Misc Health and Biotechnology Services

DaVita Inc. vs Fresenius Medical Care AG

WatchlistDVA / FMSPrices through Oct 22, 2026

Why these are rivals: #1 and #2 by market value ($12B vs $12B) in Nasdaq's "Misc Health and Biotechnology Services" industry; SEC SIC 8090 / 8090 (same major group); #1 and #2 by market value ($12B vs $12B) with SEC SIC 8090 (Services-Misc Health & Allied Services, NEC).

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: 0.33 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -1.47 (needs <= -2.873 (5% critical value))
Speed: half-life of the spread, sessions: 68.84 (needs <= 63)

Business leadership

Business size

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

Year	DVA	FMS	Larger
2025	$13.6B	-	-
2024	$12.8B	-	-
2023	$12.1B	-	-
2022	$11.6B	-	-
2021	$11.6B	-	-
2020	$11.6B	-	-

Market value: DVA $11.9B, FMS $12.3B.

Stock leadership

DVA is ahead now

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

DVA leads FMS by 0.80 standard deviations: +22.1% over its usual price ratio. 1 lead switch in the last year.

Price change	3 mo	6 mo	12 mo
DVA	-21.0%	+20.0%	+44.9%
FMS	-9.6%	-2.2%	-18.0%

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: 0.33 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -1.47 (needs <= -2.873 (5% critical value))
Fail: Speed: half-life of the spread, sessions: 68.84 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

DVA DaVita Inc. FMS Fresenius Medical Care AGPrice 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: DVA relative to FMS, against the 252 sessions before each day. Above 0: DVA ahead; below 0: FMS ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (504 sessions)

Date	DVA index	FMS index	z	Ahead
2026-10-22	114.90	108.44	+0.80	DVA ahead
2026-10-21	109.16	105.17	+0.73	DVA ahead
2026-10-20	108.26	104.44	+0.73	DVA ahead
2026-10-19	115.45	107.02	+0.89	DVA ahead
2026-10-16	115.64	108.15	+0.87	DVA ahead
2026-10-15	116.79	107.95	+0.92	DVA ahead
2026-10-14	111.56	105.07	+0.85	DVA ahead
2026-10-13	112.42	102.83	+0.97	DVA ahead
2026-10-12	112.23	103.46	+0.95	DVA ahead
2026-10-09	110.67	102.73	+0.93	DVA ahead
2026-10-08	109.29	101.85	+0.92	DVA ahead
2026-10-07	109.14	100.93	+0.96	DVA ahead
2026-10-06	111.38	109.37	+0.73	DVA ahead
2026-10-05	110.34	110.49	+0.66	DVA ahead
2026-10-02	110.32	108.54	+0.74	DVA ahead
2026-10-01	108.88	108.59	+0.69	DVA ahead
2026-09-30	108.00	109.17	+0.64	DVA ahead
2026-09-29	108.16	108.63	+0.68	DVA ahead
2026-09-28	109.94	111.95	+0.63	DVA ahead
2026-09-25	110.19	110.68	+0.69	DVA ahead
2026-09-24	107.84	109.02	+0.67	DVA ahead
2026-09-23	113.07	109.32	+0.85	DVA ahead
2026-09-22	113.43	109.76	+0.85	DVA ahead
2026-09-21	112.58	108.39	+0.88	DVA ahead
2026-09-18	113.51	108.29	+0.92	DVA ahead
2026-09-17	113.04	107.66	+0.93	DVA ahead
2026-09-16	119.69	112.05	+1.01	DVA ahead
2026-09-15	117.86	112.00	+0.96	DVA ahead
2026-09-14	116.89	111.51	+0.95	DVA ahead
2026-09-11	112.09	109.02	+0.88	DVA ahead
2026-09-10	111.95	108.44	+0.90	DVA ahead
2026-09-09	112.99	108.93	+0.93	DVA ahead
2026-09-08	111.17	109.51	+0.85	DVA ahead
2026-09-04	113.60	110.54	+0.91	DVA ahead
2026-09-03	112.16	109.61	+0.90	DVA ahead
2026-09-02	110.76	110.49	+0.82	DVA ahead
2026-09-01	108.75	110.93	+0.74	DVA ahead
2026-08-31	108.67	110.93	+0.74	DVA ahead
2026-08-28	111.55	112.68	+0.79	DVA ahead
2026-08-27	110.44	113.51	+0.73	DVA ahead
2026-08-26	111.16	114.15	+0.74	DVA ahead
2026-08-25	109.77	114.68	+0.68	DVA ahead
2026-08-24	108.97	114.78	+0.65	DVA ahead
2026-08-21	107.32	114.29	+0.61	DVA ahead
2026-08-20	108.19	114.29	+0.65	DVA ahead
2026-08-19	109.45	116.29	+0.63	DVA ahead
2026-08-18	109.84	114.93	+0.70	DVA ahead
2026-08-17	109.09	114.63	+0.68	DVA ahead
2026-08-14	111.17	115.95	+0.72	DVA ahead
2026-08-13	110.62	115.27	+0.73	DVA ahead
2026-08-12	112.06	115.71	+0.77	DVA ahead
2026-08-11	110.11	116.44	+0.68	DVA ahead
2026-08-10	113.41	118.78	+0.72	DVA ahead
2026-08-07	113.46	118.39	+0.74	DVA ahead
2026-08-06	111.55	117.56	+0.71	DVA ahead
2026-08-05	116.50	116.54	+0.92	DVA ahead
2026-08-04	140.76	117.12	+1.66	DVA ahead
2026-08-03	144.27	123.22	+1.57	DVA ahead
2026-07-31	148.23	125.17	+1.63	DVA ahead
2026-07-30	147.47	125.37	+1.62	DVA ahead
2026-07-29	148.77	121.27	+1.81	DVA ahead
2026-07-28	147.84	120.73	+1.82	DVA ahead
2026-07-27	145.90	121.32	+1.77	DVA ahead
2026-07-24	145.36	119.95	+1.82	DVA ahead
2026-07-23	144.64	119.22	+1.84	DVA ahead
2026-07-22	143.29	118.54	+1.85	DVA ahead
2026-07-21	146.50	120.39	+1.90	DVA ahead
2026-07-20	144.53	117.41	+1.97	DVA ahead
2026-07-17	146.30	117.61	+2.04	DVA ahead
2026-07-16	144.48	117.51	+2.01	DVA ahead
2026-07-15	143.00	117.37	+2.00	DVA ahead
2026-07-14	143.49	117.76	+2.03	DVA ahead
2026-07-13	145.45	119.27	+2.05	DVA ahead
2026-07-10	143.73	117.17	+2.11	DVA ahead
2026-07-09	141.68	116.63	+2.09	DVA ahead
2026-07-08	142.45	116.78	+2.14	DVA ahead
2026-07-07	144.66	118.05	+2.19	DVA ahead
2026-07-06	145.53	115.17	+2.36	DVA ahead
2026-07-02	145.03	114.78	+2.40	DVA ahead
2026-07-01	140.79	111.51	+2.43	DVA ahead
2026-06-30	137.36	110.29	+2.41	DVA ahead
2026-06-29	135.64	110.73	+2.36	DVA ahead
2026-06-26	134.00	113.37	+2.23	DVA ahead
2026-06-25	131.73	113.41	+2.17	DVA ahead
2026-06-24	131.53	116.34	+2.07	DVA ahead
2026-06-23	130.23	115.61	+2.08	DVA ahead
2026-06-22	129.46	114.10	+2.14	DVA ahead
2026-06-18	128.36	115.07	+2.08	DVA ahead
2026-06-17	130.01	114.98	+2.18	DVA ahead
2026-06-16	129.02	115.85	+2.13	DVA ahead
2026-06-15	129.50	114.39	+2.25	DVA ahead
2026-06-12	128.83	112.29	+2.35	DVA ahead
2026-06-11	125.84	109.12	+2.41	DVA ahead
2026-06-10	122.58	108.68	+2.33	DVA ahead
2026-06-09	122.36	109.02	+2.34	DVA ahead
2026-06-08	118.59	106.29	+2.34	DVA ahead
2026-06-05	118.64	107.46	+2.32	DVA ahead
2026-06-04	118.65	106.98	+2.38	DVA ahead
2026-06-03	120.41	101.95	+2.77	DVA ahead
2026-06-02	116.00	100.24	+2.71	DVA ahead
2026-06-01	117.19	102.63	+2.68	DVA ahead
2026-05-29	120.00	105.22	+2.72	DVA ahead
2026-05-28	121.69	105.51	+2.84	DVA ahead
2026-05-27	120.34	105.17	+2.85	DVA ahead
2026-05-26	120.74	105.27	+2.92	DVA ahead
2026-05-22	122.57	105.56	+3.06	DVA ahead
2026-05-21	122.65	109.76	+2.88	DVA ahead
2026-05-20	121.55	108.29	+2.97	DVA ahead
2026-05-19	120.15	107.80	+2.99	DVA ahead
2026-05-18	123.18	108.39	+3.19	DVA ahead
2026-05-15	123.32	105.37	+3.48	DVA ahead
2026-05-14	118.90	104.73	+3.36	DVA ahead
2026-05-13	122.31	104.34	+3.69	DVA ahead
2026-05-12	123.81	108.49	+3.61	DVA ahead
2026-05-11	122.82	106.15	+3.83	DVA ahead
2026-05-08	122.65	107.46	+3.85	DVA ahead
2026-05-07	121.17	105.61	+4.03	DVA ahead
2026-05-06	119.70	102.49	+4.34	DVA ahead
2026-05-05	96.96	98.49	+3.02	DVA ahead
2026-05-04	95.13	110.49	+1.95	DVA ahead
2026-05-01	93.63	109.71	+1.89	DVA ahead
2026-04-30	95.78	110.10	+2.08	DVA ahead
2026-04-29	93.84	108.10	+2.08	DVA ahead
2026-04-28	92.65	109.80	+1.86	DVA ahead
2026-04-27	92.64	110.34	+1.83	DVA ahead
2026-04-24	93.75	111.07	+1.89	DVA ahead
2026-04-23	95.72	110.93	+2.11	DVA ahead
2026-04-22	94.10	111.51	+1.93	DVA ahead
2026-04-21	92.55	111.95	+1.76	DVA ahead
2026-04-20	92.20	113.07	+1.66	DVA ahead
2026-04-17	91.32	114.20	+1.49	DVA ahead
2026-04-16	91.46	111.07	+1.76	DVA ahead
2026-04-15	89.26	111.41	+1.51	DVA ahead
2026-04-14	92.27	113.22	+1.66	DVA ahead
2026-04-13	93.57	115.71	+1.59	DVA ahead
2026-04-10	92.64	115.27	+1.54	DVA ahead
2026-04-09	93.03	115.17	+1.58	DVA ahead
2026-04-08	91.65	114.29	+1.52	DVA ahead
2026-04-07	92.42	110.98	+1.87	DVA ahead
2026-04-06	92.68	109.66	+2.01	DVA ahead
2026-04-02	89.88	109.32	+1.77	DVA ahead
2026-04-01	92.82	109.02	+2.10	DVA ahead
2026-03-31	94.89	110.05	+2.23	DVA ahead
2026-03-30	94.07	108.34	+2.31	DVA ahead
2026-03-27	95.34	107.61	+2.52	DVA ahead
2026-03-26	96.78	109.22	+2.55	DVA ahead
2026-03-25	95.76	108.59	+2.53	DVA ahead
2026-03-24	94.63	107.46	+2.55	DVA ahead
2026-03-23	93.97	106.83	+2.57	DVA ahead
2026-03-20	92.18	105.56	+2.53	DVA ahead
2026-03-19	92.46	107.85	+2.37	DVA ahead
2026-03-18	91.89	109.32	+2.19	DVA ahead
2026-03-17	92.60	112.98	+1.96	DVA ahead
2026-03-16	91.51	112.24	+1.92	DVA ahead
2026-03-13	93.05	111.17	+2.20	DVA ahead
2026-03-12	94.50	110.98	+2.39	DVA ahead
2026-03-11	95.58	110.98	+2.52	DVA ahead
2026-03-10	93.57	112.00	+2.23	DVA ahead
2026-03-09	94.19	114.20	+2.12	DVA ahead
2026-03-06	93.08	111.95	+2.22	DVA ahead
2026-03-05	92.57	112.44	+2.13	DVA ahead
2026-03-04	95.57	112.34	+2.49	DVA ahead
2026-03-03	94.01	114.00	+2.18	DVA ahead
2026-03-02	95.07	114.49	+2.27	DVA ahead
2026-02-27	96.50	114.44	+2.45	DVA ahead
2026-02-26	94.18	114.20	+2.23	DVA ahead
2026-02-25	92.31	110.49	+2.38	DVA ahead
2026-02-24	93.17	110.54	+2.50	DVA ahead
2026-02-23	93.40	119.95	+1.64	DVA ahead
2026-02-20	93.06	118.93	+1.68	DVA ahead
2026-02-19	90.97	117.61	+1.54	DVA ahead
2026-02-18	91.22	117.12	+1.60	DVA ahead
2026-02-17	92.86	119.95	+1.50	DVA ahead
2026-02-13	91.96	119.22	+1.44	DVA ahead
2026-02-12	92.59	119.32	+1.47	DVA ahead
2026-02-11	89.07	117.32	+1.23	DVA ahead
2026-02-10	85.99	117.17	+0.87	DVA ahead
2026-02-09	84.98	116.54	+0.79	DVA ahead
2026-02-06	86.95	117.46	+0.91	DVA ahead
2026-02-05	92.13	118.78	+1.33	DVA ahead
2026-02-04	87.71	116.15	+1.06	DVA ahead
2026-02-03	83.18	112.10	+0.88	DVA ahead
2026-02-02	68.65	110.24	-0.72	FMS ahead
2026-01-30	67.51	110.73	-0.91	FMS ahead
2026-01-29	66.21	109.85	-1.02	FMS ahead
2026-01-28	65.37	108.24	-1.00	FMS ahead
2026-01-27	65.20	109.37	-1.12	FMS ahead
2026-01-26	66.38	108.24	-0.88	FMS ahead
2026-01-23	66.75	107.41	-0.77	FMS ahead
2026-01-22	67.40	108.93	-0.81	FMS ahead
2026-01-21	65.63	105.76	-0.79	FMS ahead
2026-01-20	64.17	102.98	-0.76	FMS ahead
2026-01-16	64.67	107.07	-1.02	FMS ahead
2026-01-15	65.35	105.51	-0.82	FMS ahead
2026-01-14	64.13	104.34	-0.89	FMS ahead
2026-01-13	64.50	111.61	-1.39	FMS ahead
2026-01-12	67.98	116.29	-1.31	FMS ahead
2026-01-09	68.81	112.49	-0.96	FMS ahead
2026-01-08	69.51	110.98	-0.77	FMS ahead
2026-01-07	68.54	111.46	-0.93	FMS ahead
2026-01-06	70.83	115.46	-0.95	FMS ahead
2026-01-05	70.35	116.00	-1.05	FMS ahead
2026-01-02	70.70	114.68	-0.93	FMS ahead
2025-12-31	70.14	116.20	-1.10	FMS ahead
2025-12-30	70.27	116.54	-1.12	FMS ahead
2025-12-29	70.07	116.63	-1.15	FMS ahead
2025-12-26	70.37	117.61	-1.19	FMS ahead
2025-12-24	70.64	117.32	-1.15	FMS ahead
2025-12-23	70.83	116.88	-1.11	FMS ahead
2025-12-22	71.93	116.68	-0.99	FMS ahead
2025-12-19	71.12	114.68	-0.95	FMS ahead
2025-12-18	71.71	114.54	-0.88	FMS ahead
2025-12-17	73.11	115.12	-0.78	FMS ahead
2025-12-16	72.82	115.95	-0.87	FMS ahead
2025-12-15	74.12	115.32	-0.70	FMS ahead
2025-12-12	74.92	115.12	-0.61	FMS ahead
2025-12-11	74.29	114.05	-0.61	FMS ahead
2025-12-10	73.27	114.05	-0.72	FMS ahead
2025-12-09	72.03	110.68	-0.63	FMS ahead
2025-12-08	72.27	111.37	-0.66	FMS ahead
2025-12-05	72.48	113.41	-0.78	FMS ahead
2025-12-04	72.41	114.00	-0.83	FMS ahead
2025-12-03	73.01	114.98	-0.84	FMS ahead
2025-12-02	73.58	115.76	-0.84	FMS ahead
2025-12-01	73.62	115.37	-0.81	FMS ahead
2025-11-28	73.89	116.68	-0.88	FMS ahead
2025-11-26	74.15	116.20	-0.83	FMS ahead
2025-11-25	74.93	117.37	-0.83	FMS ahead
2025-11-24	73.77	115.85	-0.85	FMS ahead
2025-11-21	74.24	114.20	-0.71	FMS ahead
2025-11-20	71.22	110.20	-0.76	FMS ahead
2025-11-19	71.12	111.17	-0.84	FMS ahead
2025-11-18	71.96	111.95	-0.81	FMS ahead
2025-11-17	72.40	112.29	-0.80	FMS ahead
2025-11-14	75.04	114.10	-0.66	FMS ahead
2025-11-13	75.97	115.61	-0.68	FMS ahead
2025-11-12	76.31	116.83	-0.72	FMS ahead
2025-11-11	75.49	117.02	-0.82	FMS ahead
2025-11-10	74.19	115.61	-0.86	FMS ahead
2025-11-07	76.37	117.07	-0.75	FMS ahead
2025-11-06	75.03	118.54	-0.97	FMS ahead
2025-11-05	74.80	118.29	-0.98	FMS ahead
2025-11-04	74.07	118.49	-1.07	FMS ahead
2025-11-03	73.50	128.54	-1.68	FMS ahead
2025-10-31	73.48	130.93	-1.82	FMS ahead
2025-10-30	73.32	130.15	-1.81	FMS ahead
2025-10-29	78.14	131.22	-1.45	FMS ahead
2025-10-28	80.02	132.15	-1.34	FMS ahead
2025-10-27	79.98	132.68	-1.38	FMS ahead
2025-10-24	79.76	132.88	-1.42	FMS ahead
2025-10-23	79.04	131.32	-1.41	FMS ahead
2025-10-22	79.69	133.51	-1.47	FMS ahead
2025-10-21	79.28	132.29	-1.45	FMS ahead
2025-10-20	79.06	131.90	-1.46	FMS ahead
2025-10-17	77.72	132.49	-1.61	FMS ahead
2025-10-16	77.33	131.90	-1.62	FMS ahead
2025-10-15	77.79	129.85	-1.49	FMS ahead
2025-10-14	78.17	133.66	-1.66	FMS ahead
2025-10-13	76.50	133.71	-1.81	FMS ahead
2025-10-10	76.55	130.83	-1.68	FMS ahead
2025-10-09	78.03	132.49	-1.65	FMS ahead
2025-10-08	78.96	132.05	-1.57	FMS ahead
2025-10-07	80.90	130.83	-1.36	FMS ahead
2025-10-06	79.11	130.39	-1.49	FMS ahead
2025-10-03	80.98	130.49	-1.36	FMS ahead
2025-10-02	81.56	129.80	-1.29	FMS ahead
2025-10-01	82.03	129.85	-1.26	FMS ahead
2025-09-30	82.03	128.44	-1.20	FMS ahead
2025-09-29	80.63	125.66	-1.18	FMS ahead
2025-09-26	80.76	124.78	-1.13	FMS ahead
2025-09-25	80.43	122.93	-1.07	FMS ahead
2025-09-24	82.50	126.00	-1.07	FMS ahead
2025-09-23	82.01	125.32	-1.08	FMS ahead
2025-09-22	80.97	125.07	-1.16	FMS ahead
2025-09-19	80.36	123.41	-1.13	FMS ahead
2025-09-18	80.40	124.20	-1.17	FMS ahead
2025-09-17	79.03	124.73	-1.32	FMS ahead
2025-09-16	80.33	123.61	-1.17	FMS ahead
2025-09-15	80.85	120.54	-0.98	FMS ahead
2025-09-12	82.22	121.80	-0.94	FMS ahead
2025-09-11	82.26	123.22	-1.02	FMS ahead
2025-09-10	81.66	121.27	-0.97	FMS ahead
2025-09-09	84.40	123.41	-0.88	FMS ahead
2025-09-08	83.05	122.44	-0.94	FMS ahead
2025-09-05	85.12	120.83	-0.71	FMS ahead
2025-09-04	83.69	118.59	-0.71	FMS ahead
2025-09-03	83.95	118.83	-0.71	FMS ahead
2025-09-02	84.55	118.83	-0.67	FMS ahead
2025-08-29	85.05	125.37	-0.97	FMS ahead
2025-08-28	83.98	122.63	-0.92	FMS ahead
2025-08-27	84.93	122.68	-0.86	FMS ahead
2025-08-26	85.62	124.29	-0.90	FMS ahead
2025-08-25	84.79	123.37	-0.92	FMS ahead
2025-08-22	86.66	124.88	-0.87	FMS ahead
2025-08-21	84.94	123.22	-0.91	FMS ahead
2025-08-20	84.84	122.88	-0.91	FMS ahead
2025-08-19	84.39	121.85	-0.90	FMS ahead
2025-08-18	82.27	121.17	-1.03	FMS ahead
2025-08-15	83.58	122.34	-1.00	FMS ahead
2025-08-14	82.97	121.32	-1.00	FMS ahead
2025-08-13	83.16	121.17	-0.99	FMS ahead
2025-08-12	81.55	118.05	-0.96	FMS ahead
2025-08-11	79.68	117.61	-1.08	FMS ahead
2025-08-08	79.95	117.41	-1.06	FMS ahead
2025-08-07	78.84	116.20	-1.09	FMS ahead
2025-08-06	78.91	114.73	-1.01	FMS ahead
2025-08-05	86.76	119.12	-0.67	FMS ahead
2025-08-04	86.14	121.66	-0.85	FMS ahead
2025-08-01	85.50	122.59	-0.95	FMS ahead
2025-07-31	86.66	123.61	-0.92	FMS ahead
2025-07-30	89.26	125.85	-0.86	FMS ahead
2025-07-29	90.13	127.56	-0.89	FMS ahead
2025-07-28	89.71	126.00	-0.85	FMS ahead
2025-07-25	89.63	128.93	-1.00	FMS ahead
2025-07-24	89.38	130.54	-1.10	FMS ahead
2025-07-23	93.42	132.63	-0.94	FMS ahead
2025-07-22	90.17	130.73	-1.07	FMS ahead
2025-07-21	86.08	128.24	-1.25	FMS ahead
2025-07-18	87.15	129.51	-1.24	FMS ahead
2025-07-17	88.52	131.66	-1.26	FMS ahead
2025-07-16	86.57	132.83	-1.46	FMS ahead
2025-07-15	86.76	131.07	-1.38	FMS ahead
2025-07-14	88.54	132.44	-1.33	FMS ahead
2025-07-11	88.01	131.90	-1.35	FMS ahead
2025-07-10	88.57	133.90	-1.42	FMS ahead
2025-07-09	87.57	134.39	-1.53	FMS ahead
2025-07-08	88.78	134.20	-1.45	FMS ahead
2025-07-07	88.17	136.34	-1.60	FMS ahead
2025-07-03	88.02	137.17	-1.67	FMS ahead
2025-07-02	88.02	138.15	-1.73	FMS ahead
2025-07-01	90.58	140.34	-1.67	FMS ahead
2025-06-30	87.95	139.37	-1.83	FMS ahead
2025-06-27	87.47	137.61	-1.81	FMS ahead
2025-06-26	87.11	137.12	-1.83	FMS ahead
2025-06-25	86.66	135.27	-1.79	FMS ahead
2025-06-24	87.02	135.61	-1.80	FMS ahead
2025-06-23	84.18	132.39	-1.89	FMS ahead
2025-06-20	84.55	130.78	-1.79	FMS ahead
2025-06-18	83.84	131.41	-1.91	FMS ahead
2025-06-17	84.28	132.10	-1.93	FMS ahead
2025-06-16	85.10	138.83	-2.23	FMS ahead
2025-06-13	84.04	139.56	-2.39	FMS ahead
2025-06-12	84.80	141.17	-2.44	FMS ahead
2025-06-11	85.31	138.49	-2.30	FMS ahead
2025-06-10	85.89	139.71	-2.35	FMS ahead
2025-06-09	85.07	139.66	-2.45	FMS ahead
2025-06-06	85.14	139.07	-2.45	FMS ahead
2025-06-05	85.04	139.76	-2.54	FMS ahead
2025-06-04	84.43	137.61	-2.52	FMS ahead
2025-06-03	83.96	138.20	-2.64	FMS ahead
2025-06-02	82.98	140.49	-2.92	FMS ahead
2025-05-30	84.13	138.54	-2.75	FMS ahead
2025-05-29	84.17	139.76	-2.87	FMS ahead
2025-05-28	84.37	140.39	-2.95	FMS ahead
2025-05-27	86.37	143.85	-3.02	FMS ahead
2025-05-23	85.32	141.56	-3.05	FMS ahead
2025-05-22	85.52	143.02	-3.19	FMS ahead
2025-05-21	86.96	145.37	-3.26	FMS ahead
2025-05-20	90.00	145.61	-3.03	FMS ahead
2025-05-19	89.50	142.20	-2.91	FMS ahead
2025-05-16	89.78	140.39	-2.82	FMS ahead
2025-05-15	88.66	138.54	-2.86	FMS ahead
2025-05-14	86.37	135.85	-2.98	FMS ahead
2025-05-13	88.89	136.59	-2.81	FMS ahead
2025-05-12	89.17	137.12	-2.87	FMS ahead
2025-05-09	88.76	138.49	-3.08	FMS ahead
2025-05-08	88.68	136.93	-3.03	FMS ahead
2025-05-07	88.88	137.76	-3.14	FMS ahead
2025-05-06	88.05	133.71	-2.99	FMS ahead
2025-05-05	87.41	124.98	-2.39	FMS ahead
2025-05-02	87.13	124.83	-2.45	FMS ahead
2025-05-01	86.71	122.05	-2.29	FMS ahead
2025-04-30	87.39	123.80	-2.39	FMS ahead
2025-04-29	87.39	121.85	-2.24	FMS ahead
2025-04-28	86.74	122.29	-2.39	FMS ahead
2025-04-25	86.16	119.32	-2.21	FMS ahead
2025-04-24	86.16	117.90	-2.10	FMS ahead
2025-04-23	85.78	115.32	-1.92	FMS ahead
2025-04-22	83.33	117.02	-2.44	FMS ahead
2025-04-21	82.42	114.73	-2.38	FMS ahead
2025-04-17	86.45	115.37	-1.91	FMS ahead
2025-04-16	87.36	120.73	-2.35	FMS ahead
2025-04-15	90.31	122.00	-2.11	FMS ahead
2025-04-14	93.15	120.34	-1.59	FMS ahead
2025-04-11	96.01	116.98	-0.90	FMS ahead
2025-04-10	94.68	116.20	-0.99	FMS ahead
2025-04-09	94.38	114.24	-0.83	FMS ahead
2025-04-08	88.86	110.05	-1.11	FMS ahead
2025-04-07	90.52	113.32	-1.25	FMS ahead
2025-04-04	92.29	116.73	-1.39	FMS ahead
2025-04-03	94.91	125.17	-1.92	FMS ahead
2025-04-02	95.26	120.63	-1.43	FMS ahead
2025-04-01	93.79	120.68	-1.65	FMS ahead
2025-03-31	94.44	121.46	-1.65	FMS ahead
2025-03-28	92.75	120.88	-1.84	FMS ahead
2025-03-27	94.15	119.76	-1.55	FMS ahead
2025-03-26	93.46	118.34	-1.51	FMS ahead
2025-03-25	93.09	119.27	-1.67	FMS ahead
2025-03-24	92.86	118.59	-1.65	FMS ahead
2025-03-21	91.47	118.34	-1.83	FMS ahead
2025-03-20	92.00	120.10	-1.97	FMS ahead
2025-03-19	92.50	120.88	-2.01	FMS ahead
2025-03-18	92.22	119.37	-1.90	FMS ahead
2025-03-17	92.14	118.00	-1.78	FMS ahead
2025-03-14	88.57	117.32	-2.25	FMS ahead
2025-03-13	87.13	113.02	-2.00	FMS ahead
2025-03-12	88.06	118.00	-2.46	FMS ahead
2025-03-11	90.53	118.83	-2.20	FMS ahead
2025-03-10	93.78	115.90	-1.38	FMS ahead
2025-03-07	90.77	116.98	-1.97	FMS ahead
2025-03-06	86.66	114.93	-2.39	FMS ahead
2025-03-05	86.44	115.71	-2.56	FMS ahead
2025-03-04	87.43	111.41	-1.88	FMS ahead
2025-03-03	88.35	114.88	-2.18	FMS ahead
2025-02-28	91.30	118.10	-2.13	FMS ahead
2025-02-27	90.60	116.10	-2.00	FMS ahead
2025-02-26	90.11	114.93	-1.94	FMS ahead
2025-02-25	88.28	114.39	-2.18	FMS ahead
2025-02-24	87.70	113.71	-2.20	FMS ahead
2025-02-21	87.92	112.63	-2.01	FMS ahead
2025-02-20	90.09	111.90	-1.54	FMS ahead
2025-02-19	95.67	113.27	-0.84	FMS ahead
2025-02-18	95.73	115.12	-1.04	FMS ahead
2025-02-14	97.19	114.34	-0.71	FMS ahead
2025-02-13	109.32	118.29	+0.43	near the usual relationship
2025-02-12	106.19	118.63	+0.02	near the usual relationship
2025-02-11	107.27	118.44	+0.18	near the usual relationship
2025-02-10	107.13	117.90	+0.23	near the usual relationship
2025-02-07	107.17	118.78	+0.15	near the usual relationship
2025-02-06	106.24	118.54	+0.08	near the usual relationship
2025-02-05	109.19	119.85	+0.29	near the usual relationship
2025-02-04	109.50	119.85	+0.33	near the usual relationship
2025-02-03	109.32	119.07	+0.39	near the usual relationship
2025-01-31	108.79	121.32	+0.12	near the usual relationship
2025-01-30	108.97	121.66	+0.12	near the usual relationship
2025-01-29	107.29	121.17	+0.00	near the usual relationship
2025-01-28	106.94	120.29	+0.06	near the usual relationship
2025-01-27	108.37	120.15	+0.23	near the usual relationship
2025-01-24	105.13	120.15	-0.09	near the usual relationship
2025-01-23	104.90	118.20	+0.07	near the usual relationship
2025-01-22	104.00	113.02	+0.46	near the usual relationship
2025-01-21	104.94	112.63	+0.59	DVA ahead
2025-01-17	102.64	112.54	+0.38	near the usual relationship
2025-01-16	101.78	112.98	+0.26	near the usual relationship
2025-01-15	100.24	111.17	+0.28	near the usual relationship
2025-01-14	100.02	110.44	+0.33	near the usual relationship
2025-01-13	96.97	108.98	+0.17	near the usual relationship
2025-01-10	94.71	109.71	-0.12	near the usual relationship
2025-01-08	95.05	109.27	-0.03	near the usual relationship
2025-01-07	94.27	110.63	-0.21	near the usual relationship
2025-01-06	93.55	111.22	-0.32	near the usual relationship
2025-01-03	94.35	109.17	-0.06	near the usual relationship
2025-01-02	92.50	108.05	-0.13	near the usual relationship
2024-12-31	92.33	110.44	-0.33	near the usual relationship
2024-12-30	92.48	110.78	-0.33	near the usual relationship
2024-12-27	95.26	112.05	-0.16	near the usual relationship
2024-12-26	96.03	111.56	-0.04	near the usual relationship
2024-12-24	95.73	110.78	+0.00	near the usual relationship
2024-12-23	94.47	110.63	-0.08	near the usual relationship
2024-12-20	93.75	111.27	-0.18	near the usual relationship
2024-12-19	91.09	109.66	-0.29	near the usual relationship
2024-12-18	90.61	112.39	-0.51	FMS ahead
2024-12-17	91.11	115.41	-0.67	FMS ahead
2024-12-16	92.97	116.15	-0.55	FMS ahead
2024-12-13	94.30	115.37	-0.37	near the usual relationship
2024-12-12	95.02	115.56	-0.32	near the usual relationship
2024-12-11	96.01	116.44	-0.29	near the usual relationship
2024-12-10	94.96	116.59	-0.37	near the usual relationship
2024-12-09	97.59	117.02	-0.19	near the usual relationship
2024-12-06	98.94	117.37	-0.10	near the usual relationship
2024-12-05	99.63	117.95	-0.08	near the usual relationship
2024-12-04	100.87	114.63	+0.23	near the usual relationship
2024-12-03	101.26	113.80	+0.32	near the usual relationship
2024-12-02	101.09	111.12	+0.49	near the usual relationship
2024-11-29	102.59	107.41	+0.84	DVA ahead
2024-11-27	102.26	109.66	+0.67	DVA ahead
2024-11-26	103.70	107.85	+0.89	DVA ahead
2024-11-25	103.10	110.05	+0.72	DVA ahead
2024-11-22	102.19	108.10	+0.79	DVA ahead
2024-11-21	101.34	107.22	+0.79	DVA ahead
2024-11-20	99.65	106.29	+0.74	DVA ahead
2024-11-19	96.92	107.80	+0.46	near the usual relationship
2024-11-18	97.18	107.90	+0.48	near the usual relationship
2024-11-15	98.99	108.20	+0.59	DVA ahead
2024-11-14	95.30	104.00	+0.61	DVA ahead
2024-11-13	97.10	102.73	+0.82	DVA ahead
2024-11-12	97.57	103.46	+0.81	DVA ahead
2024-11-11	95.38	104.34	+0.61	DVA ahead
2024-11-08	92.40	103.90	+0.44	near the usual relationship
2024-11-07	92.84	104.05	+0.47	near the usual relationship
2024-11-06	90.80	102.88	+0.41	near the usual relationship
2024-11-05	90.81	99.17	+0.64	DVA ahead
2024-11-04	89.49	97.80	+0.65	DVA ahead
2024-11-01	87.42	96.39	+0.60	DVA ahead
2024-10-31	86.32	95.32	+0.59	DVA ahead
2024-10-30	87.19	93.22	+0.80	DVA ahead
2024-10-29	97.74	99.46	+1.10	DVA ahead
2024-10-28	96.96	101.76	+0.92	DVA ahead
2024-10-25	96.93	102.10	+0.91	DVA ahead
2024-10-24	99.64	104.24	+0.95	DVA ahead
2024-10-23	100.50	102.63	+1.10	DVA ahead
2024-10-22	100.73	101.90	+1.16	DVA ahead
2024-10-21	99.73	102.49	+1.08	DVA ahead
2024-10-18	100.00	100.00	+1.24	DVA ahead

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Feb 14, 2025 (DVA -11.1%, FMS -3.3%); Nov 4, 2025 (DVA +0.8%, FMS -7.8%); Feb 3, 2026 (DVA +21.2%, FMS +1.7%); May 5, 2026 (DVA +1.9%, FMS -10.9%); May 6, 2026 (DVA +23.5%, FMS +4.1%); Aug 5, 2026 (DVA -17.2%, FMS -0.5%). Upcoming earnings: DVA Oct 29, 2026 (after-hours); FMS Nov 3, 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: -12.03% per trade on average after costs, 0 won.

Legs	Entered	Exited	Why	Days	Before costs	Costs + borrow	After costs
Long FMS · Short DVA	Nov 3, 2020	Nov 16, 2020	divergence stop	13	-$1,109.49	-$93.51	-$1,203.00 (-12.03%)

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

The companies

DVA and FMS at a glance

DVA DaVita Inc.

Listing: NYSE · SEC CIK 927066
Industry: Misc Health and Biotechnology Services · SIC 8090 Services-Misc Health & Allied Services, NEC
Market value: $11.9B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

FMS Fresenius Medical Care AG

Listing: NYSE · SEC CIK 1333141
Industry: Misc Health and Biotechnology Services · SIC 8090 Services-Misc Health & Allied Services, NEC
Market value: $12.3B
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.

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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.