Chapter 5 examines how considerations of coherence manifest in the use of analogical reasoning by investor-state tribunals. In particular, it demonstrates through concrete examples and case studies that the persuasiveness and correctness of an arbitral award based on analogical reasoning depends on the degree of its internal coherence. It is argued that coherence in an analogical inference manifests in two ways. Firstly, in a methodological sense, coherence manifests itself in the way the adjudicator frames the legal question at issue and in the degree to which the analogy, as drawn, satisfies the elements of similarity, structural parallels, and purposiveness. Secondly, in a substantive sense, coherence manifests itself in the normative contextualisation of the legal question and in the moral appeal of the proposed interpretation derived from the analogy.