Canadian Pacific Kansas City Limited vs Union Pacific Corporation
WatchlistCP / UNPPrices through Nov 10, 2026
Why these are rivals: #1 and #3 by market value ($180B vs $79B) in Nasdaq's "Railroads" industry; SEC SIC 4011 / 4011 (same major group); #1 and #3 by market value ($180B vs $79B) with SEC SIC 4011 (Railroads, Line-Haul Operating).
Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.
- Mean reversion: ADF t-statistic of the spread: -2.60 (needs <= -2.873 (5% critical value))
Business leadership
Business size
Annual revenue reported to the SEC. Scale, not market share.
| Year | CP | UNP | Larger |
|---|---|---|---|
| 2025 | - | $24.5B | - |
| 2024 | - | $24.3B | - |
| 2023 | - | $24.1B | - |
| 2022 | - | $24.9B | - |
| 2021 | - | $21.8B | - |
| 2020 | - | $19.5B | - |
Market value: CP $79.3B, UNP $180.3B.
Stock leadership
UNP is ahead now
Measured against the pair's own last 252 trading days.
UNP leads CP by 0.61 standard deviations: +1.8% over its usual price ratio. 2 lead switches in the last year.
| Price change | 3 mo | 6 mo | 12 mo |
|---|---|---|---|
| CP | +1.2% | +9.3% | +32.3% |
| UNP | +2.3% | +13.2% | +35.7% |
Relationship
Not a measured twin today
Only these tests can make a pair tradable on paper.
- Pass
- Aligned sessions: 2534 (needs >= 254)
- Pass
- Co-movement: daily return correlation, 252 sessions: 0.69 (needs >= 0.60)
- Fail
- Mean reversion: ADF t-statistic of the spread: -2.60 (needs <= -2.873 (5% critical value))
- Pass
- Speed: half-life of the spread, sessions: 8.96 (needs <= 63)
- Data
- Both stocks current
The twins over two years
Prices side by side, and the gap between them
CP Canadian Pacific Kansas City Limited UNP Union Pacific CorporationPrice index, 100 = 2024-11-06. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).
Spread z-score: CP relative to UNP, against the 252 sessions before each day. Above 0: CP ahead; below 0: UNP ahead. Lines at +/-2 (idea) and +/-4 (stop).
Data table (504 sessions)
| Date | CP index | UNP index | z | Ahead |
|---|---|---|---|---|
| 2026-11-10 | 119.49 | 120.98 | -0.61 | UNP ahead |
| 2026-11-09 | 119.80 | 119.53 | -0.11 | near the usual relationship |
| 2026-11-06 | 117.43 | 116.77 | +0.00 | near the usual relationship |
| 2026-11-05 | 119.45 | 119.90 | -0.32 | near the usual relationship |
| 2026-11-04 | 120.28 | 124.16 | -1.28 | UNP ahead |
| 2026-11-03 | 116.23 | 122.11 | -1.90 | UNP ahead |
| 2026-11-02 | 116.56 | 123.55 | -2.23 | UNP ahead |
| 2026-10-30 | 114.26 | 122.34 | -2.61 | UNP ahead |
| 2026-10-29 | 112.59 | 121.51 | -2.91 | UNP ahead |
| 2026-10-28 | 113.94 | 119.84 | -2.03 | UNP ahead |
| 2026-10-27 | 116.10 | 120.68 | -1.62 | UNP ahead |
| 2026-10-26 | 114.43 | 119.51 | -1.79 | UNP ahead |
| 2026-10-23 | 114.04 | 117.86 | -1.44 | UNP ahead |
| 2026-10-22 | 115.45 | 119.96 | -1.63 | UNP ahead |
| 2026-10-21 | 112.24 | 115.85 | -1.42 | UNP ahead |
| 2026-10-20 | 111.26 | 115.74 | -1.69 | UNP ahead |
| 2026-10-19 | 110.31 | 115.50 | -1.93 | UNP ahead |
| 2026-10-16 | 111.30 | 116.32 | -1.88 | UNP ahead |
| 2026-10-15 | 110.73 | 116.19 | -2.03 | UNP ahead |
| 2026-10-14 | 109.72 | 115.27 | -2.09 | UNP ahead |
| 2026-10-13 | 109.22 | 113.63 | -1.78 | UNP ahead |
| 2026-10-12 | 108.97 | 113.31 | -1.79 | UNP ahead |
| 2026-10-09 | 107.61 | 112.01 | -1.84 | UNP ahead |
| 2026-10-08 | 107.47 | 111.96 | -1.88 | UNP ahead |
| 2026-10-07 | 106.55 | 110.54 | -1.76 | UNP ahead |
| 2026-10-06 | 108.84 | 111.32 | -1.28 | UNP ahead |
| 2026-10-05 | 109.31 | 111.50 | -1.20 | UNP ahead |
| 2026-10-02 | 109.49 | 111.99 | -1.30 | UNP ahead |
| 2026-10-01 | 107.62 | 109.63 | -1.17 | UNP ahead |
| 2026-09-30 | 108.42 | 109.51 | -0.87 | UNP ahead |
| 2026-09-29 | 110.22 | 110.33 | -0.56 | UNP ahead |
| 2026-09-28 | 110.28 | 110.31 | -0.53 | UNP ahead |
| 2026-09-25 | 110.73 | 110.18 | -0.35 | near the usual relationship |
| 2026-09-24 | 111.25 | 110.29 | -0.23 | near the usual relationship |
| 2026-09-23 | 112.47 | 110.88 | -0.04 | near the usual relationship |
| 2026-09-22 | 112.10 | 110.43 | -0.02 | near the usual relationship |
| 2026-09-21 | 110.60 | 108.51 | +0.11 | near the usual relationship |
| 2026-09-18 | 111.45 | 112.43 | -0.84 | UNP ahead |
| 2026-09-17 | 113.11 | 113.68 | -0.72 | UNP ahead |
| 2026-09-16 | 111.71 | 113.05 | -0.94 | UNP ahead |
| 2026-09-15 | 113.42 | 114.29 | -0.81 | UNP ahead |
| 2026-09-14 | 114.37 | 114.72 | -0.67 | UNP ahead |
| 2026-09-11 | 113.68 | 114.45 | -0.79 | UNP ahead |
| 2026-09-10 | 113.19 | 115.01 | -1.08 | UNP ahead |
| 2026-09-09 | 114.75 | 114.59 | -0.55 | UNP ahead |
| 2026-09-08 | 116.10 | 116.08 | -0.59 | UNP ahead |
| 2026-09-04 | 116.70 | 116.55 | -0.56 | UNP ahead |
| 2026-09-03 | 116.32 | 116.36 | -0.62 | UNP ahead |
| 2026-09-02 | 114.08 | 116.60 | -1.27 | UNP ahead |
| 2026-09-01 | 113.35 | 116.95 | -1.56 | UNP ahead |
| 2026-08-31 | 118.09 | 121.00 | -1.36 | UNP ahead |
| 2026-08-28 | 119.91 | 123.71 | -1.57 | UNP ahead |
| 2026-08-27 | 119.58 | 123.82 | -1.69 | UNP ahead |
| 2026-08-26 | 120.67 | 125.00 | -1.72 | UNP ahead |
| 2026-08-25 | 120.19 | 124.59 | -1.76 | UNP ahead |
| 2026-08-24 | 120.63 | 124.70 | -1.69 | UNP ahead |
| 2026-08-21 | 123.19 | 123.97 | -0.90 | UNP ahead |
| 2026-08-20 | 120.82 | 122.33 | -1.09 | UNP ahead |
| 2026-08-19 | 120.32 | 121.45 | -1.01 | UNP ahead |
| 2026-08-18 | 119.35 | 120.22 | -0.95 | UNP ahead |
| 2026-08-17 | 119.66 | 120.69 | -1.00 | UNP ahead |
| 2026-08-14 | 119.12 | 118.19 | -0.51 | UNP ahead |
| 2026-08-13 | 119.66 | 119.84 | -0.80 | UNP ahead |
| 2026-08-12 | 118.09 | 118.21 | -0.79 | UNP ahead |
| 2026-08-11 | 117.11 | 117.86 | -0.96 | UNP ahead |
| 2026-08-10 | 115.31 | 117.61 | -1.36 | UNP ahead |
| 2026-08-07 | 116.73 | 117.96 | -1.10 | UNP ahead |
| 2026-08-06 | 114.98 | 118.87 | -1.79 | UNP ahead |
| 2026-08-05 | 116.51 | 118.93 | -1.42 | UNP ahead |
| 2026-08-04 | 115.47 | 119.26 | -1.79 | UNP ahead |
| 2026-08-03 | 115.49 | 117.20 | -1.28 | UNP ahead |
| 2026-07-31 | 115.49 | 117.56 | -1.38 | UNP ahead |
| 2026-07-30 | 112.32 | 116.49 | -1.96 | UNP ahead |
| 2026-07-29 | 116.31 | 117.59 | -1.20 | UNP ahead |
| 2026-07-28 | 116.83 | 118.50 | -1.31 | UNP ahead |
| 2026-07-27 | 116.45 | 120.45 | -1.92 | UNP ahead |
| 2026-07-24 | 117.67 | 123.67 | -2.44 | UNP ahead |
| 2026-07-23 | 117.62 | 122.47 | -2.18 | UNP ahead |
| 2026-07-22 | 116.35 | 117.74 | -1.31 | UNP ahead |
| 2026-07-21 | 116.14 | 117.96 | -1.44 | UNP ahead |
| 2026-07-20 | 116.78 | 119.22 | -1.60 | UNP ahead |
| 2026-07-17 | 119.39 | 121.43 | -1.49 | UNP ahead |
| 2026-07-16 | 118.37 | 120.50 | -1.52 | UNP ahead |
| 2026-07-15 | 115.26 | 116.04 | -1.20 | UNP ahead |
| 2026-07-14 | 116.38 | 116.02 | -0.91 | UNP ahead |
| 2026-07-13 | 116.38 | 116.35 | -1.00 | UNP ahead |
| 2026-07-10 | 114.82 | 115.48 | -1.19 | UNP ahead |
| 2026-07-09 | 115.08 | 114.71 | -0.93 | UNP ahead |
| 2026-07-08 | 113.90 | 113.06 | -0.81 | UNP ahead |
| 2026-07-07 | 113.03 | 113.94 | -1.28 | UNP ahead |
| 2026-07-06 | 112.12 | 113.72 | -1.47 | UNP ahead |
| 2026-07-02 | 111.85 | 113.59 | -1.52 | UNP ahead |
| 2026-07-01 | 109.47 | 111.77 | -1.69 | UNP ahead |
| 2026-06-30 | 110.40 | 109.46 | -0.83 | UNP ahead |
| 2026-06-29 | 110.73 | 109.74 | -0.83 | UNP ahead |
| 2026-06-26 | 111.77 | 107.99 | -0.08 | near the usual relationship |
| 2026-06-25 | 110.89 | 107.74 | -0.25 | near the usual relationship |
| 2026-06-24 | 108.01 | 104.62 | -0.17 | near the usual relationship |
| 2026-06-23 | 108.66 | 104.07 | +0.14 | near the usual relationship |
| 2026-06-22 | 109.15 | 104.60 | +0.11 | near the usual relationship |
| 2026-06-18 | 109.61 | 103.38 | +0.54 | CP ahead |
| 2026-06-17 | 109.07 | 103.85 | +0.27 | near the usual relationship |
| 2026-06-16 | 113.58 | 107.63 | +0.39 | near the usual relationship |
| 2026-06-15 | 113.73 | 107.58 | +0.42 | near the usual relationship |
| 2026-06-12 | 114.77 | 109.74 | +0.12 | near the usual relationship |
| 2026-06-11 | 113.79 | 107.96 | +0.32 | near the usual relationship |
| 2026-06-10 | 114.15 | 107.46 | +0.51 | CP ahead |
| 2026-06-09 | 114.92 | 109.17 | +0.26 | near the usual relationship |
| 2026-06-08 | 114.73 | 108.12 | +0.44 | near the usual relationship |
| 2026-06-05 | 114.58 | 109.59 | +0.06 | near the usual relationship |
| 2026-06-04 | 114.03 | 106.20 | +0.69 | CP ahead |
| 2026-06-03 | 113.54 | 105.49 | +0.73 | CP ahead |
| 2026-06-02 | 114.86 | 106.52 | +0.76 | CP ahead |
| 2026-06-01 | 112.98 | 106.04 | +0.47 | near the usual relationship |
| 2026-05-29 | 113.80 | 105.69 | +0.70 | CP ahead |
| 2026-05-28 | 115.43 | 107.45 | +0.64 | CP ahead |
| 2026-05-27 | 116.27 | 112.44 | -0.24 | near the usual relationship |
| 2026-05-26 | 113.54 | 109.10 | -0.11 | near the usual relationship |
| 2026-05-22 | 109.90 | 107.00 | -0.41 | near the usual relationship |
| 2026-05-21 | 110.47 | 106.82 | -0.26 | near the usual relationship |
| 2026-05-20 | 110.00 | 106.97 | -0.39 | near the usual relationship |
| 2026-05-19 | 109.73 | 109.28 | -0.93 | UNP ahead |
| 2026-05-18 | 109.85 | 110.72 | -1.20 | UNP ahead |
| 2026-05-15 | 108.38 | 108.88 | -1.13 | UNP ahead |
| 2026-05-14 | 110.71 | 108.39 | -0.57 | UNP ahead |
| 2026-05-13 | 109.11 | 106.50 | -0.51 | UNP ahead |
| 2026-05-12 | 109.34 | 106.89 | -0.55 | UNP ahead |
| 2026-05-11 | 108.00 | 105.98 | -0.64 | UNP ahead |
| 2026-05-08 | 109.62 | 106.50 | -0.42 | near the usual relationship |
| 2026-05-07 | 108.57 | 106.60 | -0.66 | UNP ahead |
| 2026-05-06 | 109.54 | 107.94 | -0.74 | UNP ahead |
| 2026-05-05 | 106.38 | 106.25 | -1.05 | UNP ahead |
| 2026-05-04 | 105.91 | 106.00 | -1.10 | UNP ahead |
| 2026-05-01 | 109.85 | 107.18 | -0.54 | UNP ahead |
| 2026-04-30 | 110.79 | 108.45 | -0.62 | UNP ahead |
| 2026-04-29 | 107.38 | 106.56 | -0.93 | UNP ahead |
| 2026-04-28 | 110.52 | 107.75 | -0.54 | UNP ahead |
| 2026-04-27 | 111.30 | 108.22 | -0.49 | near the usual relationship |
| 2026-04-24 | 110.70 | 108.13 | -0.59 | UNP ahead |
| 2026-04-23 | 109.80 | 109.16 | -0.99 | UNP ahead |
| 2026-04-22 | 104.84 | 100.37 | -0.15 | near the usual relationship |
| 2026-04-21 | 105.10 | 101.11 | -0.27 | near the usual relationship |
| 2026-04-20 | 104.09 | 101.48 | -0.56 | UNP ahead |
| 2026-04-17 | 103.81 | 101.07 | -0.54 | UNP ahead |
| 2026-04-16 | 102.10 | 101.04 | -0.90 | UNP ahead |
| 2026-04-15 | 103.21 | 99.81 | -0.39 | near the usual relationship |
| 2026-04-14 | 104.71 | 101.43 | -0.43 | near the usual relationship |
| 2026-04-13 | 103.75 | 101.15 | -0.57 | UNP ahead |
| 2026-04-10 | 102.78 | 100.81 | -0.71 | UNP ahead |
| 2026-04-09 | 103.45 | 101.07 | -0.62 | UNP ahead |
| 2026-04-08 | 104.03 | 100.25 | -0.32 | near the usual relationship |
| 2026-04-07 | 102.03 | 99.04 | -0.48 | near the usual relationship |
| 2026-04-06 | 101.29 | 98.81 | -0.58 | UNP ahead |
| 2026-04-02 | 100.61 | 98.48 | -0.64 | UNP ahead |
| 2026-04-01 | 99.40 | 97.84 | -0.74 | UNP ahead |
| 2026-03-31 | 100.22 | 97.64 | -0.51 | UNP ahead |
| 2026-03-30 | 98.76 | 96.27 | -0.51 | UNP ahead |
| 2026-03-27 | 99.67 | 96.10 | -0.28 | near the usual relationship |
| 2026-03-26 | 100.75 | 96.26 | -0.08 | near the usual relationship |
| 2026-03-25 | 102.00 | 97.12 | +0.00 | near the usual relationship |
| 2026-03-24 | 100.96 | 96.45 | -0.06 | near the usual relationship |
| 2026-03-23 | 101.24 | 95.93 | +0.11 | near the usual relationship |
| 2026-03-20 | 99.68 | 94.54 | +0.10 | near the usual relationship |
| 2026-03-19 | 99.96 | 94.24 | +0.22 | near the usual relationship |
| 2026-03-18 | 101.85 | 95.20 | +0.41 | near the usual relationship |
| 2026-03-17 | 102.68 | 97.52 | +0.08 | near the usual relationship |
| 2026-03-16 | 104.41 | 97.47 | +0.44 | near the usual relationship |
| 2026-03-13 | 103.66 | 97.57 | +0.28 | near the usual relationship |
| 2026-03-12 | 103.41 | 98.23 | +0.10 | near the usual relationship |
| 2026-03-11 | 105.86 | 101.05 | +0.00 | near the usual relationship |
| 2026-03-10 | 106.93 | 100.69 | +0.29 | near the usual relationship |
| 2026-03-09 | 106.89 | 102.06 | +0.01 | near the usual relationship |
| 2026-03-06 | 105.69 | 102.26 | -0.25 | near the usual relationship |
| 2026-03-05 | 108.63 | 104.71 | -0.17 | near the usual relationship |
| 2026-03-04 | 110.60 | 107.33 | -0.30 | near the usual relationship |
| 2026-03-03 | 111.84 | 106.98 | -0.01 | near the usual relationship |
| 2026-03-02 | 113.89 | 107.44 | +0.27 | near the usual relationship |
| 2026-02-27 | 111.59 | 106.64 | +0.02 | near the usual relationship |
| 2026-02-26 | 111.00 | 106.83 | -0.12 | near the usual relationship |
| 2026-02-25 | 109.28 | 106.34 | -0.34 | near the usual relationship |
| 2026-02-24 | 109.94 | 107.31 | -0.39 | near the usual relationship |
| 2026-02-23 | 107.98 | 106.15 | -0.53 | UNP ahead |
| 2026-02-20 | 108.42 | 107.09 | -0.62 | UNP ahead |
| 2026-02-19 | 107.91 | 105.83 | -0.48 | near the usual relationship |
| 2026-02-18 | 106.68 | 106.64 | -0.86 | UNP ahead |
| 2026-02-17 | 106.87 | 105.76 | -0.65 | UNP ahead |
| 2026-02-13 | 106.74 | 104.91 | -0.52 | UNP ahead |
| 2026-02-12 | 106.65 | 105.34 | -0.61 | UNP ahead |
| 2026-02-11 | 106.80 | 105.76 | -0.66 | UNP ahead |
| 2026-02-10 | 105.85 | 105.16 | -0.73 | UNP ahead |
| 2026-02-09 | 103.35 | 102.35 | -0.67 | UNP ahead |
| 2026-02-06 | 102.42 | 101.66 | -0.71 | UNP ahead |
| 2026-02-05 | 100.75 | 101.19 | -0.94 | UNP ahead |
| 2026-02-04 | 101.36 | 100.51 | -0.69 | UNP ahead |
| 2026-02-03 | 97.60 | 97.18 | -0.77 | UNP ahead |
| 2026-02-02 | 95.62 | 94.66 | -0.66 | UNP ahead |
| 2026-01-30 | 94.71 | 94.61 | -0.83 | UNP ahead |
| 2026-01-29 | 96.62 | 94.00 | -0.31 | near the usual relationship |
| 2026-01-28 | 91.45 | 91.64 | -0.89 | UNP ahead |
| 2026-01-27 | 92.69 | 93.59 | -1.04 | UNP ahead |
| 2026-01-26 | 92.43 | 92.92 | -0.96 | UNP ahead |
| 2026-01-23 | 92.79 | 92.42 | -0.78 | UNP ahead |
| 2026-01-22 | 92.25 | 93.11 | -1.05 | UNP ahead |
| 2026-01-21 | 91.72 | 92.31 | -1.00 | UNP ahead |
| 2026-01-20 | 89.45 | 89.21 | -0.82 | UNP ahead |
| 2026-01-16 | 92.39 | 92.35 | -0.86 | UNP ahead |
| 2026-01-15 | 92.23 | 92.76 | -0.99 | UNP ahead |
| 2026-01-14 | 91.82 | 91.41 | -0.79 | UNP ahead |
| 2026-01-13 | 90.01 | 92.27 | -1.38 | UNP ahead |
| 2026-01-12 | 91.26 | 92.36 | -1.13 | UNP ahead |
| 2026-01-09 | 91.18 | 91.93 | -1.07 | UNP ahead |
| 2026-01-08 | 92.00 | 92.50 | -1.02 | UNP ahead |
| 2026-01-07 | 89.79 | 90.34 | -1.03 | UNP ahead |
| 2026-01-06 | 93.59 | 94.02 | -1.00 | UNP ahead |
| 2026-01-05 | 92.64 | 93.35 | -1.07 | UNP ahead |
| 2026-01-02 | 94.85 | 93.33 | -0.59 | UNP ahead |
| 2025-12-31 | 93.81 | 93.09 | -0.76 | UNP ahead |
| 2025-12-30 | 94.65 | 93.79 | -0.73 | UNP ahead |
| 2025-12-29 | 95.24 | 94.38 | -0.73 | UNP ahead |
| 2025-12-26 | 95.21 | 93.94 | -0.65 | UNP ahead |
| 2025-12-24 | 94.99 | 94.59 | -0.83 | UNP ahead |
| 2025-12-23 | 94.85 | 94.23 | -0.78 | UNP ahead |
| 2025-12-22 | 94.89 | 94.41 | -0.82 | UNP ahead |
| 2025-12-19 | 94.53 | 94.26 | -0.86 | UNP ahead |
| 2025-12-18 | 94.55 | 94.34 | -0.87 | UNP ahead |
| 2025-12-17 | 93.67 | 95.27 | -1.26 | UNP ahead |
| 2025-12-16 | 93.45 | 94.93 | -1.24 | UNP ahead |
| 2025-12-15 | 94.81 | 96.77 | -1.35 | UNP ahead |
| 2025-12-12 | 95.77 | 96.56 | -1.10 | UNP ahead |
| 2025-12-11 | 95.86 | 95.02 | -0.76 | UNP ahead |
| 2025-12-10 | 95.43 | 94.76 | -0.80 | UNP ahead |
| 2025-12-09 | 93.11 | 93.19 | -0.96 | UNP ahead |
| 2025-12-08 | 94.43 | 94.75 | -1.02 | UNP ahead |
| 2025-12-05 | 93.97 | 94.70 | -1.11 | UNP ahead |
| 2025-12-04 | 94.22 | 95.49 | -1.23 | UNP ahead |
| 2025-12-03 | 94.18 | 94.66 | -1.06 | UNP ahead |
| 2025-12-02 | 91.60 | 93.46 | -1.36 | UNP ahead |
| 2025-12-01 | 92.19 | 93.11 | -1.15 | UNP ahead |
| 2025-11-28 | 92.46 | 93.30 | -1.13 | UNP ahead |
| 2025-11-26 | 91.85 | 92.82 | -1.16 | UNP ahead |
| 2025-11-25 | 91.13 | 92.21 | -1.18 | UNP ahead |
| 2025-11-24 | 89.17 | 90.35 | -1.21 | UNP ahead |
| 2025-11-21 | 89.20 | 91.04 | -1.37 | UNP ahead |
| 2025-11-20 | 87.76 | 89.02 | -1.25 | UNP ahead |
| 2025-11-19 | 88.32 | 89.01 | -1.11 | UNP ahead |
| 2025-11-18 | 88.56 | 88.86 | -1.03 | UNP ahead |
| 2025-11-17 | 89.62 | 88.94 | -0.80 | UNP ahead |
| 2025-11-14 | 90.08 | 89.75 | -0.88 | UNP ahead |
| 2025-11-13 | 90.65 | 89.13 | -0.61 | UNP ahead |
| 2025-11-12 | 92.28 | 89.96 | -0.44 | near the usual relationship |
| 2025-11-11 | 90.98 | 90.47 | -0.84 | UNP ahead |
| 2025-11-10 | 90.46 | 90.10 | -0.88 | UNP ahead |
| 2025-11-07 | 90.32 | 89.13 | -0.69 | UNP ahead |
| 2025-11-06 | 87.78 | 87.73 | -0.96 | UNP ahead |
| 2025-11-05 | 89.63 | 87.48 | -0.48 | near the usual relationship |
| 2025-11-04 | 89.97 | 88.90 | -0.73 | UNP ahead |
| 2025-11-03 | 90.08 | 88.06 | -0.52 | UNP ahead |
| 2025-10-31 | 91.67 | 88.68 | -0.31 | near the usual relationship |
| 2025-10-30 | 92.51 | 88.06 | +0.02 | near the usual relationship |
| 2025-10-29 | 93.22 | 87.07 | +0.41 | near the usual relationship |
| 2025-10-28 | 94.75 | 87.56 | +0.63 | CP ahead |
| 2025-10-27 | 94.87 | 87.82 | +0.60 | CP ahead |
| 2025-10-24 | 96.18 | 87.17 | +1.04 | CP ahead |
| 2025-10-23 | 96.75 | 88.55 | +0.85 | CP ahead |
| 2025-10-22 | 97.46 | 90.64 | +0.52 | CP ahead |
| 2025-10-21 | 96.36 | 91.17 | +0.16 | near the usual relationship |
| 2025-10-20 | 97.50 | 91.47 | +0.34 | near the usual relationship |
| 2025-10-17 | 97.48 | 90.97 | +0.45 | near the usual relationship |
| 2025-10-16 | 96.15 | 90.16 | +0.35 | near the usual relationship |
| 2025-10-15 | 97.77 | 90.84 | +0.54 | CP ahead |
| 2025-10-14 | 97.06 | 91.38 | +0.27 | near the usual relationship |
| 2025-10-13 | 96.92 | 90.89 | +0.35 | near the usual relationship |
| 2025-10-10 | 95.43 | 90.73 | +0.07 | near the usual relationship |
| 2025-10-09 | 96.48 | 93.18 | -0.26 | near the usual relationship |
| 2025-10-08 | 98.94 | 93.63 | +0.16 | near the usual relationship |
| 2025-10-07 | 99.03 | 93.31 | +0.24 | near the usual relationship |
| 2025-10-06 | 98.56 | 95.54 | -0.34 | near the usual relationship |
| 2025-10-03 | 98.85 | 95.30 | -0.23 | near the usual relationship |
| 2025-10-02 | 96.65 | 94.38 | -0.50 | UNP ahead |
| 2025-10-01 | 95.34 | 94.47 | -0.81 | UNP ahead |
| 2025-09-30 | 94.90 | 95.12 | -1.05 | UNP ahead |
| 2025-09-29 | 93.55 | 95.05 | -1.34 | UNP ahead |
| 2025-09-26 | 93.66 | 94.65 | -1.24 | UNP ahead |
| 2025-09-25 | 94.55 | 93.36 | -0.77 | UNP ahead |
| 2025-09-24 | 94.36 | 92.70 | -0.67 | UNP ahead |
| 2025-09-23 | 94.45 | 91.75 | -0.45 | near the usual relationship |
| 2025-09-22 | 95.08 | 90.89 | -0.12 | near the usual relationship |
| 2025-09-19 | 96.33 | 88.78 | +0.62 | CP ahead |
| 2025-09-18 | 96.33 | 88.68 | +0.64 | CP ahead |
| 2025-09-17 | 95.92 | 87.40 | +0.85 | CP ahead |
| 2025-09-16 | 96.94 | 86.93 | +1.18 | CP ahead |
| 2025-09-15 | 96.74 | 87.03 | +1.12 | CP ahead |
| 2025-09-12 | 95.66 | 86.49 | +1.02 | CP ahead |
| 2025-09-11 | 96.46 | 86.94 | +1.09 | CP ahead |
| 2025-09-10 | 94.92 | 86.60 | +0.84 | CP ahead |
| 2025-09-09 | 95.21 | 86.95 | +0.83 | CP ahead |
| 2025-09-08 | 97.02 | 87.43 | +1.11 | CP ahead |
| 2025-09-05 | 97.63 | 88.66 | +0.96 | CP ahead |
| 2025-09-04 | 97.80 | 89.77 | +0.74 | CP ahead |
| 2025-09-03 | 97.69 | 89.24 | +0.85 | CP ahead |
| 2025-09-02 | 97.38 | 89.34 | +0.76 | CP ahead |
| 2025-08-29 | 97.07 | 89.97 | +0.56 | CP ahead |
| 2025-08-28 | 97.17 | 89.48 | +0.69 | CP ahead |
| 2025-08-27 | 97.92 | 88.92 | +0.99 | CP ahead |
| 2025-08-26 | 97.15 | 89.64 | +0.66 | CP ahead |
| 2025-08-25 | 93.50 | 89.87 | -0.19 | near the usual relationship |
| 2025-08-22 | 95.31 | 91.69 | -0.20 | near the usual relationship |
| 2025-08-21 | 93.30 | 90.67 | -0.41 | near the usual relationship |
| 2025-08-20 | 94.65 | 90.82 | -0.15 | near the usual relationship |
| 2025-08-19 | 95.35 | 90.05 | +0.18 | near the usual relationship |
| 2025-08-18 | 93.71 | 88.57 | +0.17 | near the usual relationship |
| 2025-08-15 | 94.57 | 88.85 | +0.30 | near the usual relationship |
| 2025-08-14 | 94.13 | 89.15 | +0.13 | near the usual relationship |
| 2025-08-13 | 96.36 | 89.81 | +0.47 | near the usual relationship |
| 2025-08-12 | 95.52 | 88.05 | +0.70 | CP ahead |
| 2025-08-11 | 94.94 | 88.39 | +0.50 | CP ahead |
| 2025-08-08 | 95.58 | 89.44 | +0.40 | near the usual relationship |
| 2025-08-07 | 96.05 | 89.61 | +0.46 | near the usual relationship |
| 2025-08-06 | 97.46 | 90.73 | +0.51 | CP ahead |
| 2025-08-05 | 95.68 | 89.73 | +0.36 | near the usual relationship |
| 2025-08-04 | 94.79 | 89.36 | +0.25 | near the usual relationship |
| 2025-08-01 | 92.85 | 88.29 | +0.07 | near the usual relationship |
| 2025-07-31 | 93.71 | 89.33 | +0.01 | near the usual relationship |
| 2025-07-30 | 96.46 | 90.66 | +0.31 | near the usual relationship |
| 2025-07-29 | 97.07 | 90.05 | +0.57 | CP ahead |
| 2025-07-28 | 96.70 | 92.25 | -0.01 | near the usual relationship |
| 2025-07-25 | 98.01 | 90.44 | +0.68 | CP ahead |
| 2025-07-24 | 97.01 | 88.74 | +0.86 | CP ahead |
| 2025-07-23 | 98.51 | 92.96 | +0.22 | near the usual relationship |
| 2025-07-22 | 99.76 | 92.25 | +0.63 | CP ahead |
| 2025-07-21 | 98.74 | 90.89 | +0.73 | CP ahead |
| 2025-07-18 | 98.76 | 90.49 | +0.82 | CP ahead |
| 2025-07-17 | 102.26 | 91.55 | +1.30 | CP ahead |
| 2025-07-16 | 103.01 | 93.03 | +1.11 | CP ahead |
| 2025-07-15 | 103.35 | 93.02 | +1.18 | CP ahead |
| 2025-07-14 | 103.40 | 93.89 | +0.99 | CP ahead |
| 2025-07-11 | 104.09 | 94.61 | +0.96 | CP ahead |
| 2025-07-10 | 104.99 | 95.38 | +0.97 | CP ahead |
| 2025-07-09 | 103.69 | 95.17 | +0.76 | CP ahead |
| 2025-07-08 | 102.83 | 95.19 | +0.58 | CP ahead |
| 2025-07-07 | 101.53 | 94.71 | +0.42 | near the usual relationship |
| 2025-07-03 | 103.24 | 95.09 | +0.67 | CP ahead |
| 2025-07-02 | 104.15 | 95.44 | +0.78 | CP ahead |
| 2025-07-01 | 102.51 | 94.80 | +0.59 | CP ahead |
| 2025-06-30 | 100.99 | 92.59 | +0.76 | CP ahead |
| 2025-06-27 | 99.77 | 93.13 | +0.39 | near the usual relationship |
| 2025-06-26 | 100.65 | 92.31 | +0.74 | CP ahead |
| 2025-06-25 | 99.26 | 91.28 | +0.69 | CP ahead |
| 2025-06-24 | 100.98 | 91.72 | +0.93 | CP ahead |
| 2025-06-23 | 101.71 | 90.90 | +1.25 | CP ahead |
| 2025-06-20 | 102.14 | 89.54 | +1.64 | CP ahead |
| 2025-06-18 | 102.11 | 89.34 | +1.69 | CP ahead |
| 2025-06-17 | 102.10 | 88.77 | +1.83 | CP ahead |
| 2025-06-16 | 104.05 | 90.41 | +1.87 | CP ahead |
| 2025-06-13 | 102.46 | 89.89 | +1.68 | CP ahead |
| 2025-06-12 | 103.39 | 90.74 | +1.69 | CP ahead |
| 2025-06-11 | 102.89 | 90.84 | +1.58 | CP ahead |
| 2025-06-10 | 103.52 | 91.19 | +1.64 | CP ahead |
| 2025-06-09 | 104.04 | 90.20 | +1.98 | CP ahead |
| 2025-06-06 | 104.34 | 89.92 | +2.14 | CP ahead |
| 2025-06-05 | 104.29 | 88.80 | +2.42 | CP ahead |
| 2025-06-04 | 104.50 | 88.88 | +2.48 | CP ahead |
| 2025-06-03 | 104.74 | 89.25 | +2.47 | CP ahead |
| 2025-06-02 | 103.67 | 88.09 | +2.58 | CP ahead |
| 2025-05-30 | 104.03 | 89.20 | +2.41 | CP ahead |
| 2025-05-29 | 103.47 | 89.54 | +2.23 | CP ahead |
| 2025-05-28 | 102.88 | 89.41 | +2.16 | CP ahead |
| 2025-05-27 | 102.74 | 90.29 | +1.92 | CP ahead |
| 2025-05-23 | 102.14 | 89.38 | +2.03 | CP ahead |
| 2025-05-22 | 102.43 | 89.69 | +2.04 | CP ahead |
| 2025-05-21 | 103.22 | 89.99 | +2.17 | CP ahead |
| 2025-05-20 | 104.46 | 91.89 | +1.98 | CP ahead |
| 2025-05-19 | 103.98 | 92.36 | +1.77 | CP ahead |
| 2025-05-16 | 103.98 | 93.13 | +1.59 | CP ahead |
| 2025-05-15 | 103.82 | 92.90 | +1.63 | CP ahead |
| 2025-05-14 | 103.55 | 91.89 | +1.84 | CP ahead |
| 2025-05-13 | 100.05 | 91.85 | +1.03 | CP ahead |
| 2025-05-12 | 97.59 | 92.91 | +0.16 | near the usual relationship |
| 2025-05-09 | 93.44 | 87.05 | +0.68 | CP ahead |
| 2025-05-08 | 93.99 | 87.26 | +0.76 | CP ahead |
| 2025-05-07 | 94.05 | 86.06 | +1.12 | CP ahead |
| 2025-05-06 | 93.57 | 85.80 | +1.07 | CP ahead |
| 2025-05-05 | 94.27 | 87.14 | +0.88 | CP ahead |
| 2025-05-02 | 95.49 | 87.85 | +1.01 | CP ahead |
| 2025-05-01 | 92.66 | 86.15 | +0.75 | CP ahead |
| 2025-04-30 | 92.33 | 86.79 | +0.49 | near the usual relationship |
| 2025-04-29 | 91.83 | 86.34 | +0.48 | near the usual relationship |
| 2025-04-28 | 91.53 | 85.56 | +0.61 | CP ahead |
| 2025-04-25 | 92.34 | 85.83 | +0.73 | CP ahead |
| 2025-04-24 | 93.09 | 86.70 | +0.67 | CP ahead |
| 2025-04-23 | 92.92 | 88.45 | +0.14 | near the usual relationship |
| 2025-04-22 | 92.81 | 87.29 | +0.41 | near the usual relationship |
| 2025-04-21 | 93.15 | 86.95 | +0.57 | CP ahead |
| 2025-04-17 | 94.95 | 88.64 | +0.56 | CP ahead |
| 2025-04-16 | 92.89 | 87.17 | +0.43 | near the usual relationship |
| 2025-04-15 | 93.86 | 88.57 | +0.29 | near the usual relationship |
| 2025-04-14 | 94.19 | 89.45 | +0.14 | near the usual relationship |
| 2025-04-11 | 93.71 | 87.97 | +0.38 | near the usual relationship |
| 2025-04-10 | 90.72 | 88.26 | -0.39 | near the usual relationship |
| 2025-04-09 | 93.23 | 89.96 | -0.22 | near the usual relationship |
| 2025-04-08 | 85.55 | 83.81 | -0.55 | UNP ahead |
| 2025-04-07 | 87.39 | 84.50 | -0.28 | near the usual relationship |
| 2025-04-04 | 89.43 | 85.82 | -0.14 | near the usual relationship |
| 2025-04-03 | 89.79 | 90.13 | -1.07 | UNP ahead |
| 2025-04-02 | 92.32 | 95.96 | -1.80 | UNP ahead |
| 2025-04-01 | 90.52 | 95.44 | -2.12 | UNP ahead |
| 2025-03-31 | 89.45 | 95.07 | -2.31 | UNP ahead |
| 2025-03-28 | 88.44 | 93.42 | -2.20 | UNP ahead |
| 2025-03-27 | 91.16 | 94.96 | -1.93 | UNP ahead |
| 2025-03-26 | 93.36 | 95.79 | -1.63 | UNP ahead |
| 2025-03-25 | 92.22 | 94.89 | -1.70 | UNP ahead |
| 2025-03-24 | 93.37 | 94.65 | -1.40 | UNP ahead |
| 2025-03-21 | 91.68 | 94.12 | -1.67 | UNP ahead |
| 2025-03-20 | 93.74 | 94.49 | -1.30 | UNP ahead |
| 2025-03-19 | 94.60 | 95.13 | -1.26 | UNP ahead |
| 2025-03-18 | 94.67 | 95.41 | -1.31 | UNP ahead |
| 2025-03-17 | 95.92 | 95.72 | -1.12 | UNP ahead |
| 2025-03-14 | 95.92 | 95.59 | -1.10 | UNP ahead |
| 2025-03-13 | 92.69 | 94.29 | -1.53 | UNP ahead |
| 2025-03-12 | 94.43 | 95.57 | -1.44 | UNP ahead |
| 2025-03-11 | 93.12 | 95.69 | -1.76 | UNP ahead |
| 2025-03-10 | 94.67 | 99.92 | -2.34 | UNP ahead |
| 2025-03-07 | 98.94 | 100.33 | -1.53 | UNP ahead |
| 2025-03-06 | 99.87 | 98.70 | -1.01 | UNP ahead |
| 2025-03-05 | 97.87 | 98.04 | -1.29 | UNP ahead |
| 2025-03-04 | 94.59 | 97.20 | -1.85 | UNP ahead |
| 2025-03-03 | 96.60 | 98.92 | -1.79 | UNP ahead |
| 2025-02-28 | 99.27 | 99.28 | -1.30 | UNP ahead |
| 2025-02-27 | 97.49 | 98.62 | -1.56 | UNP ahead |
| 2025-02-26 | 99.02 | 98.79 | -1.27 | UNP ahead |
| 2025-02-25 | 98.73 | 98.95 | -1.38 | UNP ahead |
| 2025-02-24 | 97.21 | 97.52 | -1.42 | UNP ahead |
| 2025-02-21 | 98.62 | 98.82 | -1.40 | UNP ahead |
| 2025-02-20 | 99.58 | 99.66 | -1.39 | UNP ahead |
| 2025-02-19 | 99.77 | 99.42 | -1.31 | UNP ahead |
| 2025-02-18 | 101.03 | 101.08 | -1.40 | UNP ahead |
| 2025-02-14 | 98.76 | 100.29 | -1.74 | UNP ahead |
| 2025-02-13 | 99.73 | 101.00 | -1.70 | UNP ahead |
| 2025-02-12 | 99.20 | 100.01 | -1.62 | UNP ahead |
| 2025-02-11 | 99.94 | 99.69 | -1.40 | UNP ahead |
| 2025-02-10 | 99.53 | 98.33 | -1.19 | UNP ahead |
| 2025-02-07 | 98.33 | 97.42 | -1.26 | UNP ahead |
| 2025-02-06 | 99.85 | 98.00 | -1.06 | UNP ahead |
| 2025-02-05 | 99.48 | 98.39 | -1.24 | UNP ahead |
| 2025-02-04 | 98.25 | 97.99 | -1.44 | UNP ahead |
| 2025-02-03 | 95.24 | 97.80 | -2.12 | UNP ahead |
| 2025-01-31 | 101.41 | 99.72 | -1.13 | UNP ahead |
| 2025-01-30 | 101.69 | 100.58 | -1.27 | UNP ahead |
| 2025-01-29 | 100.45 | 100.43 | -1.52 | UNP ahead |
| 2025-01-28 | 100.90 | 100.27 | -1.39 | UNP ahead |
| 2025-01-27 | 102.82 | 102.39 | -1.44 | UNP ahead |
| 2025-01-24 | 101.66 | 100.12 | -1.19 | UNP ahead |
| 2025-01-23 | 101.96 | 99.82 | -1.05 | UNP ahead |
| 2025-01-22 | 99.91 | 94.89 | -0.36 | near the usual relationship |
| 2025-01-21 | 98.97 | 95.27 | -0.66 | UNP ahead |
| 2025-01-17 | 95.32 | 94.27 | -1.28 | UNP ahead |
| 2025-01-16 | 94.99 | 94.53 | -1.43 | UNP ahead |
| 2025-01-15 | 94.65 | 92.91 | -1.12 | UNP ahead |
| 2025-01-14 | 94.52 | 92.31 | -1.00 | UNP ahead |
| 2025-01-13 | 93.97 | 91.26 | -0.87 | UNP ahead |
| 2025-01-10 | 95.16 | 90.63 | -0.43 | near the usual relationship |
| 2025-01-08 | 97.08 | 93.29 | -0.63 | UNP ahead |
| 2025-01-07 | 98.27 | 92.78 | -0.22 | near the usual relationship |
| 2025-01-06 | 97.26 | 92.56 | -0.41 | near the usual relationship |
| 2025-01-03 | 94.16 | 93.16 | -1.30 | UNP ahead |
| 2025-01-02 | 93.87 | 92.20 | -1.14 | UNP ahead |
| 2024-12-31 | 92.20 | 91.77 | -1.45 | UNP ahead |
| 2024-12-30 | 91.68 | 91.67 | -1.56 | UNP ahead |
| 2024-12-27 | 92.44 | 92.53 | -1.59 | UNP ahead |
| 2024-12-26 | 93.18 | 92.65 | -1.44 | UNP ahead |
| 2024-12-24 | 93.49 | 92.46 | -1.32 | UNP ahead |
| 2024-12-23 | 93.20 | 91.40 | -1.13 | UNP ahead |
| 2024-12-20 | 92.06 | 91.08 | -1.34 | UNP ahead |
| 2024-12-19 | 90.58 | 89.80 | -1.39 | UNP ahead |
| 2024-12-18 | 93.02 | 90.36 | -0.90 | UNP ahead |
| 2024-12-17 | 93.67 | 92.51 | -1.29 | UNP ahead |
| 2024-12-16 | 94.46 | 93.72 | -1.39 | UNP ahead |
| 2024-12-13 | 94.75 | 94.56 | -1.53 | UNP ahead |
| 2024-12-12 | 95.12 | 94.05 | -1.31 | UNP ahead |
| 2024-12-11 | 96.96 | 94.08 | -0.86 | UNP ahead |
| 2024-12-10 | 96.33 | 95.41 | -1.34 | UNP ahead |
| 2024-12-09 | 96.29 | 93.98 | -0.99 | UNP ahead |
| 2024-12-06 | 95.95 | 94.00 | -1.08 | UNP ahead |
| 2024-12-05 | 97.29 | 94.42 | -0.86 | UNP ahead |
| 2024-12-04 | 97.27 | 94.57 | -0.89 | UNP ahead |
| 2024-12-03 | 96.31 | 95.37 | -1.32 | UNP ahead |
| 2024-12-02 | 97.22 | 96.90 | -1.47 | UNP ahead |
| 2024-11-29 | 97.58 | 98.46 | -1.76 | UNP ahead |
| 2024-11-27 | 96.00 | 98.69 | -2.20 | UNP ahead |
| 2024-11-26 | 94.78 | 98.85 | -2.56 | UNP ahead |
| 2024-11-25 | 98.18 | 100.33 | -2.11 | UNP ahead |
| 2024-11-22 | 97.71 | 97.55 | -1.56 | UNP ahead |
| 2024-11-21 | 95.80 | 96.19 | -1.70 | UNP ahead |
| 2024-11-20 | 93.68 | 93.99 | -1.69 | UNP ahead |
| 2024-11-19 | 94.00 | 93.88 | -1.59 | UNP ahead |
| 2024-11-18 | 94.22 | 94.33 | -1.66 | UNP ahead |
| 2024-11-15 | 94.27 | 94.80 | -1.78 | UNP ahead |
| 2024-11-14 | 96.66 | 94.80 | -1.18 | UNP ahead |
| 2024-11-13 | 96.83 | 96.75 | -1.64 | UNP ahead |
| 2024-11-12 | 97.96 | 96.14 | -1.21 | UNP ahead |
| 2024-11-11 | 98.61 | 97.37 | -1.37 | UNP ahead |
| 2024-11-08 | 98.85 | 97.18 | -1.28 | UNP ahead |
| 2024-11-07 | 100.41 | 97.61 | -1.01 | UNP ahead |
| 2024-11-06 | 100.00 | 100.00 | -1.72 | UNP ahead |
One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Nov 6, 2024 (CP -1.1%, UNP +6.3%).
Paired trades
The shared paper book and the replay, kept apart
Forward paper record
| Legs | Signal | Entered | Status | Exit | Net |
|---|---|---|---|---|---|
| Long CP · Short UNP | Oct 28, 2026 (2.03 sd) | Oct 29, 2026 | open | - | $525.58 if closed now |
Historical simulation (a diagnostic, same rules)
No simulated trade through Nov 3, 2026: the pair rarely passed every test while 2 standard deviations apart. One simulated trade is still open (entered Oct 29, 2026).
Per $10,000 a leg. A replay on today's companies cannot prove an edge.
The companies
CP and UNP at a glance
CP Canadian Pacific Kansas City Limited
- Listing
- NYSE · SEC CIK 16875
- Industry
- Railroads · SIC 4011 Railroads, Line-Haul Operating
- Market value
- $79.3B
- Price history
- 2,534 daily closes, Oct 12, 2016 to Nov 10, 2026
UNP Union Pacific Corporation
- Listing
- NYSE · SEC CIK 100885
- Industry
- Railroads · SIC 4011 Railroads, Line-Haul Operating
- Market value
- $180.3B
- Price history
- 2,534 daily closes, Oct 12, 2016 to Nov 10, 2026
Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.
Related
All pairs →Other rivals of CP and UNP
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.
