Often people who are not familiar with the nature and limitations of statistical methods tend to expect too much of the rating system. Ratings provide merely a comparison of performances, no more and no less. The measurement of the performance of an individual is always made relative to the performance of his competitors and both the performance of the player and of his opponents are subject to much the same random fluctuations. The measurement of the rating of an individual might well be compared with the measurement of the position of a cork bobbing up and down on the surface of agitated water with a yard stick tied to a rope and which is swaying in the wind.
Arpad Elo in Chess Life, 1962
In theory, there is no difference between theory and practice; In practice, there is.