diff --git a/src/history.rs b/src/history.rs
index b3f2e2b..76e4ea6 100644
--- a/src/history.rs
+++ b/src/history.rs
@@ -202,6 +202,16 @@ pub(crate) struct CompetitorConfig {
     drift_scale: Option<f64>,
 }
 
+/// A linear functional resolved against one time slice.
+struct ResolvedTerms {
+    /// Coefficients over the slice's own competitors, in its ordering.
+    contrast: Vec<f64>,
+    /// Coefficients of competitors the slice has never seen, keyed by their
+    /// rendering. Independent of everything in the slice by construction.
+    unseen: HashMap<String, f64>,
+    mean: f64,
+}
+
 impl CompetitorConfig {
     fn is_empty(self) -> bool {
         self.prior.is_none() && self.drift_scale.is_none()
@@ -755,6 +765,67 @@ impl<T: Time, D: Drift<T>, O: Observer<T>, K: Eq + Hash + Clone> History<T, D, O
         Ok(crate::quality(&group_refs, self.beta))
     }
 
+    /// Resolve `terms` into a contrast over the slice's competitor order, the
+    /// coefficients of any competitors the slice has never seen, and the mean.
+    ///
+    /// An unseen competitor shares no event with the slice, so it is
+    /// independent of everything in it by construction; keeping those
+    /// coefficients separate is what lets their variance be added rather than
+    /// solved for.
+    fn resolve_terms(
+        &self,
+        terms: &[(&K, f64)],
+        slice: &TimeSlice<T>,
+        row_of: &HashMap<Index, usize>,
+        width: usize,
+    ) -> Result<ResolvedTerms, InferenceError>
+    where
+        K: std::fmt::Debug,
+    {
+        let mut contrast = vec![0.0; width];
+        let mut unseen: HashMap<String, f64> = HashMap::new();
+        let mut mean = 0.0;
+
+        for (member, (key, coefficient)) in terms.iter().enumerate() {
+            let located = self
+                .keys
+                .get(*key)
+                .and_then(|index| row_of.get(&index).map(|row| (index, *row)));
+
+            match located {
+                Some((index, row)) => {
+                    contrast[row] += coefficient;
+                    mean += coefficient
+                        * slice
+                            .skills
+                            .get(index)
+                            .expect("index came from this slice")
+                            .posterior()
+                            .mu();
+                }
+                None => match self.unknown_keys {
+                    crate::UnknownKeys::Prior => {
+                        mean += coefficient * self.mu;
+                        *unseen.entry(format!("{key:?}")).or_insert(0.0) += coefficient;
+                    }
+                    _ => {
+                        return Err(InferenceError::UnknownKey {
+                            team: 0,
+                            member,
+                            key: format!("{key:?}"),
+                        });
+                    }
+                },
+            }
+        }
+
+        Ok(ResolvedTerms {
+            contrast,
+            unseen,
+            mean,
+        })
+    }
+
     /// Posterior of a linear combination of competitors' skills.
     ///
     /// `terms` pairs each competitor with its coefficient, so
@@ -811,57 +882,151 @@ impl<T: Time, D: Drift<T>, O: Observer<T>, K: Eq + Hash + Clone> History<T, D, O
             row_of.insert(*idx, r);
         }
 
-        let mut contrast = vec![0.0; order.len()];
-        let mut mean = 0.0;
-        // A competitor the slice has never seen shares no event with anything
-        // in it, so it is independent by construction and its contribution is
-        // simply additive rather than part of the solve.
-        let mut independent_variance = 0.0;
-
-        for (member, (key, coefficient)) in terms.iter().enumerate() {
-            let row = self
-                .keys
-                .get(*key)
-                .and_then(|index| row_of.get(&index).map(|row| (index, *row)));
-
-            match row {
-                Some((index, row)) => {
-                    contrast[row] += coefficient;
-                    mean += coefficient
-                        * slice
-                            .skills
-                            .get(index)
-                            .expect("index came from this slice")
-                            .posterior()
-                            .mu();
-                }
-                None => match self.unknown_keys {
-                    crate::UnknownKeys::Prior => {
-                        mean += coefficient * self.mu;
-                        independent_variance += coefficient * coefficient * self.sigma * self.sigma;
-                    }
-                    _ => {
-                        return Err(InferenceError::UnknownKey {
-                            team: 0,
-                            member,
-                            key: format!("{key:?}"),
-                        });
-                    }
-                },
-            }
-        }
+        let ResolvedTerms {
+            contrast,
+            unseen,
+            mean,
+        } = self.resolve_terms(terms, slice, &row_of, order.len())?;
 
         let z =
             crate::joint::solve_spd(lambda, &contrast).ok_or(InferenceError::JointUnavailable {
                 reason: "the precision matrix is not positive-definite, which means \
                          a competitor has neither a proper prior nor any evidence",
             })?;
-        let variance: f64 =
-            contrast.iter().zip(&z).map(|(c, z)| c * z).sum::<f64>() + independent_variance;
+
+        let prior_var = self.sigma * self.sigma;
+        let variance: f64 = contrast.iter().zip(&z).map(|(c, z)| c * z).sum::<f64>()
+            + unseen.values().map(|c| c * c * prior_var).sum::<f64>();
 
         Ok(Gaussian::from_mv(mean, variance))
     }
 
+    /// How much observing this matchup would shrink the variance of `target`.
+    ///
+    /// `target` is a linear functional in the same shape
+    /// [`History::posterior_of`] takes, so the usual question — "which round
+    /// would best tell these two competitors apart" — is
+    /// `target = [(a, 1.0), (b, -1.0)]` scored across candidate matchups.
+    ///
+    /// This is the scored counterpart to
+    /// [`expected_information_gain`](crate::expected_information_gain), which
+    /// enumerates discrete outcomes and cannot be asked about a continuous
+    /// score. It is also far cheaper: one linear solve rather than a full
+    /// inference pass per possible outcome.
+    ///
+    /// # There is no expectation to take
+    ///
+    /// Observing a scored event is a rank-one update to the precision matrix,
+    /// and by the Sherman-Morrison identity the resulting variance reduction is
+    ///
+    /// ```text
+    /// (c^T L^-1 a)^2 / (v + a^T L^-1 a)
+    /// ```
+    ///
+    /// which depends on *which* matchup is played but not on how it turns out.
+    /// For a Gaussian likelihood the posterior variance is data-independent, so
+    /// the expectation over outcomes is over a constant. The name keeps the
+    /// term the active-learning literature uses; no averaging happens.
+    ///
+    /// Verified against an actual refit to six decimal places for four
+    /// candidate matchups.
+    ///
+    /// # Errors
+    ///
+    /// As [`History::posterior_of`], plus `MismatchedShape` unless exactly two
+    /// teams are supplied and `EmptyTeam` for an empty one.
+    pub fn expected_variance_reduction(
+        &self,
+        teams: &[&[&K]],
+        target: &[(&K, f64)],
+    ) -> Result<f64, InferenceError>
+    where
+        K: std::fmt::Debug,
+    {
+        if teams.len() != 2 {
+            return Err(InferenceError::MismatchedShape {
+                kind: "expected_variance_reduction takes exactly 2 teams",
+                expected: 2,
+                got: teams.len(),
+            });
+        }
+
+        let slice = self
+            .time_slices
+            .last()
+            .ok_or(InferenceError::JointUnavailable {
+                reason: "the history has no events",
+            })?;
+        if !slice.all_scored() {
+            return Err(InferenceError::JointUnavailable {
+                reason: "the latest slice contains ranked events, whose EP factors \
+                         are not retained after convergence",
+            });
+        }
+
+        // The candidate matchup, expressed as the same kind of linear
+        // functional as the target.
+        let mut matchup: Vec<(&K, f64)> = Vec::new();
+        let mut noise = self.score_sigma * self.score_sigma;
+        for (team_idx, team) in teams.iter().enumerate() {
+            if team.is_empty() {
+                return Err(InferenceError::EmptyTeam { team: team_idx });
+            }
+            let sign = if team_idx == 0 { 1.0 } else { -1.0 };
+            for key in team.iter() {
+                matchup.push((*key, sign));
+                let beta = self
+                    .keys
+                    .get(*key)
+                    .map_or(self.beta, |index| self.agents[index].rating.beta);
+                noise += beta * beta;
+            }
+        }
+
+        let (order, lambda) = slice.joint_precision(&self.agents);
+        let mut row_of = HashMap::with_capacity(order.len());
+        for (r, idx) in order.iter().enumerate() {
+            row_of.insert(*idx, r);
+        }
+
+        let target = self.resolve_terms(target, slice, &row_of, order.len())?;
+        let matchup = self.resolve_terms(&matchup, slice, &row_of, order.len())?;
+        let (target_contrast, target_unseen) = (target.contrast, target.unseen);
+        let (matchup_contrast, matchup_unseen) = (matchup.contrast, matchup.unseen);
+
+        // One solve: z = L^-1 a serves both inner products, since
+        // c^T L^-1 a = c^T z and a^T L^-1 a = a^T z.
+        let z = crate::joint::solve_spd(lambda, &matchup_contrast).ok_or(
+            InferenceError::JointUnavailable {
+                reason: "the precision matrix is not positive-definite",
+            },
+        )?;
+
+        let prior_var = self.sigma * self.sigma;
+        // Competitors outside the slice are independent, so they contribute
+        // only where the same key appears in both functionals.
+        let cross_unseen: f64 = target_unseen
+            .iter()
+            .map(|(k, tc)| tc * matchup_unseen.get(k).copied().unwrap_or(0.0) * prior_var)
+            .sum();
+        let self_unseen: f64 = matchup_unseen.values().map(|c| c * c * prior_var).sum();
+
+        let cross: f64 = target_contrast
+            .iter()
+            .zip(&z)
+            .map(|(c, z)| c * z)
+            .sum::<f64>()
+            + cross_unseen;
+        let matchup_var: f64 = matchup_contrast
+            .iter()
+            .zip(&z)
+            .map(|(a, z)| a * z)
+            .sum::<f64>()
+            + self_unseen;
+
+        Ok(cross * cross / (noise + matchup_var))
+    }
+
     /// Predictive distribution of the score margin between two teams.
     ///
     /// Answers "what will the gap be, and how wide is that interval" for a
diff --git a/tests/variance_reduction.rs b/tests/variance_reduction.rs
new file mode 100644
index 0000000..0255061
--- /dev/null
+++ b/tests/variance_reduction.rs
@@ -0,0 +1,156 @@
+//! `expected_variance_reduction`: which matchup best sharpens a given question.
+
+use smallvec::smallvec;
+use trueskill_tt::{
+    ConstantDrift, ConvergenceOptions, Event, History, InferenceError, Member, Outcome, Team,
+    UnknownKeys,
+};
+
+type H = History<i64, ConstantDrift, trueskill_tt::NullObserver, &'static str>;
+
+fn round(a: &'static str, b: &'static str, sa: f64, sb: f64) -> Event<i64, &'static str> {
+    Event {
+        time: 1,
+        teams: smallvec![
+            Team::with_members([Member::new(a)]),
+            Team::with_members([Member::new(b)]),
+        ],
+        outcome: Outcome::scores([sa, sb]),
+    }
+}
+
+fn base() -> Vec<Event<i64, &'static str>> {
+    vec![
+        round("a", "b", 5.0, 2.0),
+        round("a", "c", 6.0, 1.0),
+        round("b", "c", 4.0, 3.0),
+        round("c", "d", 2.0, 1.0),
+        round("a", "d", 7.0, 2.0),
+    ]
+}
+
+fn fit(extra: Option<Event<i64, &'static str>>, policy: UnknownKeys) -> H {
+    let mut h: History<i64, _, _, &'static str> = History::builder()
+        .mu(0.0)
+        .sigma(6.0)
+        .beta(1.0)
+        .score_sigma(2.0)
+        .drift(ConstantDrift(0.0))
+        .unknown_keys(policy)
+        .convergence(ConvergenceOptions {
+            max_iter: 20_000,
+            epsilon: 1e-13,
+            alpha: 1.0,
+        })
+        .build();
+    let mut ev = base();
+    if let Some(e) = extra {
+        ev.push(e);
+    }
+    h.add_events(ev).unwrap();
+    let _ = h.converge().unwrap();
+    h
+}
+
+/// The closed form must equal what actually happens if the matchup is played.
+/// This is the assertion that makes the whole call trustworthy: a wrong
+/// acquisition function returns plausible numbers and quietly picks worse
+/// matchups forever.
+#[test]
+fn the_closed_form_matches_an_actual_refit() {
+    let h = fit(None, UnknownKeys::Reject);
+    let target: Vec<(&&str, f64)> = vec![(&"a", 1.0), (&"b", -1.0)];
+    let before = h.posterior_of(&target).unwrap().sigma().powi(2);
+
+    for (x, y) in [("a", "b"), ("c", "d"), ("a", "c"), ("b", "d")] {
+        let predicted = h
+            .expected_variance_reduction(&[&[&x], &[&y]], &target)
+            .unwrap();
+
+        let after = fit(Some(round(x, y, 3.0, 1.0)), UnknownKeys::Reject);
+        let actual = before - after.posterior_of(&target).unwrap().sigma().powi(2);
+
+        assert!(
+            (predicted - actual).abs() / actual.abs() < 1e-9,
+            "{x} vs {y}: predicted {predicted}, actual {actual}"
+        );
+    }
+}
+
+/// The reduction cannot depend on the score, because for a Gaussian likelihood
+/// the posterior variance update is data-independent. This is why the call
+/// needs no expectation despite its name.
+#[test]
+fn the_outcome_does_not_change_the_reduction() {
+    let target: Vec<(&&str, f64)> = vec![(&"a", 1.0), (&"b", -1.0)];
+    let h = fit(None, UnknownKeys::Reject);
+    let before = h.posterior_of(&target).unwrap().sigma().powi(2);
+
+    let mut seen = Vec::new();
+    for (sa, sb) in [(3.0, 1.0), (100.0, -50.0), (0.0, 0.0)] {
+        let after = fit(Some(round("c", "d", sa, sb)), UnknownKeys::Reject);
+        seen.push(before - after.posterior_of(&target).unwrap().sigma().powi(2));
+    }
+    for w in seen.windows(2) {
+        assert!(
+            (w[0] - w[1]).abs() < 1e-12,
+            "variance reduction moved with the observed score: {seen:?}"
+        );
+    }
+}
+
+/// The point of the call: it must rank candidate matchups usefully. Playing the
+/// pair you are trying to separate helps most; an unrelated pair helps least.
+#[test]
+fn it_ranks_candidates_by_how_much_they_answer_the_question() {
+    let h = fit(None, UnknownKeys::Reject);
+    let target: Vec<(&&str, f64)> = vec![(&"a", 1.0), (&"b", -1.0)];
+
+    let direct = h
+        .expected_variance_reduction(&[&[&"a"], &[&"b"]], &target)
+        .unwrap();
+    let unrelated = h
+        .expected_variance_reduction(&[&[&"c"], &[&"d"]], &target)
+        .unwrap();
+
+    assert!(direct > 0.0 && unrelated > 0.0);
+    assert!(
+        direct > 5.0 * unrelated,
+        "playing the target pair should dominate: {direct} vs {unrelated}"
+    );
+}
+
+/// A matchup between two competitors nobody has seen still teaches something
+/// about them, but nothing about a target that does not involve them.
+#[test]
+fn an_unrelated_unseen_matchup_teaches_nothing_about_the_target() {
+    let h = fit(None, UnknownKeys::Prior);
+    let target: Vec<(&&str, f64)> = vec![(&"a", 1.0), (&"b", -1.0)];
+
+    let reduction = h
+        .expected_variance_reduction(&[&[&"stranger"], &[&"nobody"]], &target)
+        .unwrap();
+    assert!(
+        reduction.abs() < 1e-12,
+        "an unseen pair shares nothing with the target: {reduction}"
+    );
+}
+
+#[test]
+fn shape_errors_are_reported() {
+    let h = fit(None, UnknownKeys::Reject);
+    let target: Vec<(&&str, f64)> = vec![(&"a", 1.0), (&"b", -1.0)];
+
+    assert!(matches!(
+        h.expected_variance_reduction(&[&[&"a"]], &target),
+        Err(InferenceError::MismatchedShape {
+            expected: 2,
+            got: 1,
+            ..
+        })
+    ));
+    assert!(matches!(
+        h.expected_variance_reduction(&[&[&"a"], &[&"ghost"]], &target),
+        Err(InferenceError::UnknownKey { .. })
+    ));
+}