Illinois Tool Works Inc. vs Zebra Technologies Corporation
Why these are rivals: #1 and #3 by market value ($77B vs $18B) with SEC SIC 3560 (General Industrial Machinery & Equipment).
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: 0.34 (needs >= 0.60)
- Mean reversion: ADF t-statistic of the spread: -0.63 (needs <= -2.873 (5% critical value))
- Speed: half-life of the spread, sessions: 95.90 (needs <= 63)
ITW is the larger business
Annual revenue reported to the SEC. Scale, not market share.
| Year | ITW | ZBRA | Larger |
|---|---|---|---|
| 2025 | $16.0B | $5.4B | ITW |
| 2024 | $15.9B | $5.0B | ITW |
| 2023 | $16.1B | $4.6B | ITW |
| 2022 | $15.9B | $5.8B | ITW |
| 2021 | $14.5B | $5.6B | ITW |
| 2020 | $12.6B | $4.4B | ITW |
ITW led in every year with figures for both. Market value: ITW $76.9B, ZBRA $17.8B.
ZBRA is ahead now
Measured against the pair's own last 252 trading days.
ZBRA leads ITW by 1.73 standard deviations: +36.3% over its usual price ratio. 1 lead switch in the last year.
| Price change | 3 mo | 6 mo | 12 mo |
|---|---|---|---|
| ITW | -1.3% | +2.2% | +8.6% |
| ZBRA | +47.8% | +69.3% | +25.5% |
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: 0.34 (needs >= 0.60)
- Fail
- Mean reversion: ADF t-statistic of the spread: -0.63 (needs <= -2.873 (5% critical value))
- Fail
- Speed: half-life of the spread, sessions: 95.90 (needs <= 63)
- Data
- Both stocks current
Prices side by side, and the gap between them
Data table (504 sessions)
| Date | ITW index | ZBRA index | z | Ahead |
|---|---|---|---|---|
| 2026-10-22 | 106.98 | 102.32 | -1.73 | ZBRA ahead |
| 2026-10-21 | 106.04 | 104.14 | -1.90 | ZBRA ahead |
| 2026-10-20 | 105.34 | 102.30 | -1.85 | ZBRA ahead |
| 2026-10-19 | 103.50 | 100.09 | -1.83 | ZBRA ahead |
| 2026-10-16 | 104.31 | 98.28 | -1.70 | ZBRA ahead |
| 2026-10-15 | 103.89 | 100.55 | -1.86 | ZBRA ahead |
| 2026-10-14 | 103.23 | 100.38 | -1.91 | ZBRA ahead |
| 2026-10-13 | 102.03 | 102.96 | -2.14 | ZBRA ahead |
| 2026-10-12 | 101.56 | 103.37 | -2.21 | ZBRA ahead |
| 2026-10-09 | 101.19 | 103.12 | -2.24 | ZBRA ahead |
| 2026-10-08 | 101.41 | 101.78 | -2.17 | ZBRA ahead |
| 2026-10-07 | 100.05 | 102.82 | -2.34 | ZBRA ahead |
| 2026-10-06 | 102.34 | 102.75 | -2.23 | ZBRA ahead |
| 2026-10-05 | 101.21 | 100.06 | -2.15 | ZBRA ahead |
| 2026-10-02 | 100.72 | 100.11 | -2.21 | ZBRA ahead |
| 2026-10-01 | 99.93 | 100.00 | -2.28 | ZBRA ahead |
| 2026-09-30 | 98.56 | 99.43 | -2.36 | ZBRA ahead |
| 2026-09-29 | 102.31 | 100.14 | -2.19 | ZBRA ahead |
| 2026-09-28 | 104.90 | 99.05 | -1.98 | ZBRA ahead |
| 2026-09-25 | 105.09 | 98.56 | -1.95 | ZBRA ahead |
| 2026-09-24 | 104.20 | 97.24 | -1.93 | ZBRA ahead |
| 2026-09-23 | 104.75 | 98.82 | -2.01 | ZBRA ahead |
| 2026-09-22 | 103.62 | 96.31 | -1.92 | ZBRA ahead |
| 2026-09-21 | 102.49 | 93.45 | -1.81 | ZBRA ahead |
| 2026-09-18 | 103.21 | 92.32 | -1.69 | ZBRA ahead |
| 2026-09-17 | 102.48 | 92.64 | -1.76 | ZBRA ahead |
| 2026-09-16 | 102.41 | 90.87 | -1.65 | ZBRA ahead |
| 2026-09-15 | 102.90 | 91.29 | -1.65 | ZBRA ahead |
| 2026-09-14 | 103.07 | 93.70 | -1.82 | ZBRA ahead |
| 2026-09-11 | 102.73 | 93.32 | -1.83 | ZBRA ahead |
| 2026-09-10 | 101.60 | 91.63 | -1.79 | ZBRA ahead |
| 2026-09-09 | 101.13 | 91.84 | -1.84 | ZBRA ahead |
| 2026-09-08 | 102.93 | 93.90 | -1.88 | ZBRA ahead |
| 2026-09-04 | 103.48 | 96.61 | -2.05 | ZBRA ahead |
| 2026-09-03 | 104.07 | 95.22 | -1.93 | ZBRA ahead |
| 2026-09-02 | 103.09 | 93.52 | -1.88 | ZBRA ahead |
| 2026-09-01 | 103.39 | 91.54 | -1.73 | ZBRA ahead |
| 2026-08-31 | 105.49 | 94.17 | -1.79 | ZBRA ahead |
| 2026-08-28 | 107.31 | 94.94 | -1.73 | ZBRA ahead |
| 2026-08-27 | 107.91 | 96.18 | -1.79 | ZBRA ahead |
| 2026-08-26 | 109.38 | 95.84 | -1.68 | ZBRA ahead |
| 2026-08-25 | 107.90 | 96.02 | -1.79 | ZBRA ahead |
| 2026-08-24 | 108.78 | 96.76 | -1.79 | ZBRA ahead |
| 2026-08-21 | 108.14 | 98.15 | -1.95 | ZBRA ahead |
| 2026-08-20 | 108.32 | 96.02 | -1.79 | ZBRA ahead |
| 2026-08-19 | 108.90 | 94.46 | -1.64 | ZBRA ahead |
| 2026-08-18 | 109.05 | 97.59 | -1.86 | ZBRA ahead |
| 2026-08-17 | 110.06 | 98.88 | -1.90 | ZBRA ahead |
| 2026-08-14 | 111.41 | 100.15 | -1.90 | ZBRA ahead |
| 2026-08-13 | 111.47 | 101.11 | -1.97 | ZBRA ahead |
| 2026-08-12 | 112.06 | 100.78 | -1.92 | ZBRA ahead |
| 2026-08-11 | 112.31 | 102.03 | -2.00 | ZBRA ahead |
| 2026-08-10 | 112.83 | 100.70 | -1.88 | ZBRA ahead |
| 2026-08-07 | 113.65 | 100.28 | -1.80 | ZBRA ahead |
| 2026-08-06 | 112.90 | 97.01 | -1.62 | ZBRA ahead |
| 2026-08-05 | 113.90 | 98.28 | -1.64 | ZBRA ahead |
| 2026-08-04 | 113.04 | 98.24 | -1.68 | ZBRA ahead |
| 2026-08-03 | 110.52 | 77.68 | -0.17 | near the usual relationship |
| 2026-07-31 | 109.93 | 78.26 | -0.25 | near the usual relationship |
| 2026-07-30 | 108.68 | 76.86 | -0.20 | near the usual relationship |
| 2026-07-29 | 112.04 | 75.37 | +0.15 | near the usual relationship |
| 2026-07-28 | 113.08 | 75.75 | +0.19 | near the usual relationship |
| 2026-07-27 | 109.11 | 70.47 | +0.44 | near the usual relationship |
| 2026-07-24 | 108.42 | 69.23 | +0.53 | ITW ahead |
| 2026-07-23 | 106.08 | 68.44 | +0.46 | near the usual relationship |
| 2026-07-22 | 104.94 | 69.98 | +0.25 | near the usual relationship |
| 2026-07-21 | 104.20 | 69.89 | +0.21 | near the usual relationship |
| 2026-07-20 | 104.08 | 70.50 | +0.16 | near the usual relationship |
| 2026-07-17 | 105.75 | 71.22 | +0.20 | near the usual relationship |
| 2026-07-16 | 108.41 | 70.59 | +0.43 | near the usual relationship |
| 2026-07-15 | 103.98 | 67.96 | +0.41 | near the usual relationship |
| 2026-07-14 | 104.31 | 69.28 | +0.31 | near the usual relationship |
| 2026-07-13 | 104.01 | 71.04 | +0.13 | near the usual relationship |
| 2026-07-10 | 102.98 | 72.58 | -0.07 | near the usual relationship |
| 2026-07-09 | 101.70 | 72.62 | -0.14 | near the usual relationship |
| 2026-07-08 | 101.56 | 70.40 | +0.05 | near the usual relationship |
| 2026-07-07 | 103.85 | 70.49 | +0.19 | near the usual relationship |
| 2026-07-06 | 105.07 | 71.99 | +0.14 | near the usual relationship |
| 2026-07-02 | 104.49 | 71.16 | +0.18 | near the usual relationship |
| 2026-07-01 | 103.04 | 71.34 | +0.08 | near the usual relationship |
| 2026-06-30 | 103.62 | 70.12 | +0.23 | near the usual relationship |
| 2026-06-29 | 102.47 | 68.13 | +0.35 | near the usual relationship |
| 2026-06-26 | 102.56 | 66.99 | +0.46 | near the usual relationship |
| 2026-06-25 | 103.67 | 64.83 | +0.74 | ITW ahead |
| 2026-06-24 | 101.02 | 66.00 | +0.48 | near the usual relationship |
| 2026-06-23 | 100.23 | 63.32 | +0.69 | ITW ahead |
| 2026-06-22 | 101.64 | 65.44 | +0.58 | ITW ahead |
| 2026-06-18 | 101.17 | 62.85 | +0.81 | ITW ahead |
| 2026-06-17 | 100.41 | 62.05 | +0.85 | ITW ahead |
| 2026-06-16 | 101.82 | 63.23 | +0.82 | ITW ahead |
| 2026-06-15 | 100.57 | 63.94 | +0.68 | ITW ahead |
| 2026-06-12 | 98.62 | 60.84 | +0.88 | ITW ahead |
| 2026-06-11 | 97.48 | 59.25 | +0.98 | ITW ahead |
| 2026-06-10 | 95.84 | 57.74 | +1.04 | ITW ahead |
| 2026-06-09 | 98.28 | 62.38 | +0.72 | ITW ahead |
| 2026-06-08 | 96.69 | 62.07 | +0.66 | ITW ahead |
| 2026-06-05 | 96.82 | 61.82 | +0.70 | ITW ahead |
| 2026-06-04 | 96.20 | 65.38 | +0.32 | near the usual relationship |
| 2026-06-03 | 95.87 | 66.40 | +0.20 | near the usual relationship |
| 2026-06-02 | 95.23 | 67.77 | +0.04 | near the usual relationship |
| 2026-06-01 | 94.17 | 66.58 | +0.08 | near the usual relationship |
| 2026-05-29 | 94.73 | 64.89 | +0.28 | near the usual relationship |
| 2026-05-28 | 95.64 | 66.03 | +0.24 | near the usual relationship |
| 2026-05-27 | 95.89 | 67.26 | +0.14 | near the usual relationship |
| 2026-05-26 | 95.93 | 67.24 | +0.15 | near the usual relationship |
| 2026-05-22 | 96.62 | 68.06 | +0.13 | near the usual relationship |
| 2026-05-21 | 95.75 | 64.53 | +0.40 | near the usual relationship |
| 2026-05-20 | 96.07 | 64.85 | +0.39 | near the usual relationship |
| 2026-05-19 | 94.77 | 65.83 | +0.22 | near the usual relationship |
| 2026-05-18 | 95.57 | 69.27 | -0.03 | near the usual relationship |
| 2026-05-15 | 94.89 | 69.08 | -0.05 | near the usual relationship |
| 2026-05-14 | 96.07 | 68.74 | +0.06 | near the usual relationship |
| 2026-05-13 | 95.81 | 65.72 | +0.31 | near the usual relationship |
| 2026-05-12 | 96.31 | 64.40 | +0.47 | near the usual relationship |
| 2026-05-11 | 96.58 | 57.79 | +1.15 | ITW ahead |
| 2026-05-08 | 97.60 | 60.20 | +0.97 | ITW ahead |
| 2026-05-07 | 97.89 | 60.89 | +0.93 | ITW ahead |
| 2026-05-06 | 99.80 | 61.20 | +1.02 | ITW ahead |
| 2026-05-05 | 97.52 | 60.83 | +0.92 | ITW ahead |
| 2026-05-04 | 96.41 | 59.59 | +0.98 | ITW ahead |
| 2026-05-01 | 97.87 | 60.48 | +0.99 | ITW ahead |
| 2026-04-30 | 98.84 | 60.26 | +1.08 | ITW ahead |
| 2026-04-29 | 101.78 | 57.41 | +1.57 | ITW ahead |
| 2026-04-28 | 102.85 | 58.39 | +1.54 | ITW ahead |
| 2026-04-27 | 103.34 | 58.86 | +1.53 | ITW ahead |
| 2026-04-24 | 103.16 | 60.65 | +1.35 | ITW ahead |
| 2026-04-23 | 104.64 | 60.43 | +1.47 | ITW ahead |
| 2026-04-22 | 102.32 | 61.55 | +1.22 | ITW ahead |
| 2026-04-21 | 103.84 | 63.04 | +1.16 | ITW ahead |
| 2026-04-20 | 104.46 | 63.20 | +1.19 | ITW ahead |
| 2026-04-17 | 104.30 | 62.44 | +1.27 | ITW ahead |
| 2026-04-16 | 101.75 | 62.07 | +1.15 | ITW ahead |
| 2026-04-15 | 101.29 | 61.16 | +1.22 | ITW ahead |
| 2026-04-14 | 104.30 | 60.38 | +1.50 | ITW ahead |
| 2026-04-13 | 105.16 | 60.22 | +1.58 | ITW ahead |
| 2026-04-10 | 103.64 | 59.16 | +1.62 | ITW ahead |
| 2026-04-09 | 104.65 | 59.41 | +1.67 | ITW ahead |
| 2026-04-08 | 103.25 | 58.90 | +1.65 | ITW ahead |
| 2026-04-07 | 99.24 | 56.60 | +1.66 | ITW ahead |
| 2026-04-06 | 99.02 | 56.23 | +1.71 | ITW ahead |
| 2026-04-02 | 98.92 | 54.02 | +1.99 | ITW ahead |
| 2026-04-01 | 99.81 | 55.21 | +1.93 | ITW ahead |
| 2026-03-31 | 99.72 | 55.69 | +1.88 | ITW ahead |
| 2026-03-30 | 98.15 | 53.08 | +2.13 | ITW ahead |
| 2026-03-27 | 99.24 | 53.97 | +2.12 | ITW ahead |
| 2026-03-26 | 100.13 | 54.45 | +2.15 | ITW ahead |
| 2026-03-25 | 102.08 | 55.52 | +2.18 | ITW ahead |
| 2026-03-24 | 101.54 | 55.26 | +2.20 | ITW ahead |
| 2026-03-23 | 100.66 | 54.83 | +2.23 | ITW ahead |
| 2026-03-20 | 98.72 | 54.23 | +2.20 | ITW ahead |
| 2026-03-19 | 99.84 | 54.92 | +2.22 | ITW ahead |
| 2026-03-18 | 99.89 | 55.27 | +2.21 | ITW ahead |
| 2026-03-17 | 102.57 | 55.68 | +2.38 | ITW ahead |
| 2026-03-16 | 102.92 | 54.33 | +2.63 | ITW ahead |
| 2026-03-13 | 102.28 | 53.99 | +2.68 | ITW ahead |
| 2026-03-12 | 101.76 | 54.35 | +2.64 | ITW ahead |
| 2026-03-11 | 104.02 | 56.91 | +2.49 | ITW ahead |
| 2026-03-10 | 104.70 | 56.59 | +2.63 | ITW ahead |
| 2026-03-09 | 105.96 | 56.94 | +2.73 | ITW ahead |
| 2026-03-06 | 106.18 | 58.50 | +2.57 | ITW ahead |
| 2026-03-05 | 108.23 | 61.17 | +2.41 | ITW ahead |
| 2026-03-04 | 110.01 | 61.64 | +2.52 | ITW ahead |
| 2026-03-03 | 109.56 | 60.03 | +2.75 | ITW ahead |
| 2026-03-02 | 111.55 | 59.64 | +3.02 | ITW ahead |
| 2026-02-27 | 111.34 | 59.65 | +3.07 | ITW ahead |
| 2026-02-26 | 111.21 | 62.60 | +2.69 | ITW ahead |
| 2026-02-25 | 111.00 | 63.66 | +2.57 | ITW ahead |
| 2026-02-24 | 112.85 | 62.81 | +2.90 | ITW ahead |
| 2026-02-23 | 112.33 | 61.61 | +3.10 | ITW ahead |
| 2026-02-20 | 113.01 | 68.03 | +2.28 | ITW ahead |
| 2026-02-19 | 112.56 | 67.05 | +2.41 | ITW ahead |
| 2026-02-18 | 113.46 | 67.26 | +2.49 | ITW ahead |
| 2026-02-17 | 113.94 | 69.45 | +2.26 | ITW ahead |
| 2026-02-13 | 114.78 | 70.48 | +2.21 | ITW ahead |
| 2026-02-12 | 114.36 | 73.02 | +1.85 | ITW ahead |
| 2026-02-11 | 114.19 | 67.25 | +2.65 | ITW ahead |
| 2026-02-10 | 112.73 | 68.34 | +2.40 | ITW ahead |
| 2026-02-09 | 111.32 | 68.66 | +2.24 | ITW ahead |
| 2026-02-06 | 112.47 | 66.96 | +2.59 | ITW ahead |
| 2026-02-05 | 110.44 | 64.21 | +2.84 | ITW ahead |
| 2026-02-04 | 110.64 | 65.32 | +2.71 | ITW ahead |
| 2026-02-03 | 106.85 | 62.10 | +2.89 | ITW ahead |
| 2026-02-02 | 101.22 | 64.46 | +2.02 | ITW ahead |
| 2026-01-30 | 100.09 | 62.59 | +2.20 | ITW ahead |
| 2026-01-29 | 100.70 | 63.38 | +2.14 | ITW ahead |
| 2026-01-28 | 98.93 | 62.92 | +2.05 | ITW ahead |
| 2026-01-27 | 99.10 | 63.54 | +1.98 | ITW ahead |
| 2026-01-26 | 99.28 | 64.86 | +1.80 | ITW ahead |
| 2026-01-23 | 98.94 | 64.07 | +1.88 | ITW ahead |
| 2026-01-22 | 99.49 | 65.74 | +1.70 | ITW ahead |
| 2026-01-21 | 99.58 | 64.72 | +1.84 | ITW ahead |
| 2026-01-20 | 97.48 | 63.58 | +1.82 | ITW ahead |
| 2026-01-16 | 100.93 | 66.91 | +1.68 | ITW ahead |
| 2026-01-15 | 100.33 | 68.94 | +1.37 | ITW ahead |
| 2026-01-14 | 99.18 | 69.92 | +1.16 | ITW ahead |
| 2026-01-13 | 98.36 | 69.63 | +1.13 | ITW ahead |
| 2026-01-12 | 97.51 | 70.43 | +0.96 | ITW ahead |
| 2026-01-09 | 97.74 | 69.11 | +1.14 | ITW ahead |
| 2026-01-08 | 97.20 | 67.82 | +1.25 | ITW ahead |
| 2026-01-07 | 94.62 | 65.78 | +1.29 | ITW ahead |
| 2026-01-06 | 97.36 | 68.61 | +1.18 | ITW ahead |
| 2026-01-05 | 95.62 | 67.29 | +1.20 | ITW ahead |
| 2026-01-02 | 95.58 | 66.13 | +1.34 | ITW ahead |
| 2025-12-31 | 94.36 | 64.67 | +1.43 | ITW ahead |
| 2025-12-30 | 96.09 | 65.72 | +1.45 | ITW ahead |
| 2025-12-29 | 96.63 | 65.45 | +1.54 | ITW ahead |
| 2025-12-26 | 96.72 | 65.59 | +1.54 | ITW ahead |
| 2025-12-24 | 96.52 | 65.49 | +1.54 | ITW ahead |
| 2025-12-23 | 96.48 | 65.72 | +1.52 | ITW ahead |
| 2025-12-22 | 96.38 | 66.42 | +1.44 | ITW ahead |
| 2025-12-19 | 95.83 | 67.03 | +1.34 | ITW ahead |
| 2025-12-18 | 96.23 | 67.31 | +1.34 | ITW ahead |
| 2025-12-17 | 96.69 | 67.72 | +1.34 | ITW ahead |
| 2025-12-16 | 96.03 | 69.56 | +1.09 | ITW ahead |
| 2025-12-15 | 99.09 | 70.66 | +1.22 | ITW ahead |
| 2025-12-12 | 98.85 | 71.48 | +1.12 | ITW ahead |
| 2025-12-11 | 98.61 | 72.86 | +0.96 | ITW ahead |
| 2025-12-10 | 97.13 | 72.26 | +0.92 | ITW ahead |
| 2025-12-09 | 94.48 | 70.65 | +0.89 | ITW ahead |
| 2025-12-08 | 95.06 | 70.42 | +0.96 | ITW ahead |
| 2025-12-05 | 95.66 | 70.53 | +1.01 | ITW ahead |
| 2025-12-04 | 95.54 | 70.06 | +1.06 | ITW ahead |
| 2025-12-03 | 95.79 | 69.07 | +1.19 | ITW ahead |
| 2025-12-02 | 95.15 | 67.48 | +1.33 | ITW ahead |
| 2025-12-01 | 94.81 | 66.93 | +1.37 | ITW ahead |
| 2025-11-28 | 95.50 | 67.32 | +1.39 | ITW ahead |
| 2025-11-26 | 95.39 | 66.72 | +1.46 | ITW ahead |
| 2025-11-25 | 95.14 | 66.40 | +1.49 | ITW ahead |
| 2025-11-24 | 92.91 | 64.58 | +1.54 | ITW ahead |
| 2025-11-21 | 94.92 | 64.18 | +1.76 | ITW ahead |
| 2025-11-20 | 92.36 | 60.83 | +1.99 | ITW ahead |
| 2025-11-19 | 92.35 | 61.51 | +1.92 | ITW ahead |
| 2025-11-18 | 92.68 | 61.50 | +1.97 | ITW ahead |
| 2025-11-17 | 92.48 | 61.98 | +1.91 | ITW ahead |
| 2025-11-14 | 93.46 | 64.07 | +1.76 | ITW ahead |
| 2025-11-13 | 93.97 | 64.34 | +1.78 | ITW ahead |
| 2025-11-12 | 94.02 | 68.10 | +1.36 | ITW ahead |
| 2025-11-11 | 94.00 | 67.96 | +1.38 | ITW ahead |
| 2025-11-10 | 93.58 | 69.42 | +1.19 | ITW ahead |
| 2025-11-07 | 94.05 | 69.13 | +1.28 | ITW ahead |
| 2025-11-06 | 93.59 | 68.78 | +1.29 | ITW ahead |
| 2025-11-05 | 93.88 | 70.92 | +1.08 | ITW ahead |
| 2025-11-04 | 93.83 | 69.34 | +1.26 | ITW ahead |
| 2025-11-03 | 93.14 | 72.07 | +0.91 | ITW ahead |
| 2025-10-31 | 93.45 | 71.71 | +0.98 | ITW ahead |
| 2025-10-30 | 93.34 | 69.62 | +1.22 | ITW ahead |
| 2025-10-29 | 92.72 | 72.12 | +0.90 | ITW ahead |
| 2025-10-28 | 94.19 | 73.06 | +0.93 | ITW ahead |
| 2025-10-27 | 94.94 | 82.72 | +0.03 | near the usual relationship |
| 2025-10-24 | 94.15 | 82.25 | +0.01 | near the usual relationship |
| 2025-10-23 | 98.62 | 83.60 | +0.25 | near the usual relationship |
| 2025-10-22 | 96.91 | 80.60 | +0.40 | near the usual relationship |
| 2025-10-21 | 98.51 | 81.56 | +0.44 | near the usual relationship |
| 2025-10-20 | 96.69 | 80.29 | +0.42 | near the usual relationship |
| 2025-10-17 | 95.49 | 78.12 | +0.54 | ITW ahead |
| 2025-10-16 | 94.60 | 78.29 | +0.46 | near the usual relationship |
| 2025-10-15 | 94.89 | 78.13 | +0.50 | ITW ahead |
| 2025-10-14 | 95.04 | 76.97 | +0.64 | ITW ahead |
| 2025-10-13 | 93.65 | 75.10 | +0.72 | ITW ahead |
| 2025-10-10 | 93.83 | 73.48 | +0.90 | ITW ahead |
| 2025-10-09 | 95.12 | 79.58 | +0.41 | near the usual relationship |
| 2025-10-08 | 96.83 | 81.84 | +0.33 | near the usual relationship |
| 2025-10-07 | 97.98 | 79.01 | +0.70 | ITW ahead |
| 2025-10-06 | 99.11 | 80.42 | +0.65 | ITW ahead |
| 2025-10-03 | 99.61 | 81.24 | +0.62 | ITW ahead |
| 2025-10-02 | 99.89 | 78.80 | +0.88 | ITW ahead |
| 2025-10-01 | 99.57 | 77.72 | +0.97 | ITW ahead |
| 2025-09-30 | 99.90 | 79.15 | +0.86 | ITW ahead |
| 2025-09-29 | 100.13 | 79.08 | +0.89 | ITW ahead |
| 2025-09-26 | 100.00 | 79.84 | +0.82 | ITW ahead |
| 2025-09-25 | 98.80 | 80.43 | +0.67 | ITW ahead |
| 2025-09-24 | 99.44 | 82.16 | +0.57 | ITW ahead |
| 2025-09-23 | 100.07 | 83.65 | +0.48 | near the usual relationship |
| 2025-09-22 | 99.95 | 84.01 | +0.44 | near the usual relationship |
| 2025-09-19 | 100.32 | 84.84 | +0.40 | near the usual relationship |
| 2025-09-18 | 100.98 | 86.00 | +0.35 | near the usual relationship |
| 2025-09-17 | 100.56 | 84.52 | +0.45 | near the usual relationship |
| 2025-09-16 | 100.31 | 84.81 | +0.41 | near the usual relationship |
| 2025-09-15 | 101.09 | 85.47 | +0.42 | near the usual relationship |
| 2025-09-12 | 100.89 | 83.27 | +0.60 | ITW ahead |
| 2025-09-11 | 102.05 | 84.17 | +0.61 | ITW ahead |
| 2025-09-10 | 100.58 | 81.55 | +0.75 | ITW ahead |
| 2025-09-09 | 100.44 | 83.15 | +0.59 | ITW ahead |
| 2025-09-08 | 102.16 | 83.58 | +0.69 | ITW ahead |
| 2025-09-05 | 102.00 | 83.58 | +0.68 | ITW ahead |
| 2025-09-04 | 101.78 | 82.90 | +0.73 | ITW ahead |
| 2025-09-03 | 100.08 | 81.42 | +0.74 | ITW ahead |
| 2025-09-02 | 100.47 | 81.79 | +0.74 | ITW ahead |
| 2025-08-29 | 101.39 | 84.46 | +0.57 | ITW ahead |
| 2025-08-28 | 101.81 | 85.76 | +0.49 | near the usual relationship |
| 2025-08-27 | 102.22 | 85.61 | +0.54 | ITW ahead |
| 2025-08-26 | 102.00 | 85.39 | +0.55 | ITW ahead |
| 2025-08-25 | 102.19 | 85.11 | +0.59 | ITW ahead |
| 2025-08-22 | 103.21 | 85.97 | +0.60 | ITW ahead |
| 2025-08-21 | 99.99 | 82.17 | +0.71 | ITW ahead |
| 2025-08-20 | 100.38 | 81.17 | +0.84 | ITW ahead |
| 2025-08-19 | 101.11 | 83.12 | +0.72 | ITW ahead |
| 2025-08-18 | 99.31 | 84.56 | +0.45 | near the usual relationship |
| 2025-08-15 | 99.08 | 84.67 | +0.43 | near the usual relationship |
| 2025-08-14 | 100.56 | 87.28 | +0.31 | near the usual relationship |
| 2025-08-13 | 102.41 | 89.97 | +0.22 | near the usual relationship |
| 2025-08-12 | 99.79 | 87.40 | +0.25 | near the usual relationship |
| 2025-08-11 | 98.41 | 83.22 | +0.52 | ITW ahead |
| 2025-08-08 | 98.45 | 84.61 | +0.40 | near the usual relationship |
| 2025-08-07 | 98.37 | 84.17 | +0.43 | near the usual relationship |
| 2025-08-06 | 98.65 | 82.12 | +0.64 | ITW ahead |
| 2025-08-05 | 98.09 | 80.60 | +0.75 | ITW ahead |
| 2025-08-04 | 97.15 | 90.92 | -0.24 | near the usual relationship |
| 2025-08-01 | 96.66 | 89.29 | -0.14 | near the usual relationship |
| 2025-07-31 | 98.06 | 90.30 | -0.12 | near the usual relationship |
| 2025-07-30 | 97.18 | 88.53 | -0.03 | near the usual relationship |
| 2025-07-29 | 99.41 | 88.32 | +0.16 | near the usual relationship |
| 2025-07-28 | 99.61 | 89.14 | +0.10 | near the usual relationship |
| 2025-07-25 | 100.26 | 89.41 | +0.13 | near the usual relationship |
| 2025-07-24 | 100.31 | 88.80 | +0.19 | near the usual relationship |
| 2025-07-23 | 100.85 | 89.70 | +0.15 | near the usual relationship |
| 2025-07-22 | 99.66 | 87.39 | +0.26 | near the usual relationship |
| 2025-07-21 | 97.55 | 87.46 | +0.09 | near the usual relationship |
| 2025-07-18 | 97.75 | 88.36 | +0.03 | near the usual relationship |
| 2025-07-17 | 98.72 | 87.87 | +0.15 | near the usual relationship |
| 2025-07-16 | 98.39 | 85.09 | +0.37 | near the usual relationship |
| 2025-07-15 | 98.21 | 85.11 | +0.36 | near the usual relationship |
| 2025-07-14 | 98.69 | 85.98 | +0.32 | near the usual relationship |
| 2025-07-11 | 99.49 | 87.13 | +0.28 | near the usual relationship |
| 2025-07-10 | 100.42 | 87.99 | +0.28 | near the usual relationship |
| 2025-07-09 | 99.51 | 85.71 | +0.42 | near the usual relationship |
| 2025-07-08 | 98.80 | 86.05 | +0.33 | near the usual relationship |
| 2025-07-07 | 97.56 | 84.46 | +0.38 | near the usual relationship |
| 2025-07-03 | 99.03 | 86.22 | +0.34 | near the usual relationship |
| 2025-07-02 | 98.25 | 85.33 | +0.36 | near the usual relationship |
| 2025-07-01 | 97.76 | 84.03 | +0.44 | near the usual relationship |
| 2025-06-30 | 94.72 | 82.13 | +0.37 | near the usual relationship |
| 2025-06-27 | 95.03 | 82.37 | +0.38 | near the usual relationship |
| 2025-06-26 | 94.53 | 82.12 | +0.36 | near the usual relationship |
| 2025-06-25 | 94.12 | 80.72 | +0.46 | near the usual relationship |
| 2025-06-24 | 94.17 | 79.62 | +0.57 | ITW ahead |
| 2025-06-23 | 93.55 | 78.91 | +0.59 | ITW ahead |
| 2025-06-20 | 92.18 | 78.32 | +0.53 | ITW ahead |
| 2025-06-18 | 92.45 | 77.70 | +0.62 | ITW ahead |
| 2025-06-17 | 92.40 | 77.07 | +0.68 | ITW ahead |
| 2025-06-16 | 93.65 | 78.06 | +0.69 | ITW ahead |
| 2025-06-13 | 92.51 | 75.54 | +0.85 | ITW ahead |
| 2025-06-12 | 94.25 | 77.95 | +0.75 | ITW ahead |
| 2025-06-11 | 94.48 | 77.99 | +0.77 | ITW ahead |
| 2025-06-10 | 95.39 | 79.79 | +0.67 | ITW ahead |
| 2025-06-09 | 94.73 | 79.54 | +0.64 | ITW ahead |
| 2025-06-06 | 94.84 | 78.67 | +0.74 | ITW ahead |
| 2025-06-05 | 94.28 | 77.57 | +0.81 | ITW ahead |
| 2025-06-04 | 94.44 | 77.51 | +0.83 | ITW ahead |
| 2025-06-03 | 93.96 | 77.77 | +0.77 | ITW ahead |
| 2025-06-02 | 92.96 | 76.16 | +0.85 | ITW ahead |
| 2025-05-30 | 93.89 | 77.18 | +0.83 | ITW ahead |
| 2025-05-29 | 94.14 | 77.91 | +0.78 | ITW ahead |
| 2025-05-28 | 93.41 | 77.45 | +0.77 | ITW ahead |
| 2025-05-27 | 94.51 | 78.58 | +0.76 | ITW ahead |
| 2025-05-23 | 92.65 | 75.70 | +0.90 | ITW ahead |
| 2025-05-22 | 93.75 | 76.80 | +0.88 | ITW ahead |
| 2025-05-21 | 93.72 | 76.69 | +0.89 | ITW ahead |
| 2025-05-20 | 95.75 | 79.10 | +0.82 | ITW ahead |
| 2025-05-19 | 96.43 | 79.32 | +0.86 | ITW ahead |
| 2025-05-16 | 96.29 | 80.07 | +0.78 | ITW ahead |
| 2025-05-15 | 95.00 | 79.46 | +0.73 | ITW ahead |
| 2025-05-14 | 93.91 | 79.71 | +0.62 | ITW ahead |
| 2025-05-13 | 95.44 | 80.54 | +0.67 | ITW ahead |
| 2025-05-12 | 95.89 | 79.93 | +0.77 | ITW ahead |
| 2025-05-09 | 92.90 | 71.04 | +1.46 | ITW ahead |
| 2025-05-08 | 93.13 | 70.68 | +1.53 | ITW ahead |
| 2025-05-07 | 92.06 | 68.53 | +1.70 | ITW ahead |
| 2025-05-06 | 91.89 | 66.81 | +1.90 | ITW ahead |
| 2025-05-05 | 92.28 | 66.77 | +1.96 | ITW ahead |
| 2025-05-02 | 92.83 | 68.17 | +1.86 | ITW ahead |
| 2025-05-01 | 91.65 | 66.49 | +1.98 | ITW ahead |
| 2025-04-30 | 91.91 | 66.67 | +2.00 | ITW ahead |
| 2025-04-29 | 92.61 | 68.20 | +1.89 | ITW ahead |
| 2025-04-28 | 91.99 | 64.85 | +2.26 | ITW ahead |
| 2025-04-25 | 91.75 | 65.59 | +2.16 | ITW ahead |
| 2025-04-24 | 92.74 | 65.01 | +2.34 | ITW ahead |
| 2025-04-23 | 90.68 | 62.45 | +2.50 | ITW ahead |
| 2025-04-22 | 90.51 | 60.51 | +2.79 | ITW ahead |
| 2025-04-21 | 87.20 | 59.14 | +2.69 | ITW ahead |
| 2025-04-17 | 88.43 | 60.39 | +2.66 | ITW ahead |
| 2025-04-16 | 88.04 | 59.86 | +2.73 | ITW ahead |
| 2025-04-15 | 88.69 | 60.76 | +2.70 | ITW ahead |
| 2025-04-14 | 89.47 | 61.73 | +2.67 | ITW ahead |
| 2025-04-11 | 89.00 | 60.05 | +2.91 | ITW ahead |
| 2025-04-10 | 86.89 | 59.49 | +2.82 | ITW ahead |
| 2025-04-09 | 89.98 | 64.93 | +2.35 | ITW ahead |
| 2025-04-08 | 83.67 | 56.88 | +2.95 | ITW ahead |
| 2025-04-07 | 84.95 | 59.53 | +2.69 | ITW ahead |
| 2025-04-04 | 86.42 | 59.53 | +2.88 | ITW ahead |
| 2025-04-03 | 91.73 | 63.52 | +2.86 | ITW ahead |
| 2025-04-02 | 96.71 | 76.59 | +1.57 | ITW ahead |
| 2025-04-01 | 95.28 | 75.39 | +1.57 | ITW ahead |
| 2025-03-31 | 95.01 | 75.26 | +1.56 | ITW ahead |
| 2025-03-28 | 94.42 | 74.79 | +1.56 | ITW ahead |
| 2025-03-27 | 96.53 | 75.95 | +1.62 | ITW ahead |
| 2025-03-26 | 98.03 | 76.71 | +1.67 | ITW ahead |
| 2025-03-25 | 97.69 | 77.51 | +1.53 | ITW ahead |
| 2025-03-24 | 97.94 | 79.21 | +1.33 | ITW ahead |
| 2025-03-21 | 96.29 | 77.24 | +1.40 | ITW ahead |
| 2025-03-20 | 97.06 | 75.91 | +1.63 | ITW ahead |
| 2025-03-19 | 98.16 | 76.13 | +1.71 | ITW ahead |
| 2025-03-18 | 97.55 | 75.26 | +1.75 | ITW ahead |
| 2025-03-17 | 98.12 | 75.98 | +1.71 | ITW ahead |
| 2025-03-14 | 97.48 | 74.30 | +1.86 | ITW ahead |
| 2025-03-13 | 95.92 | 72.37 | +1.95 | ITW ahead |
| 2025-03-12 | 96.27 | 74.36 | +1.73 | ITW ahead |
| 2025-03-11 | 97.62 | 74.67 | +1.82 | ITW ahead |
| 2025-03-10 | 102.54 | 75.47 | +2.18 | ITW ahead |
| 2025-03-07 | 105.15 | 77.96 | +2.12 | ITW ahead |
| 2025-03-06 | 101.56 | 78.46 | +1.74 | ITW ahead |
| 2025-03-05 | 100.01 | 80.97 | +1.29 | ITW ahead |
| 2025-03-04 | 97.81 | 79.35 | +1.27 | ITW ahead |
| 2025-03-03 | 100.46 | 81.73 | +1.23 | ITW ahead |
| 2025-02-28 | 101.13 | 83.91 | +1.03 | ITW ahead |
| 2025-02-27 | 100.05 | 82.83 | +1.04 | ITW ahead |
| 2025-02-26 | 100.15 | 85.09 | +0.79 | ITW ahead |
| 2025-02-25 | 101.34 | 82.66 | +1.15 | ITW ahead |
| 2025-02-24 | 100.22 | 82.45 | +1.07 | ITW ahead |
| 2025-02-21 | 101.25 | 82.85 | +1.11 | ITW ahead |
| 2025-02-20 | 101.73 | 85.49 | +0.86 | ITW ahead |
| 2025-02-19 | 101.18 | 86.50 | +0.70 | ITW ahead |
| 2025-02-18 | 100.47 | 88.18 | +0.46 | near the usual relationship |
| 2025-02-14 | 98.88 | 84.79 | +0.64 | ITW ahead |
| 2025-02-13 | 99.64 | 86.14 | +0.56 | ITW ahead |
| 2025-02-12 | 98.09 | 94.00 | -0.32 | near the usual relationship |
| 2025-02-11 | 99.10 | 94.39 | -0.28 | near the usual relationship |
| 2025-02-10 | 98.69 | 95.47 | -0.42 | near the usual relationship |
| 2025-02-07 | 97.90 | 96.80 | -0.60 | ZBRA ahead |
| 2025-02-06 | 97.72 | 100.36 | -0.91 | ZBRA ahead |
| 2025-02-05 | 97.40 | 103.35 | -1.17 | ZBRA ahead |
| 2025-02-04 | 97.57 | 102.13 | -1.07 | ZBRA ahead |
| 2025-02-03 | 97.86 | 102.83 | -1.10 | ZBRA ahead |
| 2025-01-31 | 99.28 | 104.39 | -1.11 | ZBRA ahead |
| 2025-01-30 | 99.66 | 105.13 | -1.14 | ZBRA ahead |
| 2025-01-29 | 98.22 | 106.43 | -1.35 | ZBRA ahead |
| 2025-01-28 | 99.11 | 108.03 | -1.40 | ZBRA ahead |
| 2025-01-27 | 101.30 | 106.37 | -1.12 | ZBRA ahead |
| 2025-01-24 | 99.57 | 110.43 | -1.54 | ZBRA ahead |
| 2025-01-23 | 99.57 | 112.16 | -1.66 | ZBRA ahead |
| 2025-01-22 | 99.28 | 112.02 | -1.69 | ZBRA ahead |
| 2025-01-21 | 100.14 | 111.35 | -1.59 | ZBRA ahead |
| 2025-01-17 | 98.22 | 108.06 | -1.52 | ZBRA ahead |
| 2025-01-16 | 98.05 | 107.26 | -1.48 | ZBRA ahead |
| 2025-01-15 | 97.23 | 106.61 | -1.51 | ZBRA ahead |
| 2025-01-14 | 96.91 | 105.05 | -1.43 | ZBRA ahead |
| 2025-01-13 | 95.66 | 101.66 | -1.30 | ZBRA ahead |
| 2025-01-10 | 93.82 | 102.69 | -1.52 | ZBRA ahead |
| 2025-01-08 | 94.86 | 105.74 | -1.67 | ZBRA ahead |
| 2025-01-07 | 95.23 | 105.50 | -1.63 | ZBRA ahead |
| 2025-01-06 | 95.91 | 105.29 | -1.58 | ZBRA ahead |
| 2025-01-03 | 96.65 | 104.37 | -1.47 | ZBRA ahead |
| 2025-01-02 | 95.79 | 102.21 | -1.40 | ZBRA ahead |
| 2024-12-31 | 97.14 | 102.87 | -1.35 | ZBRA ahead |
| 2024-12-30 | 97.62 | 102.24 | -1.28 | ZBRA ahead |
| 2024-12-27 | 98.28 | 103.63 | -1.34 | ZBRA ahead |
| 2024-12-26 | 99.13 | 105.70 | -1.43 | ZBRA ahead |
| 2024-12-24 | 99.29 | 105.32 | -1.41 | ZBRA ahead |
| 2024-12-23 | 98.70 | 104.05 | -1.37 | ZBRA ahead |
| 2024-12-20 | 99.15 | 104.69 | -1.40 | ZBRA ahead |
| 2024-12-19 | 98.88 | 102.64 | -1.28 | ZBRA ahead |
| 2024-12-18 | 100.08 | 102.14 | -1.17 | ZBRA ahead |
| 2024-12-17 | 102.62 | 105.21 | -1.21 | ZBRA ahead |
| 2024-12-16 | 103.31 | 108.38 | -1.39 | ZBRA ahead |
| 2024-12-13 | 104.24 | 107.50 | -1.27 | ZBRA ahead |
| 2024-12-12 | 104.63 | 108.57 | -1.33 | ZBRA ahead |
| 2024-12-11 | 104.57 | 107.65 | -1.28 | ZBRA ahead |
| 2024-12-10 | 104.87 | 107.01 | -1.22 | ZBRA ahead |
| 2024-12-09 | 105.00 | 109.53 | -1.39 | ZBRA ahead |
| 2024-12-06 | 104.79 | 109.02 | -1.38 | ZBRA ahead |
| 2024-12-05 | 105.46 | 107.87 | -1.27 | ZBRA ahead |
| 2024-12-04 | 105.70 | 109.72 | -1.38 | ZBRA ahead |
| 2024-12-03 | 105.73 | 108.24 | -1.29 | ZBRA ahead |
| 2024-12-02 | 106.69 | 109.21 | -1.30 | ZBRA ahead |
| 2024-11-29 | 106.32 | 108.40 | -1.28 | ZBRA ahead |
| 2024-11-27 | 105.75 | 108.07 | -1.31 | ZBRA ahead |
| 2024-11-26 | 105.93 | 107.19 | -1.25 | ZBRA ahead |
| 2024-11-25 | 105.88 | 106.79 | -1.23 | ZBRA ahead |
| 2024-11-22 | 104.95 | 105.79 | -1.24 | ZBRA ahead |
| 2024-11-21 | 103.38 | 104.49 | -1.26 | ZBRA ahead |
| 2024-11-20 | 102.05 | 102.42 | -1.22 | ZBRA ahead |
| 2024-11-19 | 102.08 | 101.85 | -1.19 | ZBRA ahead |
| 2024-11-18 | 103.46 | 102.35 | -1.14 | ZBRA ahead |
| 2024-11-15 | 103.67 | 102.79 | -1.16 | ZBRA ahead |
| 2024-11-14 | 103.39 | 105.12 | -1.34 | ZBRA ahead |
| 2024-11-13 | 104.57 | 106.60 | -1.36 | ZBRA ahead |
| 2024-11-12 | 103.90 | 107.26 | -1.45 | ZBRA ahead |
| 2024-11-11 | 105.07 | 107.38 | -1.40 | ZBRA ahead |
| 2024-11-08 | 104.18 | 106.36 | -1.40 | ZBRA ahead |
| 2024-11-07 | 104.55 | 105.79 | -1.35 | ZBRA ahead |
| 2024-11-06 | 105.53 | 104.95 | -1.24 | ZBRA ahead |
| 2024-11-05 | 102.07 | 101.13 | -1.22 | ZBRA ahead |
| 2024-11-04 | 101.09 | 100.42 | -1.25 | ZBRA ahead |
| 2024-11-01 | 100.79 | 102.45 | -1.41 | ZBRA ahead |
| 2024-10-31 | 100.04 | 101.74 | -1.42 | ZBRA ahead |
| 2024-10-30 | 101.26 | 102.25 | -1.39 | ZBRA ahead |
| 2024-10-29 | 98.09 | 102.46 | -1.62 | ZBRA ahead |
| 2024-10-28 | 98.41 | 96.84 | -1.24 | ZBRA ahead |
| 2024-10-25 | 97.34 | 95.91 | -1.26 | ZBRA ahead |
| 2024-10-24 | 97.89 | 96.43 | -1.26 | ZBRA ahead |
| 2024-10-23 | 98.20 | 98.04 | -1.36 | ZBRA ahead |
| 2024-10-22 | 98.45 | 99.08 | -1.42 | ZBRA ahead |
| 2024-10-21 | 98.98 | 99.24 | -1.41 | ZBRA ahead |
| 2024-10-18 | 100.00 | 100.00 | -1.40 | ZBRA ahead |
One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Apr 3, 2025 (ITW -5.2%, ZBRA -17.1%); May 12, 2025 (ITW +3.2%, ZBRA +12.5%); Aug 5, 2025 (ITW +1.0%, ZBRA -11.3%); Oct 28, 2025 (ITW -0.8%, ZBRA -11.7%); May 12, 2026 (ITW -0.3%, ZBRA +11.4%); Aug 4, 2026 (ITW +2.3%, ZBRA +26.5%). Upcoming earnings: ITW Oct 23, 2026 (not-supplied); ITW Oct 27, 2026 (pre-market); ZBRA Nov 3, 2026 (pre-market).
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: +10.94% per trade on average after costs, 1 won.
| Legs | Entered | Exited | Why | Days | Before costs | Costs + borrow | After costs |
|---|---|---|---|---|---|---|---|
| Long ITW · Short ZBRA | May 11, 2020 | Sep 9, 2020 | converged | 121 | $1,089.82 | -$84.61 | $1,093.90 (+10.94%) |
Per $10,000 a leg. A replay on today's companies cannot prove an edge.
ITW and ZBRA at a glance
ITW Illinois Tool Works Inc.
- Listing
- NYSE · SEC CIK 49826
- Industry
- Industrial Machinery/Components · SIC 3560 General Industrial Machinery & Equipment
- Market value
- $76.9B
- Price history
- 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026
ZBRA Zebra Technologies Corporation
- Listing
- Nasdaq · SEC CIK 877212
- Industry
- Industrial Machinery/Components · SIC 3560 General Industrial Machinery & Equipment
- Market value
- $17.8B
- 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.
Other rivals of ITW and ZBRA
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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.
