SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services

Intercontinental Exchange Inc. vs Nasdaq Inc.

WatchlistICE / NDAQPrices through Oct 22, 2026

Why these are rivals: #2 and #3 by market value ($89B vs $52B) with SEC SIC 6200 (Security & Commodity Brokers, Dealers, Exchanges & Services).

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

  • Mean reversion: ADF t-statistic of the spread: -1.65 (needs <= -2.873 (5% critical value))
Business leadership

ICE is the larger business

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

YearICENDAQLarger
2025$12.6B$8.3BICE
2024$11.8B$7.4BICE
2023$9.9B$6.1BICE
2022$9.6B$6.2BICE
2021$9.2B$5.9BICE
2020$8.2B$5.6BICE

ICE led in every year with figures for both. Market value: ICE $88.9B, NDAQ $52.1B.

Stock leadership

NDAQ is ahead now

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

NDAQ leads ICE by 1.23 standard deviations: +8.0% over its usual price ratio. 0 lead switches in the last year.

Price change3 mo6 mo12 mo
ICE+12.4%+4.0%+4.5%
NDAQ+12.2%+18.7%+14.4%
Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass
Aligned sessions: 2521 (needs >= 254)
Pass
Co-movement: daily return correlation, 252 sessions: 0.63 (needs >= 0.60)
Fail
Mean reversion: ADF t-statistic of the spread: -1.65 (needs <= -2.873 (5% critical value))
Pass
Speed: half-life of the spread, sessions: 26.80 (needs <= 63)
Data
Both stocks current
The twins over two years

Prices side by side, and the gap between them

ICE Intercontinental Exchange Inc. NDAQ Nasdaq Inc.Price index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).
80100120140Oct 2024Oct 2025Oct 2026ICE 98NDAQ 138
Spread z-score: ICE relative to NDAQ, against the 252 sessions before each day. Above 0: ICE ahead; below 0: NDAQ ahead. Lines at +/-2 (idea) and +/-4 (stop).
-4stop-2idea0+2idea+4stopOct 2024Oct 2025Oct 2026
Data table (504 sessions)
DateICE indexNDAQ indexzAhead
2026-10-2298.21137.90-1.23NDAQ ahead
2026-10-2194.52128.31-0.69NDAQ ahead
2026-10-2095.05126.55-0.39near the usual relationship
2026-10-1994.95124.42-0.13near the usual relationship
2026-10-1696.84125.44+0.05near the usual relationship
2026-10-1594.95124.82-0.19near the usual relationship
2026-10-1492.97122.76-0.26near the usual relationship
2026-10-1393.76124.79-0.39near the usual relationship
2026-10-1294.36125.87-0.43near the usual relationship
2026-10-0993.62125.02-0.45near the usual relationship
2026-10-0893.12123.31-0.32near the usual relationship
2026-10-0791.46122.72-0.54NDAQ ahead
2026-10-0692.00123.17-0.51NDAQ ahead
2026-10-0591.20123.07-0.64NDAQ ahead
2026-10-0290.00120.58-0.53NDAQ ahead
2026-10-0190.79122.37-0.63NDAQ ahead
2026-09-3091.13122.83-0.64NDAQ ahead
2026-09-2991.22122.61-0.60NDAQ ahead
2026-09-2891.66123.64-0.66NDAQ ahead
2026-09-2592.50124.88-0.68NDAQ ahead
2026-09-2494.07126.22-0.59NDAQ ahead
2026-09-2393.72127.41-0.80NDAQ ahead
2026-09-2291.67126.15-1.00NDAQ ahead
2026-09-2193.13126.41-0.79NDAQ ahead
2026-09-1893.19124.87-0.60NDAQ ahead
2026-09-1791.89121.89-0.45near the usual relationship
2026-09-1692.37118.49+0.05near the usual relationship
2026-09-1594.05119.12+0.24near the usual relationship
2026-09-1494.56122.24-0.07near the usual relationship
2026-09-1194.35121.73-0.04near the usual relationship
2026-09-1093.39122.83-0.34near the usual relationship
2026-09-0993.81125.78-0.63NDAQ ahead
2026-09-0894.56126.87-0.65NDAQ ahead
2026-09-0496.66129.33-0.61NDAQ ahead
2026-09-0398.66131.77-0.59NDAQ ahead
2026-09-0294.62127.78-0.77NDAQ ahead
2026-09-0195.67130.21-0.89NDAQ ahead
2026-08-3196.33131.64-0.96NDAQ ahead
2026-08-2897.30132.57-0.92NDAQ ahead
2026-08-2796.65132.63-1.03NDAQ ahead
2026-08-2697.06132.79-1.00NDAQ ahead
2026-08-2596.97131.80-0.91NDAQ ahead
2026-08-2497.70131.88-0.81NDAQ ahead
2026-08-2196.66131.12-0.89NDAQ ahead
2026-08-2095.07130.22-1.04NDAQ ahead
2026-08-1994.25128.62-1.00NDAQ ahead
2026-08-1893.62129.10-1.16NDAQ ahead
2026-08-1792.50129.06-1.34NDAQ ahead
2026-08-1492.75129.52-1.37NDAQ ahead
2026-08-1393.05130.28-1.42NDAQ ahead
2026-08-1290.71127.70-1.51NDAQ ahead
2026-08-1190.66126.85-1.43NDAQ ahead
2026-08-1090.24127.65-1.61NDAQ ahead
2026-08-0790.09126.27-1.48NDAQ ahead
2026-08-0689.76126.42-1.57NDAQ ahead
2026-08-0589.82126.23-1.55NDAQ ahead
2026-08-0489.43124.98-1.47NDAQ ahead
2026-08-0390.99125.67-1.31NDAQ ahead
2026-07-3191.40125.74-1.26NDAQ ahead
2026-07-3093.67127.03-1.06NDAQ ahead
2026-07-2992.48127.55-1.32NDAQ ahead
2026-07-2891.54128.10-1.55NDAQ ahead
2026-07-2789.15125.40-1.64NDAQ ahead
2026-07-2487.39122.93-1.64NDAQ ahead
2026-07-2385.84120.70-1.65NDAQ ahead
2026-07-2285.43121.35-1.81NDAQ ahead
2026-07-2183.12120.46-2.12NDAQ ahead
2026-07-2084.86122.64-2.10NDAQ ahead
2026-07-1783.71122.33-2.29NDAQ ahead
2026-07-1684.97125.82-2.51NDAQ ahead
2026-07-1583.82121.96-2.28NDAQ ahead
2026-07-1482.49117.49-1.98NDAQ ahead
2026-07-1382.52119.09-2.19NDAQ ahead
2026-07-1081.08117.58-2.29NDAQ ahead
2026-07-0980.99116.83-2.23NDAQ ahead
2026-07-0882.22112.66-1.47NDAQ ahead
2026-07-0781.79115.38-1.92NDAQ ahead
2026-07-0680.87112.76-1.76NDAQ ahead
2026-07-0279.72113.02-2.03NDAQ ahead
2026-07-0175.96110.44-2.43NDAQ ahead
2026-06-3073.79105.22-2.16NDAQ ahead
2026-06-2973.67102.58-1.81NDAQ ahead
2026-06-2674.24104.87-2.05NDAQ ahead
2026-06-2574.62103.66-1.81NDAQ ahead
2026-06-2477.94108.94-1.92NDAQ ahead
2026-06-2379.72110.12-1.75NDAQ ahead
2026-06-2278.73110.28-1.97NDAQ ahead
2026-06-1880.25109.79-1.62NDAQ ahead
2026-06-1780.67111.19-1.75NDAQ ahead
2026-06-1684.69119.20-2.08NDAQ ahead
2026-06-1583.98121.53-2.52NDAQ ahead
2026-06-1284.24118.78-2.16NDAQ ahead
2026-06-1183.31115.79-1.96NDAQ ahead
2026-06-1084.12115.77-1.82NDAQ ahead
2026-06-0984.85116.83-1.84NDAQ ahead
2026-06-0883.35115.85-2.00NDAQ ahead
2026-06-0584.82116.51-1.83NDAQ ahead
2026-06-0485.15118.08-1.98NDAQ ahead
2026-06-0382.99115.89-2.10NDAQ ahead
2026-06-0285.34117.35-1.88NDAQ ahead
2026-06-0186.89123.90-2.44NDAQ ahead
2026-05-2988.62123.51-2.11NDAQ ahead
2026-05-2888.89121.48-1.83NDAQ ahead
2026-05-2789.74120.85-1.62NDAQ ahead
2026-05-2690.30121.32-1.60NDAQ ahead
2026-05-2291.69121.49-1.40NDAQ ahead
2026-05-2190.81120.69-1.45NDAQ ahead
2026-05-2090.92120.16-1.37NDAQ ahead
2026-05-1992.38122.79-1.46NDAQ ahead
2026-05-1893.50123.62-1.39NDAQ ahead
2026-05-1592.53121.56-1.31NDAQ ahead
2026-05-1493.34121.39-1.17NDAQ ahead
2026-05-1392.79120.42-1.15NDAQ ahead
2026-05-1293.39119.46-0.95NDAQ ahead
2026-05-1194.60118.12-0.62NDAQ ahead
2026-05-0893.40118.69-0.87NDAQ ahead
2026-05-0793.57118.81-0.86NDAQ ahead
2026-05-0691.95119.08-1.13NDAQ ahead
2026-05-0593.08118.81-0.94NDAQ ahead
2026-05-0493.77121.88-1.18NDAQ ahead
2026-05-0192.76121.91-1.34NDAQ ahead
2026-04-3094.76122.69-1.15NDAQ ahead
2026-04-2993.62121.84-1.22NDAQ ahead
2026-04-2893.69121.89-1.22NDAQ ahead
2026-04-2794.08120.72-1.05NDAQ ahead
2026-04-2494.98120.01-0.86NDAQ ahead
2026-04-2394.40116.19-0.54NDAQ ahead
2026-04-2295.20115.30-0.34near the usual relationship
2026-04-2195.08116.94-0.54NDAQ ahead
2026-04-2096.27117.18-0.41near the usual relationship
2026-04-1796.65118.29-0.49near the usual relationship
2026-04-1698.15118.64-0.34near the usual relationship
2026-04-1598.95118.21-0.20near the usual relationship
2026-04-1497.13115.75-0.18near the usual relationship
2026-04-1398.49115.00+0.06near the usual relationship
2026-04-1096.27111.01+0.20near the usual relationship
2026-04-0997.09112.41+0.14near the usual relationship
2026-04-08100.58117.59+0.02near the usual relationship
2026-04-0799.68115.34+0.13near the usual relationship
2026-04-0699.74117.34-0.07near the usual relationship
2026-04-0297.69115.67-0.15near the usual relationship
2026-04-0194.76113.67-0.31near the usual relationship
2026-03-3194.28113.32-0.33near the usual relationship
2026-03-3094.07111.49-0.18near the usual relationship
2026-03-2791.51108.77-0.22near the usual relationship
2026-03-2693.48111.84-0.30near the usual relationship
2026-03-2594.01111.79-0.24near the usual relationship
2026-03-2493.40112.51-0.39near the usual relationship
2026-03-2394.21115.34-0.57NDAQ ahead
2026-03-2094.96115.26-0.48near the usual relationship
2026-03-1995.01115.16-0.48near the usual relationship
2026-03-1894.20114.06-0.47near the usual relationship
2026-03-1796.40115.43-0.36near the usual relationship
2026-03-1696.80114.60-0.25near the usual relationship
2026-03-1395.43114.18-0.36near the usual relationship
2026-03-1295.07112.21-0.23near the usual relationship
2026-03-1194.12114.14-0.51NDAQ ahead
2026-03-1096.01116.94-0.56NDAQ ahead
2026-03-0999.38117.54-0.27near the usual relationship
2026-03-0699.62118.05-0.30near the usual relationship
2026-03-0598.30117.83-0.42near the usual relationship
2026-03-0499.68118.98-0.38near the usual relationship
2026-03-0398.77116.69-0.28near the usual relationship
2026-03-0298.77117.59-0.36near the usual relationship
2026-02-2798.38116.91-0.35near the usual relationship
2026-02-2697.64118.26-0.54NDAQ ahead
2026-02-2596.10112.12-0.17near the usual relationship
2026-02-2493.12108.28-0.14near the usual relationship
2026-02-2392.37106.69-0.08near the usual relationship
2026-02-2092.32109.29-0.33near the usual relationship
2026-02-1992.38108.68-0.27near the usual relationship
2026-02-1893.02109.64-0.29near the usual relationship
2026-02-1791.97107.12-0.17near the usual relationship
2026-02-1391.28106.09-0.16near the usual relationship
2026-02-1289.81105.47-0.26near the usual relationship
2026-02-1191.10107.36-0.30near the usual relationship
2026-02-1098.79110.15+0.25near the usual relationship
2026-02-09101.59115.20+0.08near the usual relationship
2026-02-06101.30113.24+0.22near the usual relationship
2026-02-05100.88114.15+0.10near the usual relationship
2026-02-0498.81118.13-0.44near the usual relationship
2026-02-0397.75117.09-0.47near the usual relationship
2026-02-02103.81129.24-0.85NDAQ ahead
2026-01-30104.17129.34-0.83NDAQ ahead
2026-01-29104.96130.94-0.88NDAQ ahead
2026-01-28103.36131.77-1.10NDAQ ahead
2026-01-27103.87131.49-1.04NDAQ ahead
2026-01-26104.96132.01-0.98NDAQ ahead
2026-01-23103.66130.89-1.03NDAQ ahead
2026-01-22104.51131.86-1.02NDAQ ahead
2026-01-21103.04131.86-1.17NDAQ ahead
2026-01-20102.47130.04-1.09NDAQ ahead
2026-01-16104.29134.80-1.29NDAQ ahead
2026-01-15103.87133.93-1.27NDAQ ahead
2026-01-14103.66133.59-1.27NDAQ ahead
2026-01-1399.92132.01-1.54NDAQ ahead
2026-01-1299.65132.72-1.63NDAQ ahead
2026-01-0999.49131.14-1.54NDAQ ahead
2026-01-0897.09133.15-1.97NDAQ ahead
2026-01-0797.06134.03-2.06NDAQ ahead
2026-01-0699.51134.41-1.85NDAQ ahead
2026-01-0599.27131.42-1.65NDAQ ahead
2026-01-0295.90129.03-1.84NDAQ ahead
2025-12-3197.08129.66-1.78NDAQ ahead
2025-12-3097.80131.06-1.84NDAQ ahead
2025-12-2998.29131.99-1.88NDAQ ahead
2025-12-2698.02132.63-1.98NDAQ ahead
2025-12-2497.48131.68-1.98NDAQ ahead
2025-12-2397.07130.84-1.98NDAQ ahead
2025-12-2296.78130.10-1.97NDAQ ahead
2025-12-1996.09127.30-1.83NDAQ ahead
2025-12-1895.95126.43-1.78NDAQ ahead
2025-12-1796.42125.10-1.62NDAQ ahead
2025-12-1695.94124.06-1.60NDAQ ahead
2025-12-1596.75124.06-1.51NDAQ ahead
2025-12-1297.83124.91-1.47NDAQ ahead
2025-12-1197.76125.28-1.53NDAQ ahead
2025-12-1096.13122.71-1.49NDAQ ahead
2025-12-0994.71121.11-1.52NDAQ ahead
2025-12-0894.13119.88-1.49NDAQ ahead
2025-12-0594.60120.44-1.49NDAQ ahead
2025-12-0495.37120.53-1.42NDAQ ahead
2025-12-0394.02117.90-1.33NDAQ ahead
2025-12-0293.12118.16-1.48NDAQ ahead
2025-12-0194.07119.29-1.49NDAQ ahead
2025-11-2894.29121.37-1.68NDAQ ahead
2025-11-2693.68120.12-1.65NDAQ ahead
2025-11-2593.48119.00-1.58NDAQ ahead
2025-11-2491.65118.06-1.74NDAQ ahead
2025-11-2192.57117.02-1.52NDAQ ahead
2025-11-2090.91116.13-1.66NDAQ ahead
2025-11-1992.10114.83-1.37NDAQ ahead
2025-11-1891.58114.19-1.38NDAQ ahead
2025-11-1790.11114.40-1.62NDAQ ahead
2025-11-1491.15116.25-1.69NDAQ ahead
2025-11-1391.53116.71-1.71NDAQ ahead
2025-11-1292.34118.50-1.81NDAQ ahead
2025-11-1191.10117.25-1.86NDAQ ahead
2025-11-1089.61117.23-2.10NDAQ ahead
2025-11-0789.31116.46-2.09NDAQ ahead
2025-11-0688.43115.06-2.09NDAQ ahead
2025-11-0587.64114.22-2.14NDAQ ahead
2025-11-0488.10114.63-2.14NDAQ ahead
2025-11-0387.27115.33-2.38NDAQ ahead
2025-10-3187.69114.12-2.21NDAQ ahead
2025-10-3089.02114.35-2.05NDAQ ahead
2025-10-2990.28114.03-1.84NDAQ ahead
2025-10-2894.27117.42-1.66NDAQ ahead
2025-10-2795.81118.52-1.58NDAQ ahead
2025-10-2494.50118.06-1.73NDAQ ahead
2025-10-2394.38118.57-1.83NDAQ ahead
2025-10-2294.08116.70-1.67NDAQ ahead
2025-10-2193.98120.58-2.16NDAQ ahead
2025-10-2093.08118.62-2.09NDAQ ahead
2025-10-1792.07118.26-2.23NDAQ ahead
2025-10-1691.93117.39-2.17NDAQ ahead
2025-10-1594.38119.64-2.09NDAQ ahead
2025-10-1494.87119.53-2.02NDAQ ahead
2025-10-1395.16119.33-1.98NDAQ ahead
2025-10-1094.41118.68-2.03NDAQ ahead
2025-10-0995.49122.01-2.30NDAQ ahead
2025-10-0895.53119.97-2.07NDAQ ahead
2025-10-0797.09118.06-1.61NDAQ ahead
2025-10-0695.34117.70-1.85NDAQ ahead
2025-10-0397.48116.95-1.45NDAQ ahead
2025-10-0296.49116.59-1.57NDAQ ahead
2025-10-0197.49116.02-1.36NDAQ ahead
2025-09-30100.99118.08-1.10NDAQ ahead
2025-09-29100.70118.42-1.20NDAQ ahead
2025-09-26100.54116.82-1.03NDAQ ahead
2025-09-25100.27115.78-0.94NDAQ ahead
2025-09-24100.73116.34-0.95NDAQ ahead
2025-09-23100.76118.06-1.18NDAQ ahead
2025-09-22101.97120.05-1.26NDAQ ahead
2025-09-19101.76119.57-1.24NDAQ ahead
2025-09-18102.58118.64-1.01NDAQ ahead
2025-09-17103.25124.28-1.62NDAQ ahead
2025-09-16102.74123.53-1.62NDAQ ahead
2025-09-15103.24123.96-1.62NDAQ ahead
2025-09-12104.28125.42-1.65NDAQ ahead
2025-09-11105.60127.99-1.79NDAQ ahead
2025-09-10103.24126.36-1.96NDAQ ahead
2025-09-09103.97126.66-1.91NDAQ ahead
2025-09-08104.23126.81-1.91NDAQ ahead
2025-09-05104.46124.79-1.64NDAQ ahead
2025-09-04104.61125.88-1.77NDAQ ahead
2025-09-03104.98125.18-1.65NDAQ ahead
2025-09-02104.95124.94-1.64NDAQ ahead
2025-08-29105.86126.47-1.71NDAQ ahead
2025-08-28106.18127.14-1.76NDAQ ahead
2025-08-27106.28126.61-1.70NDAQ ahead
2025-08-26107.14126.69-1.60NDAQ ahead
2025-08-25107.38125.91-1.48NDAQ ahead
2025-08-22108.30126.49-1.43NDAQ ahead
2025-08-21107.43125.43-1.44NDAQ ahead
2025-08-20108.67126.15-1.36NDAQ ahead
2025-08-19106.86125.26-1.52NDAQ ahead
2025-08-18106.66125.94-1.65NDAQ ahead
2025-08-15108.61126.39-1.44NDAQ ahead
2025-08-14109.50127.35-1.44NDAQ ahead
2025-08-13108.74127.58-1.59NDAQ ahead
2025-08-12109.54128.33-1.58NDAQ ahead
2025-08-11111.45129.41-1.45NDAQ ahead
2025-08-08111.73129.29-1.41NDAQ ahead
2025-08-07112.70128.75-1.22NDAQ ahead
2025-08-06112.72128.90-1.24NDAQ ahead
2025-08-05112.33128.61-1.27NDAQ ahead
2025-08-04112.96129.37-1.29NDAQ ahead
2025-08-01110.65127.05-1.34NDAQ ahead
2025-07-31110.79128.45-1.51NDAQ ahead
2025-07-30111.33128.14-1.40NDAQ ahead
2025-07-29110.72127.93-1.48NDAQ ahead
2025-07-28109.57127.01-1.54NDAQ ahead
2025-07-25110.56126.61-1.36NDAQ ahead
2025-07-24110.04124.82-1.21NDAQ ahead
2025-07-23108.49117.85-0.52NDAQ ahead
2025-07-22108.37118.72-0.66NDAQ ahead
2025-07-21108.38119.13-0.72NDAQ ahead
2025-07-18108.33119.30-0.76NDAQ ahead
2025-07-17109.06120.08-0.76NDAQ ahead
2025-07-16108.37118.86-0.71NDAQ ahead
2025-07-15107.77118.05-0.70NDAQ ahead
2025-07-14108.99119.69-0.74NDAQ ahead
2025-07-11108.20119.36-0.82NDAQ ahead
2025-07-10108.99121.12-0.94NDAQ ahead
2025-07-09109.19119.92-0.76NDAQ ahead
2025-07-08108.48118.26-0.66NDAQ ahead
2025-07-07109.75120.88-0.82NDAQ ahead
2025-07-03109.76120.24-0.74NDAQ ahead
2025-07-02108.94119.50-0.77NDAQ ahead
2025-07-01109.01118.73-0.67NDAQ ahead
2025-06-30109.97119.37-0.62NDAQ ahead
2025-06-27108.94118.92-0.71NDAQ ahead
2025-06-26108.37117.99-0.68NDAQ ahead
2025-06-25108.21117.54-0.65NDAQ ahead
2025-06-24108.40117.63-0.64NDAQ ahead
2025-06-23107.73115.78-0.50NDAQ ahead
2025-06-20106.95114.94-0.51NDAQ ahead
2025-06-18107.75115.30-0.45near the usual relationship
2025-06-17108.49114.74-0.28near the usual relationship
2025-06-16107.77115.71-0.51NDAQ ahead
2025-06-13106.96114.26-0.44near the usual relationship
2025-06-12107.34116.01-0.62NDAQ ahead
2025-06-11106.40115.86-0.73NDAQ ahead
2025-06-10105.21114.90-0.78NDAQ ahead
2025-06-09105.48114.34-0.68NDAQ ahead
2025-06-06107.10114.28-0.45near the usual relationship
2025-06-05107.03112.13-0.18near the usual relationship
2025-06-04107.37111.96-0.11near the usual relationship
2025-06-03107.50111.88-0.09near the usual relationship
2025-06-02108.09112.13-0.04near the usual relationship
2025-05-30107.77111.52-0.01near the usual relationship
2025-05-29107.01111.31-0.08near the usual relationship
2025-05-28106.58110.20+0.00near the usual relationship
2025-05-27107.02110.88-0.03near the usual relationship
2025-05-23105.57109.17+0.00near the usual relationship
2025-05-22104.30108.41-0.08near the usual relationship
2025-05-21104.73107.65+0.09near the usual relationship
2025-05-20105.67109.24+0.00near the usual relationship
2025-05-19105.95109.41+0.01near the usual relationship
2025-05-16105.65109.33-0.02near the usual relationship
2025-05-15104.81108.50-0.03near the usual relationship
2025-05-14103.06108.21-0.24near the usual relationship
2025-05-13103.60108.89-0.26near the usual relationship
2025-05-12103.96107.80-0.06near the usual relationship
2025-05-09106.89105.74+0.64ICE ahead
2025-05-08105.78105.46+0.53ICE ahead
2025-05-07105.81104.89+0.61ICE ahead
2025-05-06105.01104.23+0.60ICE ahead
2025-05-05104.29104.38+0.48near the usual relationship
2025-05-02103.97104.37+0.44near the usual relationship
2025-05-01102.40101.64+0.60ICE ahead
2025-04-30100.68101.74+0.34near the usual relationship
2025-04-2999.70101.37+0.25near the usual relationship
2025-04-2897.99100.25+0.16near the usual relationship
2025-04-2597.84100.60+0.08near the usual relationship
2025-04-2497.6999.77+0.18near the usual relationship
2025-04-2396.5098.12+0.25near the usual relationship
2025-04-2296.3197.04+0.39near the usual relationship
2025-04-2192.9394.33+0.28near the usual relationship
2025-04-1795.0996.36+0.30near the usual relationship
2025-04-1694.9795.70+0.39near the usual relationship
2025-04-1595.8897.68+0.22near the usual relationship
2025-04-1495.7897.16+0.29near the usual relationship
2025-04-1193.4595.49+0.19near the usual relationship
2025-04-1093.0293.85+0.38near the usual relationship
2025-04-0993.9996.10+0.18near the usual relationship
2025-04-0890.8888.64+0.88ICE ahead
2025-04-0792.7090.43+0.88ICE ahead
2025-04-0493.9591.11+0.97ICE ahead
2025-04-03100.4498.50+0.80ICE ahead
2025-04-02102.16104.53+0.17near the usual relationship
2025-04-01102.79101.51+0.70ICE ahead
2025-03-31103.40101.27+0.83ICE ahead
2025-03-28104.72100.00+1.21ICE ahead
2025-03-27105.71101.94+1.07ICE ahead
2025-03-26105.35103.50+0.79ICE ahead
2025-03-25105.27103.68+0.76ICE ahead
2025-03-24105.05103.34+0.78ICE ahead
2025-03-21104.53100.85+1.07ICE ahead
2025-03-20105.25102.67+0.91ICE ahead
2025-03-19104.11102.23+0.81ICE ahead
2025-03-18103.60100.52+0.99ICE ahead
2025-03-17103.5999.52+1.14ICE ahead
2025-03-14102.5497.80+1.25ICE ahead
2025-03-13101.3896.34+1.31ICE ahead
2025-03-12101.3197.42+1.13ICE ahead
2025-03-11100.9296.50+1.22ICE ahead
2025-03-10101.3997.25+1.16ICE ahead
2025-03-07102.0499.67+0.88ICE ahead
2025-03-06101.69101.68+0.52ICE ahead
2025-03-05102.87105.19+0.18near the usual relationship
2025-03-04101.81105.14+0.03near the usual relationship
2025-03-03103.82109.42-0.28near the usual relationship
2025-02-28103.84110.51-0.42near the usual relationship
2025-02-27102.40107.86-0.28near the usual relationship
2025-02-26102.60106.85-0.13near the usual relationship
2025-02-25102.63106.19-0.04near the usual relationship
2025-02-24100.95106.71-0.35near the usual relationship
2025-02-21100.62108.22-0.60NDAQ ahead
2025-02-2099.98110.19-0.95NDAQ ahead
2025-02-19100.08110.25-0.95NDAQ ahead
2025-02-1899.80108.45-0.76NDAQ ahead
2025-02-1499.93108.01-0.70NDAQ ahead
2025-02-13101.04109.05-0.68NDAQ ahead
2025-02-1299.84106.69-0.55NDAQ ahead
2025-02-11100.07107.18-0.59NDAQ ahead
2025-02-10100.17108.41-0.74NDAQ ahead
2025-02-07100.00110.56-1.04NDAQ ahead
2025-02-06100.51111.81-1.13NDAQ ahead
2025-02-0596.33110.61-1.58NDAQ ahead
2025-02-0495.50109.09-1.52NDAQ ahead
2025-02-0396.14109.36-1.48NDAQ ahead
2025-01-3195.80109.92-1.61NDAQ ahead
2025-01-3095.57109.84-1.65NDAQ ahead
2025-01-2994.24109.10-1.77NDAQ ahead
2025-01-2895.21108.38-1.55NDAQ ahead
2025-01-2796.40108.74-1.43NDAQ ahead
2025-01-2494.39108.33-1.69NDAQ ahead
2025-01-2394.52108.17-1.66NDAQ ahead
2025-01-2292.41107.90-1.98NDAQ ahead
2025-01-2190.94106.62-2.06NDAQ ahead
2025-01-1789.38105.23-2.15NDAQ ahead
2025-01-1690.05104.65-1.98NDAQ ahead
2025-01-1588.86102.76-1.93NDAQ ahead
2025-01-1487.06101.79-2.12NDAQ ahead
2025-01-1386.25101.70-2.29NDAQ ahead
2025-01-1085.60101.29-2.38NDAQ ahead
2025-01-0887.86104.15-2.44NDAQ ahead
2025-01-0787.78101.94-2.15NDAQ ahead
2025-01-0687.86102.55-2.26NDAQ ahead
2025-01-0389.82104.42-2.23NDAQ ahead
2025-01-0289.52103.36-2.15NDAQ ahead
2024-12-3189.32103.20-2.19NDAQ ahead
2024-12-3089.53103.32-2.20NDAQ ahead
2024-12-2790.10104.69-2.35NDAQ ahead
2024-12-2690.52105.62-2.45NDAQ ahead
2024-12-2490.19105.35-2.51NDAQ ahead
2024-12-2390.01104.04-2.37NDAQ ahead
2024-12-2090.10103.72-2.33NDAQ ahead
2024-12-1988.89103.30-2.54NDAQ ahead
2024-12-1889.67103.42-2.44NDAQ ahead
2024-12-1791.58106.27-2.60NDAQ ahead
2024-12-1692.66107.41-2.63NDAQ ahead
2024-12-1393.26106.96-2.46NDAQ ahead
2024-12-1293.84107.96-2.56NDAQ ahead
2024-12-1194.82108.54-2.51NDAQ ahead
2024-12-1094.95107.37-2.29NDAQ ahead
2024-12-0993.55106.39-2.43NDAQ ahead
2024-12-0693.47108.32-2.82NDAQ ahead
2024-12-0593.73108.49-2.84NDAQ ahead
2024-12-0493.57107.90-2.79NDAQ ahead
2024-12-0393.66108.12-2.85NDAQ ahead
2024-12-0294.88109.00-2.78NDAQ ahead
2024-11-2996.48110.79-2.80NDAQ ahead
2024-11-2796.62110.87-2.81NDAQ ahead
2024-11-2696.20110.33-2.83NDAQ ahead
2024-11-2595.68108.82-2.69NDAQ ahead
2024-11-2295.48108.22-2.65NDAQ ahead
2024-11-2194.92107.97-2.76NDAQ ahead
2024-11-2093.37106.90-2.94NDAQ ahead
2024-11-1994.67107.01-2.69NDAQ ahead
2024-11-1894.52106.50-2.65NDAQ ahead
2024-11-1593.24105.14-2.70NDAQ ahead
2024-11-1493.79104.21-2.39NDAQ ahead
2024-11-1393.41106.62-3.04NDAQ ahead
2024-11-1293.54105.63-2.84NDAQ ahead
2024-11-1194.16106.34-2.89NDAQ ahead
2024-11-0893.76105.05-2.73NDAQ ahead
2024-11-0793.57104.37-2.66NDAQ ahead
2024-11-0693.38103.58-2.56NDAQ ahead
2024-11-0594.62101.64-1.79NDAQ ahead
2024-11-0492.6099.87-1.90NDAQ ahead
2024-11-0192.6999.21-1.73NDAQ ahead
2024-10-3193.4398.68-1.41NDAQ ahead
2024-10-3099.82100.85-0.32near the usual relationship
2024-10-2999.93101.31-0.40near the usual relationship
2024-10-2899.77100.57-0.26near the usual relationship
2024-10-2599.0999.71-0.21near the usual relationship
2024-10-24100.04100.44-0.15near the usual relationship
2024-10-2398.9098.67+0.01near the usual relationship
2024-10-2299.4799.17+0.03near the usual relationship
2024-10-2199.7199.19+0.09near the usual relationship
2024-10-18100.00100.00-0.04near the usual relationship

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Feb 5, 2026 (ICE +2.1%, NDAQ -3.4%); Feb 11, 2026 (ICE -7.8%, NDAQ -2.5%). Upcoming earnings: ICE 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)

2 simulated trades to Oct 20, 2026: -2.53% per trade on average after costs, 1 won.

LegsEnteredExitedWhyDaysBefore costsCosts + borrowAfter costs
Long ICE · Short NDAQApr 8, 2020Jul 13, 2020divergence stop96-$1,066.73-$60.93-$1,137.07 (-11.37%)
Long NDAQ · Short ICEAug 28, 2019Dec 11, 2019converged105$700.40-$79.75$631.13 (+6.31%)

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

The companies

ICE and NDAQ at a glance

ICE Intercontinental Exchange Inc.

Listing
NYSE · SEC CIK 1571949
Industry
Investment Bankers/Brokers/Service · SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services
Market value
$88.9B
Price history
2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

NDAQ Nasdaq Inc.

Listing
Nasdaq · SEC CIK 1120193
Industry
Investment Bankers/Brokers/Service · SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services
Market value
$52.1B
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 →
PairStatusAhead nowIndustry
CME / ICEWatchlistCME by 0.79 sdSIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services
CME / NDAQWatchlistNDAQ by 0.36 sdSIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services

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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.