United Parcel Service Inc. vs ZTO Express (Cayman) Inc.
WatchlistUPS / ZTOPrices through Oct 22, 2026
Why these are rivals: #1 and #2 by market value ($83B vs $15B) with SEC SIC 4210 (Trucking & Courier Services (No Air)).
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: 0.13 (needs >= 0.60)
- Mean reversion: ADF t-statistic of the spread: -2.21 (needs <= -2.873 (5% critical value))
Business leadership
UPS is the larger business
Annual revenue reported to the SEC. Scale, not market share.
| Year | UPS | ZTO | Larger |
|---|---|---|---|
| 2025 | $88.7B | $7.0B | UPS |
| 2024 | $91.1B | $6.1B | UPS |
| 2023 | $91.0B | $5.4B | UPS |
| 2022 | $100.3B | $5.1B | UPS |
| 2021 | $97.3B | $4.8B | UPS |
| 2020 | $84.6B | $3.9B | UPS |
UPS led in every year with figures for both. Market value: UPS $82.9B, ZTO $15.4B.
Stock leadership
UPS is ahead now
Measured against the pair's own last 252 trading days.
UPS leads ZTO by 1.26 standard deviations: +9.7% over its usual price ratio. 3 lead switches in the last year.
| Price change | 3 mo | 6 mo | 12 mo |
|---|---|---|---|
| UPS | -11.6% | -5.8% | +15.3% |
| ZTO | -16.3% | -21.4% | +5.5% |
Relationship
Not a measured twin today
Only these tests can make a pair tradable on paper.
- Pass
- Aligned sessions: 2510 (needs >= 254)
- Fail
- Co-movement: daily return correlation, 252 sessions: 0.13 (needs >= 0.60)
- Fail
- Mean reversion: ADF t-statistic of the spread: -2.21 (needs <= -2.873 (5% critical value))
- Pass
- Speed: half-life of the spread, sessions: 14.58 (needs <= 63)
- Data
- Both stocks current
The twins over two years
Prices side by side, and the gap between them
UPS United Parcel Service Inc. ZTO ZTO Express (Cayman) Inc.Price 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: UPS relative to ZTO, against the 252 sessions before each day. Above 0: UPS ahead; below 0: ZTO ahead. Lines at +/-2 (idea) and +/-4 (stop).
Data table (504 sessions)
| Date | UPS index | ZTO index | z | Ahead |
|---|---|---|---|---|
| 2026-10-22 | 74.69 | 79.70 | +1.26 | UPS ahead |
| 2026-10-21 | 73.25 | 78.94 | +1.14 | UPS ahead |
| 2026-10-20 | 72.48 | 80.33 | +0.76 | UPS ahead |
| 2026-10-19 | 71.70 | 79.70 | +0.72 | UPS ahead |
| 2026-10-16 | 71.71 | 80.14 | +0.66 | UPS ahead |
| 2026-10-15 | 71.97 | 79.54 | +0.81 | UPS ahead |
| 2026-10-14 | 70.46 | 80.89 | +0.30 | near the usual relationship |
| 2026-10-13 | 69.73 | 82.12 | -0.05 | near the usual relationship |
| 2026-10-12 | 70.14 | 81.25 | +0.18 | near the usual relationship |
| 2026-10-09 | 69.57 | 80.06 | +0.27 | near the usual relationship |
| 2026-10-08 | 69.25 | 79.06 | +0.38 | near the usual relationship |
| 2026-10-07 | 67.90 | 78.67 | +0.18 | near the usual relationship |
| 2026-10-06 | 68.50 | 78.19 | +0.39 | near the usual relationship |
| 2026-10-05 | 68.52 | 78.27 | +0.38 | near the usual relationship |
| 2026-10-02 | 68.43 | 77.47 | +0.51 | UPS ahead |
| 2026-10-01 | 69.07 | 77.04 | +0.72 | UPS ahead |
| 2026-09-30 | 68.74 | 77.16 | +0.63 | UPS ahead |
| 2026-09-29 | 69.10 | 77.87 | +0.58 | UPS ahead |
| 2026-09-28 | 69.34 | 78.15 | +0.59 | UPS ahead |
| 2026-09-25 | 69.12 | 77.43 | +0.68 | UPS ahead |
| 2026-09-24 | 67.72 | 77.35 | +0.41 | near the usual relationship |
| 2026-09-23 | 70.49 | 77.91 | +0.87 | UPS ahead |
| 2026-09-22 | 70.53 | 78.82 | +0.72 | UPS ahead |
| 2026-09-21 | 69.70 | 77.27 | +0.84 | UPS ahead |
| 2026-09-18 | 72.88 | 83.27 | +0.42 | near the usual relationship |
| 2026-09-17 | 73.69 | 82.88 | +0.65 | UPS ahead |
| 2026-09-16 | 72.66 | 80.29 | +0.89 | UPS ahead |
| 2026-09-15 | 75.30 | 81.13 | +1.25 | UPS ahead |
| 2026-09-14 | 75.38 | 83.04 | +0.95 | UPS ahead |
| 2026-09-11 | 73.77 | 81.88 | +0.86 | UPS ahead |
| 2026-09-10 | 73.55 | 82.84 | +0.66 | UPS ahead |
| 2026-09-09 | 72.99 | 82.32 | +0.65 | UPS ahead |
| 2026-09-08 | 73.92 | 82.80 | +0.74 | UPS ahead |
| 2026-09-04 | 75.25 | 83.23 | +0.92 | UPS ahead |
| 2026-09-03 | 76.14 | 83.08 | +1.11 | UPS ahead |
| 2026-09-02 | 75.78 | 83.27 | +1.02 | UPS ahead |
| 2026-09-01 | 75.52 | 83.67 | +0.91 | UPS ahead |
| 2026-08-31 | 76.68 | 84.11 | +1.05 | UPS ahead |
| 2026-08-28 | 77.49 | 85.42 | +0.98 | UPS ahead |
| 2026-08-27 | 77.75 | 84.19 | +1.24 | UPS ahead |
| 2026-08-26 | 77.72 | 84.70 | +1.16 | UPS ahead |
| 2026-08-25 | 77.35 | 85.02 | +1.04 | UPS ahead |
| 2026-08-24 | 75.57 | 84.55 | +0.80 | UPS ahead |
| 2026-08-21 | 75.05 | 84.90 | +0.65 | UPS ahead |
| 2026-08-20 | 75.47 | 84.94 | +0.73 | UPS ahead |
| 2026-08-19 | 75.67 | 85.46 | +0.68 | UPS ahead |
| 2026-08-18 | 74.99 | 91.90 | -0.46 | near the usual relationship |
| 2026-08-17 | 75.05 | 91.02 | -0.32 | near the usual relationship |
| 2026-08-14 | 76.88 | 90.98 | +0.03 | near the usual relationship |
| 2026-08-13 | 77.64 | 91.06 | +0.16 | near the usual relationship |
| 2026-08-12 | 76.44 | 91.93 | -0.19 | near the usual relationship |
| 2026-08-11 | 76.83 | 91.97 | -0.12 | near the usual relationship |
| 2026-08-10 | 77.04 | 95.07 | -0.54 | ZTO ahead |
| 2026-08-07 | 76.88 | 93.76 | -0.38 | near the usual relationship |
| 2026-08-06 | 75.92 | 95.63 | -0.83 | ZTO ahead |
| 2026-08-05 | 79.23 | 94.12 | -0.01 | near the usual relationship |
| 2026-08-04 | 80.27 | 95.27 | +0.01 | near the usual relationship |
| 2026-08-03 | 78.62 | 97.81 | -0.64 | ZTO ahead |
| 2026-07-31 | 76.67 | 95.43 | -0.65 | ZTO ahead |
| 2026-07-30 | 77.44 | 94.80 | -0.42 | near the usual relationship |
| 2026-07-29 | 76.92 | 94.95 | -0.54 | ZTO ahead |
| 2026-07-28 | 77.64 | 95.07 | -0.44 | near the usual relationship |
| 2026-07-27 | 83.09 | 94.80 | +0.53 | UPS ahead |
| 2026-07-24 | 84.45 | 95.27 | +0.67 | UPS ahead |
| 2026-07-23 | 83.94 | 95.51 | +0.55 | UPS ahead |
| 2026-07-22 | 85.22 | 95.75 | +0.71 | UPS ahead |
| 2026-07-21 | 85.59 | 95.35 | +0.81 | UPS ahead |
| 2026-07-20 | 83.24 | 95.95 | +0.35 | near the usual relationship |
| 2026-07-17 | 86.60 | 95.03 | +0.98 | UPS ahead |
| 2026-07-16 | 86.21 | 97.70 | +0.55 | UPS ahead |
| 2026-07-15 | 83.09 | 97.54 | +0.08 | near the usual relationship |
| 2026-07-14 | 83.62 | 95.47 | +0.43 | near the usual relationship |
| 2026-07-13 | 83.05 | 95.47 | +0.33 | near the usual relationship |
| 2026-07-10 | 82.74 | 94.68 | +0.38 | near the usual relationship |
| 2026-07-09 | 81.47 | 93.17 | +0.37 | near the usual relationship |
| 2026-07-08 | 80.88 | 92.25 | +0.39 | near the usual relationship |
| 2026-07-07 | 82.37 | 92.05 | +0.62 | UPS ahead |
| 2026-07-06 | 80.94 | 91.50 | +0.46 | near the usual relationship |
| 2026-07-02 | 81.41 | 91.70 | +0.49 | near the usual relationship |
| 2026-07-01 | 80.59 | 90.50 | +0.51 | UPS ahead |
| 2026-06-30 | 79.08 | 88.92 | +0.48 | near the usual relationship |
| 2026-06-29 | 79.46 | 88.12 | +0.62 | UPS ahead |
| 2026-06-26 | 79.56 | 87.05 | +0.76 | UPS ahead |
| 2026-06-25 | 80.42 | 86.61 | +0.92 | UPS ahead |
| 2026-06-24 | 78.08 | 87.25 | +0.51 | UPS ahead |
| 2026-06-23 | 77.86 | 87.33 | +0.45 | near the usual relationship |
| 2026-06-22 | 78.89 | 88.32 | +0.46 | near the usual relationship |
| 2026-06-18 | 77.14 | 87.41 | +0.32 | near the usual relationship |
| 2026-06-17 | 77.34 | 88.32 | +0.23 | near the usual relationship |
| 2026-06-16 | 80.94 | 89.75 | +0.52 | UPS ahead |
| 2026-06-15 | 80.06 | 90.90 | +0.27 | near the usual relationship |
| 2026-06-12 | 79.53 | 90.70 | +0.21 | near the usual relationship |
| 2026-06-11 | 79.93 | 89.43 | +0.40 | near the usual relationship |
| 2026-06-10 | 75.97 | 89.15 | -0.09 | near the usual relationship |
| 2026-06-09 | 79.36 | 87.17 | +0.56 | UPS ahead |
| 2026-06-08 | 79.23 | 87.80 | +0.46 | near the usual relationship |
| 2026-06-05 | 79.85 | 88.52 | +0.45 | near the usual relationship |
| 2026-06-04 | 81.09 | 89.43 | +0.49 | near the usual relationship |
| 2026-06-03 | 79.95 | 89.95 | +0.29 | near the usual relationship |
| 2026-06-02 | 80.14 | 89.75 | +0.32 | near the usual relationship |
| 2026-06-01 | 80.20 | 88.99 | +0.41 | near the usual relationship |
| 2026-05-29 | 78.49 | 87.88 | +0.31 | near the usual relationship |
| 2026-05-28 | 78.47 | 88.36 | +0.25 | near the usual relationship |
| 2026-05-27 | 76.86 | 89.39 | -0.06 | near the usual relationship |
| 2026-05-26 | 75.02 | 90.23 | -0.38 | near the usual relationship |
| 2026-05-22 | 74.32 | 91.34 | -0.58 | ZTO ahead |
| 2026-05-21 | 72.28 | 90.70 | -0.78 | ZTO ahead |
| 2026-05-20 | 72.74 | 92.25 | -0.89 | ZTO ahead |
| 2026-05-19 | 71.24 | 93.56 | -1.22 | ZTO ahead |
| 2026-05-18 | 70.28 | 93.56 | -1.35 | ZTO ahead |
| 2026-05-15 | 72.78 | 94.32 | -1.11 | ZTO ahead |
| 2026-05-14 | 72.40 | 94.84 | -1.22 | ZTO ahead |
| 2026-05-13 | 72.43 | 98.01 | -1.53 | ZTO ahead |
| 2026-05-12 | 72.42 | 98.77 | -1.62 | ZTO ahead |
| 2026-05-11 | 73.57 | 99.36 | -1.54 | ZTO ahead |
| 2026-05-08 | 74.14 | 99.52 | -1.50 | ZTO ahead |
| 2026-05-07 | 73.64 | 100.60 | -1.68 | ZTO ahead |
| 2026-05-06 | 73.49 | 102.82 | -1.93 | ZTO ahead |
| 2026-05-05 | 72.15 | 100.79 | -1.93 | ZTO ahead |
| 2026-05-04 | 70.85 | 99.25 | -1.98 | ZTO ahead |
| 2026-05-01 | 79.14 | 99.88 | -1.00 | ZTO ahead |
| 2026-04-30 | 80.04 | 101.67 | -1.07 | ZTO ahead |
| 2026-04-29 | 78.43 | 100.79 | -1.19 | ZTO ahead |
| 2026-04-28 | 76.47 | 101.79 | -1.54 | ZTO ahead |
| 2026-04-27 | 79.63 | 100.99 | -1.09 | ZTO ahead |
| 2026-04-24 | 78.73 | 102.22 | -1.32 | ZTO ahead |
| 2026-04-23 | 79.25 | 101.35 | -1.19 | ZTO ahead |
| 2026-04-22 | 77.47 | 101.43 | -1.42 | ZTO ahead |
| 2026-04-21 | 78.21 | 101.39 | -1.34 | ZTO ahead |
| 2026-04-20 | 78.80 | 100.48 | -1.19 | ZTO ahead |
| 2026-04-17 | 78.31 | 99.72 | -1.19 | ZTO ahead |
| 2026-04-16 | 77.29 | 100.52 | -1.40 | ZTO ahead |
| 2026-04-15 | 76.19 | 99.64 | -1.47 | ZTO ahead |
| 2026-04-14 | 75.94 | 99.09 | -1.46 | ZTO ahead |
| 2026-04-13 | 75.05 | 99.72 | -1.65 | ZTO ahead |
| 2026-04-10 | 74.82 | 98.37 | -1.56 | ZTO ahead |
| 2026-04-09 | 74.77 | 97.22 | -1.47 | ZTO ahead |
| 2026-04-08 | 73.90 | 97.58 | -1.63 | ZTO ahead |
| 2026-04-07 | 71.78 | 98.57 | -2.05 | ZTO ahead |
| 2026-04-06 | 71.48 | 99.13 | -2.17 | ZTO ahead |
| 2026-04-02 | 72.23 | 99.13 | -2.09 | ZTO ahead |
| 2026-04-01 | 72.03 | 98.53 | -2.08 | ZTO ahead |
| 2026-03-31 | 72.38 | 100.00 | -2.21 | ZTO ahead |
| 2026-03-30 | 69.85 | 96.58 | -2.24 | ZTO ahead |
| 2026-03-27 | 69.74 | 95.59 | -2.18 | ZTO ahead |
| 2026-03-26 | 71.73 | 95.43 | -1.89 | ZTO ahead |
| 2026-03-25 | 72.37 | 96.62 | -1.95 | ZTO ahead |
| 2026-03-24 | 72.42 | 100.40 | -2.36 | ZTO ahead |
| 2026-03-23 | 71.85 | 99.05 | -2.33 | ZTO ahead |
| 2026-03-20 | 70.52 | 97.18 | -2.36 | ZTO ahead |
| 2026-03-19 | 71.04 | 100.40 | -2.67 | ZTO ahead |
| 2026-03-18 | 71.24 | 101.35 | -2.79 | ZTO ahead |
| 2026-03-17 | 71.93 | 94.28 | -1.92 | ZTO ahead |
| 2026-03-16 | 71.65 | 94.52 | -2.01 | ZTO ahead |
| 2026-03-13 | 71.51 | 95.51 | -2.16 | ZTO ahead |
| 2026-03-12 | 72.02 | 93.33 | -1.85 | ZTO ahead |
| 2026-03-11 | 74.16 | 93.76 | -1.59 | ZTO ahead |
| 2026-03-10 | 74.24 | 92.69 | -1.47 | ZTO ahead |
| 2026-03-09 | 73.52 | 91.42 | -1.43 | ZTO ahead |
| 2026-03-06 | 75.30 | 90.58 | -1.09 | ZTO ahead |
| 2026-03-05 | 76.56 | 89.03 | -0.74 | ZTO ahead |
| 2026-03-04 | 81.29 | 90.66 | -0.30 | near the usual relationship |
| 2026-03-03 | 83.30 | 92.81 | -0.30 | near the usual relationship |
| 2026-03-02 | 84.18 | 95.19 | -0.46 | near the usual relationship |
| 2026-02-27 | 85.31 | 96.86 | -0.51 | ZTO ahead |
| 2026-02-26 | 85.80 | 95.91 | -0.35 | near the usual relationship |
| 2026-02-25 | 83.76 | 98.33 | -0.86 | ZTO ahead |
| 2026-02-24 | 84.87 | 100.28 | -0.93 | ZTO ahead |
| 2026-02-23 | 84.62 | 100.36 | -0.98 | ZTO ahead |
| 2026-02-20 | 85.88 | 100.48 | -0.85 | ZTO ahead |
| 2026-02-19 | 85.00 | 101.11 | -1.02 | ZTO ahead |
| 2026-02-18 | 85.43 | 100.60 | -0.93 | ZTO ahead |
| 2026-02-17 | 84.98 | 100.00 | -0.93 | ZTO ahead |
| 2026-02-13 | 87.72 | 97.97 | -0.41 | near the usual relationship |
| 2026-02-12 | 86.86 | 97.18 | -0.43 | near the usual relationship |
| 2026-02-11 | 88.28 | 98.89 | -0.45 | near the usual relationship |
| 2026-02-10 | 87.32 | 97.02 | -0.38 | near the usual relationship |
| 2026-02-09 | 86.75 | 95.87 | -0.33 | near the usual relationship |
| 2026-02-06 | 86.32 | 95.71 | -0.37 | near the usual relationship |
| 2026-02-05 | 85.74 | 93.88 | -0.25 | near the usual relationship |
| 2026-02-04 | 85.88 | 90.54 | +0.11 | near the usual relationship |
| 2026-02-03 | 82.28 | 89.43 | -0.19 | near the usual relationship |
| 2026-02-02 | 81.12 | 87.92 | -0.17 | near the usual relationship |
| 2026-01-30 | 78.14 | 87.13 | -0.45 | near the usual relationship |
| 2026-01-29 | 77.97 | 88.36 | -0.60 | ZTO ahead |
| 2026-01-28 | 76.29 | 87.29 | -0.69 | ZTO ahead |
| 2026-01-27 | 78.86 | 86.13 | -0.28 | near the usual relationship |
| 2026-01-26 | 78.69 | 85.82 | -0.28 | near the usual relationship |
| 2026-01-23 | 79.44 | 87.09 | -0.33 | near the usual relationship |
| 2026-01-22 | 80.41 | 88.68 | -0.39 | near the usual relationship |
| 2026-01-21 | 79.81 | 89.15 | -0.50 | ZTO ahead |
| 2026-01-20 | 78.38 | 88.00 | -0.55 | ZTO ahead |
| 2026-01-16 | 78.65 | 88.68 | -0.59 | ZTO ahead |
| 2026-01-15 | 79.91 | 89.55 | -0.55 | ZTO ahead |
| 2026-01-14 | 79.01 | 89.39 | -0.63 | ZTO ahead |
| 2026-01-13 | 78.41 | 86.93 | -0.47 | near the usual relationship |
| 2026-01-12 | 79.47 | 86.85 | -0.36 | near the usual relationship |
| 2026-01-09 | 79.50 | 86.21 | -0.31 | near the usual relationship |
| 2026-01-08 | 78.69 | 86.29 | -0.40 | near the usual relationship |
| 2026-01-07 | 77.55 | 84.74 | -0.38 | near the usual relationship |
| 2026-01-06 | 77.41 | 86.77 | -0.59 | ZTO ahead |
| 2026-01-05 | 75.04 | 86.25 | -0.78 | ZTO ahead |
| 2026-01-02 | 74.32 | 85.26 | -0.78 | ZTO ahead |
| 2025-12-31 | 72.97 | 83.00 | -0.72 | ZTO ahead |
| 2025-12-30 | 73.30 | 83.87 | -0.77 | ZTO ahead |
| 2025-12-29 | 73.33 | 84.03 | -0.79 | ZTO ahead |
| 2025-12-26 | 73.96 | 84.55 | -0.77 | ZTO ahead |
| 2025-12-24 | 74.05 | 84.51 | -0.77 | ZTO ahead |
| 2025-12-23 | 73.71 | 85.22 | -0.87 | ZTO ahead |
| 2025-12-22 | 74.10 | 84.55 | -0.78 | ZTO ahead |
| 2025-12-19 | 74.98 | 84.51 | -0.70 | ZTO ahead |
| 2025-12-18 | 75.10 | 85.06 | -0.74 | ZTO ahead |
| 2025-12-17 | 74.27 | 84.07 | -0.74 | ZTO ahead |
| 2025-12-16 | 73.65 | 83.63 | -0.77 | ZTO ahead |
| 2025-12-15 | 73.62 | 83.63 | -0.78 | ZTO ahead |
| 2025-12-12 | 74.24 | 85.18 | -0.86 | ZTO ahead |
| 2025-12-11 | 73.92 | 83.55 | -0.75 | ZTO ahead |
| 2025-12-10 | 73.30 | 82.92 | -0.77 | ZTO ahead |
| 2025-12-09 | 71.34 | 83.00 | -0.97 | ZTO ahead |
| 2025-12-08 | 70.29 | 83.63 | -1.14 | ZTO ahead |
| 2025-12-05 | 69.79 | 86.13 | -1.41 | ZTO ahead |
| 2025-12-04 | 69.71 | 83.47 | -1.20 | ZTO ahead |
| 2025-12-03 | 72.25 | 82.04 | -0.83 | ZTO ahead |
| 2025-12-02 | 70.32 | 81.64 | -1.00 | ZTO ahead |
| 2025-12-01 | 70.05 | 82.64 | -1.11 | ZTO ahead |
| 2025-11-28 | 70.47 | 82.04 | -1.03 | ZTO ahead |
| 2025-11-26 | 70.38 | 82.92 | -1.12 | ZTO ahead |
| 2025-11-25 | 69.55 | 81.61 | -1.10 | ZTO ahead |
| 2025-11-24 | 68.83 | 78.15 | -0.88 | ZTO ahead |
| 2025-11-21 | 69.64 | 76.36 | -0.65 | ZTO ahead |
| 2025-11-20 | 66.85 | 75.29 | -0.84 | ZTO ahead |
| 2025-11-19 | 67.98 | 75.37 | -0.73 | ZTO ahead |
| 2025-11-18 | 68.29 | 75.21 | -0.70 | ZTO ahead |
| 2025-11-17 | 69.29 | 74.93 | -0.58 | ZTO ahead |
| 2025-11-14 | 70.61 | 75.25 | -0.48 | near the usual relationship |
| 2025-11-13 | 70.60 | 75.53 | -0.51 | ZTO ahead |
| 2025-11-12 | 70.76 | 76.92 | -0.63 | ZTO ahead |
| 2025-11-11 | 69.91 | 76.04 | -0.64 | ZTO ahead |
| 2025-11-10 | 68.46 | 75.17 | -0.71 | ZTO ahead |
| 2025-11-07 | 70.59 | 74.85 | -0.47 | near the usual relationship |
| 2025-11-06 | 68.86 | 75.09 | -0.67 | ZTO ahead |
| 2025-11-05 | 68.35 | 75.05 | -0.72 | ZTO ahead |
| 2025-11-04 | 68.60 | 74.33 | -0.63 | ZTO ahead |
| 2025-11-03 | 69.22 | 74.77 | -0.62 | ZTO ahead |
| 2025-10-31 | 70.93 | 73.86 | -0.37 | near the usual relationship |
| 2025-10-30 | 69.93 | 74.45 | -0.52 | ZTO ahead |
| 2025-10-29 | 71.65 | 75.76 | -0.48 | near the usual relationship |
| 2025-10-28 | 70.89 | 76.36 | -0.61 | ZTO ahead |
| 2025-10-27 | 65.64 | 76.92 | -1.19 | ZTO ahead |
| 2025-10-24 | 64.17 | 76.32 | -1.30 | ZTO ahead |
| 2025-10-23 | 64.03 | 76.08 | -1.30 | ZTO ahead |
| 2025-10-22 | 64.06 | 75.41 | -1.24 | ZTO ahead |
| 2025-10-21 | 64.78 | 75.53 | -1.18 | ZTO ahead |
| 2025-10-20 | 63.94 | 75.88 | -1.32 | ZTO ahead |
| 2025-10-17 | 63.57 | 75.41 | -1.32 | ZTO ahead |
| 2025-10-16 | 63.00 | 75.41 | -1.39 | ZTO ahead |
| 2025-10-15 | 61.86 | 75.45 | -1.53 | ZTO ahead |
| 2025-10-14 | 61.83 | 73.98 | -1.41 | ZTO ahead |
| 2025-10-13 | 61.19 | 73.50 | -1.45 | ZTO ahead |
| 2025-10-10 | 60.97 | 73.70 | -1.50 | ZTO ahead |
| 2025-10-09 | 62.74 | 75.80 | -1.50 | ZTO ahead |
| 2025-10-08 | 63.45 | 75.88 | -1.44 | ZTO ahead |
| 2025-10-07 | 63.25 | 75.33 | -1.41 | ZTO ahead |
| 2025-10-06 | 63.72 | 76.48 | -1.48 | ZTO ahead |
| 2025-10-03 | 63.84 | 75.45 | -1.37 | ZTO ahead |
| 2025-10-02 | 62.95 | 76.00 | -1.54 | ZTO ahead |
| 2025-10-01 | 62.08 | 76.04 | -1.66 | ZTO ahead |
| 2025-09-30 | 61.45 | 76.28 | -1.78 | ZTO ahead |
| 2025-09-29 | 62.16 | 77.75 | -1.85 | ZTO ahead |
| 2025-09-26 | 61.59 | 76.72 | -1.84 | ZTO ahead |
| 2025-09-25 | 60.75 | 76.44 | -1.94 | ZTO ahead |
| 2025-09-24 | 61.72 | 75.21 | -1.72 | ZTO ahead |
| 2025-09-23 | 62.10 | 73.58 | -1.52 | ZTO ahead |
| 2025-09-22 | 61.97 | 74.57 | -1.65 | ZTO ahead |
| 2025-09-19 | 61.84 | 73.90 | -1.62 | ZTO ahead |
| 2025-09-18 | 62.57 | 74.61 | -1.62 | ZTO ahead |
| 2025-09-17 | 61.93 | 75.84 | -1.84 | ZTO ahead |
| 2025-09-16 | 62.68 | 77.08 | -1.89 | ZTO ahead |
| 2025-09-15 | 61.81 | 76.56 | -1.97 | ZTO ahead |
| 2025-09-12 | 62.05 | 75.73 | -1.88 | ZTO ahead |
| 2025-09-11 | 62.27 | 76.84 | -1.99 | ZTO ahead |
| 2025-09-10 | 61.69 | 76.64 | -2.07 | ZTO ahead |
| 2025-09-09 | 62.09 | 75.88 | -1.96 | ZTO ahead |
| 2025-09-08 | 62.03 | 74.89 | -1.89 | ZTO ahead |
| 2025-09-05 | 62.56 | 72.86 | -1.61 | ZTO ahead |
| 2025-09-04 | 62.15 | 72.27 | -1.61 | ZTO ahead |
| 2025-09-03 | 62.75 | 71.59 | -1.47 | ZTO ahead |
| 2025-09-02 | 62.70 | 71.00 | -1.42 | ZTO ahead |
| 2025-08-29 | 64.33 | 72.31 | -1.37 | ZTO ahead |
| 2025-08-28 | 64.20 | 73.26 | -1.51 | ZTO ahead |
| 2025-08-27 | 64.64 | 74.69 | -1.63 | ZTO ahead |
| 2025-08-26 | 64.34 | 76.16 | -1.85 | ZTO ahead |
| 2025-08-25 | 64.55 | 75.25 | -1.74 | ZTO ahead |
| 2025-08-22 | 65.34 | 75.88 | -1.73 | ZTO ahead |
| 2025-08-21 | 63.38 | 75.80 | -2.00 | ZTO ahead |
| 2025-08-20 | 63.96 | 77.59 | -2.15 | ZTO ahead |
| 2025-08-19 | 64.59 | 78.43 | -2.18 | ZTO ahead |
| 2025-08-18 | 63.64 | 80.29 | -2.55 | ZTO ahead |
| 2025-08-15 | 65.09 | 79.14 | -2.26 | ZTO ahead |
| 2025-08-14 | 65.14 | 78.78 | -2.25 | ZTO ahead |
| 2025-08-13 | 64.87 | 80.14 | -2.48 | ZTO ahead |
| 2025-08-12 | 64.32 | 79.50 | -2.52 | ZTO ahead |
| 2025-08-11 | 63.50 | 80.17 | -2.77 | ZTO ahead |
| 2025-08-08 | 63.76 | 81.76 | -2.97 | ZTO ahead |
| 2025-08-07 | 63.63 | 82.36 | -3.12 | ZTO ahead |
| 2025-08-06 | 63.45 | 79.26 | -2.83 | ZTO ahead |
| 2025-08-05 | 63.84 | 78.35 | -2.70 | ZTO ahead |
| 2025-08-04 | 62.55 | 81.37 | -3.33 | ZTO ahead |
| 2025-08-01 | 62.16 | 80.37 | -3.35 | ZTO ahead |
| 2025-07-31 | 63.39 | 78.23 | -2.94 | ZTO ahead |
| 2025-07-30 | 64.14 | 79.38 | -3.03 | ZTO ahead |
| 2025-07-29 | 66.83 | 78.27 | -2.50 | ZTO ahead |
| 2025-07-28 | 74.73 | 79.18 | -1.48 | ZTO ahead |
| 2025-07-25 | 76.19 | 80.61 | -1.48 | ZTO ahead |
| 2025-07-24 | 75.43 | 80.41 | -1.57 | ZTO ahead |
| 2025-07-23 | 76.16 | 77.35 | -1.08 | ZTO ahead |
| 2025-07-22 | 74.41 | 77.16 | -1.29 | ZTO ahead |
| 2025-07-21 | 72.76 | 75.17 | -1.26 | ZTO ahead |
| 2025-07-18 | 72.99 | 75.41 | -1.27 | ZTO ahead |
| 2025-07-17 | 73.20 | 72.82 | -0.90 | ZTO ahead |
| 2025-07-16 | 73.30 | 72.19 | -0.80 | ZTO ahead |
| 2025-07-15 | 73.22 | 73.38 | -0.98 | ZTO ahead |
| 2025-07-14 | 73.66 | 73.14 | -0.90 | ZTO ahead |
| 2025-07-11 | 74.50 | 74.26 | -0.94 | ZTO ahead |
| 2025-07-10 | 75.72 | 76.80 | -1.13 | ZTO ahead |
| 2025-07-09 | 75.15 | 70.32 | -0.33 | near the usual relationship |
| 2025-07-08 | 75.32 | 71.00 | -0.41 | near the usual relationship |
| 2025-07-07 | 74.19 | 71.20 | -0.59 | ZTO ahead |
| 2025-07-03 | 76.61 | 71.71 | -0.35 | near the usual relationship |
| 2025-07-02 | 77.64 | 71.67 | -0.22 | near the usual relationship |
| 2025-07-01 | 76.86 | 71.08 | -0.24 | near the usual relationship |
| 2025-06-30 | 74.26 | 70.52 | -0.50 | ZTO ahead |
| 2025-06-27 | 74.44 | 70.64 | -0.50 | ZTO ahead |
| 2025-06-26 | 74.01 | 70.12 | -0.49 | near the usual relationship |
| 2025-06-25 | 73.10 | 70.88 | -0.72 | ZTO ahead |
| 2025-06-24 | 74.02 | 69.96 | -0.47 | near the usual relationship |
| 2025-06-23 | 73.86 | 68.97 | -0.36 | near the usual relationship |
| 2025-06-20 | 73.03 | 68.38 | -0.39 | near the usual relationship |
| 2025-06-18 | 72.99 | 67.78 | -0.31 | near the usual relationship |
| 2025-06-17 | 73.32 | 68.41 | -0.36 | near the usual relationship |
| 2025-06-16 | 74.37 | 70.32 | -0.49 | near the usual relationship |
| 2025-06-13 | 73.57 | 69.33 | -0.46 | near the usual relationship |
| 2025-06-12 | 74.24 | 70.64 | -0.55 | ZTO ahead |
| 2025-06-11 | 74.42 | 69.77 | -0.41 | near the usual relationship |
| 2025-06-10 | 75.38 | 70.00 | -0.32 | near the usual relationship |
| 2025-06-09 | 73.06 | 70.72 | -0.72 | ZTO ahead |
| 2025-06-06 | 72.28 | 68.06 | -0.45 | near the usual relationship |
| 2025-06-05 | 71.26 | 67.70 | -0.54 | ZTO ahead |
| 2025-06-04 | 72.50 | 67.74 | -0.38 | near the usual relationship |
| 2025-06-03 | 72.15 | 67.94 | -0.46 | near the usual relationship |
| 2025-06-02 | 71.63 | 68.26 | -0.58 | ZTO ahead |
| 2025-05-30 | 71.76 | 69.92 | -0.80 | ZTO ahead |
| 2025-05-29 | 72.17 | 70.96 | -0.89 | ZTO ahead |
| 2025-05-28 | 71.17 | 69.65 | -0.84 | ZTO ahead |
| 2025-05-27 | 71.76 | 66.59 | -0.32 | near the usual relationship |
| 2025-05-23 | 70.16 | 67.34 | -0.65 | ZTO ahead |
| 2025-05-22 | 71.34 | 67.18 | -0.47 | near the usual relationship |
| 2025-05-21 | 70.51 | 67.66 | -0.66 | ZTO ahead |
| 2025-05-20 | 71.76 | 69.53 | -0.76 | ZTO ahead |
| 2025-05-19 | 72.91 | 75.61 | -1.44 | ZTO ahead |
| 2025-05-16 | 74.54 | 74.18 | -1.04 | ZTO ahead |
| 2025-05-15 | 73.82 | 72.15 | -0.87 | ZTO ahead |
| 2025-05-14 | 73.31 | 74.53 | -1.27 | ZTO ahead |
| 2025-05-13 | 73.43 | 73.38 | -1.11 | ZTO ahead |
| 2025-05-12 | 74.46 | 75.49 | -1.26 | ZTO ahead |
| 2025-05-09 | 70.54 | 74.37 | -1.65 | ZTO ahead |
| 2025-05-08 | 71.32 | 75.33 | -1.69 | ZTO ahead |
| 2025-05-07 | 69.12 | 75.05 | -1.98 | ZTO ahead |
| 2025-05-06 | 69.01 | 76.12 | -2.16 | ZTO ahead |
| 2025-05-05 | 70.30 | 75.09 | -1.86 | ZTO ahead |
| 2025-05-02 | 70.92 | 75.41 | -1.83 | ZTO ahead |
| 2025-05-01 | 69.59 | 73.34 | -1.76 | ZTO ahead |
| 2025-04-30 | 70.11 | 73.50 | -1.73 | ZTO ahead |
| 2025-04-29 | 71.16 | 74.57 | -1.74 | ZTO ahead |
| 2025-04-28 | 71.43 | 76.08 | -1.92 | ZTO ahead |
| 2025-04-25 | 72.03 | 75.76 | -1.81 | ZTO ahead |
| 2025-04-24 | 72.77 | 75.49 | -1.68 | ZTO ahead |
| 2025-04-23 | 71.51 | 75.53 | -1.88 | ZTO ahead |
| 2025-04-22 | 71.24 | 75.80 | -1.98 | ZTO ahead |
| 2025-04-21 | 70.81 | 74.49 | -1.88 | ZTO ahead |
| 2025-04-17 | 70.94 | 74.73 | -1.91 | ZTO ahead |
| 2025-04-16 | 69.30 | 74.53 | -2.14 | ZTO ahead |
| 2025-04-15 | 70.99 | 74.49 | -1.90 | ZTO ahead |
| 2025-04-14 | 72.59 | 75.09 | -1.77 | ZTO ahead |
| 2025-04-11 | 71.42 | 72.51 | -1.59 | ZTO ahead |
| 2025-04-10 | 71.04 | 70.16 | -1.32 | ZTO ahead |
| 2025-04-09 | 73.32 | 70.88 | -1.11 | ZTO ahead |
| 2025-04-08 | 67.62 | 65.59 | -1.15 | ZTO ahead |
| 2025-04-07 | 70.30 | 71.59 | -1.66 | ZTO ahead |
| 2025-04-04 | 71.88 | 72.19 | -1.53 | ZTO ahead |
| 2025-04-03 | 73.66 | 75.92 | -1.82 | ZTO ahead |
| 2025-04-02 | 81.07 | 77.39 | -1.04 | ZTO ahead |
| 2025-04-01 | 80.38 | 78.78 | -1.32 | ZTO ahead |
| 2025-03-31 | 80.92 | 78.82 | -1.27 | ZTO ahead |
| 2025-03-28 | 80.67 | 78.74 | -1.30 | ZTO ahead |
| 2025-03-27 | 81.67 | 80.29 | -1.38 | ZTO ahead |
| 2025-03-26 | 81.67 | 78.98 | -1.22 | ZTO ahead |
| 2025-03-25 | 80.89 | 78.74 | -1.30 | ZTO ahead |
| 2025-03-24 | 85.19 | 79.38 | -0.86 | ZTO ahead |
| 2025-03-21 | 84.68 | 79.66 | -0.97 | ZTO ahead |
| 2025-03-20 | 86.06 | 80.02 | -0.85 | ZTO ahead |
| 2025-03-19 | 86.42 | 86.45 | -1.61 | ZTO ahead |
| 2025-03-18 | 87.44 | 84.62 | -1.29 | ZTO ahead |
| 2025-03-17 | 86.85 | 82.36 | -1.09 | ZTO ahead |
| 2025-03-14 | 85.90 | 79.34 | -0.82 | ZTO ahead |
| 2025-03-13 | 84.77 | 77.12 | -0.67 | ZTO ahead |
| 2025-03-12 | 84.79 | 76.24 | -0.56 | ZTO ahead |
| 2025-03-11 | 85.60 | 78.11 | -0.72 | ZTO ahead |
| 2025-03-10 | 88.74 | 79.50 | -0.54 | ZTO ahead |
| 2025-03-07 | 89.47 | 79.94 | -0.52 | ZTO ahead |
| 2025-03-06 | 88.65 | 81.45 | -0.80 | ZTO ahead |
| 2025-03-05 | 87.56 | 82.64 | -1.07 | ZTO ahead |
| 2025-03-04 | 85.92 | 81.80 | -1.17 | ZTO ahead |
| 2025-03-03 | 87.74 | 78.78 | -0.60 | ZTO ahead |
| 2025-02-28 | 87.57 | 77.04 | -0.41 | near the usual relationship |
| 2025-02-27 | 86.54 | 78.15 | -0.67 | ZTO ahead |
| 2025-02-26 | 85.99 | 77.59 | -0.66 | ZTO ahead |
| 2025-02-25 | 86.89 | 77.83 | -0.60 | ZTO ahead |
| 2025-02-24 | 85.46 | 78.70 | -0.87 | ZTO ahead |
| 2025-02-21 | 85.58 | 82.56 | -1.32 | ZTO ahead |
| 2025-02-20 | 85.78 | 81.80 | -1.21 | ZTO ahead |
| 2025-02-19 | 84.60 | 79.46 | -1.08 | ZTO ahead |
| 2025-02-18 | 84.91 | 78.59 | -0.95 | ZTO ahead |
| 2025-02-14 | 85.50 | 79.82 | -1.03 | ZTO ahead |
| 2025-02-13 | 85.07 | 79.18 | -1.01 | ZTO ahead |
| 2025-02-12 | 84.06 | 78.03 | -0.99 | ZTO ahead |
| 2025-02-11 | 84.26 | 75.21 | -0.64 | ZTO ahead |
| 2025-02-10 | 83.98 | 78.11 | -1.01 | ZTO ahead |
| 2025-02-07 | 83.21 | 76.40 | -0.90 | ZTO ahead |
| 2025-02-06 | 83.48 | 75.88 | -0.82 | ZTO ahead |
| 2025-02-05 | 82.32 | 75.33 | -0.88 | ZTO ahead |
| 2025-02-04 | 82.23 | 74.69 | -0.82 | ZTO ahead |
| 2025-02-03 | 81.87 | 73.22 | -0.69 | ZTO ahead |
| 2025-01-31 | 84.04 | 74.14 | -0.58 | ZTO ahead |
| 2025-01-30 | 84.53 | 75.80 | -0.72 | ZTO ahead |
| 2025-01-29 | 98.42 | 73.74 | +0.73 | UPS ahead |
| 2025-01-28 | 99.62 | 75.53 | +0.62 | UPS ahead |
| 2025-01-27 | 100.24 | 75.61 | +0.64 | UPS ahead |
| 2025-01-24 | 97.87 | 74.22 | +0.59 | UPS ahead |
| 2025-01-23 | 98.29 | 73.34 | +0.69 | UPS ahead |
| 2025-01-22 | 97.51 | 74.53 | +0.50 | UPS ahead |
| 2025-01-21 | 97.75 | 76.36 | +0.32 | near the usual relationship |
| 2025-01-17 | 95.44 | 75.84 | +0.18 | near the usual relationship |
| 2025-01-16 | 95.59 | 74.73 | +0.30 | near the usual relationship |
| 2025-01-15 | 93.78 | 72.90 | +0.33 | near the usual relationship |
| 2025-01-14 | 92.58 | 73.70 | +0.15 | near the usual relationship |
| 2025-01-13 | 91.97 | 71.91 | +0.27 | near the usual relationship |
| 2025-01-10 | 90.69 | 71.24 | +0.24 | near the usual relationship |
| 2025-01-08 | 93.25 | 75.21 | +0.04 | near the usual relationship |
| 2025-01-07 | 91.94 | 75.84 | -0.13 | near the usual relationship |
| 2025-01-06 | 91.38 | 75.13 | -0.11 | near the usual relationship |
| 2025-01-03 | 91.07 | 76.60 | -0.28 | near the usual relationship |
| 2025-01-02 | 91.13 | 75.61 | -0.18 | near the usual relationship |
| 2024-12-31 | 92.77 | 77.67 | -0.25 | near the usual relationship |
| 2024-12-30 | 92.19 | 76.64 | -0.21 | near the usual relationship |
| 2024-12-27 | 92.78 | 78.43 | -0.33 | near the usual relationship |
| 2024-12-26 | 92.96 | 79.10 | -0.38 | near the usual relationship |
| 2024-12-24 | 92.89 | 78.51 | -0.34 | near the usual relationship |
| 2024-12-23 | 92.51 | 78.67 | -0.39 | near the usual relationship |
| 2024-12-20 | 92.46 | 78.78 | -0.41 | near the usual relationship |
| 2024-12-19 | 90.23 | 78.35 | -0.55 | ZTO ahead |
| 2024-12-18 | 91.09 | 78.19 | -0.47 | near the usual relationship |
| 2024-12-17 | 93.67 | 79.66 | -0.41 | near the usual relationship |
| 2024-12-16 | 94.57 | 76.96 | -0.11 | near the usual relationship |
| 2024-12-13 | 94.73 | 76.32 | -0.04 | near the usual relationship |
| 2024-12-12 | 94.89 | 75.57 | +0.04 | near the usual relationship |
| 2024-12-11 | 94.99 | 74.18 | +0.17 | near the usual relationship |
| 2024-12-10 | 95.80 | 75.09 | +0.14 | near the usual relationship |
| 2024-12-09 | 94.56 | 77.04 | -0.13 | near the usual relationship |
| 2024-12-06 | 92.41 | 73.46 | +0.04 | near the usual relationship |
| 2024-12-05 | 93.86 | 74.06 | +0.09 | near the usual relationship |
| 2024-12-04 | 94.74 | 74.14 | +0.15 | near the usual relationship |
| 2024-12-03 | 95.42 | 75.53 | +0.07 | near the usual relationship |
| 2024-12-02 | 98.59 | 75.41 | +0.31 | near the usual relationship |
| 2024-11-29 | 99.85 | 75.49 | +0.39 | near the usual relationship |
| 2024-11-27 | 99.82 | 76.32 | +0.31 | near the usual relationship |
| 2024-11-26 | 99.29 | 74.65 | +0.43 | near the usual relationship |
| 2024-11-25 | 101.18 | 75.45 | +0.49 | near the usual relationship |
| 2024-11-22 | 99.18 | 76.60 | +0.25 | near the usual relationship |
| 2024-11-21 | 96.65 | 78.74 | -0.13 | near the usual relationship |
| 2024-11-20 | 97.18 | 79.46 | -0.15 | near the usual relationship |
| 2024-11-19 | 97.99 | 83.59 | -0.45 | near the usual relationship |
| 2024-11-18 | 99.41 | 82.64 | -0.26 | near the usual relationship |
| 2024-11-15 | 98.63 | 83.71 | -0.41 | near the usual relationship |
| 2024-11-14 | 97.58 | 83.11 | -0.43 | near the usual relationship |
| 2024-11-13 | 98.34 | 82.64 | -0.33 | near the usual relationship |
| 2024-11-12 | 95.74 | 82.72 | -0.52 | ZTO ahead |
| 2024-11-11 | 96.82 | 84.82 | -0.61 | ZTO ahead |
| 2024-11-08 | 97.43 | 87.21 | -0.76 | ZTO ahead |
| 2024-11-07 | 98.69 | 90.46 | -0.93 | ZTO ahead |
| 2024-11-06 | 98.52 | 90.15 | -0.91 | ZTO ahead |
| 2024-11-05 | 98.46 | 91.26 | -1.00 | ZTO ahead |
| 2024-11-04 | 97.84 | 89.23 | -0.89 | ZTO ahead |
| 2024-11-01 | 98.62 | 91.74 | -1.03 | ZTO ahead |
| 2024-10-31 | 98.62 | 91.82 | -1.03 | ZTO ahead |
| 2024-10-30 | 98.43 | 93.05 | -1.14 | ZTO ahead |
| 2024-10-29 | 98.81 | 94.40 | -1.22 | ZTO ahead |
| 2024-10-28 | 99.57 | 97.34 | -1.38 | ZTO ahead |
| 2024-10-25 | 101.10 | 96.27 | -1.20 | ZTO ahead |
| 2024-10-24 | 101.78 | 97.81 | -1.27 | ZTO ahead |
| 2024-10-23 | 96.67 | 99.25 | -1.75 | ZTO ahead |
| 2024-10-22 | 96.62 | 100.00 | -1.82 | ZTO ahead |
| 2024-10-21 | 96.62 | 99.28 | -1.79 | ZTO ahead |
| 2024-10-18 | 100.00 | 100.00 | -1.61 | ZTO ahead |
One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Jan 30, 2025 (UPS -14.1%, ZTO +2.8%); May 4, 2026 (UPS -10.5%, ZTO -0.6%). Upcoming earnings: UPS Oct 27, 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)
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
UPS and ZTO at a glance
UPS United Parcel Service Inc.
- Listing
- NYSE · SEC CIK 1090727
- Industry
- Trucking Freight/Courier Services · SIC 4210 Trucking & Courier Services (No Air)
- Market value
- $82.9B
- Price history
- 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026
ZTO ZTO Express (Cayman) Inc.
- Listing
- NYSE · SEC CIK 1677250
- Industry
- Trucking Freight/Courier Services · SIC 4210 Trucking & Courier Services (No Air)
- Market value
- $15.4B
- Price history
- 2,510 daily closes, Oct 27, 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 UPS and ZTO
| Pair | Status | Ahead now | Industry |
|---|---|---|---|
| UPS / ODFL | Watchlist | neither | Trucking Freight/Courier Services |
| UPS / JBHT | Watchlist | neither | Trucking Freight/Courier Services |
Follow the research behind the paper book
Boostio is a research-first platform in private beta: crypto candidates, daily market stories, public paper trading and now rival stocks. Exploring these pages stays free and open.
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.
