SIC 4832 Radio Broadcasting Stations

Spotify Technology S.A. vs Tencent Music Entertainment Group

WatchlistSPOT / TMEPrices through Oct 22, 2026

Why these are rivals: #1 and #2 by market value ($107B vs $14B) with SEC SIC 4832 (Radio Broadcasting Stations).

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: 0.23 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -1.20 (needs <= -2.873 (5% critical value))
Speed: half-life of the spread, sessions: 79.71 (needs <= 63)

Business leadership

Business size

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

No SEC revenue figures for both companies.

Market value: SPOT $106.8B, TME $13.6B.

Stock leadership

SPOT is ahead now

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

SPOT leads TME by 1.45 standard deviations: +53.0% over its usual price ratio. 1 lead switch in the last year.

Price change	3 mo	6 mo	12 mo
SPOT	+20.9%	+13.1%	-15.3%
TME	-2.9%	-7.0%	-62.3%

Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass: Aligned sessions: 1976 (needs >= 254)
Fail: Co-movement: daily return correlation, 252 sessions: 0.23 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -1.20 (needs <= -2.873 (5% critical value))
Fail: Speed: half-life of the spread, sessions: 79.71 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

SPOT Spotify Technology S.A. TME Tencent Music Entertainment GroupPrice 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: SPOT relative to TME, against the 252 sessions before each day. Above 0: SPOT ahead; below 0: TME ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (504 sessions)

Date	SPOT index	TME index	z	Ahead
2026-10-22	154.05	72.39	+1.45	SPOT ahead
2026-10-21	138.66	71.04	+1.16	SPOT ahead
2026-10-20	138.85	72.14	+1.12	SPOT ahead
2026-10-19	136.92	72.98	+1.04	SPOT ahead
2026-10-16	140.01	72.64	+1.14	SPOT ahead
2026-10-15	140.78	72.81	+1.16	SPOT ahead
2026-10-14	138.29	71.38	+1.18	SPOT ahead
2026-10-13	139.21	71.55	+1.20	SPOT ahead
2026-10-12	139.57	71.13	+1.24	SPOT ahead
2026-10-09	139.66	70.54	+1.28	SPOT ahead
2026-10-08	138.94	67.00	+1.45	SPOT ahead
2026-10-07	135.38	67.26	+1.36	SPOT ahead
2026-10-06	128.83	66.75	+1.23	SPOT ahead
2026-10-05	127.49	66.25	+1.23	SPOT ahead
2026-10-02	124.81	65.15	+1.22	SPOT ahead
2026-10-01	129.70	65.40	+1.35	SPOT ahead
2026-09-30	128.64	66.75	+1.26	SPOT ahead
2026-09-29	130.29	67.00	+1.31	SPOT ahead
2026-09-28	131.31	70.45	+1.17	SPOT ahead
2026-09-25	134.61	70.62	+1.26	SPOT ahead
2026-09-24	134.97	70.20	+1.30	SPOT ahead
2026-09-23	134.71	69.19	+1.35	SPOT ahead
2026-09-22	132.31	69.70	+1.28	SPOT ahead
2026-09-21	136.39	68.77	+1.44	SPOT ahead
2026-09-18	134.46	65.32	+1.58	SPOT ahead
2026-09-17	139.58	65.40	+1.72	SPOT ahead
2026-09-16	144.49	65.82	+1.83	SPOT ahead
2026-09-15	147.34	66.41	+1.89	SPOT ahead
2026-09-14	146.83	68.27	+1.80	SPOT ahead
2026-09-11	138.76	67.17	+1.67	SPOT ahead
2026-09-10	137.70	66.50	+1.70	SPOT ahead
2026-09-09	138.04	66.41	+1.73	SPOT ahead
2026-09-08	139.53	67.85	+1.71	SPOT ahead
2026-09-04	143.17	69.53	+1.73	SPOT ahead
2026-09-03	147.83	69.02	+1.88	SPOT ahead
2026-09-02	147.64	70.62	+1.82	SPOT ahead
2026-09-01	143.62	69.78	+1.78	SPOT ahead
2026-08-31	143.48	69.61	+1.80	SPOT ahead
2026-08-28	144.51	72.05	+1.72	SPOT ahead
2026-08-27	139.16	72.90	+1.56	SPOT ahead
2026-08-26	145.17	74.07	+1.67	SPOT ahead
2026-08-25	145.84	73.57	+1.73	SPOT ahead
2026-08-24	141.96	72.90	+1.68	SPOT ahead
2026-08-21	140.87	74.07	+1.61	SPOT ahead
2026-08-20	140.71	74.49	+1.60	SPOT ahead
2026-08-19	140.78	75.93	+1.55	SPOT ahead
2026-08-18	136.26	73.99	+1.53	SPOT ahead
2026-08-17	129.98	74.66	+1.34	SPOT ahead
2026-08-14	135.35	74.41	+1.51	SPOT ahead
2026-08-13	131.50	72.90	+1.50	SPOT ahead
2026-08-12	129.22	71.21	+1.53	SPOT ahead
2026-08-11	132.23	73.40	+1.52	SPOT ahead
2026-08-10	135.09	83.33	+1.14	SPOT ahead
2026-08-07	128.84	80.22	+1.12	SPOT ahead
2026-08-06	125.39	80.72	+1.00	SPOT ahead
2026-08-05	127.28	80.22	+1.09	SPOT ahead
2026-08-04	126.21	80.98	+1.03	SPOT ahead
2026-08-03	128.36	80.22	+1.14	SPOT ahead
2026-07-31	131.95	79.55	+1.28	SPOT ahead
2026-07-30	137.94	79.80	+1.45	SPOT ahead
2026-07-29	138.31	81.73	+1.38	SPOT ahead
2026-07-28	135.02	80.13	+1.38	SPOT ahead
2026-07-27	130.57	78.54	+1.34	SPOT ahead
2026-07-24	127.39	74.58	+1.45	SPOT ahead
2026-07-23	123.78	73.74	+1.40	SPOT ahead
2026-07-22	125.15	73.91	+1.44	SPOT ahead
2026-07-21	130.18	75.25	+1.54	SPOT ahead
2026-07-20	129.94	77.19	+1.45	SPOT ahead
2026-07-17	126.20	76.77	+1.37	SPOT ahead
2026-07-16	125.65	77.78	+1.32	SPOT ahead
2026-07-15	128.11	74.58	+1.56	SPOT ahead
2026-07-14	126.97	73.91	+1.58	SPOT ahead
2026-07-13	126.65	74.33	+1.56	SPOT ahead
2026-07-10	126.63	74.75	+1.55	SPOT ahead
2026-07-09	128.24	74.49	+1.63	SPOT ahead
2026-07-08	128.07	74.24	+1.65	SPOT ahead
2026-07-07	130.37	72.56	+1.83	SPOT ahead
2026-07-06	127.48	73.82	+1.69	SPOT ahead
2026-07-02	128.26	72.64	+1.80	SPOT ahead
2026-07-01	124.70	72.90	+1.68	SPOT ahead
2026-06-30	121.18	70.29	+1.73	SPOT ahead
2026-06-29	122.01	71.13	+1.72	SPOT ahead
2026-06-26	121.42	70.62	+1.75	SPOT ahead
2026-06-25	116.45	68.69	+1.70	SPOT ahead
2026-06-24	120.09	68.86	+1.84	SPOT ahead
2026-06-23	120.22	69.02	+1.85	SPOT ahead
2026-06-22	121.24	70.20	+1.83	SPOT ahead
2026-06-18	123.54	73.48	+1.74	SPOT ahead
2026-06-17	120.25	73.15	+1.65	SPOT ahead
2026-06-16	124.00	75.00	+1.69	SPOT ahead
2026-06-15	126.65	77.69	+1.65	SPOT ahead
2026-06-12	127.22	77.61	+1.69	SPOT ahead
2026-06-11	128.27	77.95	+1.72	SPOT ahead
2026-06-10	132.79	77.53	+1.91	SPOT ahead
2026-06-09	130.97	76.35	+1.94	SPOT ahead
2026-06-08	132.79	76.35	+2.02	SPOT ahead
2026-06-05	131.16	76.43	+1.98	SPOT ahead
2026-06-04	130.27	78.28	+1.86	SPOT ahead
2026-06-03	128.68	76.94	+1.90	SPOT ahead
2026-06-02	132.36	80.05	+1.86	SPOT ahead
2026-06-01	134.02	79.97	+1.95	SPOT ahead
2026-05-29	131.36	77.61	+2.02	SPOT ahead
2026-05-28	136.38	76.52	+2.29	SPOT ahead
2026-05-27	135.35	77.53	+2.22	SPOT ahead
2026-05-26	139.81	77.36	+2.42	SPOT ahead
2026-05-22	137.21	74.16	+2.57	SPOT ahead
2026-05-21	129.31	77.02	+2.12	SPOT ahead
2026-05-20	114.37	77.02	+1.53	SPOT ahead
2026-05-19	116.55	76.94	+1.64	SPOT ahead
2026-05-18	117.45	76.26	+1.74	SPOT ahead
2026-05-15	115.32	71.30	+2.00	SPOT ahead
2026-05-14	114.16	72.39	+1.89	SPOT ahead
2026-05-13	113.73	75.25	+1.68	SPOT ahead
2026-05-12	114.22	76.35	+1.63	SPOT ahead
2026-05-11	110.72	77.36	+1.41	SPOT ahead
2026-05-08	110.28	77.78	+1.36	SPOT ahead
2026-05-07	112.81	78.03	+1.46	SPOT ahead
2026-05-06	112.24	81.40	+1.22	SPOT ahead
2026-05-05	110.73	77.10	+1.43	SPOT ahead
2026-05-04	115.67	76.94	+1.66	SPOT ahead
2026-05-01	116.53	76.60	+1.73	SPOT ahead
2026-04-30	117.86	77.19	+1.75	SPOT ahead
2026-04-29	117.07	75.93	+1.81	SPOT ahead
2026-04-28	114.60	77.36	+1.61	SPOT ahead
2026-04-27	130.86	78.79	+2.21	SPOT ahead
2026-04-24	136.72	78.62	+2.47	SPOT ahead
2026-04-23	136.18	77.86	+2.52	SPOT ahead
2026-04-22	138.01	80.64	+2.42	SPOT ahead
2026-04-21	137.89	80.98	+2.41	SPOT ahead
2026-04-20	141.67	85.10	+2.31	SPOT ahead
2026-04-17	141.63	84.85	+2.35	SPOT ahead
2026-04-16	140.27	85.44	+2.28	SPOT ahead
2026-04-15	140.19	83.16	+2.44	SPOT ahead
2026-04-14	134.97	81.90	+2.34	SPOT ahead
2026-04-13	133.05	79.38	+2.45	SPOT ahead
2026-04-10	125.63	78.79	+2.20	SPOT ahead
2026-04-09	128.44	78.20	+2.39	SPOT ahead
2026-04-08	127.53	79.04	+2.32	SPOT ahead
2026-04-07	127.53	75.67	+2.60	SPOT ahead
2026-04-06	127.87	75.93	+2.64	SPOT ahead
2026-04-02	129.06	77.19	+2.64	SPOT ahead
2026-04-01	124.05	77.36	+2.42	SPOT ahead
2026-03-31	127.99	78.11	+2.59	SPOT ahead
2026-03-30	125.37	78.37	+2.48	SPOT ahead
2026-03-27	124.70	79.38	+2.40	SPOT ahead
2026-03-26	126.21	79.88	+2.45	SPOT ahead
2026-03-25	124.90	81.90	+2.25	SPOT ahead
2026-03-24	127.97	83.00	+2.34	SPOT ahead
2026-03-23	129.96	83.92	+2.39	SPOT ahead
2026-03-20	125.25	84.93	+2.10	SPOT ahead
2026-03-19	127.35	86.62	+2.10	SPOT ahead
2026-03-18	136.38	86.70	+2.55	SPOT ahead
2026-03-17	138.63	95.71	+2.02	SPOT ahead
2026-03-16	138.30	127.02	+0.19	near the usual relationship
2026-03-13	136.21	119.44	+0.48	near the usual relationship
2026-03-12	134.50	115.15	+0.63	SPOT ahead
2026-03-11	135.76	112.37	+0.84	SPOT ahead
2026-03-10	139.95	117.51	+0.75	SPOT ahead
2026-03-09	143.81	115.57	+1.02	SPOT ahead
2026-03-06	149.17	114.65	+1.30	SPOT ahead
2026-03-05	145.72	113.38	+1.21	SPOT ahead
2026-03-04	140.97	119.02	+0.69	SPOT ahead
2026-03-03	137.24	119.61	+0.48	near the usual relationship
2026-03-02	133.89	121.46	+0.23	near the usual relationship
2026-02-27	135.91	122.90	+0.24	near the usual relationship
2026-02-26	130.82	124.07	-0.06	near the usual relationship
2026-02-25	122.28	124.07	-0.47	near the usual relationship
2026-02-24	122.90	126.01	-0.54	TME ahead
2026-02-23	123.48	123.82	-0.41	near the usual relationship
2026-02-20	129.49	127.95	-0.33	near the usual relationship
2026-02-19	128.09	128.20	-0.41	near the usual relationship
2026-02-18	126.05	128.70	-0.53	TME ahead
2026-02-17	122.15	129.04	-0.74	TME ahead
2026-02-13	120.97	133.42	-0.99	TME ahead
2026-02-12	117.66	127.53	-0.89	TME ahead
2026-02-11	128.58	142.59	-1.03	TME ahead
2026-02-10	125.64	142.09	-1.14	TME ahead
2026-02-09	109.49	136.95	-1.71	TME ahead
2026-02-06	111.54	137.54	-1.64	TME ahead
2026-02-05	108.94	134.09	-1.64	TME ahead
2026-02-04	116.27	133.33	-1.26	TME ahead
2026-02-03	125.10	138.05	-1.06	TME ahead
2026-02-02	134.23	139.31	-0.73	TME ahead
2026-01-30	132.06	141.25	-0.90	TME ahead
2026-01-29	133.00	144.53	-0.99	TME ahead
2026-01-28	134.26	145.03	-0.97	TME ahead
2026-01-27	135.06	142.68	-0.85	TME ahead
2026-01-26	135.29	142.42	-0.84	TME ahead
2026-01-23	135.45	141.41	-0.80	TME ahead
2026-01-22	131.61	135.02	-0.72	TME ahead
2026-01-21	132.55	135.35	-0.70	TME ahead
2026-01-20	134.96	136.45	-0.65	TME ahead
2026-01-16	133.16	139.56	-0.85	TME ahead
2026-01-15	134.09	139.73	-0.82	TME ahead
2026-01-14	139.60	146.97	-0.89	TME ahead
2026-01-13	141.11	147.98	-0.87	TME ahead
2026-01-12	139.89	149.33	-0.97	TME ahead
2026-01-09	142.36	146.04	-0.77	TME ahead
2026-01-08	146.14	147.22	-0.68	TME ahead
2026-01-07	150.34	139.73	-0.26	near the usual relationship
2026-01-06	150.82	148.23	-0.56	TME ahead
2026-01-05	156.62	155.56	-0.62	TME ahead
2026-01-02	151.76	150.34	-0.61	TME ahead
2025-12-31	153.27	147.56	-0.46	near the usual relationship
2025-12-30	152.21	148.65	-0.54	TME ahead
2025-12-29	153.40	148.74	-0.50	TME ahead
2025-12-26	154.23	148.32	-0.46	near the usual relationship
2025-12-24	154.82	148.32	-0.45	near the usual relationship
2025-12-23	152.92	147.98	-0.50	TME ahead
2025-12-22	152.77	149.33	-0.56	TME ahead
2025-12-19	153.65	149.75	-0.55	TME ahead
2025-12-18	148.81	150.42	-0.75	TME ahead
2025-12-17	149.45	148.40	-0.66	TME ahead
2025-12-16	152.84	149.58	-0.59	TME ahead
2025-12-15	152.33	150.51	-0.64	TME ahead
2025-12-12	157.78	153.37	-0.56	TME ahead
2025-12-11	158.06	153.20	-0.55	TME ahead
2025-12-10	160.85	152.78	-0.44	near the usual relationship
2025-12-09	155.64	154.71	-0.69	TME ahead
2025-12-08	151.06	156.48	-0.92	TME ahead
2025-12-05	149.11	156.40	-0.99	TME ahead
2025-12-04	148.06	157.58	-1.07	TME ahead
2025-12-03	147.06	154.12	-1.00	TME ahead
2025-12-02	152.24	155.56	-0.87	TME ahead
2025-12-01	152.79	155.22	-0.85	TME ahead
2025-11-28	158.06	155.30	-0.67	TME ahead
2025-11-26	156.43	151.43	-0.60	TME ahead
2025-11-25	154.53	155.05	-0.80	TME ahead
2025-11-24	154.40	155.30	-0.82	TME ahead
2025-11-21	154.04	152.78	-0.75	TME ahead
2025-11-20	155.52	148.82	-0.56	TME ahead
2025-11-19	163.25	157.66	-0.61	TME ahead
2025-11-18	167.98	157.41	-0.46	near the usual relationship
2025-11-17	169.08	159.09	-0.48	near the usual relationship
2025-11-14	167.80	159.34	-0.54	TME ahead
2025-11-13	170.33	157.24	-0.38	near the usual relationship
2025-11-12	171.00	160.02	-0.46	near the usual relationship
2025-11-11	168.81	174.66	-1.00	TME ahead
2025-11-10	164.41	181.40	-1.35	TME ahead
2025-11-07	162.82	179.12	-1.34	TME ahead
2025-11-06	163.17	187.79	-1.60	TME ahead
2025-11-05	163.64	188.97	-1.63	TME ahead
2025-11-04	166.17	189.48	-1.57	TME ahead
2025-11-03	170.00	194.87	-1.61	TME ahead
2025-10-31	172.96	187.88	-1.32	TME ahead
2025-10-30	173.32	186.62	-1.28	TME ahead
2025-10-29	175.69	192.85	-1.39	TME ahead
2025-10-28	172.46	193.69	-1.53	TME ahead
2025-10-27	173.62	199.58	-1.67	TME ahead
2025-10-24	170.44	192.76	-1.59	TME ahead
2025-10-23	177.86	192.09	-1.33	TME ahead
2025-10-22	178.32	191.16	-1.29	TME ahead
2025-10-21	181.91	192.00	-1.21	TME ahead
2025-10-20	178.30	191.41	-1.31	TME ahead
2025-10-17	177.24	188.22	-1.25	TME ahead
2025-10-16	175.37	190.49	-1.37	TME ahead
2025-10-15	177.18	193.01	-1.39	TME ahead
2025-10-14	180.40	189.06	-1.17	TME ahead
2025-10-13	182.65	195.20	-1.28	TME ahead
2025-10-10	180.87	188.80	-1.15	TME ahead
2025-10-09	177.80	197.47	-1.49	TME ahead
2025-10-08	178.09	195.62	-1.43	TME ahead
2025-10-07	179.59	193.94	-1.33	TME ahead
2025-10-06	179.55	192.76	-1.29	TME ahead
2025-10-03	179.61	192.76	-1.29	TME ahead
2025-10-02	186.68	193.18	-1.08	TME ahead
2025-10-01	184.93	194.61	-1.18	TME ahead
2025-09-30	184.23	196.46	-1.25	TME ahead
2025-09-29	192.27	199.75	-1.11	TME ahead
2025-09-26	189.12	198.91	-1.18	TME ahead
2025-09-25	188.09	198.32	-1.20	TME ahead
2025-09-24	187.04	199.49	-1.28	TME ahead
2025-09-23	189.75	195.96	-1.10	TME ahead
2025-09-22	194.92	204.55	-1.20	TME ahead
2025-09-19	193.97	211.36	-1.42	TME ahead
2025-09-18	193.76	212.88	-1.48	TME ahead
2025-09-17	186.65	221.89	-1.95	TME ahead
2025-09-16	185.83	214.48	-1.80	TME ahead
2025-09-15	185.57	214.81	-1.83	TME ahead
2025-09-12	183.80	210.44	-1.78	TME ahead
2025-09-11	182.20	215.66	-1.99	TME ahead
2025-09-10	185.83	214.39	-1.85	TME ahead
2025-09-09	189.81	212.63	-1.68	TME ahead
2025-09-08	189.58	206.65	-1.53	TME ahead
2025-09-05	186.65	206.14	-1.61	TME ahead
2025-09-04	185.77	207.66	-1.69	TME ahead
2025-09-03	184.05	210.19	-1.84	TME ahead
2025-09-02	182.02	206.65	-1.81	TME ahead
2025-08-29	179.97	206.40	-1.89	TME ahead
2025-08-28	181.54	209.60	-1.94	TME ahead
2025-08-27	182.90	217.34	-2.14	TME ahead
2025-08-26	183.82	220.79	-2.23	TME ahead
2025-08-25	183.38	216.50	-2.14	TME ahead
2025-08-22	182.90	213.38	-2.09	TME ahead
2025-08-21	181.98	210.35	-2.05	TME ahead
2025-08-20	185.76	211.28	-1.96	TME ahead
2025-08-19	189.86	212.88	-1.87	TME ahead
2025-08-18	192.16	214.73	-1.86	TME ahead
2025-08-15	193.41	215.07	-1.83	TME ahead
2025-08-14	184.36	214.81	-2.12	TME ahead
2025-08-13	183.44	215.49	-2.17	TME ahead
2025-08-12	181.94	213.72	-2.16	TME ahead
2025-08-11	181.91	191.08	-1.42	TME ahead
2025-08-08	186.31	186.28	-1.09	TME ahead
2025-08-07	181.26	184.93	-1.20	TME ahead
2025-08-06	176.00	184.26	-1.35	TME ahead
2025-08-05	170.77	181.40	-1.42	TME ahead
2025-08-04	173.83	179.55	-1.23	TME ahead
2025-08-01	165.53	172.90	-1.28	TME ahead
2025-07-31	165.37	176.68	-1.39	TME ahead
2025-07-30	171.68	177.61	-1.18	TME ahead
2025-07-29	163.64	183.08	-1.60	TME ahead
2025-07-28	185.01	181.82	-0.85	TME ahead
2025-07-25	182.93	179.29	-0.81	TME ahead
2025-07-24	179.85	178.70	-0.85	TME ahead
2025-07-23	178.01	181.57	-0.97	TME ahead
2025-07-22	178.35	179.80	-0.88	TME ahead
2025-07-21	186.57	179.21	-0.60	TME ahead
2025-07-18	183.56	180.39	-0.70	TME ahead
2025-07-17	190.27	188.22	-0.71	TME ahead
2025-07-16	186.22	180.47	-0.59	TME ahead
2025-07-15	187.52	179.21	-0.50	TME ahead
2025-07-14	189.37	173.99	-0.30	near the usual relationship
2025-07-11	187.17	166.58	-0.14	near the usual relationship
2025-07-10	187.38	168.35	-0.17	near the usual relationship
2025-07-09	190.59	171.30	-0.16	near the usual relationship
2025-07-08	190.40	170.79	-0.14	near the usual relationship
2025-07-07	194.33	168.69	+0.01	near the usual relationship
2025-07-03	191.37	163.80	+0.08	near the usual relationship
2025-07-02	187.26	161.36	+0.06	near the usual relationship
2025-07-01	190.65	161.95	+0.13	near the usual relationship
2025-06-30	202.53	164.06	+0.34	near the usual relationship
2025-06-27	203.92	160.77	+0.46	near the usual relationship
2025-06-26	204.79	157.41	+0.57	SPOT ahead
2025-06-25	194.34	157.66	+0.35	near the usual relationship
2025-06-24	197.93	157.91	+0.43	near the usual relationship
2025-06-23	192.98	154.55	+0.42	near the usual relationship
2025-06-20	186.71	155.56	+0.27	near the usual relationship
2025-06-18	187.44	156.65	+0.26	near the usual relationship
2025-06-17	190.37	153.20	+0.42	near the usual relationship
2025-06-16	188.86	158.75	+0.25	near the usual relationship
2025-06-13	187.62	155.05	+0.33	near the usual relationship
2025-06-12	185.50	158.42	+0.21	near the usual relationship
2025-06-11	187.17	156.40	+0.30	near the usual relationship
2025-06-10	182.99	154.38	+0.27	near the usual relationship
2025-06-09	184.52	155.81	+0.27	near the usual relationship
2025-06-06	187.99	151.18	+0.46	near the usual relationship
2025-06-05	188.14	149.66	+0.51	SPOT ahead
2025-06-04	185.04	148.99	+0.47	near the usual relationship
2025-06-03	177.12	146.30	+0.38	near the usual relationship
2025-06-02	177.36	146.13	+0.40	near the usual relationship
2025-05-30	175.55	141.75	+0.48	near the usual relationship
2025-05-29	168.04	147.22	+0.18	near the usual relationship
2025-05-28	175.24	150.42	+0.27	near the usual relationship
2025-05-27	172.46	150.76	+0.21	near the usual relationship
2025-05-23	172.57	147.47	+0.29	near the usual relationship
2025-05-22	168.06	142.51	+0.33	near the usual relationship
2025-05-21	169.71	143.01	+0.36	near the usual relationship
2025-05-20	173.83	143.18	+0.44	near the usual relationship
2025-05-19	175.42	140.91	+0.54	SPOT ahead
2025-05-16	173.22	139.90	+0.52	SPOT ahead
2025-05-15	168.97	137.71	+0.50	SPOT ahead
2025-05-14	167.13	143.01	+0.34	near the usual relationship
2025-05-13	163.66	123.65	+0.77	SPOT ahead
2025-05-12	163.85	120.62	+0.86	SPOT ahead
2025-05-09	171.10	118.52	+1.08	SPOT ahead
2025-05-08	172.95	119.61	+1.09	SPOT ahead
2025-05-07	173.43	119.95	+1.10	SPOT ahead
2025-05-06	167.03	121.30	+0.94	SPOT ahead
2025-05-05	168.30	119.53	+1.03	SPOT ahead
2025-05-02	169.97	120.45	+1.04	SPOT ahead
2025-05-01	158.96	112.54	+1.05	SPOT ahead
2025-04-30	162.05	112.96	+1.11	SPOT ahead
2025-04-29	152.28	114.06	+0.88	SPOT ahead
2025-04-28	157.76	113.13	+1.03	SPOT ahead
2025-04-25	163.83	112.46	+1.19	SPOT ahead
2025-04-24	159.93	111.95	+1.13	SPOT ahead
2025-04-23	156.43	110.61	+1.11	SPOT ahead
2025-04-22	155.83	105.13	+1.28	SPOT ahead
2025-04-21	147.49	100.76	+1.24	SPOT ahead
2025-04-17	151.57	103.45	+1.26	SPOT ahead
2025-04-16	148.61	103.79	+1.19	SPOT ahead
2025-04-15	151.07	107.66	+1.13	SPOT ahead
2025-04-14	144.95	106.31	+1.04	SPOT ahead
2025-04-11	143.49	102.95	+1.13	SPOT ahead
2025-04-10	145.96	105.13	+1.12	SPOT ahead
2025-04-09	150.20	106.40	+1.19	SPOT ahead
2025-04-08	136.81	100.84	+1.06	SPOT ahead
2025-04-07	136.97	107.32	+0.86	SPOT ahead
2025-04-04	132.84	109.09	+0.70	SPOT ahead
2025-04-03	147.39	120.54	+0.72	SPOT ahead
2025-04-02	149.23	121.80	+0.74	SPOT ahead
2025-04-01	145.62	121.72	+0.66	SPOT ahead
2025-03-31	145.17	121.30	+0.67	SPOT ahead
2025-03-28	148.11	121.04	+0.75	SPOT ahead
2025-03-27	153.14	124.07	+0.79	SPOT ahead
2025-03-26	152.12	121.21	+0.85	SPOT ahead
2025-03-25	162.55	119.95	+1.12	SPOT ahead
2025-03-24	159.60	119.36	+1.08	SPOT ahead
2025-03-21	158.35	117.85	+1.11	SPOT ahead
2025-03-20	156.92	120.20	+1.02	SPOT ahead
2025-03-19	154.73	123.82	+0.88	SPOT ahead
2025-03-18	150.31	127.02	+0.70	SPOT ahead
2025-03-17	157.69	109.93	+1.36	SPOT ahead
2025-03-14	151.71	105.64	+1.38	SPOT ahead
2025-03-13	141.97	104.38	+1.20	SPOT ahead
2025-03-12	141.43	102.95	+1.25	SPOT ahead
2025-03-11	134.20	102.78	+1.08	SPOT ahead
2025-03-10	129.13	108.33	+0.77	SPOT ahead
2025-03-07	140.44	112.12	+0.95	SPOT ahead
2025-03-06	143.43	112.12	+1.03	SPOT ahead
2025-03-05	154.89	113.47	+1.26	SPOT ahead
2025-03-04	154.18	106.48	+1.48	SPOT ahead
2025-03-03	158.32	103.87	+1.68	SPOT ahead
2025-02-28	160.48	102.61	+1.78	SPOT ahead
2025-02-27	155.92	107.32	+1.54	SPOT ahead
2025-02-26	159.19	108.84	+1.58	SPOT ahead
2025-02-25	155.34	106.99	+1.57	SPOT ahead
2025-02-24	158.79	109.26	+1.59	SPOT ahead
2025-02-21	160.31	121.04	+1.27	SPOT ahead
2025-02-20	168.07	108.00	+1.86	SPOT ahead
2025-02-19	169.64	110.27	+1.84	SPOT ahead
2025-02-18	166.43	114.56	+1.65	SPOT ahead
2025-02-14	168.44	114.56	+1.71	SPOT ahead
2025-02-13	171.11	107.41	+2.03	SPOT ahead
2025-02-12	169.07	106.57	+2.04	SPOT ahead
2025-02-11	164.47	104.71	+2.03	SPOT ahead
2025-02-10	168.31	104.97	+2.13	SPOT ahead
2025-02-07	164.43	105.56	+2.05	SPOT ahead
2025-02-06	165.19	101.60	+2.25	SPOT ahead
2025-02-05	165.22	98.91	+2.39	SPOT ahead
2025-02-04	164.11	101.09	+2.31	SPOT ahead
2025-02-03	144.92	99.07	+1.93	SPOT ahead
2025-01-31	144.78	100.84	+1.87	SPOT ahead
2025-01-30	145.20	103.28	+1.81	SPOT ahead
2025-01-29	142.22	97.98	+1.96	SPOT ahead
2025-01-28	140.10	99.16	+1.87	SPOT ahead
2025-01-27	135.66	99.33	+1.76	SPOT ahead
2025-01-24	134.72	97.56	+1.82	SPOT ahead
2025-01-23	132.36	93.01	+1.97	SPOT ahead
2025-01-22	130.27	93.86	+1.89	SPOT ahead
2025-01-21	128.67	93.43	+1.88	SPOT ahead
2025-01-17	128.15	90.74	+2.00	SPOT ahead
2025-01-16	129.42	87.54	+2.22	SPOT ahead
2025-01-15	129.51	88.38	+2.22	SPOT ahead
2025-01-14	122.36	87.96	+2.02	SPOT ahead
2025-01-13	121.03	86.53	+2.07	SPOT ahead
2025-01-10	121.29	90.40	+1.91	SPOT ahead
2025-01-08	126.62	91.92	+2.05	SPOT ahead
2025-01-07	122.45	91.08	+1.97	SPOT ahead
2025-01-06	123.77	91.84	+2.00	SPOT ahead
2025-01-03	123.18	93.94	+1.90	SPOT ahead
2025-01-02	120.83	95.29	+1.78	SPOT ahead
2024-12-31	118.08	95.54	+1.68	SPOT ahead
2024-12-30	119.24	95.45	+1.74	SPOT ahead
2024-12-27	120.48	98.65	+1.66	SPOT ahead
2024-12-26	120.88	100.34	+1.61	SPOT ahead
2024-12-24	121.84	100.08	+1.68	SPOT ahead
2024-12-23	120.43	98.91	+1.70	SPOT ahead
2024-12-20	121.64	100.59	+1.68	SPOT ahead
2024-12-19	119.87	99.24	+1.69	SPOT ahead
2024-12-18	118.41	99.07	+1.66	SPOT ahead
2024-12-17	125.20	99.16	+1.94	SPOT ahead
2024-12-16	127.98	95.12	+2.26	SPOT ahead
2024-12-13	127.56	100.84	+2.00	SPOT ahead
2024-12-12	126.72	101.60	+1.95	SPOT ahead
2024-12-11	125.87	99.16	+2.06	SPOT ahead
2024-12-10	124.47	105.22	+1.75	SPOT ahead
2024-12-09	127.35	110.77	+1.63	SPOT ahead
2024-12-06	131.61	105.64	+2.04	SPOT ahead
2024-12-05	130.25	102.95	+2.14	SPOT ahead
2024-12-04	132.60	102.61	+2.28	SPOT ahead
2024-12-03	130.20	103.54	+2.17	SPOT ahead
2024-12-02	126.76	102.61	+2.11	SPOT ahead
2024-11-29	125.89	96.04	+2.44	SPOT ahead
2024-11-27	125.43	96.89	+2.42	SPOT ahead
2024-11-26	125.79	93.18	+2.68	SPOT ahead
2024-11-25	127.05	94.19	+2.72	SPOT ahead
2024-11-22	125.38	97.05	+2.54	SPOT ahead
2024-11-21	124.23	96.97	+2.53	SPOT ahead
2024-11-20	124.05	96.30	+2.60	SPOT ahead
2024-11-19	122.42	93.86	+2.72	SPOT ahead
2024-11-18	119.92	96.72	+2.48	SPOT ahead
2024-11-15	120.97	93.18	+2.79	SPOT ahead
2024-11-14	126.03	90.99	+3.22	SPOT ahead
2024-11-13	123.36	89.81	+3.26	SPOT ahead
2024-11-12	110.69	91.92	+2.54	SPOT ahead
2024-11-11	108.26	97.22	+2.10	SPOT ahead
2024-11-08	105.75	95.88	+2.07	SPOT ahead
2024-11-07	105.53	99.16	+1.88	SPOT ahead
2024-11-06	103.24	97.81	+1.85	SPOT ahead
2024-11-05	100.99	98.74	+1.68	SPOT ahead
2024-11-04	99.70	94.78	+1.87	SPOT ahead
2024-11-01	101.48	93.60	+2.08	SPOT ahead
2024-10-31	101.64	93.69	+2.11	SPOT ahead
2024-10-30	104.00	96.13	+2.12	SPOT ahead
2024-10-29	103.26	97.31	+2.03	SPOT ahead
2024-10-28	101.45	99.66	+1.79	SPOT ahead
2024-10-25	100.07	96.72	+1.91	SPOT ahead
2024-10-24	99.47	96.21	+1.93	SPOT ahead
2024-10-23	100.25	97.56	+1.91	SPOT ahead
2024-10-22	102.31	99.33	+1.95	SPOT ahead
2024-10-21	100.82	99.07	+1.89	SPOT ahead
2024-10-18	100.00	100.00	+1.80	SPOT ahead

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Feb 21, 2025 (SPOT -4.6%, TME +12.1%); Mar 18, 2025 (SPOT -4.7%, TME +15.5%); Mar 17, 2026 (SPOT +0.2%, TME -24.6%).

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

SPOT and TME at a glance

SPOT Spotify Technology S.A.

Listing: NYSE · SEC CIK 1639920
Industry: Broadcasting · SIC 4832 Radio Broadcasting Stations
Market value: $106.8B
Price history: 2,152 daily closes, Apr 3, 2018 to Oct 22, 2026

TME Tencent Music Entertainment Group

Listing: NYSE · SEC CIK 1744676
Industry: Broadcasting · SIC 4832 Radio Broadcasting Stations
Market value: $13.6B
Price history: 1,976 daily closes, Dec 12, 2018 to Oct 22, 2026

Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.

All pairs →

Pair	Status	Ahead now	Industry
SPOT / SKYD	Watchlist	SPOT by 2.18 sd	Broadcasting
SPOT / FOXA	Watchlist	SPOT by 0.41 sd	Broadcasting

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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.