Mettler-Toledo International Inc. vs Waters Corporation
WatchlistMTD / WATPrices through Oct 22, 2026
Why these are rivals: #2 and #3 by market value ($43B vs $33B) in Nasdaq's "Biotechnology: Laboratory Analytical Instruments" industry; SEC SIC 3826 / 3826 (same major group).
Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.
- Co-movement: daily return correlation, 252 sessions: 0.51 (needs >= 0.60)
- Mean reversion: ADF t-statistic of the spread: -2.01 (needs <= -2.873 (5% critical value))
Business leadership
MTD is the larger business
Annual revenue reported to the SEC. Scale, not market share.
| Year | MTD | WAT | Larger |
|---|---|---|---|
| 2025 | $4.0B | $3.2B | MTD |
| 2024 | $3.9B | $3.0B | MTD |
| 2023 | $3.8B | $3.0B | MTD |
| 2022 | $3.9B | $3.0B | MTD |
| 2021 | $3.7B | $2.8B | MTD |
| 2020 | $3.1B | $2.4B | MTD |
MTD led in every year with figures for both. Market value: MTD $32.6B, WAT $42.7B.
Stock leadership
Neither is clearly ahead
Measured against the pair's own last 252 trading days.
The gap is 0.12 standard deviations, close to the usual relationship. 1 lead switch in the last year.
| Price change | 3 mo | 6 mo | 12 mo |
|---|---|---|---|
| MTD | +26.9% | +33.2% | +21.6% |
| WAT | +21.6% | +46.4% | +30.5% |
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: 0.51 (needs >= 0.60)
- Fail
- Mean reversion: ADF t-statistic of the spread: -2.01 (needs <= -2.873 (5% critical value))
- Pass
- Speed: half-life of the spread, sessions: 24.91 (needs <= 63)
- Data
- Both stocks current
The twins over two years
Prices side by side, and the gap between them
MTD Mettler-Toledo International Inc. WAT Waters CorporationPrice 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: MTD relative to WAT, against the 252 sessions before each day. Above 0: MTD ahead; below 0: WAT ahead. Lines at +/-2 (idea) and +/-4 (stop).
Data table (504 sessions)
| Date | MTD index | WAT index | z | Ahead |
|---|---|---|---|---|
| 2026-10-22 | 122.61 | 130.75 | +0.12 | near the usual relationship |
| 2026-10-21 | 122.12 | 131.29 | +0.03 | near the usual relationship |
| 2026-10-20 | 118.93 | 127.09 | +0.09 | near the usual relationship |
| 2026-10-19 | 118.32 | 124.63 | +0.24 | near the usual relationship |
| 2026-10-16 | 118.07 | 125.40 | +0.15 | near the usual relationship |
| 2026-10-15 | 119.29 | 127.46 | +0.08 | near the usual relationship |
| 2026-10-14 | 117.12 | 125.30 | +0.07 | near the usual relationship |
| 2026-10-13 | 116.31 | 123.17 | +0.18 | near the usual relationship |
| 2026-10-12 | 113.76 | 124.01 | -0.14 | near the usual relationship |
| 2026-10-09 | 112.81 | 124.49 | -0.27 | near the usual relationship |
| 2026-10-08 | 111.32 | 123.15 | -0.31 | near the usual relationship |
| 2026-10-07 | 111.61 | 125.12 | -0.45 | near the usual relationship |
| 2026-10-06 | 111.58 | 125.25 | -0.47 | near the usual relationship |
| 2026-10-05 | 112.20 | 126.31 | -0.51 | WAT ahead |
| 2026-10-02 | 108.17 | 122.03 | -0.53 | WAT ahead |
| 2026-10-01 | 107.80 | 122.12 | -0.58 | WAT ahead |
| 2026-09-30 | 109.97 | 126.10 | -0.72 | WAT ahead |
| 2026-09-29 | 111.89 | 127.21 | -0.63 | WAT ahead |
| 2026-09-28 | 112.47 | 127.12 | -0.58 | WAT ahead |
| 2026-09-25 | 110.02 | 124.42 | -0.59 | WAT ahead |
| 2026-09-24 | 110.57 | 123.49 | -0.47 | near the usual relationship |
| 2026-09-23 | 108.61 | 120.70 | -0.42 | near the usual relationship |
| 2026-09-22 | 108.50 | 122.18 | -0.56 | WAT ahead |
| 2026-09-21 | 104.11 | 121.66 | -0.95 | WAT ahead |
| 2026-09-18 | 101.33 | 121.00 | -1.19 | WAT ahead |
| 2026-09-17 | 102.65 | 123.32 | -1.26 | WAT ahead |
| 2026-09-16 | 100.34 | 120.14 | -1.23 | WAT ahead |
| 2026-09-15 | 96.83 | 119.70 | -1.58 | WAT ahead |
| 2026-09-14 | 93.58 | 117.67 | -1.77 | WAT ahead |
| 2026-09-11 | 94.14 | 117.19 | -1.68 | WAT ahead |
| 2026-09-10 | 93.20 | 115.26 | -1.63 | WAT ahead |
| 2026-09-09 | 93.91 | 116.17 | -1.64 | WAT ahead |
| 2026-09-08 | 96.47 | 115.63 | -1.32 | WAT ahead |
| 2026-09-04 | 97.91 | 117.49 | -1.35 | WAT ahead |
| 2026-09-03 | 98.71 | 118.69 | -1.38 | WAT ahead |
| 2026-09-02 | 99.55 | 118.30 | -1.27 | WAT ahead |
| 2026-09-01 | 100.14 | 116.47 | -1.05 | WAT ahead |
| 2026-08-31 | 102.27 | 118.99 | -1.06 | WAT ahead |
| 2026-08-28 | 101.79 | 119.01 | -1.12 | WAT ahead |
| 2026-08-27 | 102.43 | 120.90 | -1.23 | WAT ahead |
| 2026-08-26 | 101.78 | 118.86 | -1.13 | WAT ahead |
| 2026-08-25 | 102.06 | 118.94 | -1.11 | WAT ahead |
| 2026-08-24 | 101.81 | 117.88 | -1.05 | WAT ahead |
| 2026-08-21 | 101.55 | 117.86 | -1.09 | WAT ahead |
| 2026-08-20 | 101.40 | 116.14 | -0.96 | WAT ahead |
| 2026-08-19 | 103.72 | 119.34 | -1.01 | WAT ahead |
| 2026-08-18 | 101.87 | 115.15 | -0.84 | WAT ahead |
| 2026-08-17 | 103.16 | 117.02 | -0.88 | WAT ahead |
| 2026-08-14 | 103.28 | 118.29 | -0.98 | WAT ahead |
| 2026-08-13 | 104.13 | 118.67 | -0.94 | WAT ahead |
| 2026-08-12 | 104.70 | 119.43 | -0.96 | WAT ahead |
| 2026-08-11 | 104.60 | 119.10 | -0.94 | WAT ahead |
| 2026-08-10 | 103.90 | 118.17 | -0.94 | WAT ahead |
| 2026-08-07 | 104.04 | 116.76 | -0.82 | WAT ahead |
| 2026-08-06 | 103.44 | 114.71 | -0.70 | WAT ahead |
| 2026-08-05 | 103.46 | 114.79 | -0.72 | WAT ahead |
| 2026-08-04 | 104.59 | 113.67 | -0.52 | WAT ahead |
| 2026-08-03 | 105.17 | 107.54 | +0.07 | near the usual relationship |
| 2026-07-31 | 103.08 | 108.28 | -0.19 | near the usual relationship |
| 2026-07-30 | 100.48 | 109.14 | -0.52 | WAT ahead |
| 2026-07-29 | 101.04 | 108.91 | -0.45 | near the usual relationship |
| 2026-07-28 | 101.05 | 110.17 | -0.57 | WAT ahead |
| 2026-07-27 | 97.26 | 106.53 | -0.62 | WAT ahead |
| 2026-07-24 | 96.59 | 107.53 | -0.78 | WAT ahead |
| 2026-07-23 | 96.94 | 109.75 | -0.96 | WAT ahead |
| 2026-07-22 | 93.59 | 106.42 | -1.01 | WAT ahead |
| 2026-07-21 | 94.48 | 105.48 | -0.83 | WAT ahead |
| 2026-07-20 | 92.71 | 102.61 | -0.76 | WAT ahead |
| 2026-07-17 | 95.34 | 105.89 | -0.79 | WAT ahead |
| 2026-07-16 | 97.17 | 108.53 | -0.86 | WAT ahead |
| 2026-07-15 | 95.82 | 107.60 | -0.91 | WAT ahead |
| 2026-07-14 | 95.69 | 108.02 | -0.96 | WAT ahead |
| 2026-07-13 | 94.58 | 107.11 | -1.00 | WAT ahead |
| 2026-07-10 | 94.34 | 108.03 | -1.11 | WAT ahead |
| 2026-07-09 | 93.74 | 108.23 | -1.19 | WAT ahead |
| 2026-07-08 | 90.90 | 105.65 | -1.25 | WAT ahead |
| 2026-07-07 | 94.29 | 107.60 | -1.07 | WAT ahead |
| 2026-07-06 | 94.29 | 108.74 | -1.18 | WAT ahead |
| 2026-07-02 | 95.23 | 108.85 | -1.09 | WAT ahead |
| 2026-07-01 | 94.64 | 108.52 | -1.12 | WAT ahead |
| 2026-06-30 | 92.98 | 107.63 | -1.21 | WAT ahead |
| 2026-06-29 | 91.62 | 105.86 | -1.19 | WAT ahead |
| 2026-06-26 | 91.98 | 107.45 | -1.30 | WAT ahead |
| 2026-06-25 | 90.50 | 108.16 | -1.52 | WAT ahead |
| 2026-06-24 | 87.57 | 105.95 | -1.65 | WAT ahead |
| 2026-06-23 | 84.18 | 102.51 | -1.72 | WAT ahead |
| 2026-06-22 | 84.72 | 102.81 | -1.69 | WAT ahead |
| 2026-06-18 | 83.32 | 102.01 | -1.78 | WAT ahead |
| 2026-06-17 | 82.21 | 102.45 | -1.97 | WAT ahead |
| 2026-06-16 | 83.81 | 103.47 | -1.88 | WAT ahead |
| 2026-06-15 | 84.02 | 102.67 | -1.79 | WAT ahead |
| 2026-06-12 | 82.35 | 102.03 | -1.94 | WAT ahead |
| 2026-06-11 | 83.06 | 103.24 | -1.99 | WAT ahead |
| 2026-06-10 | 82.46 | 104.23 | -2.17 | WAT ahead |
| 2026-06-09 | 84.63 | 106.51 | -2.14 | WAT ahead |
| 2026-06-08 | 82.89 | 104.27 | -2.15 | WAT ahead |
| 2026-06-05 | 84.01 | 104.85 | -2.08 | WAT ahead |
| 2026-06-04 | 85.92 | 108.04 | -2.17 | WAT ahead |
| 2026-06-03 | 85.10 | 108.99 | -2.38 | WAT ahead |
| 2026-06-02 | 85.15 | 106.74 | -2.16 | WAT ahead |
| 2026-06-01 | 86.14 | 108.53 | -2.23 | WAT ahead |
| 2026-05-29 | 85.92 | 110.08 | -2.42 | WAT ahead |
| 2026-05-28 | 84.68 | 105.23 | -2.10 | WAT ahead |
| 2026-05-27 | 79.61 | 98.20 | -2.03 | WAT ahead |
| 2026-05-26 | 80.16 | 97.18 | -1.85 | WAT ahead |
| 2026-05-22 | 80.28 | 98.26 | -1.95 | WAT ahead |
| 2026-05-21 | 79.36 | 97.86 | -2.03 | WAT ahead |
| 2026-05-20 | 78.80 | 97.95 | -2.12 | WAT ahead |
| 2026-05-19 | 76.48 | 95.64 | -2.19 | WAT ahead |
| 2026-05-18 | 78.23 | 95.33 | -1.92 | WAT ahead |
| 2026-05-15 | 75.08 | 94.48 | -2.26 | WAT ahead |
| 2026-05-14 | 75.83 | 95.63 | -2.30 | WAT ahead |
| 2026-05-13 | 74.64 | 96.12 | -2.54 | WAT ahead |
| 2026-05-12 | 78.05 | 101.08 | -2.61 | WAT ahead |
| 2026-05-11 | 78.50 | 99.89 | -2.42 | WAT ahead |
| 2026-05-08 | 81.84 | 101.92 | -2.19 | WAT ahead |
| 2026-05-07 | 96.02 | 100.59 | -0.31 | near the usual relationship |
| 2026-05-06 | 96.58 | 100.31 | -0.21 | near the usual relationship |
| 2026-05-05 | 94.79 | 98.36 | -0.19 | near the usual relationship |
| 2026-05-04 | 91.74 | 86.64 | +0.80 | MTD ahead |
| 2026-05-01 | 92.22 | 88.14 | +0.68 | MTD ahead |
| 2026-04-30 | 92.91 | 88.74 | +0.70 | MTD ahead |
| 2026-04-29 | 90.26 | 83.84 | +0.99 | MTD ahead |
| 2026-04-28 | 91.88 | 86.31 | +0.88 | MTD ahead |
| 2026-04-27 | 92.77 | 86.04 | +1.01 | MTD ahead |
| 2026-04-24 | 93.34 | 88.93 | +0.75 | MTD ahead |
| 2026-04-23 | 92.02 | 89.31 | +0.57 | MTD ahead |
| 2026-04-22 | 95.35 | 95.96 | +0.22 | near the usual relationship |
| 2026-04-21 | 96.38 | 96.21 | +0.31 | near the usual relationship |
| 2026-04-20 | 96.41 | 96.32 | +0.31 | near the usual relationship |
| 2026-04-17 | 97.57 | 94.07 | +0.65 | MTD ahead |
| 2026-04-16 | 93.95 | 91.56 | +0.56 | MTD ahead |
| 2026-04-15 | 95.77 | 93.61 | +0.53 | MTD ahead |
| 2026-04-14 | 97.64 | 94.99 | +0.59 | MTD ahead |
| 2026-04-13 | 97.96 | 93.18 | +0.80 | MTD ahead |
| 2026-04-10 | 96.44 | 91.84 | +0.80 | MTD ahead |
| 2026-04-09 | 97.16 | 91.16 | +0.94 | MTD ahead |
| 2026-04-08 | 96.27 | 91.41 | +0.84 | MTD ahead |
| 2026-04-07 | 92.43 | 88.21 | +0.80 | MTD ahead |
| 2026-04-06 | 92.19 | 87.27 | +0.88 | MTD ahead |
| 2026-04-02 | 91.70 | 87.31 | +0.83 | MTD ahead |
| 2026-04-01 | 92.73 | 86.06 | +1.08 | MTD ahead |
| 2026-03-31 | 91.79 | 85.46 | +1.06 | MTD ahead |
| 2026-03-30 | 90.83 | 84.19 | +1.10 | MTD ahead |
| 2026-03-27 | 89.67 | 82.98 | +1.13 | MTD ahead |
| 2026-03-26 | 92.43 | 86.26 | +1.06 | MTD ahead |
| 2026-03-25 | 92.12 | 86.76 | +0.98 | MTD ahead |
| 2026-03-24 | 92.03 | 86.65 | +0.99 | MTD ahead |
| 2026-03-23 | 90.18 | 86.62 | +0.82 | MTD ahead |
| 2026-03-20 | 87.66 | 85.81 | +0.66 | MTD ahead |
| 2026-03-19 | 86.65 | 85.97 | +0.54 | MTD ahead |
| 2026-03-18 | 86.72 | 84.67 | +0.69 | MTD ahead |
| 2026-03-17 | 87.83 | 85.23 | +0.75 | MTD ahead |
| 2026-03-16 | 87.24 | 83.23 | +0.91 | MTD ahead |
| 2026-03-13 | 85.43 | 82.24 | +0.84 | MTD ahead |
| 2026-03-12 | 85.01 | 81.31 | +0.90 | MTD ahead |
| 2026-03-11 | 89.44 | 85.39 | +0.93 | MTD ahead |
| 2026-03-10 | 89.65 | 85.99 | +0.89 | MTD ahead |
| 2026-03-09 | 90.88 | 87.72 | +0.84 | MTD ahead |
| 2026-03-06 | 88.04 | 86.82 | +0.66 | MTD ahead |
| 2026-03-05 | 91.79 | 90.57 | +0.66 | MTD ahead |
| 2026-03-04 | 93.64 | 91.56 | +0.74 | MTD ahead |
| 2026-03-03 | 95.83 | 89.58 | +1.15 | MTD ahead |
| 2026-03-02 | 96.44 | 88.17 | +1.36 | MTD ahead |
| 2026-02-27 | 99.47 | 91.66 | +1.30 | MTD ahead |
| 2026-02-26 | 100.24 | 92.65 | +1.29 | MTD ahead |
| 2026-02-25 | 100.43 | 91.67 | +1.41 | MTD ahead |
| 2026-02-24 | 100.41 | 93.64 | +1.23 | MTD ahead |
| 2026-02-23 | 101.40 | 94.07 | +1.29 | MTD ahead |
| 2026-02-20 | 100.26 | 95.66 | +1.04 | MTD ahead |
| 2026-02-19 | 100.19 | 94.32 | +1.17 | MTD ahead |
| 2026-02-18 | 100.12 | 94.00 | +1.21 | MTD ahead |
| 2026-02-17 | 98.49 | 92.25 | +1.24 | MTD ahead |
| 2026-02-13 | 99.05 | 92.80 | +1.25 | MTD ahead |
| 2026-02-12 | 98.83 | 91.79 | +1.34 | MTD ahead |
| 2026-02-11 | 101.36 | 94.48 | +1.32 | MTD ahead |
| 2026-02-10 | 101.92 | 93.85 | +1.44 | MTD ahead |
| 2026-02-09 | 100.50 | 94.17 | +1.29 | MTD ahead |
| 2026-02-06 | 99.97 | 109.42 | -0.14 | near the usual relationship |
| 2026-02-05 | 100.65 | 108.16 | +0.04 | near the usual relationship |
| 2026-02-04 | 101.15 | 110.30 | -0.09 | near the usual relationship |
| 2026-02-03 | 99.70 | 108.75 | -0.09 | near the usual relationship |
| 2026-02-02 | 100.85 | 108.86 | +0.01 | near the usual relationship |
| 2026-01-30 | 99.95 | 106.39 | +0.14 | near the usual relationship |
| 2026-01-29 | 101.37 | 107.67 | +0.16 | near the usual relationship |
| 2026-01-28 | 102.01 | 110.50 | -0.01 | near the usual relationship |
| 2026-01-27 | 103.73 | 111.95 | +0.03 | near the usual relationship |
| 2026-01-26 | 103.76 | 112.18 | +0.01 | near the usual relationship |
| 2026-01-23 | 102.36 | 112.59 | -0.14 | near the usual relationship |
| 2026-01-22 | 104.67 | 114.91 | -0.12 | near the usual relationship |
| 2026-01-21 | 105.02 | 113.85 | +0.00 | near the usual relationship |
| 2026-01-20 | 102.15 | 110.16 | +0.05 | near the usual relationship |
| 2026-01-16 | 106.31 | 111.17 | +0.33 | near the usual relationship |
| 2026-01-15 | 108.93 | 113.24 | +0.39 | near the usual relationship |
| 2026-01-14 | 108.12 | 112.84 | +0.36 | near the usual relationship |
| 2026-01-13 | 108.06 | 113.08 | +0.34 | near the usual relationship |
| 2026-01-12 | 108.59 | 112.98 | +0.40 | near the usual relationship |
| 2026-01-09 | 108.09 | 113.86 | +0.29 | near the usual relationship |
| 2026-01-08 | 106.64 | 113.83 | +0.18 | near the usual relationship |
| 2026-01-07 | 107.05 | 114.62 | +0.16 | near the usual relationship |
| 2026-01-06 | 108.09 | 114.95 | +0.22 | near the usual relationship |
| 2026-01-05 | 105.29 | 113.35 | +0.12 | near the usual relationship |
| 2026-01-02 | 102.72 | 109.62 | +0.20 | near the usual relationship |
| 2025-12-31 | 101.47 | 109.01 | +0.14 | near the usual relationship |
| 2025-12-30 | 102.94 | 110.20 | +0.18 | near the usual relationship |
| 2025-12-29 | 103.31 | 110.52 | +0.19 | near the usual relationship |
| 2025-12-26 | 103.36 | 110.79 | +0.17 | near the usual relationship |
| 2025-12-24 | 103.14 | 110.44 | +0.18 | near the usual relationship |
| 2025-12-23 | 102.96 | 109.98 | +0.21 | near the usual relationship |
| 2025-12-22 | 102.80 | 110.24 | +0.18 | near the usual relationship |
| 2025-12-19 | 102.08 | 108.49 | +0.26 | near the usual relationship |
| 2025-12-18 | 101.12 | 108.00 | +0.22 | near the usual relationship |
| 2025-12-17 | 100.78 | 108.23 | +0.17 | near the usual relationship |
| 2025-12-16 | 100.91 | 108.63 | +0.16 | near the usual relationship |
| 2025-12-15 | 102.80 | 110.61 | +0.16 | near the usual relationship |
| 2025-12-12 | 101.43 | 110.58 | +0.05 | near the usual relationship |
| 2025-12-11 | 103.46 | 112.56 | +0.07 | near the usual relationship |
| 2025-12-10 | 102.32 | 113.59 | -0.10 | near the usual relationship |
| 2025-12-09 | 99.81 | 110.82 | -0.10 | near the usual relationship |
| 2025-12-08 | 100.54 | 112.71 | -0.18 | near the usual relationship |
| 2025-12-05 | 102.98 | 113.30 | -0.01 | near the usual relationship |
| 2025-12-04 | 103.55 | 113.75 | +0.01 | near the usual relationship |
| 2025-12-03 | 104.43 | 114.11 | +0.06 | near the usual relationship |
| 2025-12-02 | 105.33 | 114.40 | +0.11 | near the usual relationship |
| 2025-12-01 | 106.85 | 114.16 | +0.26 | near the usual relationship |
| 2025-11-28 | 107.48 | 115.78 | +0.19 | near the usual relationship |
| 2025-11-26 | 108.19 | 116.84 | +0.17 | near the usual relationship |
| 2025-11-25 | 109.61 | 118.39 | +0.17 | near the usual relationship |
| 2025-11-24 | 107.00 | 114.66 | +0.25 | near the usual relationship |
| 2025-11-21 | 105.70 | 113.07 | +0.26 | near the usual relationship |
| 2025-11-20 | 101.85 | 108.66 | +0.29 | near the usual relationship |
| 2025-11-19 | 102.22 | 107.98 | +0.38 | near the usual relationship |
| 2025-11-18 | 101.64 | 108.09 | +0.32 | near the usual relationship |
| 2025-11-17 | 101.09 | 108.47 | +0.25 | near the usual relationship |
| 2025-11-14 | 102.12 | 108.88 | +0.31 | near the usual relationship |
| 2025-11-13 | 102.78 | 108.85 | +0.37 | near the usual relationship |
| 2025-11-12 | 105.37 | 111.17 | +0.41 | near the usual relationship |
| 2025-11-11 | 105.17 | 110.82 | +0.42 | near the usual relationship |
| 2025-11-10 | 104.26 | 108.07 | +0.56 | MTD ahead |
| 2025-11-07 | 104.76 | 106.67 | +0.71 | MTD ahead |
| 2025-11-06 | 104.78 | 106.52 | +0.73 | MTD ahead |
| 2025-11-05 | 104.79 | 106.75 | +0.72 | MTD ahead |
| 2025-11-04 | 103.37 | 105.42 | +0.71 | MTD ahead |
| 2025-11-03 | 102.39 | 99.18 | +1.15 | MTD ahead |
| 2025-10-31 | 103.08 | 100.33 | +1.11 | MTD ahead |
| 2025-10-30 | 100.22 | 98.41 | +1.03 | MTD ahead |
| 2025-10-29 | 101.47 | 98.57 | +1.12 | MTD ahead |
| 2025-10-28 | 102.23 | 99.28 | +1.13 | MTD ahead |
| 2025-10-27 | 103.33 | 100.95 | +1.08 | MTD ahead |
| 2025-10-24 | 104.39 | 103.17 | +0.98 | MTD ahead |
| 2025-10-23 | 104.64 | 102.07 | +1.09 | MTD ahead |
| 2025-10-22 | 100.54 | 100.06 | +0.92 | MTD ahead |
| 2025-10-21 | 100.84 | 100.22 | +0.94 | MTD ahead |
| 2025-10-20 | 98.78 | 98.49 | +0.91 | MTD ahead |
| 2025-10-17 | 98.20 | 96.02 | +1.07 | MTD ahead |
| 2025-10-16 | 98.95 | 96.10 | +1.13 | MTD ahead |
| 2025-10-15 | 94.91 | 95.40 | +0.84 | MTD ahead |
| 2025-10-14 | 94.84 | 95.61 | +0.81 | MTD ahead |
| 2025-10-13 | 93.51 | 96.52 | +0.60 | MTD ahead |
| 2025-10-10 | 92.70 | 94.99 | +0.66 | MTD ahead |
| 2025-10-09 | 95.17 | 94.83 | +0.90 | MTD ahead |
| 2025-10-08 | 96.69 | 94.03 | +1.10 | MTD ahead |
| 2025-10-07 | 95.28 | 91.36 | +1.22 | MTD ahead |
| 2025-10-06 | 97.91 | 94.02 | +1.21 | MTD ahead |
| 2025-10-03 | 95.64 | 94.24 | +0.99 | MTD ahead |
| 2025-10-02 | 94.65 | 92.39 | +1.06 | MTD ahead |
| 2025-10-01 | 93.87 | 91.78 | +1.05 | MTD ahead |
| 2025-09-30 | 89.35 | 86.04 | +1.17 | MTD ahead |
| 2025-09-29 | 86.71 | 83.06 | +1.22 | MTD ahead |
| 2025-09-26 | 87.66 | 83.72 | +1.24 | MTD ahead |
| 2025-09-25 | 88.03 | 82.59 | +1.39 | MTD ahead |
| 2025-09-24 | 90.41 | 83.99 | +1.48 | MTD ahead |
| 2025-09-23 | 91.49 | 85.87 | +1.39 | MTD ahead |
| 2025-09-22 | 91.56 | 86.81 | +1.30 | MTD ahead |
| 2025-09-19 | 92.11 | 86.35 | +1.40 | MTD ahead |
| 2025-09-18 | 93.68 | 87.93 | +1.39 | MTD ahead |
| 2025-09-17 | 92.72 | 87.15 | +1.37 | MTD ahead |
| 2025-09-16 | 92.88 | 86.98 | +1.40 | MTD ahead |
| 2025-09-15 | 91.71 | 85.82 | +1.41 | MTD ahead |
| 2025-09-12 | 91.67 | 84.77 | +1.51 | MTD ahead |
| 2025-09-11 | 93.36 | 86.80 | +1.46 | MTD ahead |
| 2025-09-10 | 91.19 | 84.10 | +1.53 | MTD ahead |
| 2025-09-09 | 93.55 | 86.24 | +1.54 | MTD ahead |
| 2025-09-08 | 95.68 | 88.78 | +1.49 | MTD ahead |
| 2025-09-05 | 95.03 | 87.91 | +1.52 | MTD ahead |
| 2025-09-04 | 93.73 | 86.01 | +1.59 | MTD ahead |
| 2025-09-03 | 92.33 | 83.24 | +1.74 | MTD ahead |
| 2025-09-02 | 92.87 | 85.09 | +1.61 | MTD ahead |
| 2025-08-29 | 94.69 | 86.61 | +1.63 | MTD ahead |
| 2025-08-28 | 93.39 | 85.42 | +1.63 | MTD ahead |
| 2025-08-27 | 93.54 | 84.55 | +1.74 | MTD ahead |
| 2025-08-26 | 93.51 | 84.99 | +1.69 | MTD ahead |
| 2025-08-25 | 93.87 | 85.79 | +1.65 | MTD ahead |
| 2025-08-22 | 96.18 | 86.72 | +1.77 | MTD ahead |
| 2025-08-21 | 93.01 | 83.35 | +1.82 | MTD ahead |
| 2025-08-20 | 95.84 | 85.16 | +1.91 | MTD ahead |
| 2025-08-19 | 96.26 | 85.44 | +1.92 | MTD ahead |
| 2025-08-18 | 95.44 | 83.05 | +2.11 | MTD ahead |
| 2025-08-15 | 95.51 | 83.67 | +2.06 | MTD ahead |
| 2025-08-14 | 95.61 | 84.24 | +2.02 | MTD ahead |
| 2025-08-13 | 96.37 | 85.19 | +2.00 | MTD ahead |
| 2025-08-12 | 94.10 | 81.94 | +2.15 | MTD ahead |
| 2025-08-11 | 91.45 | 80.15 | +2.10 | MTD ahead |
| 2025-08-08 | 91.41 | 80.70 | +2.05 | MTD ahead |
| 2025-08-07 | 90.03 | 79.78 | +2.02 | MTD ahead |
| 2025-08-06 | 88.93 | 79.70 | +1.93 | MTD ahead |
| 2025-08-05 | 90.54 | 80.70 | +1.99 | MTD ahead |
| 2025-08-04 | 89.66 | 81.96 | +1.75 | MTD ahead |
| 2025-08-01 | 87.14 | 83.31 | +1.34 | MTD ahead |
| 2025-07-31 | 89.79 | 82.87 | +1.64 | MTD ahead |
| 2025-07-30 | 92.13 | 85.83 | +1.55 | MTD ahead |
| 2025-07-29 | 92.15 | 87.01 | +1.42 | MTD ahead |
| 2025-07-28 | 91.78 | 86.77 | +1.40 | MTD ahead |
| 2025-07-25 | 91.99 | 86.94 | +1.39 | MTD ahead |
| 2025-07-24 | 91.76 | 85.66 | +1.49 | MTD ahead |
| 2025-07-23 | 91.50 | 84.84 | +1.54 | MTD ahead |
| 2025-07-22 | 88.72 | 82.50 | +1.52 | MTD ahead |
| 2025-07-21 | 84.90 | 80.83 | +1.31 | MTD ahead |
| 2025-07-18 | 86.96 | 82.52 | +1.33 | MTD ahead |
| 2025-07-17 | 87.75 | 85.21 | +1.12 | MTD ahead |
| 2025-07-16 | 86.19 | 83.10 | +1.18 | MTD ahead |
| 2025-07-15 | 85.05 | 83.10 | +1.05 | MTD ahead |
| 2025-07-14 | 86.89 | 87.30 | +0.81 | MTD ahead |
| 2025-07-11 | 89.08 | 101.28 | -0.23 | near the usual relationship |
| 2025-07-10 | 89.98 | 101.39 | -0.17 | near the usual relationship |
| 2025-07-09 | 88.69 | 100.22 | -0.20 | near the usual relationship |
| 2025-07-08 | 87.81 | 99.81 | -0.25 | near the usual relationship |
| 2025-07-07 | 86.50 | 99.51 | -0.35 | near the usual relationship |
| 2025-07-03 | 88.00 | 100.51 | -0.31 | near the usual relationship |
| 2025-07-02 | 87.75 | 101.00 | -0.37 | near the usual relationship |
| 2025-07-01 | 87.72 | 102.47 | -0.49 | near the usual relationship |
| 2025-06-30 | 85.50 | 100.17 | -0.52 | WAT ahead |
| 2025-06-27 | 86.21 | 101.14 | -0.54 | WAT ahead |
| 2025-06-26 | 86.85 | 101.85 | -0.54 | WAT ahead |
| 2025-06-25 | 86.82 | 100.45 | -0.45 | near the usual relationship |
| 2025-06-24 | 86.26 | 99.53 | -0.43 | near the usual relationship |
| 2025-06-23 | 84.69 | 98.39 | -0.49 | near the usual relationship |
| 2025-06-20 | 83.98 | 98.33 | -0.55 | WAT ahead |
| 2025-06-18 | 83.37 | 97.39 | -0.54 | WAT ahead |
| 2025-06-17 | 83.74 | 97.89 | -0.55 | WAT ahead |
| 2025-06-16 | 86.09 | 99.82 | -0.50 | WAT ahead |
| 2025-06-13 | 84.09 | 98.24 | -0.56 | WAT ahead |
| 2025-06-12 | 86.48 | 100.32 | -0.52 | WAT ahead |
| 2025-06-11 | 86.83 | 99.31 | -0.43 | near the usual relationship |
| 2025-06-10 | 88.54 | 100.40 | -0.37 | near the usual relationship |
| 2025-06-09 | 87.00 | 99.97 | -0.47 | near the usual relationship |
| 2025-06-06 | 86.20 | 100.78 | -0.59 | WAT ahead |
| 2025-06-05 | 84.76 | 99.39 | -0.62 | WAT ahead |
| 2025-06-04 | 85.13 | 101.35 | -0.73 | WAT ahead |
| 2025-06-03 | 84.90 | 100.27 | -0.68 | WAT ahead |
| 2025-06-02 | 83.05 | 98.63 | -0.72 | WAT ahead |
| 2025-05-30 | 84.10 | 100.23 | -0.75 | WAT ahead |
| 2025-05-29 | 85.39 | 101.97 | -0.77 | WAT ahead |
| 2025-05-28 | 84.24 | 101.76 | -0.86 | WAT ahead |
| 2025-05-27 | 84.63 | 102.84 | -0.90 | WAT ahead |
| 2025-05-23 | 81.09 | 99.40 | -0.97 | WAT ahead |
| 2025-05-22 | 82.68 | 100.00 | -0.89 | WAT ahead |
| 2025-05-21 | 82.48 | 99.69 | -0.89 | WAT ahead |
| 2025-05-20 | 86.32 | 103.92 | -0.87 | WAT ahead |
| 2025-05-19 | 84.36 | 102.89 | -0.96 | WAT ahead |
| 2025-05-16 | 84.24 | 103.17 | -1.00 | WAT ahead |
| 2025-05-15 | 83.22 | 100.90 | -0.94 | WAT ahead |
| 2025-05-14 | 81.36 | 99.12 | -0.98 | WAT ahead |
| 2025-05-13 | 85.67 | 103.03 | -0.90 | WAT ahead |
| 2025-05-12 | 85.49 | 105.23 | -1.06 | WAT ahead |
| 2025-05-09 | 78.68 | 98.74 | -1.20 | WAT ahead |
| 2025-05-08 | 80.18 | 100.70 | -1.21 | WAT ahead |
| 2025-05-07 | 78.93 | 99.14 | -1.22 | WAT ahead |
| 2025-05-06 | 77.39 | 97.29 | -1.24 | WAT ahead |
| 2025-05-05 | 79.41 | 99.98 | -1.26 | WAT ahead |
| 2025-05-02 | 80.06 | 100.57 | -1.25 | WAT ahead |
| 2025-05-01 | 76.90 | 98.10 | -1.37 | WAT ahead |
| 2025-04-30 | 77.92 | 99.79 | -1.41 | WAT ahead |
| 2025-04-29 | 77.53 | 97.81 | -1.31 | WAT ahead |
| 2025-04-28 | 77.25 | 97.54 | -1.33 | WAT ahead |
| 2025-04-25 | 77.28 | 96.97 | -1.30 | WAT ahead |
| 2025-04-24 | 78.24 | 97.78 | -1.28 | WAT ahead |
| 2025-04-23 | 76.15 | 96.10 | -1.36 | WAT ahead |
| 2025-04-22 | 73.01 | 94.91 | -1.58 | WAT ahead |
| 2025-04-21 | 70.61 | 90.75 | -1.52 | WAT ahead |
| 2025-04-17 | 73.14 | 92.13 | -1.39 | WAT ahead |
| 2025-04-16 | 73.99 | 92.15 | -1.32 | WAT ahead |
| 2025-04-15 | 76.17 | 92.82 | -1.17 | WAT ahead |
| 2025-04-14 | 78.81 | 95.79 | -1.16 | WAT ahead |
| 2025-04-11 | 75.83 | 93.33 | -1.26 | WAT ahead |
| 2025-04-10 | 72.61 | 90.30 | -1.34 | WAT ahead |
| 2025-04-09 | 77.27 | 96.58 | -1.39 | WAT ahead |
| 2025-04-08 | 70.78 | 88.31 | -1.39 | WAT ahead |
| 2025-04-07 | 75.12 | 93.50 | -1.38 | WAT ahead |
| 2025-04-04 | 74.43 | 93.25 | -1.44 | WAT ahead |
| 2025-04-03 | 79.71 | 99.04 | -1.39 | WAT ahead |
| 2025-04-02 | 85.34 | 104.07 | -1.27 | WAT ahead |
| 2025-04-01 | 84.16 | 102.17 | -1.24 | WAT ahead |
| 2025-03-31 | 85.95 | 105.77 | -1.35 | WAT ahead |
| 2025-03-28 | 85.67 | 103.93 | -1.26 | WAT ahead |
| 2025-03-27 | 86.85 | 106.35 | -1.33 | WAT ahead |
| 2025-03-26 | 86.68 | 105.55 | -1.30 | WAT ahead |
| 2025-03-25 | 86.98 | 105.76 | -1.30 | WAT ahead |
| 2025-03-24 | 88.22 | 107.13 | -1.30 | WAT ahead |
| 2025-03-21 | 87.28 | 104.88 | -1.23 | WAT ahead |
| 2025-03-20 | 87.37 | 104.24 | -1.18 | WAT ahead |
| 2025-03-19 | 88.83 | 106.57 | -1.23 | WAT ahead |
| 2025-03-18 | 90.45 | 109.67 | -1.32 | WAT ahead |
| 2025-03-17 | 89.89 | 108.74 | -1.31 | WAT ahead |
| 2025-03-14 | 89.54 | 108.24 | -1.31 | WAT ahead |
| 2025-03-13 | 87.48 | 104.59 | -1.23 | WAT ahead |
| 2025-03-12 | 88.50 | 107.08 | -1.33 | WAT ahead |
| 2025-03-11 | 90.48 | 108.72 | -1.29 | WAT ahead |
| 2025-03-10 | 94.21 | 112.01 | -1.21 | WAT ahead |
| 2025-03-07 | 94.00 | 112.78 | -1.29 | WAT ahead |
| 2025-03-06 | 92.62 | 110.87 | -1.28 | WAT ahead |
| 2025-03-05 | 91.55 | 108.74 | -1.23 | WAT ahead |
| 2025-03-04 | 90.32 | 105.62 | -1.11 | WAT ahead |
| 2025-03-03 | 92.33 | 106.70 | -1.02 | WAT ahead |
| 2025-02-28 | 92.63 | 108.29 | -1.12 | WAT ahead |
| 2025-02-27 | 91.22 | 107.06 | -1.15 | WAT ahead |
| 2025-02-26 | 93.85 | 110.48 | -1.18 | WAT ahead |
| 2025-02-25 | 95.26 | 109.29 | -0.98 | WAT ahead |
| 2025-02-24 | 95.34 | 108.84 | -0.95 | WAT ahead |
| 2025-02-21 | 93.64 | 107.57 | -1.00 | WAT ahead |
| 2025-02-20 | 94.84 | 109.29 | -1.03 | WAT ahead |
| 2025-02-19 | 94.83 | 108.47 | -0.97 | WAT ahead |
| 2025-02-18 | 92.66 | 107.99 | -1.13 | WAT ahead |
| 2025-02-14 | 92.57 | 106.11 | -1.00 | WAT ahead |
| 2025-02-13 | 94.41 | 108.80 | -1.05 | WAT ahead |
| 2025-02-12 | 95.53 | 109.60 | -1.01 | WAT ahead |
| 2025-02-11 | 96.94 | 116.31 | -1.38 | WAT ahead |
| 2025-02-10 | 97.56 | 116.97 | -1.38 | WAT ahead |
| 2025-02-07 | 101.17 | 117.52 | -1.13 | WAT ahead |
| 2025-02-06 | 98.78 | 117.94 | -1.36 | WAT ahead |
| 2025-02-05 | 99.24 | 118.84 | -1.40 | WAT ahead |
| 2025-02-04 | 97.51 | 117.78 | -1.48 | WAT ahead |
| 2025-02-03 | 97.70 | 118.01 | -1.49 | WAT ahead |
| 2025-01-31 | 99.31 | 119.24 | -1.45 | WAT ahead |
| 2025-01-30 | 99.31 | 119.75 | -1.49 | WAT ahead |
| 2025-01-29 | 97.20 | 115.99 | -1.42 | WAT ahead |
| 2025-01-28 | 98.46 | 118.66 | -1.51 | WAT ahead |
| 2025-01-27 | 98.05 | 118.94 | -1.58 | WAT ahead |
| 2025-01-24 | 96.88 | 118.04 | -1.63 | WAT ahead |
| 2025-01-23 | 97.18 | 118.47 | -1.65 | WAT ahead |
| 2025-01-22 | 96.41 | 117.19 | -1.64 | WAT ahead |
| 2025-01-21 | 96.40 | 118.76 | -1.77 | WAT ahead |
| 2025-01-17 | 94.28 | 115.94 | -1.77 | WAT ahead |
| 2025-01-16 | 94.44 | 116.35 | -1.81 | WAT ahead |
| 2025-01-15 | 93.14 | 114.13 | -1.78 | WAT ahead |
| 2025-01-14 | 92.53 | 116.21 | -2.01 | WAT ahead |
| 2025-01-13 | 92.23 | 114.76 | -1.95 | WAT ahead |
| 2025-01-10 | 88.14 | 109.15 | -1.93 | WAT ahead |
| 2025-01-08 | 90.72 | 107.39 | -1.54 | WAT ahead |
| 2025-01-07 | 91.34 | 108.20 | -1.56 | WAT ahead |
| 2025-01-06 | 91.14 | 108.22 | -1.59 | WAT ahead |
| 2025-01-03 | 90.12 | 106.69 | -1.57 | WAT ahead |
| 2025-01-02 | 88.85 | 105.69 | -1.63 | WAT ahead |
| 2024-12-31 | 89.06 | 106.47 | -1.68 | WAT ahead |
| 2024-12-30 | 88.79 | 106.45 | -1.72 | WAT ahead |
| 2024-12-27 | 89.83 | 107.50 | -1.72 | WAT ahead |
| 2024-12-26 | 90.63 | 108.13 | -1.70 | WAT ahead |
| 2024-12-24 | 90.71 | 107.09 | -1.62 | WAT ahead |
| 2024-12-23 | 89.84 | 106.12 | -1.63 | WAT ahead |
| 2024-12-20 | 89.57 | 105.66 | -1.63 | WAT ahead |
| 2024-12-19 | 87.78 | 103.50 | -1.63 | WAT ahead |
| 2024-12-18 | 88.39 | 103.44 | -1.57 | WAT ahead |
| 2024-12-17 | 90.75 | 107.25 | -1.68 | WAT ahead |
| 2024-12-16 | 91.76 | 107.34 | -1.59 | WAT ahead |
| 2024-12-13 | 92.94 | 108.56 | -1.59 | WAT ahead |
| 2024-12-12 | 92.94 | 109.92 | -1.72 | WAT ahead |
| 2024-12-11 | 92.48 | 110.57 | -1.84 | WAT ahead |
| 2024-12-10 | 92.48 | 112.02 | -1.99 | WAT ahead |
| 2024-12-09 | 93.28 | 112.50 | -1.96 | WAT ahead |
| 2024-12-06 | 91.55 | 110.22 | -1.96 | WAT ahead |
| 2024-12-05 | 90.82 | 109.44 | -1.99 | WAT ahead |
| 2024-12-04 | 91.90 | 112.31 | -2.16 | WAT ahead |
| 2024-12-03 | 91.55 | 111.06 | -2.11 | WAT ahead |
| 2024-12-02 | 91.62 | 111.09 | -2.13 | WAT ahead |
| 2024-11-29 | 91.06 | 110.41 | -2.16 | WAT ahead |
| 2024-11-27 | 90.50 | 110.94 | -2.30 | WAT ahead |
| 2024-11-26 | 89.69 | 111.39 | -2.48 | WAT ahead |
| 2024-11-25 | 89.12 | 108.53 | -2.30 | WAT ahead |
| 2024-11-22 | 88.65 | 107.18 | -2.25 | WAT ahead |
| 2024-11-21 | 87.11 | 105.75 | -2.33 | WAT ahead |
| 2024-11-20 | 84.93 | 102.67 | -2.32 | WAT ahead |
| 2024-11-19 | 84.48 | 98.93 | -1.99 | WAT ahead |
| 2024-11-18 | 85.49 | 102.01 | -2.23 | WAT ahead |
| 2024-11-15 | 85.85 | 102.87 | -2.31 | WAT ahead |
| 2024-11-14 | 90.09 | 108.11 | -2.36 | WAT ahead |
| 2024-11-13 | 91.61 | 110.67 | -2.47 | WAT ahead |
| 2024-11-12 | 91.77 | 110.72 | -2.50 | WAT ahead |
| 2024-11-11 | 90.98 | 109.27 | -2.48 | WAT ahead |
| 2024-11-08 | 95.35 | 110.35 | -2.07 | WAT ahead |
| 2024-11-07 | 102.73 | 110.81 | -1.24 | WAT ahead |
| 2024-11-06 | 101.76 | 110.97 | -1.38 | WAT ahead |
| 2024-11-05 | 100.86 | 111.11 | -1.52 | WAT ahead |
| 2024-11-04 | 99.28 | 111.16 | -1.73 | WAT ahead |
| 2024-11-01 | 97.68 | 111.12 | -1.94 | WAT ahead |
| 2024-10-31 | 94.02 | 92.73 | -0.20 | near the usual relationship |
| 2024-10-30 | 94.78 | 93.73 | -0.23 | near the usual relationship |
| 2024-10-29 | 94.41 | 93.18 | -0.21 | near the usual relationship |
| 2024-10-28 | 94.25 | 93.42 | -0.26 | near the usual relationship |
| 2024-10-25 | 94.09 | 93.14 | -0.25 | near the usual relationship |
| 2024-10-24 | 94.13 | 93.93 | -0.34 | near the usual relationship |
| 2024-10-23 | 96.10 | 95.65 | -0.31 | near the usual relationship |
| 2024-10-22 | 98.38 | 97.41 | -0.25 | near the usual relationship |
| 2024-10-21 | 99.40 | 99.15 | -0.34 | near the usual relationship |
| 2024-10-18 | 100.00 | 100.00 | -0.37 | near the usual relationship |
One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Nov 1, 2024 (MTD +3.9%, WAT +19.8%); Nov 8, 2024 (MTD -7.2%, WAT -0.4%); Jul 14, 2025 (MTD -2.5%, WAT -13.8%); Feb 9, 2026 (MTD +0.5%, WAT -13.9%); May 5, 2026 (MTD +3.3%, WAT +13.5%); May 8, 2026 (MTD -14.8%, WAT +1.3%). Upcoming earnings: WAT Nov 3, 2026 (pre-market); MTD Nov 5, 2026 (after-hours).
Paired trades
The shared paper book and the replay, kept apart
Forward paper record
No paper position on this pair yet.
Historical simulation (a diagnostic, same rules)
No simulated trade through Oct 20, 2026: the pair rarely passed every test while 2 standard deviations apart.
Per $10,000 a leg. A replay on today's companies cannot prove an edge.
The companies
MTD and WAT at a glance
MTD Mettler-Toledo International Inc.
- Listing
- NYSE · SEC CIK 1037646
- Industry
- Biotechnology: Laboratory Analytical Instruments · SIC 3826 Laboratory Analytical Instruments
- Market value
- $32.6B
- Price history
- 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026
WAT Waters Corporation
- Listing
- NYSE · SEC CIK 1000697
- Industry
- Biotechnology: Laboratory Analytical Instruments · SIC 3826 Laboratory Analytical Instruments
- Market value
- $42.7B
- 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 →Other rivals of MTD and WAT
| Pair | Status | Ahead now | Industry |
|---|---|---|---|
| A / WAT | Measured twin | A by 0.61 sd | Biotechnology: Laboratory Analytical Instruments |
| WAT / ILMN | Watchlist | ILMN by 1.64 sd | SIC 3826 Laboratory Analytical Instruments |
| A / MTD | Watchlist | neither | Biotechnology: Laboratory Analytical Instruments |
Follow the research behind the paper book
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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.
