Beverages (Production/Distribution)

Anheuser-Busch Inbev SA vs PepsiCo Inc.

WatchlistBUD / PEPPrices through Oct 22, 2026

Why these are rivals: #2 and #3 by market value ($182B vs $163B) in Nasdaq's "Beverages (Production/Distribution)" industry; SEC SIC 2080 / 2082 (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: 0.37 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -1.24 (needs <= -2.873 (5% critical value))
Speed: half-life of the spread, sessions: 77.30 (needs <= 63)

Business leadership

Business size

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

Year	BUD	PEP	Larger
2025	-	$93.9B	-
2024	-	$91.9B	-
2023	-	$91.5B	-
2022	-	$86.4B	-
2021	-	$79.5B	-
2020	-	$70.4B	-

Market value: BUD $163.4B, PEP $182.0B.

Stock leadership

BUD is ahead now

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

BUD leads PEP by 1.48 standard deviations: +21.7% over its usual price ratio. 0 lead switches in the last year.

Price change	3 mo	6 mo	12 mo
BUD	+4.7%	+18.4%	+38.2%
PEP	+1.6%	-10.8%	-9.4%

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: 0.37 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -1.24 (needs <= -2.873 (5% critical value))
Fail: Speed: half-life of the spread, sessions: 77.30 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

BUD Anheuser-Busch Inbev SA PEP PepsiCo 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: BUD relative to PEP, against the 252 sessions before each day. Above 0: BUD ahead; below 0: PEP ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (504 sessions)

Date	BUD index	PEP index	z	Ahead
2026-10-22	129.45	79.30	+1.48	BUD ahead
2026-10-21	124.61	76.95	+1.43	BUD ahead
2026-10-20	126.18	76.56	+1.57	BUD ahead
2026-10-19	125.42	76.30	+1.57	BUD ahead
2026-10-16	125.06	75.11	+1.67	BUD ahead
2026-10-15	123.08	73.33	+1.75	BUD ahead
2026-10-14	120.38	73.84	+1.54	BUD ahead
2026-10-13	119.05	72.72	+1.58	BUD ahead
2026-10-12	118.55	72.36	+1.60	BUD ahead
2026-10-09	117.10	71.96	+1.57	BUD ahead
2026-10-08	117.22	73.31	+1.45	BUD ahead
2026-10-07	112.99	70.68	+1.46	BUD ahead
2026-10-06	114.51	71.81	+1.45	BUD ahead
2026-10-05	113.29	71.78	+1.39	BUD ahead
2026-10-02	111.19	71.91	+1.24	BUD ahead
2026-10-01	110.57	71.75	+1.22	BUD ahead
2026-09-30	111.25	72.39	+1.21	BUD ahead
2026-09-29	112.49	73.51	+1.19	BUD ahead
2026-09-28	116.75	73.40	+1.49	BUD ahead
2026-09-25	118.11	73.48	+1.59	BUD ahead
2026-09-24	117.23	73.20	+1.57	BUD ahead
2026-09-23	116.69	74.36	+1.43	BUD ahead
2026-09-22	118.41	74.94	+1.50	BUD ahead
2026-09-21	118.03	74.03	+1.58	BUD ahead
2026-09-18	117.70	74.12	+1.56	BUD ahead
2026-09-17	119.28	76.35	+1.45	BUD ahead
2026-09-16	120.99	76.74	+1.53	BUD ahead
2026-09-15	120.32	77.40	+1.44	BUD ahead
2026-09-14	120.87	77.88	+1.44	BUD ahead
2026-09-11	118.46	77.87	+1.29	BUD ahead
2026-09-10	117.58	78.06	+1.23	BUD ahead
2026-09-09	118.08	78.08	+1.27	BUD ahead
2026-09-08	120.73	79.09	+1.35	BUD ahead
2026-09-04	121.67	78.62	+1.47	BUD ahead
2026-09-03	121.47	79.98	+1.34	BUD ahead
2026-09-02	119.65	80.27	+1.20	BUD ahead
2026-09-01	119.82	79.85	+1.26	BUD ahead
2026-08-31	119.78	80.17	+1.24	BUD ahead
2026-08-28	121.34	80.58	+1.31	BUD ahead
2026-08-27	119.78	79.81	+1.30	BUD ahead
2026-08-26	118.76	81.22	+1.10	BUD ahead
2026-08-25	119.25	81.27	+1.14	BUD ahead
2026-08-24	120.08	82.64	+1.07	BUD ahead
2026-08-21	119.50	81.96	+1.11	BUD ahead
2026-08-20	117.99	81.16	+1.09	BUD ahead
2026-08-19	118.31	81.45	+1.10	BUD ahead
2026-08-18	117.25	80.05	+1.17	BUD ahead
2026-08-17	116.90	78.97	+1.26	BUD ahead
2026-08-14	120.73	80.42	+1.38	BUD ahead
2026-08-13	121.49	80.33	+1.45	BUD ahead
2026-08-12	119.91	79.23	+1.47	BUD ahead
2026-08-11	122.06	79.06	+1.64	BUD ahead
2026-08-10	125.82	78.68	+1.94	BUD ahead
2026-08-07	126.83	79.41	+1.95	BUD ahead
2026-08-06	127.15	79.08	+2.03	BUD ahead
2026-08-05	128.98	79.28	+2.15	BUD ahead
2026-08-04	128.09	79.46	+2.11	BUD ahead
2026-08-03	127.27	79.76	+2.05	BUD ahead
2026-07-31	130.95	79.72	+2.32	BUD ahead
2026-07-30	130.44	80.09	+2.28	BUD ahead
2026-07-29	128.51	81.97	+1.99	BUD ahead
2026-07-28	125.98	81.61	+1.88	BUD ahead
2026-07-27	122.46	79.85	+1.84	BUD ahead
2026-07-24	123.65	78.05	+2.14	BUD ahead
2026-07-23	121.87	77.09	+2.15	BUD ahead
2026-07-22	125.80	77.49	+2.41	BUD ahead
2026-07-21	123.49	77.12	+2.33	BUD ahead
2026-07-20	122.40	77.38	+2.25	BUD ahead
2026-07-17	122.00	78.33	+2.13	BUD ahead
2026-07-16	123.35	79.65	+2.10	BUD ahead
2026-07-15	121.00	77.34	+2.22	BUD ahead
2026-07-14	120.18	77.37	+2.18	BUD ahead
2026-07-13	120.12	79.11	+1.99	BUD ahead
2026-07-10	120.55	78.48	+2.12	BUD ahead
2026-07-09	120.14	78.75	+2.07	BUD ahead
2026-07-08	119.82	81.41	+1.75	BUD ahead
2026-07-07	120.75	82.82	+1.67	BUD ahead
2026-07-06	120.20	81.85	+1.75	BUD ahead
2026-07-02	123.15	82.38	+1.93	BUD ahead
2026-07-01	121.52	80.64	+2.02	BUD ahead
2026-06-30	124.77	77.34	+2.71	BUD ahead
2026-06-29	126.95	79.22	+2.68	BUD ahead
2026-06-26	128.85	80.77	+2.66	BUD ahead
2026-06-25	127.32	79.70	+2.71	BUD ahead
2026-06-24	127.85	81.27	+2.57	BUD ahead
2026-06-23	125.67	81.14	+2.43	BUD ahead
2026-06-22	122.40	80.38	+2.27	BUD ahead
2026-06-18	122.26	81.13	+2.17	BUD ahead
2026-06-17	122.17	80.88	+2.21	BUD ahead
2026-06-16	124.70	83.47	+2.10	BUD ahead
2026-06-15	123.38	83.54	+1.99	BUD ahead
2026-06-12	125.55	82.41	+2.32	BUD ahead
2026-06-11	124.58	82.10	+2.29	BUD ahead
2026-06-10	123.05	82.44	+2.13	BUD ahead
2026-06-09	122.68	81.56	+2.22	BUD ahead
2026-06-08	119.11	80.36	+2.07	BUD ahead
2026-06-05	118.87	81.07	+1.96	BUD ahead
2026-06-04	117.99	81.20	+1.87	BUD ahead
2026-06-03	119.69	81.42	+1.99	BUD ahead
2026-06-02	122.02	81.12	+2.25	BUD ahead
2026-06-01	121.17	80.84	+2.23	BUD ahead
2026-05-29	121.12	82.37	+2.03	BUD ahead
2026-05-28	124.14	83.57	+2.15	BUD ahead
2026-05-27	127.14	84.39	+2.31	BUD ahead
2026-05-26	124.86	83.22	+2.29	BUD ahead
2026-05-22	126.36	86.01	+2.07	BUD ahead
2026-05-21	126.23	85.03	+2.20	BUD ahead
2026-05-20	124.94	85.28	+2.06	BUD ahead
2026-05-19	124.03	85.90	+1.92	BUD ahead
2026-05-18	123.14	85.15	+1.94	BUD ahead
2026-05-15	122.53	85.18	+1.89	BUD ahead
2026-05-14	122.26	84.93	+1.91	BUD ahead
2026-05-13	121.37	85.27	+1.80	BUD ahead
2026-05-12	120.85	86.74	+1.56	BUD ahead
2026-05-11	120.93	85.35	+1.76	BUD ahead
2026-05-08	120.97	88.32	+1.38	BUD ahead
2026-05-07	121.52	89.28	+1.31	BUD ahead
2026-05-06	124.30	89.09	+1.60	BUD ahead
2026-05-05	121.70	88.56	+1.43	BUD ahead
2026-05-04	111.92	88.31	+0.51	BUD ahead
2026-05-01	114.42	89.92	+0.56	BUD ahead
2026-04-30	114.40	90.53	+0.48	near the usual relationship
2026-04-29	110.25	88.71	+0.29	near the usual relationship
2026-04-28	112.69	89.28	+0.46	near the usual relationship
2026-04-27	111.01	88.03	+0.45	near the usual relationship
2026-04-24	109.89	88.79	+0.24	near the usual relationship
2026-04-23	109.36	88.94	+0.16	near the usual relationship
2026-04-22	109.27	87.85	+0.29	near the usual relationship
2026-04-21	110.21	88.50	+0.31	near the usual relationship
2026-04-20	113.64	89.68	+0.51	BUD ahead
2026-04-17	114.72	90.07	+0.57	BUD ahead
2026-04-16	114.19	90.47	+0.47	near the usual relationship
2026-04-15	113.98	88.46	+0.71	BUD ahead
2026-04-14	114.46	88.95	+0.70	BUD ahead
2026-04-13	114.55	89.04	+0.70	BUD ahead
2026-04-10	114.67	89.72	+0.64	BUD ahead
2026-04-09	113.86	89.96	+0.53	BUD ahead
2026-04-08	112.64	88.43	+0.61	BUD ahead
2026-04-07	108.34	87.52	+0.29	near the usual relationship
2026-04-06	109.83	89.53	+0.19	near the usual relationship
2026-04-02	107.96	89.69	-0.01	near the usual relationship
2026-04-01	107.16	88.34	+0.08	near the usual relationship
2026-03-31	105.04	88.71	-0.19	near the usual relationship
2026-03-30	103.32	89.58	-0.48	near the usual relationship
2026-03-27	102.32	87.42	-0.31	near the usual relationship
2026-03-26	102.88	86.16	-0.09	near the usual relationship
2026-03-25	104.78	86.67	+0.05	near the usual relationship
2026-03-24	103.06	86.02	-0.05	near the usual relationship
2026-03-23	103.80	86.19	+0.01	near the usual relationship
2026-03-20	102.18	85.71	-0.10	near the usual relationship
2026-03-19	104.89	87.25	+0.00	near the usual relationship
2026-03-18	105.89	87.71	+0.05	near the usual relationship
2026-03-17	109.83	89.40	+0.25	near the usual relationship
2026-03-16	110.43	90.09	+0.23	near the usual relationship
2026-03-13	109.62	91.33	+0.00	near the usual relationship
2026-03-12	108.93	90.75	+0.00	near the usual relationship
2026-03-11	110.02	91.48	+0.03	near the usual relationship
2026-03-10	110.77	91.84	+0.06	near the usual relationship
2026-03-09	110.78	92.27	+0.02	near the usual relationship
2026-03-06	111.52	91.07	+0.24	near the usual relationship
2026-03-05	111.61	91.80	+0.17	near the usual relationship
2026-03-04	114.46	93.64	+0.23	near the usual relationship
2026-03-03	115.93	94.20	+0.31	near the usual relationship
2026-03-02	119.19	95.56	+0.46	near the usual relationship
2026-02-27	122.58	96.96	+0.61	BUD ahead
2026-02-26	120.35	95.73	+0.56	BUD ahead
2026-02-25	119.00	96.64	+0.35	near the usual relationship
2026-02-24	122.14	96.85	+0.60	BUD ahead
2026-02-23	121.14	96.15	+0.59	BUD ahead
2026-02-20	118.90	94.22	+0.62	BUD ahead
2026-02-19	119.28	94.02	+0.67	BUD ahead
2026-02-18	119.46	93.90	+0.71	BUD ahead
2026-02-17	120.06	92.49	+0.91	BUD ahead
2026-02-13	121.73	94.79	+0.81	BUD ahead
2026-02-12	121.44	95.51	+0.72	BUD ahead
2026-02-11	116.99	96.62	+0.26	near the usual relationship
2026-02-10	114.66	95.38	+0.20	near the usual relationship
2026-02-09	115.14	95.09	+0.27	near the usual relationship
2026-02-06	114.79	97.39	+0.03	near the usual relationship
2026-02-05	113.55	95.70	+0.10	near the usual relationship
2026-02-04	112.78	94.93	+0.12	near the usual relationship
2026-02-03	111.34	93.03	+0.20	near the usual relationship
2026-02-02	109.71	88.66	+0.50	BUD ahead
2026-01-30	108.54	87.76	+0.50	BUD ahead
2026-01-29	107.93	84.94	+0.74	BUD ahead
2026-01-28	105.72	84.83	+0.58	BUD ahead
2026-01-27	106.37	84.99	+0.62	BUD ahead
2026-01-26	105.09	83.33	+0.69	BUD ahead
2026-01-23	105.81	82.59	+0.82	BUD ahead
2026-01-22	105.48	82.49	+0.81	BUD ahead
2026-01-21	104.88	83.82	+0.64	BUD ahead
2026-01-20	104.32	84.35	+0.55	BUD ahead
2026-01-16	103.83	83.58	+0.59	BUD ahead
2026-01-15	104.06	83.73	+0.60	BUD ahead
2026-01-14	104.16	83.35	+0.65	BUD ahead
2026-01-13	102.80	81.96	+0.68	BUD ahead
2026-01-12	101.06	80.75	+0.67	BUD ahead
2026-01-09	99.76	79.92	+0.66	BUD ahead
2026-01-08	97.91	79.61	+0.55	BUD ahead
2026-01-07	95.61	78.26	+0.51	BUD ahead
2026-01-06	96.53	79.38	+0.48	near the usual relationship
2026-01-05	95.81	79.93	+0.38	near the usual relationship
2026-01-02	96.47	81.25	+0.32	near the usual relationship
2025-12-31	96.97	81.98	+0.30	near the usual relationship
2025-12-30	97.83	82.35	+0.34	near the usual relationship
2025-12-29	97.38	82.39	+0.31	near the usual relationship
2025-12-26	97.27	82.13	+0.33	near the usual relationship
2025-12-24	96.65	82.11	+0.29	near the usual relationship
2025-12-23	96.84	82.07	+0.31	near the usual relationship
2025-12-22	95.99	84.00	+0.10	near the usual relationship
2025-12-19	97.65	84.63	+0.17	near the usual relationship
2025-12-18	97.74	85.33	+0.13	near the usual relationship
2025-12-17	98.85	85.73	+0.18	near the usual relationship
2025-12-16	97.74	85.90	+0.09	near the usual relationship
2025-12-15	98.39	86.38	+0.11	near the usual relationship
2025-12-12	96.52	86.06	+0.01	near the usual relationship
2025-12-11	95.97	85.14	+0.05	near the usual relationship
2025-12-10	94.26	85.51	-0.09	near the usual relationship
2025-12-09	91.52	82.62	-0.05	near the usual relationship
2025-12-08	91.63	83.19	-0.09	near the usual relationship
2025-12-05	92.61	82.84	+0.02	near the usual relationship
2025-12-04	92.32	83.92	-0.08	near the usual relationship
2025-12-03	93.26	84.58	-0.06	near the usual relationship
2025-12-02	93.34	84.89	-0.07	near the usual relationship
2025-12-01	93.97	85.41	-0.06	near the usual relationship
2025-11-28	93.17	84.97	-0.08	near the usual relationship
2025-11-26	93.66	84.53	-0.01	near the usual relationship
2025-11-25	94.72	83.46	+0.15	near the usual relationship
2025-11-24	94.49	83.11	+0.17	near the usual relationship
2025-11-21	94.59	83.59	+0.14	near the usual relationship
2025-11-20	92.00	83.46	-0.02	near the usual relationship
2025-11-19	91.90	84.03	-0.07	near the usual relationship
2025-11-18	92.61	84.98	-0.08	near the usual relationship
2025-11-17	94.06	84.45	+0.06	near the usual relationship
2025-11-14	96.65	83.31	+0.32	near the usual relationship
2025-11-13	97.79	82.84	+0.43	near the usual relationship
2025-11-12	97.74	82.48	+0.46	near the usual relationship
2025-11-11	98.06	82.87	+0.46	near the usual relationship
2025-11-10	95.93	81.47	+0.43	near the usual relationship
2025-11-07	95.82	81.66	+0.42	near the usual relationship
2025-11-06	95.22	80.88	+0.44	near the usual relationship
2025-11-05	95.18	81.61	+0.39	near the usual relationship
2025-11-04	93.73	81.63	+0.30	near the usual relationship
2025-11-03	92.60	82.03	+0.20	near the usual relationship
2025-10-31	92.22	83.45	+0.07	near the usual relationship
2025-10-30	90.87	84.29	-0.08	near the usual relationship
2025-10-29	93.03	83.49	+0.12	near the usual relationship
2025-10-28	93.59	85.75	+0.00	near the usual relationship
2025-10-27	93.32	87.19	-0.12	near the usual relationship
2025-10-24	92.81	86.57	-0.11	near the usual relationship
2025-10-23	93.26	86.55	-0.07	near the usual relationship
2025-10-22	93.58	87.42	-0.11	near the usual relationship
2025-10-21	93.64	87.50	-0.11	near the usual relationship
2025-10-20	93.94	87.76	-0.11	near the usual relationship
2025-10-17	94.09	87.80	-0.10	near the usual relationship
2025-10-16	93.19	87.21	-0.12	near the usual relationship
2025-10-15	91.25	86.35	-0.18	near the usual relationship
2025-10-14	91.19	86.56	-0.20	near the usual relationship
2025-10-13	89.88	85.05	-0.18	near the usual relationship
2025-10-10	90.22	85.73	-0.20	near the usual relationship
2025-10-09	89.61	82.66	-0.02	near the usual relationship
2025-10-08	90.14	79.31	+0.27	near the usual relationship
2025-10-07	90.37	80.42	+0.20	near the usual relationship
2025-10-06	88.60	79.80	+0.13	near the usual relationship
2025-10-03	90.19	81.10	+0.14	near the usual relationship
2025-10-02	90.94	81.29	+0.18	near the usual relationship
2025-10-01	90.16	81.77	+0.09	near the usual relationship
2025-09-30	90.26	80.22	+0.22	near the usual relationship
2025-09-29	90.63	80.07	+0.26	near the usual relationship
2025-09-26	89.55	80.22	+0.18	near the usual relationship
2025-09-25	90.43	79.93	+0.26	near the usual relationship
2025-09-24	90.08	81.21	+0.14	near the usual relationship
2025-09-23	89.49	81.06	+0.12	near the usual relationship
2025-09-22	88.72	80.56	+0.11	near the usual relationship
2025-09-19	89.88	80.98	+0.16	near the usual relationship
2025-09-18	88.70	80.39	+0.12	near the usual relationship
2025-09-17	89.07	80.68	+0.13	near the usual relationship
2025-09-16	87.72	79.99	+0.09	near the usual relationship
2025-09-15	88.66	80.34	+0.13	near the usual relationship
2025-09-12	88.37	81.99	-0.01	near the usual relationship
2025-09-11	89.35	82.39	+0.04	near the usual relationship
2025-09-10	89.29	81.49	+0.10	near the usual relationship
2025-09-09	89.81	81.74	+0.12	near the usual relationship
2025-09-08	89.99	80.95	+0.20	near the usual relationship
2025-09-05	91.20	83.62	+0.08	near the usual relationship
2025-09-04	89.60	83.91	-0.04	near the usual relationship
2025-09-03	90.19	84.91	-0.07	near the usual relationship
2025-09-02	92.93	85.84	+0.05	near the usual relationship
2025-08-29	94.90	84.91	+0.24	near the usual relationship
2025-08-28	94.85	83.96	+0.31	near the usual relationship
2025-08-27	95.08	84.34	+0.30	near the usual relationship
2025-08-26	94.99	83.97	+0.33	near the usual relationship
2025-08-25	95.46	84.66	+0.31	near the usual relationship
2025-08-22	96.70	85.48	+0.34	near the usual relationship
2025-08-21	95.49	85.10	+0.29	near the usual relationship
2025-08-20	95.53	86.10	+0.23	near the usual relationship
2025-08-19	94.25	86.92	+0.10	near the usual relationship
2025-08-18	93.20	85.43	+0.14	near the usual relationship
2025-08-15	92.94	85.91	+0.09	near the usual relationship
2025-08-14	91.88	84.90	+0.10	near the usual relationship
2025-08-13	92.58	85.31	+0.12	near the usual relationship
2025-08-12	92.96	83.90	+0.24	near the usual relationship
2025-08-11	92.93	82.75	+0.32	near the usual relationship
2025-08-08	93.87	82.95	+0.37	near the usual relationship
2025-08-07	92.90	82.21	+0.37	near the usual relationship
2025-08-06	91.34	80.43	+0.40	near the usual relationship
2025-08-05	90.34	79.66	+0.40	near the usual relationship
2025-08-04	88.11	79.72	+0.25	near the usual relationship
2025-08-01	86.46	79.56	+0.16	near the usual relationship
2025-07-31	87.33	78.78	+0.28	near the usual relationship
2025-07-30	100.76	81.61	+0.91	BUD ahead
2025-07-29	101.27	82.19	+0.91	BUD ahead
2025-07-28	100.47	80.87	+0.96	BUD ahead
2025-07-25	106.30	81.94	+1.22	BUD ahead
2025-07-24	106.13	82.55	+1.18	BUD ahead
2025-07-23	106.78	83.21	+1.18	BUD ahead
2025-07-22	105.00	83.42	+1.07	BUD ahead
2025-07-21	103.21	80.94	+1.16	BUD ahead
2025-07-18	102.83	81.82	+1.08	BUD ahead
2025-07-17	102.74	83.08	+0.99	BUD ahead
2025-07-16	102.54	77.32	+1.42	BUD ahead
2025-07-15	101.38	76.44	+1.43	BUD ahead
2025-07-14	102.67	77.44	+1.44	BUD ahead
2025-07-11	102.21	77.26	+1.44	BUD ahead
2025-07-10	102.41	77.73	+1.43	BUD ahead
2025-07-09	102.23	76.82	+1.50	BUD ahead
2025-07-08	102.30	77.14	+1.50	BUD ahead
2025-07-07	103.83	76.80	+1.63	BUD ahead
2025-07-03	104.35	77.33	+1.63	BUD ahead
2025-07-02	105.00	77.96	+1.64	BUD ahead
2025-07-01	104.86	77.26	+1.70	BUD ahead
2025-06-30	104.06	75.43	+1.82	BUD ahead
2025-06-27	103.73	74.85	+1.87	BUD ahead
2025-06-26	104.68	73.24	+2.09	BUD ahead
2025-06-25	103.83	73.13	+2.08	BUD ahead
2025-06-24	106.31	74.86	+2.11	BUD ahead
2025-06-23	108.24	73.74	+2.35	BUD ahead
2025-06-20	107.80	73.73	+2.36	BUD ahead
2025-06-18	107.43	73.73	+2.38	BUD ahead
2025-06-17	106.74	73.85	+2.36	BUD ahead
2025-06-16	107.87	75.07	+2.36	BUD ahead
2025-06-13	107.84	74.75	+2.42	BUD ahead
2025-06-12	108.57	75.57	+2.43	BUD ahead
2025-06-11	107.75	74.20	+2.55	BUD ahead
2025-06-10	106.48	75.31	+2.40	BUD ahead
2025-06-09	107.53	74.24	+2.61	BUD ahead
2025-06-06	107.53	74.28	+2.66	BUD ahead
2025-06-05	107.42	74.89	+2.64	BUD ahead
2025-06-04	108.31	75.25	+2.71	BUD ahead
2025-06-03	107.00	75.32	+2.66	BUD ahead
2025-06-02	107.92	74.78	+2.84	BUD ahead
2025-05-30	106.74	75.09	+2.77	BUD ahead
2025-05-29	106.80	75.36	+2.81	BUD ahead
2025-05-28	105.65	74.64	+2.85	BUD ahead
2025-05-27	106.25	75.04	+2.91	BUD ahead
2025-05-23	104.91	73.88	+3.00	BUD ahead
2025-05-22	103.50	74.33	+2.90	BUD ahead
2025-05-21	104.18	74.35	+3.02	BUD ahead
2025-05-20	103.82	75.29	+2.94	BUD ahead
2025-05-19	103.95	75.28	+3.02	BUD ahead
2025-05-16	102.36	75.39	+2.93	BUD ahead
2025-05-15	102.24	75.12	+3.01	BUD ahead
2025-05-14	100.33	73.37	+3.13	BUD ahead
2025-05-13	99.80	74.44	+3.01	BUD ahead
2025-05-12	99.79	75.22	+2.97	BUD ahead
2025-05-09	101.86	74.51	+3.35	BUD ahead
2025-05-08	101.45	75.08	+3.31	BUD ahead
2025-05-07	99.18	75.35	+3.11	BUD ahead
2025-05-06	100.17	74.68	+3.40	BUD ahead
2025-05-05	99.91	75.40	+3.35	BUD ahead
2025-05-02	99.95	76.40	+3.30	BUD ahead
2025-05-01	98.46	76.29	+3.22	BUD ahead
2025-04-30	99.65	77.45	+3.27	BUD ahead
2025-04-29	98.36	76.72	+3.31	BUD ahead
2025-04-28	98.61	76.41	+3.48	BUD ahead
2025-04-25	98.44	76.19	+3.60	BUD ahead
2025-04-24	99.68	77.29	+3.68	BUD ahead
2025-04-23	100.27	81.26	+3.20	BUD ahead
2025-04-22	101.30	81.95	+3.30	BUD ahead
2025-04-21	99.35	80.96	+3.29	BUD ahead
2025-04-17	99.38	81.59	+3.27	BUD ahead
2025-04-16	97.88	80.02	+3.42	BUD ahead
2025-04-15	95.82	81.59	+2.91	BUD ahead
2025-04-14	95.96	83.83	+2.60	BUD ahead
2025-04-11	94.67	82.50	+2.68	BUD ahead
2025-04-10	91.93	82.34	+2.32	BUD ahead
2025-04-09	92.66	83.17	+2.33	BUD ahead
2025-04-08	88.61	80.14	+2.24	BUD ahead
2025-04-07	89.75	81.79	+2.16	BUD ahead
2025-04-04	92.25	83.75	+2.25	BUD ahead
2025-04-03	95.25	86.47	+2.28	BUD ahead
2025-04-02	94.03	85.18	+2.35	BUD ahead
2025-04-01	93.28	85.50	+2.20	BUD ahead
2025-03-31	93.22	85.65	+2.19	BUD ahead
2025-03-28	93.94	85.27	+2.42	BUD ahead
2025-03-27	94.09	85.50	+2.44	BUD ahead
2025-03-26	93.69	84.91	+2.53	BUD ahead
2025-03-25	93.43	83.14	+2.88	BUD ahead
2025-03-24	93.17	83.66	+2.79	BUD ahead
2025-03-21	95.06	83.09	+3.33	BUD ahead
2025-03-20	95.46	84.06	+3.28	BUD ahead
2025-03-19	95.52	84.61	+3.25	BUD ahead
2025-03-18	96.20	85.11	+3.35	BUD ahead
2025-03-17	95.90	86.45	+3.05	BUD ahead
2025-03-14	94.40	84.88	+3.15	BUD ahead
2025-03-13	92.96	84.74	+2.93	BUD ahead
2025-03-12	94.69	84.64	+3.37	BUD ahead
2025-03-11	94.65	87.02	+2.88	BUD ahead
2025-03-10	94.58	89.26	+2.39	BUD ahead
2025-03-07	95.49	88.22	+2.86	BUD ahead
2025-03-06	94.55	88.32	+2.68	BUD ahead
2025-03-05	94.23	87.90	+2.76	BUD ahead
2025-03-04	92.49	88.08	+2.36	BUD ahead
2025-03-03	91.97	89.11	+2.02	BUD ahead
2025-02-28	90.61	87.67	+2.06	BUD ahead
2025-02-27	90.11	86.84	+2.16	BUD ahead
2025-02-26	88.92	86.55	+1.96	BUD ahead
2025-02-25	82.93	89.35	-0.21	near the usual relationship
2025-02-24	82.54	87.88	+0.03	near the usual relationship
2025-02-21	81.78	87.68	-0.12	near the usual relationship
2025-02-20	80.48	85.17	+0.15	near the usual relationship
2025-02-19	79.98	83.29	+0.49	near the usual relationship
2025-02-18	80.25	82.31	+0.81	BUD ahead
2025-02-14	80.44	81.91	+0.95	BUD ahead
2025-02-13	80.44	82.59	+0.78	BUD ahead
2025-02-12	79.16	82.25	+0.52	BUD ahead
2025-02-11	77.33	83.19	-0.21	near the usual relationship
2025-02-10	76.21	82.46	-0.33	near the usual relationship
2025-02-07	76.17	82.59	-0.38	near the usual relationship
2025-02-06	76.38	83.03	-0.44	near the usual relationship
2025-02-05	74.36	83.21	-1.04	PEP ahead
2025-02-04	73.74	81.97	-0.91	PEP ahead
2025-02-03	73.73	85.84	-1.89	PEP ahead
2025-01-31	74.47	86.08	-1.76	PEP ahead
2025-01-30	75.44	86.77	-1.67	PEP ahead
2025-01-29	74.45	85.90	-1.75	PEP ahead
2025-01-28	74.52	85.83	-1.74	PEP ahead
2025-01-27	75.70	88.32	-2.03	PEP ahead
2025-01-24	74.00	85.18	-1.76	PEP ahead
2025-01-23	73.00	84.90	-2.00	PEP ahead
2025-01-22	72.08	84.59	-2.22	PEP ahead
2025-01-21	73.17	84.86	-1.99	PEP ahead
2025-01-17	72.68	84.69	-2.12	PEP ahead
2025-01-16	71.35	83.71	-2.30	PEP ahead
2025-01-15	70.35	82.70	-2.37	PEP ahead
2025-01-14	70.40	82.80	-2.40	PEP ahead
2025-01-13	70.28	82.54	-2.39	PEP ahead
2025-01-10	69.88	81.48	-2.25	PEP ahead
2025-01-08	74.24	83.71	-1.52	PEP ahead
2025-01-07	74.53	83.06	-1.27	PEP ahead
2025-01-06	74.41	83.55	-1.46	PEP ahead
2025-01-03	73.97	85.48	-2.12	PEP ahead
2025-01-02	75.61	85.80	-1.73	PEP ahead
2024-12-31	75.82	86.86	-1.97	PEP ahead
2024-12-30	75.38	86.67	-2.07	PEP ahead
2024-12-27	76.27	87.34	-2.00	PEP ahead
2024-12-26	76.27	87.08	-1.95	PEP ahead
2024-12-24	76.30	87.29	-2.02	PEP ahead
2024-12-23	76.53	86.42	-1.74	PEP ahead
2024-12-20	76.03	87.28	-2.14	PEP ahead
2024-12-19	75.86	86.52	-2.01	PEP ahead
2024-12-18	75.88	88.22	-2.50	PEP ahead
2024-12-17	78.39	89.19	-2.02	PEP ahead
2024-12-16	79.54	89.12	-1.67	PEP ahead
2024-12-13	80.91	90.24	-1.58	PEP ahead
2024-12-12	81.01	90.77	-1.70	PEP ahead
2024-12-11	79.32	89.55	-1.91	PEP ahead
2024-12-10	80.19	91.31	-2.14	PEP ahead
2024-12-09	80.35	91.09	-2.06	PEP ahead
2024-12-06	80.12	90.13	-1.89	PEP ahead
2024-12-05	80.45	91.68	-2.24	PEP ahead
2024-12-04	80.51	91.50	-2.20	PEP ahead
2024-12-03	81.57	92.37	-2.14	PEP ahead
2024-12-02	81.98	93.14	-2.25	PEP ahead
2024-11-29	81.47	93.37	-2.52	PEP ahead
2024-11-27	81.89	92.95	-2.30	PEP ahead
2024-11-26	81.66	92.63	-2.32	PEP ahead
2024-11-25	83.34	93.14	-1.95	PEP ahead
2024-11-22	82.87	92.54	-1.96	PEP ahead
2024-11-21	82.81	91.59	-1.72	PEP ahead
2024-11-20	83.59	90.68	-1.22	PEP ahead
2024-11-19	84.89	89.52	-0.46	near the usual relationship
2024-11-18	85.55	90.44	-0.53	PEP ahead
2024-11-15	85.18	90.61	-0.70	PEP ahead
2024-11-14	85.33	94.34	-1.75	PEP ahead
2024-11-13	84.49	94.10	-1.97	PEP ahead
2024-11-12	84.80	93.88	-1.82	PEP ahead
2024-11-11	86.42	93.83	-1.30	PEP ahead
2024-11-08	86.74	94.32	-1.34	PEP ahead
2024-11-07	87.55	93.68	-0.90	PEP ahead
2024-11-06	86.72	94.09	-1.29	PEP ahead
2024-11-05	89.08	95.88	-1.07	PEP ahead
2024-11-04	88.66	95.02	-0.95	PEP ahead
2024-11-01	89.79	94.59	-0.47	near the usual relationship
2024-10-31	89.90	94.87	-0.51	PEP ahead
2024-10-30	95.26	94.94	+1.05	BUD ahead
2024-10-29	96.85	95.68	+1.29	BUD ahead
2024-10-28	97.50	97.02	+1.10	BUD ahead
2024-10-25	96.76	98.13	+0.60	BUD ahead
2024-10-24	97.83	98.34	+0.84	BUD ahead
2024-10-23	97.77	98.79	+0.71	BUD ahead
2024-10-22	97.90	99.61	+0.54	BUD ahead
2024-10-21	98.52	99.97	+0.61	BUD ahead
2024-10-18	100.00	100.00	+0.98	BUD ahead

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Oct 31, 2024 (BUD -5.6%, PEP -0.1%); Feb 26, 2025 (BUD +7.2%, PEP -3.1%); Jul 17, 2025 (BUD +0.2%, PEP +7.5%); Jul 31, 2025 (BUD -13.3%, PEP -3.5%); May 5, 2026 (BUD +8.7%, PEP +0.3%). Upcoming earnings: BUD Oct 29, 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)

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

BUD and PEP at a glance

BUD Anheuser-Busch Inbev SA

Listing: NYSE · SEC CIK 1668717
Industry: Beverages (Production/Distribution) · SIC 2082 Malt Beverages
Market value: $163.4B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

PEP PepsiCo Inc.

Listing: Nasdaq · SEC CIK 77476
Industry: Beverages (Production/Distribution) · SIC 2080 Beverages
Market value: $182.0B
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
KO / PEP	Watchlist	KO by 1.83 sd	Beverages (Production/Distribution)
PEP / DEO	Watchlist	DEO by 1.56 sd	SIC 2080 Beverages
KO / BUD	Watchlist	KO by 0.80 sd	Beverages (Production/Distribution)

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Paper 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.