SIC 3826 Laboratory Analytical Instruments

Illumina Inc. vs Waters Corporation

WatchlistILMN / WATPrices through Nov 10, 2026

Why these are rivals: #2 and #3 by market value ($45B vs $36B) with SEC SIC 3826 (Laboratory Analytical Instruments).

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: 0.44 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -1.72 (needs <= -2.873 (5% critical value))

Business leadership

ILMN is the larger business

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

Year	ILMN	WAT	Larger
2025	$4.3B	$3.2B	ILMN
2024	$4.4B	$3.0B	ILMN
2023	$4.5B	$3.0B	ILMN
2022	$4.6B	$3.0B	ILMN
2021	$4.5B	$2.8B	ILMN
2020	$3.2B	$2.4B	ILMN

ILMN led in every year with figures for both. Market value: ILMN $36.0B, WAT $45.2B.

Stock leadership

Neither is clearly ahead

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

The gap is 0.17 standard deviations, close to the usual relationship. 0 lead switches in the last year.

Price change	3 mo	6 mo	12 mo
ILMN	+11.4%	+47.5%	+76.3%
WAT	+14.3%	+35.0%	+27.9%

Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass: Aligned sessions: 2534 (needs >= 254)
Fail: Co-movement: daily return correlation, 252 sessions: 0.44 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -1.72 (needs <= -2.873 (5% critical value))
Pass: Speed: half-life of the spread, sessions: 44.11 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

ILMN Illumina Inc. WAT Waters 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: ILMN relative to WAT, against the 252 sessions before each day. Above 0: ILMN ahead; below 0: WAT ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (504 sessions)

Date	ILMN index	WAT index	z	Ahead
2026-11-10	141.55	122.97	+0.17	near the usual relationship
2026-11-09	145.41	123.28	+0.31	near the usual relationship
2026-11-06	140.37	118.34	+0.34	near the usual relationship
2026-11-05	137.00	117.17	+0.27	near the usual relationship
2026-11-04	149.21	120.92	+0.55	ILMN ahead
2026-11-03	156.89	118.93	+0.90	ILMN ahead
2026-11-02	149.23	116.25	+0.77	ILMN ahead
2026-10-30	155.43	119.66	+0.83	ILMN ahead
2026-10-29	191.04	124.15	+1.70	ILMN ahead
2026-10-28	190.21	123.32	+1.72	ILMN ahead
2026-10-27	184.07	121.17	+1.65	ILMN ahead
2026-10-26	178.52	117.92	+1.64	ILMN ahead
2026-10-23	177.45	117.32	+1.65	ILMN ahead
2026-10-22	177.44	117.82	+1.64	ILMN ahead
2026-10-21	186.30	118.30	+1.87	ILMN ahead
2026-10-20	176.47	114.52	+1.78	ILMN ahead
2026-10-19	173.00	112.30	+1.79	ILMN ahead
2026-10-16	172.92	113.00	+1.77	ILMN ahead
2026-10-15	176.47	114.86	+1.80	ILMN ahead
2026-10-14	178.99	112.91	+1.97	ILMN ahead
2026-10-13	178.60	110.99	+2.06	ILMN ahead
2026-10-12	182.22	111.74	+2.15	ILMN ahead
2026-10-09	183.21	112.18	+2.18	ILMN ahead
2026-10-08	174.25	110.98	+2.00	ILMN ahead
2026-10-07	176.36	112.75	+2.01	ILMN ahead
2026-10-06	180.16	112.86	+2.13	ILMN ahead
2026-10-05	193.43	113.82	+2.48	ILMN ahead
2026-10-02	179.83	109.96	+2.32	ILMN ahead
2026-10-01	175.01	110.04	+2.21	ILMN ahead
2026-09-30	180.25	113.63	+2.22	ILMN ahead
2026-09-29	179.15	114.63	+2.17	ILMN ahead
2026-09-28	179.08	114.55	+2.20	ILMN ahead
2026-09-25	177.83	112.12	+2.31	ILMN ahead
2026-09-24	180.40	111.28	+2.46	ILMN ahead
2026-09-23	168.20	108.76	+2.24	ILMN ahead
2026-09-22	162.98	110.10	+2.03	ILMN ahead
2026-09-21	157.29	109.63	+1.88	ILMN ahead
2026-09-18	157.82	109.04	+1.95	ILMN ahead
2026-09-17	161.48	111.13	+2.00	ILMN ahead
2026-09-16	150.78	108.26	+1.78	ILMN ahead
2026-09-15	146.41	107.86	+1.66	ILMN ahead
2026-09-14	137.13	106.03	+1.40	ILMN ahead
2026-09-11	135.97	105.60	+1.39	ILMN ahead
2026-09-10	132.56	103.87	+1.35	ILMN ahead
2026-09-09	135.02	104.69	+1.42	ILMN ahead
2026-09-08	139.01	104.19	+1.63	ILMN ahead
2026-09-04	143.73	105.87	+1.74	ILMN ahead
2026-09-03	145.99	106.95	+1.79	ILMN ahead
2026-09-02	140.45	106.60	+1.61	ILMN ahead
2026-09-01	136.42	104.95	+1.55	ILMN ahead
2026-08-31	140.70	107.23	+1.62	ILMN ahead
2026-08-28	141.99	107.24	+1.68	ILMN ahead
2026-08-27	149.96	108.94	+1.93	ILMN ahead
2026-08-26	148.09	107.11	+1.98	ILMN ahead
2026-08-25	148.19	107.18	+2.00	ILMN ahead
2026-08-24	147.02	106.22	+2.03	ILMN ahead
2026-08-21	144.50	106.21	+1.95	ILMN ahead
2026-08-20	140.45	104.65	+1.90	ILMN ahead
2026-08-19	135.02	107.54	+1.51	ILMN ahead
2026-08-18	124.01	103.77	+1.23	ILMN ahead
2026-08-17	127.20	105.44	+1.30	ILMN ahead
2026-08-14	125.73	106.59	+1.17	ILMN ahead
2026-08-13	126.88	106.94	+1.22	ILMN ahead
2026-08-12	127.06	107.62	+1.20	ILMN ahead
2026-08-11	127.01	107.32	+1.22	ILMN ahead
2026-08-10	126.32	106.49	+1.25	ILMN ahead
2026-08-07	123.80	105.22	+1.21	ILMN ahead
2026-08-06	127.59	103.36	+1.51	ILMN ahead
2026-08-05	131.64	103.44	+1.71	ILMN ahead
2026-08-04	133.71	102.43	+1.89	ILMN ahead
2026-08-03	130.51	96.91	+2.11	ILMN ahead
2026-07-31	135.09	97.57	+2.32	ILMN ahead
2026-07-30	135.08	98.35	+2.30	ILMN ahead
2026-07-29	128.31	98.14	+2.01	ILMN ahead
2026-07-28	127.10	99.28	+1.90	ILMN ahead
2026-07-27	124.79	95.99	+2.02	ILMN ahead
2026-07-24	127.83	96.89	+2.15	ILMN ahead
2026-07-23	129.66	98.89	+2.13	ILMN ahead
2026-07-22	125.71	95.90	+2.16	ILMN ahead
2026-07-21	126.81	95.05	+2.31	ILMN ahead
2026-07-20	121.64	92.46	+2.25	ILMN ahead
2026-07-17	122.93	95.42	+2.14	ILMN ahead
2026-07-16	125.30	97.80	+2.13	ILMN ahead
2026-07-15	123.26	96.96	+2.10	ILMN ahead
2026-07-14	125.93	97.34	+2.25	ILMN ahead
2026-07-13	125.17	96.52	+2.29	ILMN ahead
2026-07-10	125.27	97.35	+2.26	ILMN ahead
2026-07-09	127.62	97.53	+2.40	ILMN ahead
2026-07-08	123.70	95.20	+2.38	ILMN ahead
2026-07-07	126.30	96.96	+2.43	ILMN ahead
2026-07-06	127.99	97.98	+2.48	ILMN ahead
2026-07-02	124.27	98.09	+2.28	ILMN ahead
2026-07-01	121.12	97.79	+2.14	ILMN ahead
2026-06-30	115.81	96.99	+1.89	ILMN ahead
2026-06-29	119.28	95.39	+2.24	ILMN ahead
2026-06-26	116.28	96.82	+1.96	ILMN ahead
2026-06-25	117.01	97.47	+1.97	ILMN ahead
2026-06-24	115.32	95.47	+2.03	ILMN ahead
2026-06-23	108.63	92.37	+1.85	ILMN ahead
2026-06-22	106.29	92.65	+1.69	ILMN ahead
2026-06-18	106.65	91.92	+1.78	ILMN ahead
2026-06-17	104.78	92.32	+1.63	ILMN ahead
2026-06-16	108.20	93.24	+1.79	ILMN ahead
2026-06-15	109.92	92.52	+1.97	ILMN ahead
2026-06-12	106.02	91.94	+1.77	ILMN ahead
2026-06-11	109.47	93.03	+1.92	ILMN ahead
2026-06-10	107.01	93.92	+1.70	ILMN ahead
2026-06-09	105.40	95.98	+1.45	ILMN ahead
2026-06-08	104.09	93.96	+1.51	ILMN ahead
2026-06-05	106.91	94.48	+1.66	ILMN ahead
2026-06-04	110.69	97.36	+1.70	ILMN ahead
2026-06-03	112.58	98.21	+1.76	ILMN ahead
2026-06-02	107.06	96.18	+1.57	ILMN ahead
2026-06-01	108.28	97.79	+1.54	ILMN ahead
2026-05-29	107.33	99.19	+1.39	ILMN ahead
2026-05-28	104.52	94.82	+1.51	ILMN ahead
2026-05-27	98.91	88.49	+1.61	ILMN ahead
2026-05-26	95.65	87.57	+1.46	ILMN ahead
2026-05-22	95.11	88.54	+1.36	ILMN ahead
2026-05-21	95.39	88.18	+1.41	ILMN ahead
2026-05-20	93.47	88.27	+1.28	ILMN ahead
2026-05-19	93.31	86.18	+1.43	ILMN ahead
2026-05-18	93.20	85.91	+1.44	ILMN ahead
2026-05-15	93.88	85.14	+1.55	ILMN ahead
2026-05-14	94.34	86.17	+1.51	ILMN ahead
2026-05-13	95.50	86.61	+1.56	ILMN ahead
2026-05-12	95.96	91.08	+1.29	ILMN ahead
2026-05-11	93.86	90.01	+1.23	ILMN ahead
2026-05-08	93.45	91.84	+1.09	ILMN ahead
2026-05-07	91.36	90.64	+1.04	ILMN ahead
2026-05-06	93.91	90.39	+1.22	ILMN ahead
2026-05-05	91.60	88.64	+1.20	ILMN ahead
2026-05-04	91.79	78.07	+1.95	ILMN ahead
2026-05-01	89.43	79.42	+1.71	ILMN ahead
2026-04-30	83.47	79.97	+1.29	ILMN ahead
2026-04-29	79.28	75.55	+1.32	ILMN ahead
2026-04-28	83.59	77.77	+1.47	ILMN ahead
2026-04-27	84.65	77.53	+1.56	ILMN ahead
2026-04-24	84.23	80.13	+1.36	ILMN ahead
2026-04-23	82.62	80.48	+1.24	ILMN ahead
2026-04-22	85.95	86.47	+1.06	ILMN ahead
2026-04-21	86.93	86.69	+1.12	ILMN ahead
2026-04-20	87.51	86.79	+1.16	ILMN ahead
2026-04-17	88.59	84.76	+1.36	ILMN ahead
2026-04-16	87.41	82.51	+1.44	ILMN ahead
2026-04-15	87.11	84.36	+1.31	ILMN ahead
2026-04-14	85.83	85.59	+1.16	ILMN ahead
2026-04-13	83.62	83.96	+1.13	ILMN ahead
2026-04-10	79.65	82.75	+0.96	ILMN ahead
2026-04-09	81.45	82.15	+1.12	ILMN ahead
2026-04-08	84.30	82.37	+1.30	ILMN ahead
2026-04-07	83.28	79.49	+1.43	ILMN ahead
2026-04-06	84.13	78.64	+1.55	ILMN ahead
2026-04-02	83.90	78.68	+1.55	ILMN ahead
2026-04-01	83.40	77.55	+1.60	ILMN ahead
2026-03-31	81.18	77.01	+1.51	ILMN ahead
2026-03-30	79.57	75.87	+1.49	ILMN ahead
2026-03-27	77.50	74.78	+1.44	ILMN ahead
2026-03-26	81.93	77.73	+1.54	ILMN ahead
2026-03-25	83.12	78.18	+1.60	ILMN ahead
2026-03-24	82.97	78.08	+1.61	ILMN ahead
2026-03-23	81.53	78.05	+1.53	ILMN ahead
2026-03-20	81.89	77.32	+1.62	ILMN ahead
2026-03-19	83.38	77.47	+1.72	ILMN ahead
2026-03-18	80.98	76.30	+1.66	ILMN ahead
2026-03-17	79.59	76.80	+1.54	ILMN ahead
2026-03-16	78.56	75.00	+1.61	ILMN ahead
2026-03-13	78.34	74.11	+1.68	ILMN ahead
2026-03-12	76.11	73.27	+1.60	ILMN ahead
2026-03-11	80.02	76.95	+1.61	ILMN ahead
2026-03-10	80.58	77.49	+1.63	ILMN ahead
2026-03-09	81.85	79.05	+1.62	ILMN ahead
2026-03-06	82.08	78.24	+1.70	ILMN ahead
2026-03-05	84.46	81.61	+1.64	ILMN ahead
2026-03-04	84.94	82.51	+1.63	ILMN ahead
2026-03-03	85.33	80.72	+1.79	ILMN ahead
2026-03-02	87.53	79.45	+2.03	ILMN ahead
2026-02-27	88.56	82.59	+1.91	ILMN ahead
2026-02-26	83.91	83.49	+1.58	ILMN ahead
2026-02-25	80.27	82.61	+1.41	ILMN ahead
2026-02-24	80.95	84.38	+1.35	ILMN ahead
2026-02-23	79.39	84.77	+1.23	ILMN ahead
2026-02-20	77.50	86.20	+1.02	ILMN ahead
2026-02-19	79.04	84.99	+1.21	ILMN ahead
2026-02-18	79.10	84.70	+1.24	ILMN ahead
2026-02-17	76.74	83.12	+1.19	ILMN ahead
2026-02-13	76.93	83.63	+1.18	ILMN ahead
2026-02-12	75.37	82.71	+1.13	ILMN ahead
2026-02-11	76.65	85.13	+1.08	ILMN ahead
2026-02-10	78.59	84.57	+1.26	ILMN ahead
2026-02-09	77.22	84.86	+1.15	ILMN ahead
2026-02-06	78.85	98.60	+0.44	near the usual relationship
2026-02-05	88.00	97.47	+1.12	ILMN ahead
2026-02-04	88.38	99.39	+1.04	ILMN ahead
2026-02-03	89.20	98.00	+1.17	ILMN ahead
2026-02-02	92.95	98.09	+1.40	ILMN ahead
2026-01-30	95.38	95.87	+1.68	ILMN ahead
2026-01-29	98.59	97.02	+1.82	ILMN ahead
2026-01-28	98.70	99.57	+1.69	ILMN ahead
2026-01-27	100.17	100.88	+1.71	ILMN ahead
2026-01-26	100.77	101.09	+1.75	ILMN ahead
2026-01-23	98.98	101.45	+1.63	ILMN ahead
2026-01-22	101.40	103.55	+1.66	ILMN ahead
2026-01-21	100.43	102.59	+1.67	ILMN ahead
2026-01-20	96.93	99.27	+1.66	ILMN ahead
2026-01-16	93.30	100.18	+1.39	ILMN ahead
2026-01-15	95.70	102.04	+1.44	ILMN ahead
2026-01-14	94.82	101.68	+1.41	ILMN ahead
2026-01-13	96.81	101.90	+1.52	ILMN ahead
2026-01-12	95.86	101.81	+1.46	ILMN ahead
2026-01-09	92.91	102.60	+1.23	ILMN ahead
2026-01-08	96.05	102.58	+1.43	ILMN ahead
2026-01-07	98.89	103.29	+1.56	ILMN ahead
2026-01-06	96.89	103.58	+1.43	ILMN ahead
2026-01-05	93.08	102.14	+1.27	ILMN ahead
2026-01-02	88.49	98.78	+1.17	ILMN ahead
2025-12-31	86.39	98.23	+1.06	ILMN ahead
2025-12-30	87.43	99.30	+1.07	ILMN ahead
2025-12-29	88.57	99.59	+1.12	ILMN ahead
2025-12-26	88.88	99.84	+1.13	ILMN ahead
2025-12-24	89.13	99.52	+1.16	ILMN ahead
2025-12-23	89.70	99.10	+1.22	ILMN ahead
2025-12-22	90.63	99.34	+1.26	ILMN ahead
2025-12-19	88.77	97.76	+1.23	ILMN ahead
2025-12-18	85.96	97.32	+1.06	ILMN ahead
2025-12-17	85.33	97.53	+1.01	ILMN ahead
2025-12-16	86.65	97.89	+1.07	ILMN ahead
2025-12-15	88.86	99.67	+1.10	ILMN ahead
2025-12-12	88.83	99.65	+1.10	ILMN ahead
2025-12-11	89.86	101.43	+1.06	ILMN ahead
2025-12-10	88.86	102.36	+0.94	ILMN ahead
2025-12-09	87.02	99.86	+0.96	ILMN ahead
2025-12-08	83.81	101.57	+0.65	ILMN ahead
2025-12-05	84.94	102.10	+0.69	ILMN ahead
2025-12-04	84.32	102.50	+0.62	ILMN ahead
2025-12-03	84.27	102.83	+0.59	ILMN ahead
2025-12-02	84.01	103.09	+0.56	ILMN ahead
2025-12-01	84.78	102.87	+0.61	ILMN ahead
2025-11-28	86.58	104.33	+0.65	ILMN ahead
2025-11-26	85.50	105.29	+0.52	ILMN ahead
2025-11-25	85.38	106.68	+0.44	near the usual relationship
2025-11-24	82.96	103.32	+0.45	near the usual relationship
2025-11-21	81.57	101.89	+0.43	near the usual relationship
2025-11-20	78.55	97.91	+0.43	near the usual relationship
2025-11-19	79.11	97.30	+0.50	ILMN ahead
2025-11-18	80.33	97.40	+0.57	ILMN ahead
2025-11-17	79.09	97.75	+0.46	near the usual relationship
2025-11-14	79.48	98.11	+0.46	near the usual relationship
2025-11-13	78.99	98.09	+0.43	near the usual relationship
2025-11-12	80.34	100.18	+0.40	near the usual relationship
2025-11-11	80.75	99.86	+0.43	near the usual relationship
2025-11-10	80.17	97.38	+0.52	ILMN ahead
2025-11-07	80.29	96.12	+0.59	ILMN ahead
2025-11-06	79.77	95.98	+0.56	ILMN ahead
2025-11-05	80.64	96.19	+0.60	ILMN ahead
2025-11-04	76.97	95.00	+0.41	near the usual relationship
2025-11-03	79.03	89.37	+0.85	ILMN ahead
2025-10-31	81.37	90.41	+0.93	ILMN ahead
2025-10-30	65.21	88.68	-0.10	near the usual relationship
2025-10-29	62.59	88.82	-0.32	near the usual relationship
2025-10-28	64.41	89.46	-0.22	near the usual relationship
2025-10-27	66.09	90.96	-0.19	near the usual relationship
2025-10-24	65.94	92.97	-0.31	near the usual relationship
2025-10-23	65.84	91.98	-0.27	near the usual relationship
2025-10-22	64.04	90.17	-0.32	near the usual relationship
2025-10-21	65.18	90.31	-0.25	near the usual relationship
2025-10-20	65.53	88.75	-0.14	near the usual relationship
2025-10-17	62.87	86.53	-0.22	near the usual relationship
2025-10-16	63.17	86.60	-0.21	near the usual relationship
2025-10-15	61.25	85.96	-0.33	near the usual relationship
2025-10-14	59.94	86.15	-0.45	near the usual relationship
2025-10-13	62.59	86.98	-0.29	near the usual relationship
2025-10-10	61.82	85.60	-0.28	near the usual relationship
2025-10-09	63.52	85.46	-0.15	near the usual relationship
2025-10-08	64.40	84.73	-0.05	near the usual relationship
2025-10-07	63.68	82.33	+0.02	near the usual relationship
2025-10-06	66.53	84.72	+0.09	near the usual relationship
2025-10-03	67.26	84.92	+0.12	near the usual relationship
2025-10-02	65.40	83.25	+0.08	near the usual relationship
2025-10-01	67.35	82.70	+0.25	near the usual relationship
2025-09-30	62.55	77.53	+0.20	near the usual relationship
2025-09-29	60.51	74.85	+0.21	near the usual relationship
2025-09-26	60.39	75.44	+0.16	near the usual relationship
2025-09-25	60.72	74.42	+0.24	near the usual relationship
2025-09-24	62.18	75.68	+0.27	near the usual relationship
2025-09-23	65.45	77.38	+0.40	near the usual relationship
2025-09-22	66.84	78.22	+0.44	near the usual relationship
2025-09-19	67.67	77.81	+0.52	ILMN ahead
2025-09-18	67.86	79.23	+0.44	near the usual relationship
2025-09-17	66.44	78.53	+0.38	near the usual relationship
2025-09-16	66.84	78.38	+0.42	near the usual relationship
2025-09-15	66.47	77.33	+0.45	near the usual relationship
2025-09-12	62.65	76.39	+0.23	near the usual relationship
2025-09-11	65.41	78.22	+0.32	near the usual relationship
2025-09-10	62.89	75.78	+0.28	near the usual relationship
2025-09-09	64.69	77.72	+0.29	near the usual relationship
2025-09-08	64.66	80.00	+0.16	near the usual relationship
2025-09-05	65.16	79.22	+0.23	near the usual relationship
2025-09-04	64.34	77.50	+0.27	near the usual relationship
2025-09-03	63.27	75.01	+0.34	near the usual relationship
2025-09-02	64.43	76.67	+0.32	near the usual relationship
2025-08-29	65.84	78.05	+0.33	near the usual relationship
2025-08-28	65.32	76.97	+0.35	near the usual relationship
2025-08-27	65.56	76.19	+0.41	near the usual relationship
2025-08-26	65.03	76.58	+0.35	near the usual relationship
2025-08-25	65.64	77.31	+0.35	near the usual relationship
2025-08-22	67.05	78.15	+0.39	near the usual relationship
2025-08-21	65.40	75.11	+0.45	near the usual relationship
2025-08-20	66.39	76.74	+0.42	near the usual relationship
2025-08-19	66.92	76.99	+0.44	near the usual relationship
2025-08-18	66.21	74.84	+0.51	ILMN ahead
2025-08-15	65.94	75.40	+0.46	near the usual relationship
2025-08-14	65.92	75.91	+0.43	near the usual relationship
2025-08-13	66.59	76.76	+0.42	near the usual relationship
2025-08-12	64.14	73.84	+0.43	near the usual relationship
2025-08-11	62.43	72.23	+0.40	near the usual relationship
2025-08-08	62.28	72.72	+0.36	near the usual relationship
2025-08-07	62.90	71.89	+0.45	near the usual relationship
2025-08-06	62.19	71.82	+0.41	near the usual relationship
2025-08-05	64.39	72.72	+0.50	ILMN ahead
2025-08-04	64.84	73.86	+0.47	near the usual relationship
2025-08-01	62.35	75.08	+0.22	near the usual relationship
2025-07-31	67.65	74.67	+0.60	ILMN ahead
2025-07-30	70.25	77.34	+0.61	ILMN ahead
2025-07-29	71.60	78.41	+0.63	ILMN ahead
2025-07-28	72.37	78.19	+0.69	ILMN ahead
2025-07-25	71.99	78.34	+0.65	ILMN ahead
2025-07-24	70.90	77.19	+0.65	ILMN ahead
2025-07-23	68.90	76.45	+0.57	ILMN ahead
2025-07-22	67.20	74.34	+0.58	ILMN ahead
2025-07-21	62.43	72.84	+0.35	near the usual relationship
2025-07-18	63.32	74.36	+0.32	near the usual relationship
2025-07-17	64.50	76.79	+0.25	near the usual relationship
2025-07-16	63.86	74.88	+0.32	near the usual relationship
2025-07-15	63.99	74.88	+0.32	near the usual relationship
2025-07-14	64.89	78.66	+0.17	near the usual relationship
2025-07-11	65.37	91.26	-0.44	near the usual relationship
2025-07-10	65.90	91.36	-0.41	near the usual relationship
2025-07-09	64.18	90.31	-0.48	near the usual relationship
2025-07-08	65.38	89.94	-0.39	near the usual relationship
2025-07-07	63.99	89.67	-0.47	near the usual relationship
2025-07-03	66.39	90.57	-0.36	near the usual relationship
2025-07-02	66.09	91.01	-0.40	near the usual relationship
2025-07-01	64.64	92.33	-0.56	WAT ahead
2025-06-30	62.84	90.26	-0.59	WAT ahead
2025-06-27	62.43	91.14	-0.66	WAT ahead
2025-06-26	62.02	91.78	-0.73	WAT ahead
2025-06-25	61.40	90.51	-0.72	WAT ahead
2025-06-24	60.28	89.68	-0.76	WAT ahead
2025-06-23	59.68	88.66	-0.76	WAT ahead
2025-06-20	59.60	88.61	-0.77	WAT ahead
2025-06-18	59.45	87.76	-0.75	WAT ahead
2025-06-17	58.93	88.21	-0.81	WAT ahead
2025-06-16	59.44	89.95	-0.86	WAT ahead
2025-06-13	57.25	88.52	-0.96	WAT ahead
2025-06-12	58.05	90.40	-1.00	WAT ahead
2025-06-11	57.66	89.49	-0.99	WAT ahead
2025-06-10	57.95	90.47	-1.03	WAT ahead
2025-06-09	55.97	90.08	-1.16	WAT ahead
2025-06-06	54.44	90.81	-1.33	WAT ahead
2025-06-05	54.17	89.56	-1.30	WAT ahead
2025-06-04	54.77	91.33	-1.34	WAT ahead
2025-06-03	53.90	90.35	-1.38	WAT ahead
2025-06-02	53.41	88.88	-1.36	WAT ahead
2025-05-30	54.17	90.32	-1.37	WAT ahead
2025-05-29	55.51	91.88	-1.35	WAT ahead
2025-05-28	55.61	91.70	-1.34	WAT ahead
2025-05-27	54.33	92.67	-1.50	WAT ahead
2025-05-23	52.93	89.57	-1.48	WAT ahead
2025-05-22	53.05	90.11	-1.51	WAT ahead
2025-05-21	52.28	89.83	-1.57	WAT ahead
2025-05-20	55.46	93.64	-1.50	WAT ahead
2025-05-19	54.63	92.72	-1.54	WAT ahead
2025-05-16	55.07	92.96	-1.53	WAT ahead
2025-05-15	53.28	90.93	-1.59	WAT ahead
2025-05-14	51.51	89.32	-1.68	WAT ahead
2025-05-13	52.89	92.84	-1.75	WAT ahead
2025-05-12	53.72	94.82	-1.80	WAT ahead
2025-05-09	49.90	88.98	-1.86	WAT ahead
2025-05-08	52.41	90.74	-1.75	WAT ahead
2025-05-07	50.29	89.34	-1.89	WAT ahead
2025-05-06	49.09	87.67	-1.94	WAT ahead
2025-05-05	51.49	90.09	-1.86	WAT ahead
2025-05-02	51.29	90.63	-1.93	WAT ahead
2025-05-01	50.39	88.40	-1.92	WAT ahead
2025-04-30	51.11	89.92	-1.95	WAT ahead
2025-04-29	50.78	88.14	-1.91	WAT ahead
2025-04-28	50.86	87.89	-1.91	WAT ahead
2025-04-25	50.95	87.38	-1.89	WAT ahead
2025-04-24	51.12	88.11	-1.94	WAT ahead
2025-04-23	50.22	86.60	-1.97	WAT ahead
2025-04-22	48.97	85.52	-2.06	WAT ahead
2025-04-21	47.42	81.78	-2.02	WAT ahead
2025-04-17	46.89	83.01	-2.18	WAT ahead
2025-04-16	48.43	83.04	-2.04	WAT ahead
2025-04-15	49.13	83.64	-2.03	WAT ahead
2025-04-14	49.44	86.31	-2.19	WAT ahead
2025-04-11	49.25	84.10	-2.10	WAT ahead
2025-04-10	46.93	81.37	-2.21	WAT ahead
2025-04-09	50.25	87.03	-2.24	WAT ahead
2025-04-08	46.30	79.58	-2.23	WAT ahead
2025-04-07	48.38	84.25	-2.34	WAT ahead
2025-04-04	48.84	84.03	-2.30	WAT ahead
2025-04-03	50.33	89.25	-2.51	WAT ahead
2025-04-02	53.93	93.78	-2.44	WAT ahead
2025-04-01	51.63	92.06	-2.63	WAT ahead
2025-03-31	52.26	95.31	-2.82	WAT ahead
2025-03-28	52.69	93.66	-2.71	WAT ahead
2025-03-27	54.19	95.84	-2.74	WAT ahead
2025-03-26	54.55	95.11	-2.70	WAT ahead
2025-03-25	57.65	95.30	-2.41	WAT ahead
2025-03-24	57.97	96.54	-2.50	WAT ahead
2025-03-21	57.74	94.51	-2.43	WAT ahead
2025-03-20	55.85	93.93	-2.65	WAT ahead
2025-03-19	55.96	96.03	-2.83	WAT ahead
2025-03-18	56.09	98.83	-3.07	WAT ahead
2025-03-17	56.43	97.99	-3.04	WAT ahead
2025-03-14	56.38	97.53	-3.09	WAT ahead
2025-03-13	55.36	94.25	-3.04	WAT ahead
2025-03-12	55.46	96.49	-3.28	WAT ahead
2025-03-11	55.67	97.97	-3.45	WAT ahead
2025-03-10	56.62	100.93	-3.65	WAT ahead
2025-03-07	57.05	101.63	-3.76	WAT ahead
2025-03-06	55.75	99.91	-3.94	WAT ahead
2025-03-05	56.44	97.98	-3.80	WAT ahead
2025-03-04	55.91	95.18	-3.76	WAT ahead
2025-03-03	55.46	96.15	-4.04	WAT ahead
2025-02-28	58.45	97.58	-3.84	WAT ahead
2025-02-27	58.60	96.48	-3.83	WAT ahead
2025-02-26	61.94	99.56	-3.73	WAT ahead
2025-02-25	63.07	98.48	-3.56	WAT ahead
2025-02-24	61.89	98.08	-3.82	WAT ahead
2025-02-21	62.04	96.93	-3.78	WAT ahead
2025-02-20	64.02	98.48	-3.73	WAT ahead
2025-02-19	67.84	97.74	-3.12	WAT ahead
2025-02-18	66.58	97.31	-3.34	WAT ahead
2025-02-14	66.02	95.61	-3.32	WAT ahead
2025-02-13	67.04	98.04	-3.51	WAT ahead
2025-02-12	68.21	98.76	-3.49	WAT ahead
2025-02-11	66.31	104.81	-4.65	WAT ahead
2025-02-10	69.15	105.40	-4.39	WAT ahead
2025-02-07	73.15	105.90	-3.89	WAT ahead
2025-02-06	80.88	106.27	-2.75	WAT ahead
2025-02-05	82.12	107.09	-2.70	WAT ahead
2025-02-04	81.80	106.13	-2.67	WAT ahead
2025-02-03	86.35	106.34	-2.04	WAT ahead
2025-01-31	87.43	107.45	-2.03	WAT ahead
2025-01-30	87.60	107.91	-2.07	WAT ahead
2025-01-29	86.75	104.52	-1.81	WAT ahead
2025-01-28	88.00	106.93	-1.93	WAT ahead
2025-01-27	90.92	107.18	-1.57	WAT ahead
2025-01-24	89.72	106.36	-1.65	WAT ahead
2025-01-23	88.76	106.75	-1.84	WAT ahead
2025-01-22	92.45	105.60	-1.22	WAT ahead
2025-01-21	93.07	107.01	-1.31	WAT ahead
2025-01-17	90.02	104.48	-1.43	WAT ahead
2025-01-16	90.48	104.85	-1.42	WAT ahead
2025-01-15	89.70	102.85	-1.30	WAT ahead
2025-01-14	89.89	104.72	-1.50	WAT ahead
2025-01-13	94.99	103.41	-0.68	WAT ahead
2025-01-10	90.03	98.36	-0.73	WAT ahead
2025-01-08	92.00	96.77	-0.28	near the usual relationship
2025-01-07	91.60	97.50	-0.43	near the usual relationship
2025-01-06	91.32	97.52	-0.47	near the usual relationship
2025-01-03	89.58	96.14	-0.54	WAT ahead
2025-01-02	86.23	95.23	-0.88	WAT ahead
2024-12-31	88.01	95.94	-0.74	WAT ahead
2024-12-30	87.97	95.93	-0.75	WAT ahead
2024-12-27	89.09	96.87	-0.72	WAT ahead
2024-12-26	88.89	97.44	-0.82	WAT ahead
2024-12-24	89.05	96.50	-0.69	WAT ahead
2024-12-23	88.91	95.62	-0.61	WAT ahead
2024-12-20	89.59	95.21	-0.47	near the usual relationship
2024-12-19	88.26	93.26	-0.41	near the usual relationship
2024-12-18	88.28	93.21	-0.40	near the usual relationship
2024-12-17	94.26	96.65	-0.05	near the usual relationship
2024-12-16	95.11	96.72	+0.04	near the usual relationship
2024-12-13	94.76	97.82	-0.14	near the usual relationship
2024-12-12	96.44	99.05	-0.08	near the usual relationship
2024-12-11	97.24	99.63	-0.05	near the usual relationship
2024-12-10	97.83	100.95	-0.13	near the usual relationship
2024-12-09	97.17	101.38	-0.27	near the usual relationship
2024-12-06	92.93	99.32	-0.55	WAT ahead
2024-12-05	92.15	98.61	-0.57	WAT ahead
2024-12-04	93.85	101.21	-0.67	WAT ahead
2024-12-03	92.60	100.08	-0.69	WAT ahead
2024-12-02	95.60	100.11	-0.32	near the usual relationship
2024-11-29	94.94	99.49	-0.32	near the usual relationship
2024-11-27	95.08	99.97	-0.36	near the usual relationship
2024-11-26	94.15	100.38	-0.51	WAT ahead
2024-11-25	94.72	97.79	-0.13	near the usual relationship
2024-11-22	92.30	96.58	-0.29	near the usual relationship
2024-11-21	90.23	95.30	-0.39	near the usual relationship
2024-11-20	86.73	92.52	-0.50	WAT ahead
2024-11-19	88.92	89.14	+0.22	near the usual relationship
2024-11-18	86.11	91.93	-0.50	WAT ahead
2024-11-15	88.95	92.70	-0.22	near the usual relationship
2024-11-14	93.68	97.42	-0.20	near the usual relationship
2024-11-13	96.27	99.72	-0.15	near the usual relationship
2024-11-12	97.23	99.77	-0.04	near the usual relationship
2024-11-11	99.78	98.46	+0.41	near the usual relationship
2024-11-08	99.51	99.44	+0.26	near the usual relationship
2024-11-07	102.19	99.85	+0.51	ILMN ahead
2024-11-06	100.00	100.00	+0.24	near the usual relationship

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Jul 14, 2025 (ILMN -0.7%, WAT -13.8%); Oct 31, 2025 (ILMN +24.8%, WAT +1.9%); Feb 6, 2026 (ILMN -10.4%, WAT +1.2%); Feb 9, 2026 (ILMN -2.1%, WAT -13.9%); May 5, 2026 (ILMN -0.2%, WAT +13.5%); Oct 30, 2026 (ILMN -18.6%, WAT -3.6%).

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 Nov 3, 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

ILMN and WAT at a glance

ILMN Illumina Inc.

Listing: Nasdaq · SEC CIK 1110803
Industry: Medical Specialities · SIC 3826 Laboratory Analytical Instruments
Market value: $36.0B
Price history: 2,534 daily closes, Oct 12, 2016 to Nov 10, 2026

WAT Waters Corporation

Listing: NYSE · SEC CIK 1000697
Industry: Biotechnology: Laboratory Analytical Instruments · SIC 3826 Laboratory Analytical Instruments
Market value: $45.2B
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.

All pairs →

Pair	Status	Ahead now	Industry
A / WAT	Measured twin	A by 0.33 sd	Biotechnology: Laboratory Analytical Instruments
WAT / MTD	Watchlist	neither	Biotechnology: Laboratory Analytical Instruments
A / ILMN	Watchlist	neither	SIC 3826 Laboratory Analytical Instruments

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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.