SIC 3560 General Industrial Machinery & Equipment

Illinois Tool Works Inc. vs Zebra Technologies Corporation

WatchlistITW / ZBRAPrices through Oct 22, 2026

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)
Business leadership

ITW is the larger business

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

YearITWZBRALarger
2025$16.0B$5.4BITW
2024$15.9B$5.0BITW
2023$16.1B$4.6BITW
2022$15.9B$5.8BITW
2021$14.5B$5.6BITW
2020$12.6B$4.4BITW

ITW led in every year with figures for both. Market value: ITW $76.9B, ZBRA $17.8B.

Stock leadership

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 change3 mo6 mo12 mo
ITW-1.3%+2.2%+8.6%
ZBRA+47.8%+69.3%+25.5%
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: 0.34 (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
The twins over two years

Prices side by side, and the gap between them

ITW Illinois Tool Works Inc. ZBRA Zebra Technologies CorporationPrice index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).
6080100Oct 2024Oct 2025Oct 2026
Spread z-score: ITW relative to ZBRA, against the 252 sessions before each day. Above 0: ITW ahead; below 0: ZBRA ahead. Lines at +/-2 (idea) and +/-4 (stop).
-4stop-2idea0+2idea+4stopOct 2024Oct 2025Oct 2026
Data table (504 sessions)
DateITW indexZBRA indexzAhead
2026-10-22106.98102.32-1.73ZBRA ahead
2026-10-21106.04104.14-1.90ZBRA ahead
2026-10-20105.34102.30-1.85ZBRA ahead
2026-10-19103.50100.09-1.83ZBRA ahead
2026-10-16104.3198.28-1.70ZBRA ahead
2026-10-15103.89100.55-1.86ZBRA ahead
2026-10-14103.23100.38-1.91ZBRA ahead
2026-10-13102.03102.96-2.14ZBRA ahead
2026-10-12101.56103.37-2.21ZBRA ahead
2026-10-09101.19103.12-2.24ZBRA ahead
2026-10-08101.41101.78-2.17ZBRA ahead
2026-10-07100.05102.82-2.34ZBRA ahead
2026-10-06102.34102.75-2.23ZBRA ahead
2026-10-05101.21100.06-2.15ZBRA ahead
2026-10-02100.72100.11-2.21ZBRA ahead
2026-10-0199.93100.00-2.28ZBRA ahead
2026-09-3098.5699.43-2.36ZBRA ahead
2026-09-29102.31100.14-2.19ZBRA ahead
2026-09-28104.9099.05-1.98ZBRA ahead
2026-09-25105.0998.56-1.95ZBRA ahead
2026-09-24104.2097.24-1.93ZBRA ahead
2026-09-23104.7598.82-2.01ZBRA ahead
2026-09-22103.6296.31-1.92ZBRA ahead
2026-09-21102.4993.45-1.81ZBRA ahead
2026-09-18103.2192.32-1.69ZBRA ahead
2026-09-17102.4892.64-1.76ZBRA ahead
2026-09-16102.4190.87-1.65ZBRA ahead
2026-09-15102.9091.29-1.65ZBRA ahead
2026-09-14103.0793.70-1.82ZBRA ahead
2026-09-11102.7393.32-1.83ZBRA ahead
2026-09-10101.6091.63-1.79ZBRA ahead
2026-09-09101.1391.84-1.84ZBRA ahead
2026-09-08102.9393.90-1.88ZBRA ahead
2026-09-04103.4896.61-2.05ZBRA ahead
2026-09-03104.0795.22-1.93ZBRA ahead
2026-09-02103.0993.52-1.88ZBRA ahead
2026-09-01103.3991.54-1.73ZBRA ahead
2026-08-31105.4994.17-1.79ZBRA ahead
2026-08-28107.3194.94-1.73ZBRA ahead
2026-08-27107.9196.18-1.79ZBRA ahead
2026-08-26109.3895.84-1.68ZBRA ahead
2026-08-25107.9096.02-1.79ZBRA ahead
2026-08-24108.7896.76-1.79ZBRA ahead
2026-08-21108.1498.15-1.95ZBRA ahead
2026-08-20108.3296.02-1.79ZBRA ahead
2026-08-19108.9094.46-1.64ZBRA ahead
2026-08-18109.0597.59-1.86ZBRA ahead
2026-08-17110.0698.88-1.90ZBRA ahead
2026-08-14111.41100.15-1.90ZBRA ahead
2026-08-13111.47101.11-1.97ZBRA ahead
2026-08-12112.06100.78-1.92ZBRA ahead
2026-08-11112.31102.03-2.00ZBRA ahead
2026-08-10112.83100.70-1.88ZBRA ahead
2026-08-07113.65100.28-1.80ZBRA ahead
2026-08-06112.9097.01-1.62ZBRA ahead
2026-08-05113.9098.28-1.64ZBRA ahead
2026-08-04113.0498.24-1.68ZBRA ahead
2026-08-03110.5277.68-0.17near the usual relationship
2026-07-31109.9378.26-0.25near the usual relationship
2026-07-30108.6876.86-0.20near the usual relationship
2026-07-29112.0475.37+0.15near the usual relationship
2026-07-28113.0875.75+0.19near the usual relationship
2026-07-27109.1170.47+0.44near the usual relationship
2026-07-24108.4269.23+0.53ITW ahead
2026-07-23106.0868.44+0.46near the usual relationship
2026-07-22104.9469.98+0.25near the usual relationship
2026-07-21104.2069.89+0.21near the usual relationship
2026-07-20104.0870.50+0.16near the usual relationship
2026-07-17105.7571.22+0.20near the usual relationship
2026-07-16108.4170.59+0.43near the usual relationship
2026-07-15103.9867.96+0.41near the usual relationship
2026-07-14104.3169.28+0.31near the usual relationship
2026-07-13104.0171.04+0.13near the usual relationship
2026-07-10102.9872.58-0.07near the usual relationship
2026-07-09101.7072.62-0.14near the usual relationship
2026-07-08101.5670.40+0.05near the usual relationship
2026-07-07103.8570.49+0.19near the usual relationship
2026-07-06105.0771.99+0.14near the usual relationship
2026-07-02104.4971.16+0.18near the usual relationship
2026-07-01103.0471.34+0.08near the usual relationship
2026-06-30103.6270.12+0.23near the usual relationship
2026-06-29102.4768.13+0.35near the usual relationship
2026-06-26102.5666.99+0.46near the usual relationship
2026-06-25103.6764.83+0.74ITW ahead
2026-06-24101.0266.00+0.48near the usual relationship
2026-06-23100.2363.32+0.69ITW ahead
2026-06-22101.6465.44+0.58ITW ahead
2026-06-18101.1762.85+0.81ITW ahead
2026-06-17100.4162.05+0.85ITW ahead
2026-06-16101.8263.23+0.82ITW ahead
2026-06-15100.5763.94+0.68ITW ahead
2026-06-1298.6260.84+0.88ITW ahead
2026-06-1197.4859.25+0.98ITW ahead
2026-06-1095.8457.74+1.04ITW ahead
2026-06-0998.2862.38+0.72ITW ahead
2026-06-0896.6962.07+0.66ITW ahead
2026-06-0596.8261.82+0.70ITW ahead
2026-06-0496.2065.38+0.32near the usual relationship
2026-06-0395.8766.40+0.20near the usual relationship
2026-06-0295.2367.77+0.04near the usual relationship
2026-06-0194.1766.58+0.08near the usual relationship
2026-05-2994.7364.89+0.28near the usual relationship
2026-05-2895.6466.03+0.24near the usual relationship
2026-05-2795.8967.26+0.14near the usual relationship
2026-05-2695.9367.24+0.15near the usual relationship
2026-05-2296.6268.06+0.13near the usual relationship
2026-05-2195.7564.53+0.40near the usual relationship
2026-05-2096.0764.85+0.39near the usual relationship
2026-05-1994.7765.83+0.22near the usual relationship
2026-05-1895.5769.27-0.03near the usual relationship
2026-05-1594.8969.08-0.05near the usual relationship
2026-05-1496.0768.74+0.06near the usual relationship
2026-05-1395.8165.72+0.31near the usual relationship
2026-05-1296.3164.40+0.47near the usual relationship
2026-05-1196.5857.79+1.15ITW ahead
2026-05-0897.6060.20+0.97ITW ahead
2026-05-0797.8960.89+0.93ITW ahead
2026-05-0699.8061.20+1.02ITW ahead
2026-05-0597.5260.83+0.92ITW ahead
2026-05-0496.4159.59+0.98ITW ahead
2026-05-0197.8760.48+0.99ITW ahead
2026-04-3098.8460.26+1.08ITW ahead
2026-04-29101.7857.41+1.57ITW ahead
2026-04-28102.8558.39+1.54ITW ahead
2026-04-27103.3458.86+1.53ITW ahead
2026-04-24103.1660.65+1.35ITW ahead
2026-04-23104.6460.43+1.47ITW ahead
2026-04-22102.3261.55+1.22ITW ahead
2026-04-21103.8463.04+1.16ITW ahead
2026-04-20104.4663.20+1.19ITW ahead
2026-04-17104.3062.44+1.27ITW ahead
2026-04-16101.7562.07+1.15ITW ahead
2026-04-15101.2961.16+1.22ITW ahead
2026-04-14104.3060.38+1.50ITW ahead
2026-04-13105.1660.22+1.58ITW ahead
2026-04-10103.6459.16+1.62ITW ahead
2026-04-09104.6559.41+1.67ITW ahead
2026-04-08103.2558.90+1.65ITW ahead
2026-04-0799.2456.60+1.66ITW ahead
2026-04-0699.0256.23+1.71ITW ahead
2026-04-0298.9254.02+1.99ITW ahead
2026-04-0199.8155.21+1.93ITW ahead
2026-03-3199.7255.69+1.88ITW ahead
2026-03-3098.1553.08+2.13ITW ahead
2026-03-2799.2453.97+2.12ITW ahead
2026-03-26100.1354.45+2.15ITW ahead
2026-03-25102.0855.52+2.18ITW ahead
2026-03-24101.5455.26+2.20ITW ahead
2026-03-23100.6654.83+2.23ITW ahead
2026-03-2098.7254.23+2.20ITW ahead
2026-03-1999.8454.92+2.22ITW ahead
2026-03-1899.8955.27+2.21ITW ahead
2026-03-17102.5755.68+2.38ITW ahead
2026-03-16102.9254.33+2.63ITW ahead
2026-03-13102.2853.99+2.68ITW ahead
2026-03-12101.7654.35+2.64ITW ahead
2026-03-11104.0256.91+2.49ITW ahead
2026-03-10104.7056.59+2.63ITW ahead
2026-03-09105.9656.94+2.73ITW ahead
2026-03-06106.1858.50+2.57ITW ahead
2026-03-05108.2361.17+2.41ITW ahead
2026-03-04110.0161.64+2.52ITW ahead
2026-03-03109.5660.03+2.75ITW ahead
2026-03-02111.5559.64+3.02ITW ahead
2026-02-27111.3459.65+3.07ITW ahead
2026-02-26111.2162.60+2.69ITW ahead
2026-02-25111.0063.66+2.57ITW ahead
2026-02-24112.8562.81+2.90ITW ahead
2026-02-23112.3361.61+3.10ITW ahead
2026-02-20113.0168.03+2.28ITW ahead
2026-02-19112.5667.05+2.41ITW ahead
2026-02-18113.4667.26+2.49ITW ahead
2026-02-17113.9469.45+2.26ITW ahead
2026-02-13114.7870.48+2.21ITW ahead
2026-02-12114.3673.02+1.85ITW ahead
2026-02-11114.1967.25+2.65ITW ahead
2026-02-10112.7368.34+2.40ITW ahead
2026-02-09111.3268.66+2.24ITW ahead
2026-02-06112.4766.96+2.59ITW ahead
2026-02-05110.4464.21+2.84ITW ahead
2026-02-04110.6465.32+2.71ITW ahead
2026-02-03106.8562.10+2.89ITW ahead
2026-02-02101.2264.46+2.02ITW ahead
2026-01-30100.0962.59+2.20ITW ahead
2026-01-29100.7063.38+2.14ITW ahead
2026-01-2898.9362.92+2.05ITW ahead
2026-01-2799.1063.54+1.98ITW ahead
2026-01-2699.2864.86+1.80ITW ahead
2026-01-2398.9464.07+1.88ITW ahead
2026-01-2299.4965.74+1.70ITW ahead
2026-01-2199.5864.72+1.84ITW ahead
2026-01-2097.4863.58+1.82ITW ahead
2026-01-16100.9366.91+1.68ITW ahead
2026-01-15100.3368.94+1.37ITW ahead
2026-01-1499.1869.92+1.16ITW ahead
2026-01-1398.3669.63+1.13ITW ahead
2026-01-1297.5170.43+0.96ITW ahead
2026-01-0997.7469.11+1.14ITW ahead
2026-01-0897.2067.82+1.25ITW ahead
2026-01-0794.6265.78+1.29ITW ahead
2026-01-0697.3668.61+1.18ITW ahead
2026-01-0595.6267.29+1.20ITW ahead
2026-01-0295.5866.13+1.34ITW ahead
2025-12-3194.3664.67+1.43ITW ahead
2025-12-3096.0965.72+1.45ITW ahead
2025-12-2996.6365.45+1.54ITW ahead
2025-12-2696.7265.59+1.54ITW ahead
2025-12-2496.5265.49+1.54ITW ahead
2025-12-2396.4865.72+1.52ITW ahead
2025-12-2296.3866.42+1.44ITW ahead
2025-12-1995.8367.03+1.34ITW ahead
2025-12-1896.2367.31+1.34ITW ahead
2025-12-1796.6967.72+1.34ITW ahead
2025-12-1696.0369.56+1.09ITW ahead
2025-12-1599.0970.66+1.22ITW ahead
2025-12-1298.8571.48+1.12ITW ahead
2025-12-1198.6172.86+0.96ITW ahead
2025-12-1097.1372.26+0.92ITW ahead
2025-12-0994.4870.65+0.89ITW ahead
2025-12-0895.0670.42+0.96ITW ahead
2025-12-0595.6670.53+1.01ITW ahead
2025-12-0495.5470.06+1.06ITW ahead
2025-12-0395.7969.07+1.19ITW ahead
2025-12-0295.1567.48+1.33ITW ahead
2025-12-0194.8166.93+1.37ITW ahead
2025-11-2895.5067.32+1.39ITW ahead
2025-11-2695.3966.72+1.46ITW ahead
2025-11-2595.1466.40+1.49ITW ahead
2025-11-2492.9164.58+1.54ITW ahead
2025-11-2194.9264.18+1.76ITW ahead
2025-11-2092.3660.83+1.99ITW ahead
2025-11-1992.3561.51+1.92ITW ahead
2025-11-1892.6861.50+1.97ITW ahead
2025-11-1792.4861.98+1.91ITW ahead
2025-11-1493.4664.07+1.76ITW ahead
2025-11-1393.9764.34+1.78ITW ahead
2025-11-1294.0268.10+1.36ITW ahead
2025-11-1194.0067.96+1.38ITW ahead
2025-11-1093.5869.42+1.19ITW ahead
2025-11-0794.0569.13+1.28ITW ahead
2025-11-0693.5968.78+1.29ITW ahead
2025-11-0593.8870.92+1.08ITW ahead
2025-11-0493.8369.34+1.26ITW ahead
2025-11-0393.1472.07+0.91ITW ahead
2025-10-3193.4571.71+0.98ITW ahead
2025-10-3093.3469.62+1.22ITW ahead
2025-10-2992.7272.12+0.90ITW ahead
2025-10-2894.1973.06+0.93ITW ahead
2025-10-2794.9482.72+0.03near the usual relationship
2025-10-2494.1582.25+0.01near the usual relationship
2025-10-2398.6283.60+0.25near the usual relationship
2025-10-2296.9180.60+0.40near the usual relationship
2025-10-2198.5181.56+0.44near the usual relationship
2025-10-2096.6980.29+0.42near the usual relationship
2025-10-1795.4978.12+0.54ITW ahead
2025-10-1694.6078.29+0.46near the usual relationship
2025-10-1594.8978.13+0.50ITW ahead
2025-10-1495.0476.97+0.64ITW ahead
2025-10-1393.6575.10+0.72ITW ahead
2025-10-1093.8373.48+0.90ITW ahead
2025-10-0995.1279.58+0.41near the usual relationship
2025-10-0896.8381.84+0.33near the usual relationship
2025-10-0797.9879.01+0.70ITW ahead
2025-10-0699.1180.42+0.65ITW ahead
2025-10-0399.6181.24+0.62ITW ahead
2025-10-0299.8978.80+0.88ITW ahead
2025-10-0199.5777.72+0.97ITW ahead
2025-09-3099.9079.15+0.86ITW ahead
2025-09-29100.1379.08+0.89ITW ahead
2025-09-26100.0079.84+0.82ITW ahead
2025-09-2598.8080.43+0.67ITW ahead
2025-09-2499.4482.16+0.57ITW ahead
2025-09-23100.0783.65+0.48near the usual relationship
2025-09-2299.9584.01+0.44near the usual relationship
2025-09-19100.3284.84+0.40near the usual relationship
2025-09-18100.9886.00+0.35near the usual relationship
2025-09-17100.5684.52+0.45near the usual relationship
2025-09-16100.3184.81+0.41near the usual relationship
2025-09-15101.0985.47+0.42near the usual relationship
2025-09-12100.8983.27+0.60ITW ahead
2025-09-11102.0584.17+0.61ITW ahead
2025-09-10100.5881.55+0.75ITW ahead
2025-09-09100.4483.15+0.59ITW ahead
2025-09-08102.1683.58+0.69ITW ahead
2025-09-05102.0083.58+0.68ITW ahead
2025-09-04101.7882.90+0.73ITW ahead
2025-09-03100.0881.42+0.74ITW ahead
2025-09-02100.4781.79+0.74ITW ahead
2025-08-29101.3984.46+0.57ITW ahead
2025-08-28101.8185.76+0.49near the usual relationship
2025-08-27102.2285.61+0.54ITW ahead
2025-08-26102.0085.39+0.55ITW ahead
2025-08-25102.1985.11+0.59ITW ahead
2025-08-22103.2185.97+0.60ITW ahead
2025-08-2199.9982.17+0.71ITW ahead
2025-08-20100.3881.17+0.84ITW ahead
2025-08-19101.1183.12+0.72ITW ahead
2025-08-1899.3184.56+0.45near the usual relationship
2025-08-1599.0884.67+0.43near the usual relationship
2025-08-14100.5687.28+0.31near the usual relationship
2025-08-13102.4189.97+0.22near the usual relationship
2025-08-1299.7987.40+0.25near the usual relationship
2025-08-1198.4183.22+0.52ITW ahead
2025-08-0898.4584.61+0.40near the usual relationship
2025-08-0798.3784.17+0.43near the usual relationship
2025-08-0698.6582.12+0.64ITW ahead
2025-08-0598.0980.60+0.75ITW ahead
2025-08-0497.1590.92-0.24near the usual relationship
2025-08-0196.6689.29-0.14near the usual relationship
2025-07-3198.0690.30-0.12near the usual relationship
2025-07-3097.1888.53-0.03near the usual relationship
2025-07-2999.4188.32+0.16near the usual relationship
2025-07-2899.6189.14+0.10near the usual relationship
2025-07-25100.2689.41+0.13near the usual relationship
2025-07-24100.3188.80+0.19near the usual relationship
2025-07-23100.8589.70+0.15near the usual relationship
2025-07-2299.6687.39+0.26near the usual relationship
2025-07-2197.5587.46+0.09near the usual relationship
2025-07-1897.7588.36+0.03near the usual relationship
2025-07-1798.7287.87+0.15near the usual relationship
2025-07-1698.3985.09+0.37near the usual relationship
2025-07-1598.2185.11+0.36near the usual relationship
2025-07-1498.6985.98+0.32near the usual relationship
2025-07-1199.4987.13+0.28near the usual relationship
2025-07-10100.4287.99+0.28near the usual relationship
2025-07-0999.5185.71+0.42near the usual relationship
2025-07-0898.8086.05+0.33near the usual relationship
2025-07-0797.5684.46+0.38near the usual relationship
2025-07-0399.0386.22+0.34near the usual relationship
2025-07-0298.2585.33+0.36near the usual relationship
2025-07-0197.7684.03+0.44near the usual relationship
2025-06-3094.7282.13+0.37near the usual relationship
2025-06-2795.0382.37+0.38near the usual relationship
2025-06-2694.5382.12+0.36near the usual relationship
2025-06-2594.1280.72+0.46near the usual relationship
2025-06-2494.1779.62+0.57ITW ahead
2025-06-2393.5578.91+0.59ITW ahead
2025-06-2092.1878.32+0.53ITW ahead
2025-06-1892.4577.70+0.62ITW ahead
2025-06-1792.4077.07+0.68ITW ahead
2025-06-1693.6578.06+0.69ITW ahead
2025-06-1392.5175.54+0.85ITW ahead
2025-06-1294.2577.95+0.75ITW ahead
2025-06-1194.4877.99+0.77ITW ahead
2025-06-1095.3979.79+0.67ITW ahead
2025-06-0994.7379.54+0.64ITW ahead
2025-06-0694.8478.67+0.74ITW ahead
2025-06-0594.2877.57+0.81ITW ahead
2025-06-0494.4477.51+0.83ITW ahead
2025-06-0393.9677.77+0.77ITW ahead
2025-06-0292.9676.16+0.85ITW ahead
2025-05-3093.8977.18+0.83ITW ahead
2025-05-2994.1477.91+0.78ITW ahead
2025-05-2893.4177.45+0.77ITW ahead
2025-05-2794.5178.58+0.76ITW ahead
2025-05-2392.6575.70+0.90ITW ahead
2025-05-2293.7576.80+0.88ITW ahead
2025-05-2193.7276.69+0.89ITW ahead
2025-05-2095.7579.10+0.82ITW ahead
2025-05-1996.4379.32+0.86ITW ahead
2025-05-1696.2980.07+0.78ITW ahead
2025-05-1595.0079.46+0.73ITW ahead
2025-05-1493.9179.71+0.62ITW ahead
2025-05-1395.4480.54+0.67ITW ahead
2025-05-1295.8979.93+0.77ITW ahead
2025-05-0992.9071.04+1.46ITW ahead
2025-05-0893.1370.68+1.53ITW ahead
2025-05-0792.0668.53+1.70ITW ahead
2025-05-0691.8966.81+1.90ITW ahead
2025-05-0592.2866.77+1.96ITW ahead
2025-05-0292.8368.17+1.86ITW ahead
2025-05-0191.6566.49+1.98ITW ahead
2025-04-3091.9166.67+2.00ITW ahead
2025-04-2992.6168.20+1.89ITW ahead
2025-04-2891.9964.85+2.26ITW ahead
2025-04-2591.7565.59+2.16ITW ahead
2025-04-2492.7465.01+2.34ITW ahead
2025-04-2390.6862.45+2.50ITW ahead
2025-04-2290.5160.51+2.79ITW ahead
2025-04-2187.2059.14+2.69ITW ahead
2025-04-1788.4360.39+2.66ITW ahead
2025-04-1688.0459.86+2.73ITW ahead
2025-04-1588.6960.76+2.70ITW ahead
2025-04-1489.4761.73+2.67ITW ahead
2025-04-1189.0060.05+2.91ITW ahead
2025-04-1086.8959.49+2.82ITW ahead
2025-04-0989.9864.93+2.35ITW ahead
2025-04-0883.6756.88+2.95ITW ahead
2025-04-0784.9559.53+2.69ITW ahead
2025-04-0486.4259.53+2.88ITW ahead
2025-04-0391.7363.52+2.86ITW ahead
2025-04-0296.7176.59+1.57ITW ahead
2025-04-0195.2875.39+1.57ITW ahead
2025-03-3195.0175.26+1.56ITW ahead
2025-03-2894.4274.79+1.56ITW ahead
2025-03-2796.5375.95+1.62ITW ahead
2025-03-2698.0376.71+1.67ITW ahead
2025-03-2597.6977.51+1.53ITW ahead
2025-03-2497.9479.21+1.33ITW ahead
2025-03-2196.2977.24+1.40ITW ahead
2025-03-2097.0675.91+1.63ITW ahead
2025-03-1998.1676.13+1.71ITW ahead
2025-03-1897.5575.26+1.75ITW ahead
2025-03-1798.1275.98+1.71ITW ahead
2025-03-1497.4874.30+1.86ITW ahead
2025-03-1395.9272.37+1.95ITW ahead
2025-03-1296.2774.36+1.73ITW ahead
2025-03-1197.6274.67+1.82ITW ahead
2025-03-10102.5475.47+2.18ITW ahead
2025-03-07105.1577.96+2.12ITW ahead
2025-03-06101.5678.46+1.74ITW ahead
2025-03-05100.0180.97+1.29ITW ahead
2025-03-0497.8179.35+1.27ITW ahead
2025-03-03100.4681.73+1.23ITW ahead
2025-02-28101.1383.91+1.03ITW ahead
2025-02-27100.0582.83+1.04ITW ahead
2025-02-26100.1585.09+0.79ITW ahead
2025-02-25101.3482.66+1.15ITW ahead
2025-02-24100.2282.45+1.07ITW ahead
2025-02-21101.2582.85+1.11ITW ahead
2025-02-20101.7385.49+0.86ITW ahead
2025-02-19101.1886.50+0.70ITW ahead
2025-02-18100.4788.18+0.46near the usual relationship
2025-02-1498.8884.79+0.64ITW ahead
2025-02-1399.6486.14+0.56ITW ahead
2025-02-1298.0994.00-0.32near the usual relationship
2025-02-1199.1094.39-0.28near the usual relationship
2025-02-1098.6995.47-0.42near the usual relationship
2025-02-0797.9096.80-0.60ZBRA ahead
2025-02-0697.72100.36-0.91ZBRA ahead
2025-02-0597.40103.35-1.17ZBRA ahead
2025-02-0497.57102.13-1.07ZBRA ahead
2025-02-0397.86102.83-1.10ZBRA ahead
2025-01-3199.28104.39-1.11ZBRA ahead
2025-01-3099.66105.13-1.14ZBRA ahead
2025-01-2998.22106.43-1.35ZBRA ahead
2025-01-2899.11108.03-1.40ZBRA ahead
2025-01-27101.30106.37-1.12ZBRA ahead
2025-01-2499.57110.43-1.54ZBRA ahead
2025-01-2399.57112.16-1.66ZBRA ahead
2025-01-2299.28112.02-1.69ZBRA ahead
2025-01-21100.14111.35-1.59ZBRA ahead
2025-01-1798.22108.06-1.52ZBRA ahead
2025-01-1698.05107.26-1.48ZBRA ahead
2025-01-1597.23106.61-1.51ZBRA ahead
2025-01-1496.91105.05-1.43ZBRA ahead
2025-01-1395.66101.66-1.30ZBRA ahead
2025-01-1093.82102.69-1.52ZBRA ahead
2025-01-0894.86105.74-1.67ZBRA ahead
2025-01-0795.23105.50-1.63ZBRA ahead
2025-01-0695.91105.29-1.58ZBRA ahead
2025-01-0396.65104.37-1.47ZBRA ahead
2025-01-0295.79102.21-1.40ZBRA ahead
2024-12-3197.14102.87-1.35ZBRA ahead
2024-12-3097.62102.24-1.28ZBRA ahead
2024-12-2798.28103.63-1.34ZBRA ahead
2024-12-2699.13105.70-1.43ZBRA ahead
2024-12-2499.29105.32-1.41ZBRA ahead
2024-12-2398.70104.05-1.37ZBRA ahead
2024-12-2099.15104.69-1.40ZBRA ahead
2024-12-1998.88102.64-1.28ZBRA ahead
2024-12-18100.08102.14-1.17ZBRA ahead
2024-12-17102.62105.21-1.21ZBRA ahead
2024-12-16103.31108.38-1.39ZBRA ahead
2024-12-13104.24107.50-1.27ZBRA ahead
2024-12-12104.63108.57-1.33ZBRA ahead
2024-12-11104.57107.65-1.28ZBRA ahead
2024-12-10104.87107.01-1.22ZBRA ahead
2024-12-09105.00109.53-1.39ZBRA ahead
2024-12-06104.79109.02-1.38ZBRA ahead
2024-12-05105.46107.87-1.27ZBRA ahead
2024-12-04105.70109.72-1.38ZBRA ahead
2024-12-03105.73108.24-1.29ZBRA ahead
2024-12-02106.69109.21-1.30ZBRA ahead
2024-11-29106.32108.40-1.28ZBRA ahead
2024-11-27105.75108.07-1.31ZBRA ahead
2024-11-26105.93107.19-1.25ZBRA ahead
2024-11-25105.88106.79-1.23ZBRA ahead
2024-11-22104.95105.79-1.24ZBRA ahead
2024-11-21103.38104.49-1.26ZBRA ahead
2024-11-20102.05102.42-1.22ZBRA ahead
2024-11-19102.08101.85-1.19ZBRA ahead
2024-11-18103.46102.35-1.14ZBRA ahead
2024-11-15103.67102.79-1.16ZBRA ahead
2024-11-14103.39105.12-1.34ZBRA ahead
2024-11-13104.57106.60-1.36ZBRA ahead
2024-11-12103.90107.26-1.45ZBRA ahead
2024-11-11105.07107.38-1.40ZBRA ahead
2024-11-08104.18106.36-1.40ZBRA ahead
2024-11-07104.55105.79-1.35ZBRA ahead
2024-11-06105.53104.95-1.24ZBRA ahead
2024-11-05102.07101.13-1.22ZBRA ahead
2024-11-04101.09100.42-1.25ZBRA ahead
2024-11-01100.79102.45-1.41ZBRA ahead
2024-10-31100.04101.74-1.42ZBRA ahead
2024-10-30101.26102.25-1.39ZBRA ahead
2024-10-2998.09102.46-1.62ZBRA ahead
2024-10-2898.4196.84-1.24ZBRA ahead
2024-10-2597.3495.91-1.26ZBRA ahead
2024-10-2497.8996.43-1.26ZBRA ahead
2024-10-2398.2098.04-1.36ZBRA ahead
2024-10-2298.4599.08-1.42ZBRA ahead
2024-10-2198.9899.24-1.41ZBRA ahead
2024-10-18100.00100.00-1.40ZBRA 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).

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: +10.94% per trade on average after costs, 1 won.

LegsEnteredExitedWhyDaysBefore costsCosts + borrowAfter costs
Long ITW · Short ZBRAMay 11, 2020Sep 9, 2020converged121$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.

The companies

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.

Related
All pairs →
PairStatusAhead nowIndustry
ITW / IRWatchlistITW by 2.29 sdSIC 3560 General Industrial Machinery & Equipment
IR / ZBRAWatchlistZBRA by 2.07 sdSIC 3560 General Industrial Machinery & Equipment

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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.