead |
| 2025-05-13 | 82.40 | 73.21 | +0.78 | APD ahead |
| 2025-05-12 | 83.17 | 73.06 | +0.87 | APD ahead |
| 2025-05-09 | 81.64 | 70.27 | +1.02 | APD ahead |
| 2025-05-08 | 81.19 | 70.89 | +0.93 | APD ahead |
| 2025-05-07 | 79.68 | 70.42 | +0.85 | APD ahead |
| 2025-05-06 | 80.58 | 75.79 | +0.41 | near the usual relationship |
| 2025-05-05 | 81.97 | 75.74 | +0.54 | APD ahead |
| 2025-05-02 | 83.60 | 75.66 | +0.69 | APD ahead |
| 2025-05-01 | 81.95 | 74.50 | +0.67 | APD ahead |
| 2025-04-30 | 81.63 | 75.08 | +0.59 | APD ahead |
| 2025-04-29 | 81.58 | 74.21 | +0.67 | APD ahead |
| 2025-04-28 | 81.14 | 73.00 | +0.76 | APD ahead |
| 2025-04-25 | 80.43 | 72.96 | +0.71 | APD ahead |
| 2025-04-24 | 80.95 | 73.34 | +0.72 | APD ahead |
| 2025-04-23 | 79.72 | 72.59 | +0.69 | APD ahead |
| 2025-04-22 | 79.90 | 71.43 | +0.83 | APD ahead |
| 2025-04-21 | 77.56 | 69.58 | +0.81 | APD ahead |
| 2025-04-17 | 79.16 | 69.38 | +0.98 | APD ahead |
| 2025-04-16 | 78.69 | 68.00 | +1.09 | APD ahead |
| 2025-04-15 | 79.89 | 69.37 | +1.07 | APD ahead |
| 2025-04-14 | 82.08 | 70.32 | +1.17 | APD ahead |
| 2025-04-11 | 81.00 | 70.02 | +1.12 | APD ahead |
| 2025-04-10 | 78.90 | 68.31 | +1.11 | APD ahead |
| 2025-04-09 | 81.36 | 69.83 | +1.18 | APD ahead |
| 2025-04-08 | 74.86 | 63.97 | +1.23 | APD ahead |
| 2025-04-07 | 78.02 | 67.67 | +1.13 | APD ahead |
| 2025-04-04 | 79.33 | 69.97 | +1.02 | APD ahead |
| 2025-04-03 | 85.28 | 73.16 | +1.22 | APD ahead |
| 2025-04-02 | 88.82 | 75.23 | +1.33 | APD ahead |
| 2025-04-01 | 88.36 | 74.10 | +1.41 | APD ahead |
| 2025-03-31 | 88.80 | 74.27 | +1.44 | APD ahead |
| 2025-03-28 | 88.01 | 73.19 | +1.50 | APD ahead |
| 2025-03-27 | 88.86 | 74.81 | +1.42 | APD ahead |
| 2025-03-26 | 88.91 | 74.32 | +1.49 | APD ahead |
| 2025-03-25 | 88.27 | 73.61 | +1.52 | APD ahead |
| 2025-03-24 | 88.36 | 74.19 | +1.48 | APD ahead |
| 2025-03-21 | 87.82 | 74.49 | +1.42 | APD ahead |
| 2025-03-20 | 88.20 | 76.31 | +1.29 | APD ahead |
| 2025-03-19 | 88.53 | 77.08 | +1.25 | APD ahead |
| 2025-03-18 | 87.87 | 77.33 | +1.18 | APD ahead |
| 2025-03-17 | 89.02 | 78.51 | +1.17 | APD ahead |
| 2025-03-14 | 87.90 | 76.22 | +1.31 | APD ahead |
| 2025-03-13 | 88.18 | 75.76 | +1.39 | APD ahead |
| 2025-03-12 | 88.72 | 76.12 | +1.41 | APD ahead |
| 2025-03-11 | 89.76 | 76.44 | +1.47 | APD ahead |
| 2025-03-10 | 91.45 | 76.87 | +1.59 | APD ahead |
| 2025-03-07 | 95.28 | 78.97 | +1.71 | APD ahead |
| 2025-03-06 | 93.63 | 78.53 | +1.63 | APD ahead |
| 2025-03-05 | 93.82 | 77.75 | +1.74 | APD ahead |
| 2025-03-04 | 91.95 | 76.35 | +1.74 | APD ahead |
| 2025-03-03 | 93.54 | 77.44 | +1.78 | APD ahead |
| 2025-02-28 | 95.20 | 78.29 | +1.85 | APD ahead |
| 2025-02-27 | 94.07 | 77.55 | +1.86 | APD ahead |
| 2025-02-26 | 94.50 | 77.10 | +1.96 | APD ahead |
| 2025-02-25 | 95.56 | 76.82 | +2.11 | APD ahead |
| 2025-02-24 | 93.16 | 76.18 | +1.99 | APD ahead |
| 2025-02-21 | 93.31 | 76.45 | +2.00 | APD ahead |
| 2025-02-20 | 94.63 | 76.69 | +2.12 | APD ahead |
| 2025-02-19 | 95.47 | 78.46 | +2.03 | APD ahead |
| 2025-02-18 | 95.45 | 82.73 | +1.60 | APD ahead |
| 2025-02-14 | 95.19 | 81.89 | +1.68 | APD ahead |
| 2025-02-13 | 94.90 | 82.30 | +1.63 | APD ahead |
| 2025-02-12 | 93.45 | 81.03 | +1.65 | APD ahead |
| 2025-02-11 | 93.19 | 81.54 | +1.59 | APD ahead |
| 2025-02-10 | 93.51 | 80.66 | +1.73 | APD ahead |
| 2025-02-07 | 93.48 | 80.69 | +1.74 | APD ahead |
| 2025-02-06 | 98.80 | 81.98 | +2.10 | APD ahead |
| 2025-02-05 | 100.32 | 82.47 | +2.21 | APD ahead |
| 2025-02-04 | 101.07 | 81.93 | +2.36 | APD ahead |
| 2025-02-03 | 101.80 | 82.68 | +2.38 | APD ahead |
| 2025-01-31 | 100.95 | 83.34 | +2.26 | APD ahead |
| 2025-01-30 | 100.90 | 83.94 | +2.22 | APD ahead |
| 2025-01-29 | 98.56 | 82.30 | +2.21 | APD ahead |
| 2025-01-28 | 98.46 | 82.81 | +2.17 | APD ahead |
| 2025-01-27 | 98.35 | 83.86 | +2.06 | APD ahead |
| 2025-01-24 | 99.14 | 82.15 | +2.35 | APD ahead |
| 2025-01-23 | 97.56 | 82.74 | +2.16 | APD ahead |
| 2025-01-22 | 95.45 | 81.81 | +2.08 | APD ahead |
| 2025-01-21 | 96.28 | 81.87 | +2.17 | APD ahead |
| 2025-01-17 | 95.69 | 81.23 | +2.21 | APD ahead |
| 2025-01-16 | 93.97 | 80.80 | +2.11 | APD ahead |
| 2025-01-15 | 92.41 | 80.55 | +1.99 | APD ahead |
| 2025-01-14 | 92.73 | 80.07 | +2.10 | APD ahead |
| 2025-01-13 | 90.86 | 79.71 | +1.96 | APD ahead |
| 2025-01-10 | 88.25 | 77.86 | +1.92 | APD ahead |
| 2025-01-08 | 85.89 | 78.54 | +1.56 | APD ahead |
| 2025-01-07 | 86.22 | 79.00 | +1.55 | APD ahead |
| 2025-01-06 | 85.29 | 78.57 | +1.50 | APD ahead |
| 2025-01-03 | 85.49 | 78.97 | +1.47 | APD ahead |
| 2025-01-02 | 85.30 | 79.51 | +1.38 | APD ahead |
| 2024-12-31 | 87.34 | 80.91 | +1.45 | APD ahead |
| 2024-12-30 | 86.93 | 80.34 | +1.47 | APD ahead |
| 2024-12-27 | 88.17 | 80.95 | +1.54 | APD ahead |
| 2024-12-26 | 88.85 | 81.27 | +1.58 | APD ahead |
| 2024-12-24 | 89.14 | 81.44 | +1.60 | APD ahead |
| 2024-12-23 | 88.39 | 81.14 | +1.55 | APD ahead |
| 2024-12-20 | 88.83 | 82.05 | +1.49 | APD ahead |
| 2024-12-19 | 88.28 | 82.24 | +1.41 | APD ahead |
| 2024-12-18 | 88.92 | 81.68 | +1.55 | APD ahead |
| 2024-12-17 | 91.75 | 83.03 | +1.71 | APD ahead |
| 2024-12-16 | 92.36 | 83.40 | +1.73 | APD ahead |
| 2024-12-13 | 94.04 | 83.64 | +1.89 | APD ahead |
| 2024-12-12 | 93.61 | 84.31 | +1.77 | APD ahead |
| 2024-12-11 | 94.06 | 84.06 | +1.85 | APD ahead |
| 2024-12-10 | 94.91 | 84.74 | +1.87 | APD ahead |
| 2024-12-09 | 95.34 | 85.29 | +1.85 | APD ahead |
| 2024-12-06 | 96.39 | 85.09 | +2.00 | APD ahead |
| 2024-12-05 | 96.95 | 85.17 | +2.06 | APD ahead |
| 2024-12-04 | 98.61 | 85.45 | +2.20 | APD ahead |
| 2024-12-03 | 99.56 | 86.28 | +2.21 | APD ahead |
| 2024-12-02 | 101.06 | 87.34 | +2.24 | APD ahead |
| 2024-11-29 | 100.67 | 87.43 | +2.20 | APD ahead |
| 2024-11-27 | 100.34 | 86.91 | +2.24 | APD ahead |
| 2024-11-26 | 100.81 | 87.01 | +2.27 | APD ahead |
| 2024-11-25 | 100.56 | 86.98 | +2.25 | APD ahead |
| 2024-11-22 | 99.92 | 86.90 | +2.20 | APD ahead |
| 2024-11-21 | 99.03 | 85.91 | +2.22 | APD ahead |
| 2024-11-20 | 98.72 | 85.01 | +2.29 | APD ahead |
| 2024-11-19 | 98.77 | 85.10 | +2.29 | APD ahead |
| 2024-11-18 | 98.73 | 82.88 | +2.57 | APD ahead |
| 2024-11-15 | 95.48 | 82.43 | +2.28 | APD ahead |
| 2024-11-14 | 95.12 | 85.52 | +1.85 | APD ahead |
| 2024-11-13 | 94.22 | 85.98 | +1.68 | APD ahead |
| 2024-11-12 | 93.68 | 85.58 | +1.66 | APD ahead |
| 2024-11-11 | 94.52 | 87.28 | +1.54 | APD ahead |
| 2024-11-08 | 94.25 | 88.31 | +1.38 | APD ahead |
| 2024-11-07 | 94.19 | 87.04 | +1.52 | APD ahead |
| 2024-11-06 | 92.36 | 83.80 | +1.67 | APD ahead |
| 2024-11-05 | 92.25 | 94.83 | +0.41 | near the usual relationship |
| 2024-11-04 | 92.17 | 94.71 | +0.39 | near the usual relationship |
| 2024-11-01 | 93.11 | 94.67 | +0.47 | near the usual relationship |
| 2024-10-31 | 93.50 | 95.15 | +0.45 | near the usual relationship |
| 2024-10-30 | 94.18 | 96.78 | +0.33 | near the usual relationship |
| 2024-10-29 | 94.94 | 96.97 | +0.37 | near the usual relationship |
| 2024-10-28 | 95.83 | 97.80 | +0.37 | near the usual relationship |
| 2024-10-25 | 95.76 | 97.08 | +0.41 | near the usual relationship |
| 2024-10-24 | 96.99 | 98.04 | +0.42 | near the usual relationship |
| 2024-10-23 | 98.35 | 99.47 | +0.39 | near the usual relationship |
| 2024-10-22 | 99.48 | 99.40 | +0.48 | near the usual relationship |
| 2024-10-21 | 99.84 | 99.59 | +0.48 | near the usual relationship |
| 2024-10-18 | 100.00 | 100.00 | +0.44 | near the usual relationship |
One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Nov 6, 2024 (APD +0.1%, IFF -11.6%); Nov 6, 2025 (APD +8.9%, IFF -1.8%); Dec 8, 2025 (APD -9.4%, IFF -2.7%); May 6, 2026 (APD -1.2%, IFF +17.2%). Upcoming earnings: IFF Nov 3, 2026 (after-hours); APD Nov 5, 2026 (pre-market).
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)
1 simulated trade to Oct 20, 2026: -11.52% per trade on average after costs, 0 won.
| Legs | Entered | Exited | Why | Days | Before costs | Costs + borrow | After costs |
|---|---|---|---|---|---|---|---|
| Long IFF · Short APD | Jul 8, 2020 | Aug 14, 2020 | divergence stop | 37 | -$1,103.34 | -$49.11 | -$1,151.90 (-11.52%) |
Per $10,000 a leg. A replay on today's companies cannot prove an edge.
The companies
APD and IFF at a glance
APD Air Products and Chemicals Inc.
- Listing
- NYSE · SEC CIK 2969
- Industry
- Major Chemicals · SIC 2810 Industrial Inorganic Chemicals
- Market value
- $66.5B
- Price history
- 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026
IFF International Flavors & Fragrances Inc.
- Listing
- NYSE · SEC CIK 51253
- Industry
- Major Chemicals · SIC 2860 Industrial Organic Chemicals
- Market value
- $23.2B
- 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.
Related
All pairs →Other rivals of APD and IFF
Follow the research behind the paper book
Boostio is a research-first platform in private beta: crypto candidates, daily market stories, public paper trading and now rival stocks. Exploring these pages stays free and open.
Explore the private betaPaper only: hypothetical paired positions with modelled costs. No broker, no orders, no real money. A historical simulation is a diagnostic, not proof of an edge. Not investment advice.
