diff --git a/moor/lib/src/runtime/database.dart b/moor/lib/src/runtime/database.dart
index a2369f33..34829ead 100644
--- a/moor/lib/src/runtime/database.dart
+++ b/moor/lib/src/runtime/database.dart
@@ -46,26 +46,17 @@ abstract class DatabaseConnectionUser {
         executor = executor ?? other.executor,
         streamQueries = streamQueries ?? other.streamQueries;
 
-  /// Marks the table as updated. This method will be called internally whenever
-  /// a update, delete or insert statement is issued on the database. We can
-  /// then inform all active select-streams on that table that their snapshot
-  /// might be out-of-date and needs to be fetched again.
-  @Deprecated('Use markTablesUpdated instead')
-  void markTableUpdated(String tableName) {
-    markTablesUpdated({tableName});
-  }
-
   /// Marks the tables as updated. This method will be called internally
   /// whenever a update, delete or insert statement is issued on the database.
   /// We can then inform all active select-streams on those tables that their
   /// snapshot might be out-of-date and needs to be fetched again.
-  void markTablesUpdated(Set<String> tables) {
+  void markTablesUpdated(Set<TableInfo> tables) {
     streamQueries.handleTableUpdates(tables);
   }
 
   /// Creates and auto-updating stream from the given select statement. This
   /// method should not be used directly.
-  Stream<List<T>> createStream<T>(TableChangeListener<List<T>> stmt) =>
+  Stream<T> createStream<T>(QueryStreamFetcher<T> stmt) =>
       streamQueries.registerStream(stmt);
 }
 
@@ -120,8 +111,7 @@ mixin QueryEngine on DatabaseConnectionUser {
         executor.doWhenOpened((_) => executor.runUpdate(query, mappedArgs));
 
     if (updates != null) {
-      await streamQueries
-          .handleTableUpdates(updates.map((t) => t.$tableName).toSet());
+      await streamQueries.handleTableUpdates(updates);
     }
 
     return affectedRows;
@@ -132,7 +122,8 @@ mixin QueryEngine on DatabaseConnectionUser {
   /// value.
   Future<List<QueryRow>> customSelect(String query,
       {List<Variable> variables = const []}) async {
-    return CustomSelectStatement(query, variables, <TableInfo>{}, this).read();
+    return CustomSelectStatement(query, variables, <TableInfo>{}, this)
+        .execute();
   }
 
   /// Creates a stream from a custom select statement.To use the variables, mark
@@ -143,7 +134,8 @@ mixin QueryEngine on DatabaseConnectionUser {
   Stream<List<QueryRow>> customSelectStream(String query,
       {List<Variable> variables = const [], Set<TableInfo> readsFrom}) {
     final tables = readsFrom ?? <TableInfo>{};
-    return createStream(CustomSelectStatement(query, variables, tables, this));
+    final statement = CustomSelectStatement(query, variables, tables, this);
+    return createStream(statement.constructFetcher());
   }
 }
 
diff --git a/moor/lib/src/runtime/executor/stream_queries.dart b/moor/lib/src/runtime/executor/stream_queries.dart
index 443f20d7..74c1c42e 100644
--- a/moor/lib/src/runtime/executor/stream_queries.dart
+++ b/moor/lib/src/runtime/executor/stream_queries.dart
@@ -1,38 +1,95 @@
 import 'dart:async';
 
+import 'package:collection/collection.dart';
+import 'package:meta/meta.dart';
 import 'package:moor/moor.dart';
 
-/// Internal interface to mark classes that respond to table changes
-abstract class TableChangeListener<T> {
-  /// Called to check if this listener should update after any table who's name
-  /// is in the set has changed.
-  bool isAffectedBy(Set<String> tables);
+const _listEquality = ListEquality<dynamic>();
 
-  /// Called to reload data from the table after it has changed.
-  Future<T> handleDataChanged();
+/// Representation of a select statement that knows from which tables the
+/// statement is reading its data and how to execute the query.
+class QueryStreamFetcher<T> {
+  /// The set of tables this query reads from. If any of these tables changes,
+  /// the stream must fetch its again.
+  final Set<TableInfo> readsFrom;
+
+  /// Key that can be used to check whether two fetchers will yield the same
+  /// result when operating on the same data.
+  final StreamKey key;
+
+  /// Function that asynchronously fetches the latest set of data.
+  final Future<T> Function() fetchData;
+
+  QueryStreamFetcher(
+      {@required this.readsFrom, this.key, @required this.fetchData});
+}
+
+/// Key that uniquely identifies a select statement. If two keys created from
+/// two select statements are equal, the statements are equal as well.
+///
+/// As two equal statements always yield the same result when operating on the
+/// same data, this can make streams more efficient as we can return the same
+/// stream for two equivalent queries.
+class StreamKey {
+  final String sql;
+  final List<dynamic> variables;
+
+  /// Used to differentiate between custom streams, which return a [QueryRow],
+  /// and regular streams, which return an instance of a generated data class.
+  final Type returnType;
+
+  StreamKey(this.sql, this.variables, this.returnType);
+
+  @override
+  int get hashCode {
+    return (sql.hashCode * 31 + _listEquality.hash(variables)) * 31 +
+        returnType.hashCode;
+  }
+
+  @override
+  bool operator ==(other) {
+    return identical(this, other) ||
+        (other is StreamKey &&
+            other.sql == sql &&
+            _listEquality.equals(other.variables, variables) &&
+            other.returnType == returnType);
+  }
 }
 
 /// Keeps track of active streams created from [SelectStatement]s and updates
 /// them when needed.
 class StreamQueryStore {
-  final List<QueryStream> _activeStreams = [];
-
-  // todo cache streams (return same instance for same sql + variables)
+  final List<QueryStream> _activeStreamsWithoutKey = [];
+  final Map<StreamKey, QueryStream> _activeKeyStreams = {};
 
   StreamQueryStore();
 
+  Iterable<QueryStream> get _activeStreams {
+    return _activeKeyStreams.values.followedBy(_activeStreamsWithoutKey);
+  }
+
   /// Creates a new stream from the select statement.
-  Stream<List<T>> registerStream<T>(TableChangeListener<List<T>> statement) {
-    final stream = QueryStream(statement, this);
-    _activeStreams.add(stream);
-    return stream.stream;
+  Stream<T> registerStream<T>(QueryStreamFetcher<T> fetcher) {
+    final key = fetcher.key;
+
+    if (key == null) {
+      final stream = QueryStream(fetcher, this);
+      _activeStreamsWithoutKey.add(stream);
+      return stream.stream;
+    } else {
+      final stream = _activeKeyStreams.putIfAbsent(key, () {
+        return QueryStream<T>(fetcher, this);
+      });
+
+      return (stream as QueryStream<T>).stream;
+    }
   }
 
   /// Handles updates on a given table by re-executing all queries that read
   /// from that table.
-  Future<void> handleTableUpdates(Set<String> tables) async {
+  Future<void> handleTableUpdates(Set<TableInfo> tables) async {
     final affectedStreams = _activeStreams
-        .where((stream) => stream.isAffectedByTableChange(tables));
+        .where((stream) => stream._fetcher.readsFrom.any(tables.contains));
 
     for (var stream in affectedStreams) {
       await stream.fetchAndEmitData();
@@ -40,15 +97,22 @@ class StreamQueryStore {
   }
 
   void markAsClosed(QueryStream stream) {
-    _activeStreams.remove(stream);
+    final key = stream._fetcher.key;
+    if (key == null) {
+      _activeStreamsWithoutKey.remove(stream);
+    } else {
+      _activeKeyStreams.remove(key);
+    }
   }
 }
 
 class QueryStream<T> {
-  final TableChangeListener<T> listener;
+  final QueryStreamFetcher<T> _fetcher;
   final StreamQueryStore _store;
 
   StreamController<T> _controller;
+  // caching the stream so that the stream getter always returns the same stream
+  Stream<T> _stream;
 
   Stream<T> get stream {
     _controller ??= StreamController.broadcast(
@@ -56,10 +120,10 @@ class QueryStream<T> {
       onCancel: _onCancel,
     );
 
-    return _controller.stream;
+    return _stream ??= _controller.stream;
   }
 
-  QueryStream(this.listener, this._store);
+  QueryStream(this._fetcher, this._store);
 
   void _onListen() {
     // first listener added, fetch query
@@ -80,13 +144,10 @@ class QueryStream<T> {
     // Fetch data if it's needed, publish that data if it's possible.
     if (!_controller.hasListener) return;
 
-    final data = await listener.handleDataChanged();
+    final data = await _fetcher.fetchData();
 
     if (!_controller.isClosed) {
       _controller.add(data);
     }
   }
-
-  bool isAffectedByTableChange(Set<String> tables) =>
-      listener.isAffectedBy(tables);
 }
diff --git a/moor/lib/src/runtime/executor/transactions.dart b/moor/lib/src/runtime/executor/transactions.dart
index e9568a13..1451387b 100644
--- a/moor/lib/src/runtime/executor/transactions.dart
+++ b/moor/lib/src/runtime/executor/transactions.dart
@@ -21,18 +21,18 @@ class Transaction extends DatabaseConnectionUser with QueryEngine {
 /// updates to the outer stream query store when the transaction is completed.
 class _TransactionStreamStore extends StreamQueryStore {
   final StreamQueryStore parent;
-  final Set<String> affectedTables = <String>{};
+  final Set<TableInfo> affectedTables = <TableInfo>{};
 
   _TransactionStreamStore(this.parent);
 
   @override
-  Stream<List<T>> registerStream<T>(TableChangeListener<List<T>> statement) {
+  Stream<T> registerStream<T>(QueryStreamFetcher<T> statement) {
     throw StateError('Streams cannot be created inside a transaction. See the '
         'documentation of GeneratedDatabase.transaction for details.');
   }
 
   @override
-  Future handleTableUpdates(Set<String> tables) {
+  Future handleTableUpdates(Set<TableInfo> tables) {
     affectedTables.addAll(tables);
     return Future.value(null);
   }
diff --git a/moor/lib/src/runtime/statements/delete.dart b/moor/lib/src/runtime/statements/delete.dart
index 23e07f90..c6fe6793 100644
--- a/moor/lib/src/runtime/statements/delete.dart
+++ b/moor/lib/src/runtime/statements/delete.dart
@@ -36,7 +36,7 @@ class DeleteStatement<T, D> extends Query<T, D> {
           await ctx.database.executor.runDelete(ctx.sql, ctx.boundVariables);
 
       if (rows > 0) {
-        database.markTablesUpdated({table.$tableName});
+        database.markTablesUpdated({table});
       }
       return rows;
     });
diff --git a/moor/lib/src/runtime/statements/insert.dart b/moor/lib/src/runtime/statements/insert.dart
index 9745d62d..3c7e3290 100644
--- a/moor/lib/src/runtime/statements/insert.dart
+++ b/moor/lib/src/runtime/statements/insert.dart
@@ -56,7 +56,7 @@ class InsertStatement<DataClass> {
 
     await database.executor.doWhenOpened((e) async {
       await database.executor.runInsert(ctx.sql, ctx.boundVariables);
-      database.markTablesUpdated({table.$tableName});
+      database.markTablesUpdated({table});
     });
   }
 
diff --git a/moor/lib/src/runtime/statements/select.dart b/moor/lib/src/runtime/statements/select.dart
index 0deef0f1..9fab4405 100644
--- a/moor/lib/src/runtime/statements/select.dart
+++ b/moor/lib/src/runtime/statements/select.dart
@@ -10,8 +10,7 @@ import 'package:moor/src/runtime/structure/table_info.dart';
 
 typedef OrderingTerm OrderClauseGenerator<T>(T tbl);
 
-class SelectStatement<T, D> extends Query<T, D>
-    implements TableChangeListener<List<D>> {
+class SelectStatement<T, D> extends Query<T, D> {
   SelectStatement(QueryEngine database, TableInfo<T, D> table)
       : super(database, table);
 
@@ -23,7 +22,10 @@ class SelectStatement<T, D> extends Query<T, D>
   /// Loads and returns all results from this select query.
   Future<List<D>> get() async {
     final ctx = constructQuery();
+    return _getWithQuery(ctx);
+  }
 
+  Future<List<D>> _getWithQuery(GenerationContext ctx) async {
     final results = await ctx.database.executor.doWhenOpened((e) async {
       return await ctx.database.executor.runSelect(ctx.sql, ctx.boundVariables);
     });
@@ -47,21 +49,18 @@ class SelectStatement<T, D> extends Query<T, D>
   /// Creates an auto-updating stream that emits new items whenever this table
   /// changes.
   Stream<List<D>> watch() {
-    return database.createStream(this);
-  }
+    final query = constructQuery();
+    final fetcher = QueryStreamFetcher<List<D>>(
+      readsFrom: {table},
+      fetchData: () => _getWithQuery(query),
+      key: StreamKey(query.sql, query.boundVariables, D),
+    );
 
-  @override
-  Future<List<D>> handleDataChanged() {
-    return get();
-  }
-
-  @override
-  bool isAffectedBy(Set<String> tables) {
-    return tables.contains(super.table.$tableName);
+    return database.createStream(fetcher);
   }
 }
 
-class CustomSelectStatement implements TableChangeListener<List<QueryRow>> {
+class CustomSelectStatement {
   /// Tables this select statement reads from
   final Set<TableInfo> tables;
   final String query;
@@ -70,26 +69,35 @@ class CustomSelectStatement implements TableChangeListener<List<QueryRow>> {
 
   CustomSelectStatement(this.query, this.variables, this.tables, this.db);
 
-  Future<List<QueryRow>> read() => handleDataChanged();
+  QueryStreamFetcher<List<QueryRow>> constructFetcher() {
+    final args = _mapArgs();
 
-  @override
-  Future<List<QueryRow>> handleDataChanged() async {
+    return QueryStreamFetcher<List<QueryRow>>(
+      readsFrom: tables,
+      fetchData: () => _executeWithMappedArgs(args),
+      key: StreamKey(query, args, QueryRow),
+    );
+  }
+
+  Future<List<QueryRow>> execute() async {
+    return _executeWithMappedArgs(_mapArgs());
+  }
+
+  List<dynamic> _mapArgs() {
     final ctx = GenerationContext(db);
-    final mappedArgs = variables.map((v) => v.mapToSimpleValue(ctx)).toList();
+    return variables.map((v) => v.mapToSimpleValue(ctx)).toList();
+  }
 
+  Future<List<QueryRow>> _executeWithMappedArgs(
+      List<dynamic> mappedArgs) async {
     final result =
         await db.executor.doWhenOpened((e) => e.runSelect(query, mappedArgs));
 
     return result.map((row) => QueryRow(row, db)).toList();
   }
-
-  @override
-  bool isAffectedBy(Set<String> tables) {
-    return this.tables.intersection(tables).isNotEmpty;
-  }
 }
 
-/// For custom select statement, represents a row in the result set.
+/// For custom select statements, represents a row in the result set.
 class QueryRow {
   final Map<String, dynamic> data;
   final QueryEngine _db;
diff --git a/moor/lib/src/runtime/statements/update.dart b/moor/lib/src/runtime/statements/update.dart
index 8c39c1b9..62077971 100644
--- a/moor/lib/src/runtime/statements/update.dart
+++ b/moor/lib/src/runtime/statements/update.dart
@@ -36,7 +36,7 @@ class UpdateStatement<T, D> extends Query<T, D> {
     });
 
     if (rows > 0) {
-      database.markTablesUpdated({table.$tableName});
+      database.markTablesUpdated({table});
     }
 
     return rows;
diff --git a/moor/pubspec.yaml b/moor/pubspec.yaml
index 5bb0492e..ce3f7db3 100644
--- a/moor/pubspec.yaml
+++ b/moor/pubspec.yaml
@@ -11,6 +11,7 @@ environment:
 
 dependencies:
   meta: '>= 1.0.0 <2.0.0'
+  collection: '>= 1.0.0 <2.0.0'
 
 dev_dependencies:
   moor_generator: ^1.1.1
@@ -21,11 +22,11 @@ dev_dependencies:
   mockito: ^4.0.0
   grinder: ^0.8.0
   coverage: ^0.12.0
+  coveralls: ^5.1.0
 
 dependency_overrides:
   moor_generator:
     path: ../moor_generator
-  coveralls: ^5.1.0
   # Temporarily use my fork because it can collect coverage when running tests with the test runner
   coverage:
     git: https://github.com/simolus3/coverage.git
diff --git a/moor/test/delete_test.dart b/moor/test/delete_test.dart
index 4c89b082..3361fe53 100644
--- a/moor/test/delete_test.dart
+++ b/moor/test/delete_test.dart
@@ -56,7 +56,7 @@ void main() {
 
       await db.delete(db.users).go();
 
-      verify(streamQueries.handleTableUpdates({'users'}));
+      verify(streamQueries.handleTableUpdates({db.users}));
     });
 
     test('are not issued when no data was changed', () async {
diff --git a/moor/test/insert_test.dart b/moor/test/insert_test.dart
index ceeaecf1..4872dda4 100644
--- a/moor/test/insert_test.dart
+++ b/moor/test/insert_test.dart
@@ -42,7 +42,7 @@ void main() {
           profilePicture: Uint8List(0),
         ));
 
-    verify(streamQueries.handleTableUpdates({'users'}));
+    verify(streamQueries.handleTableUpdates({db.users}));
   });
 
   test('enforces data integrety', () {
diff --git a/moor/test/streams_test.dart b/moor/test/streams_test.dart
index a85ec68c..33627269 100644
--- a/moor/test/streams_test.dart
+++ b/moor/test/streams_test.dart
@@ -1,3 +1,5 @@
+import 'package:moor/moor.dart';
+import 'package:moor/src/runtime/executor/stream_queries.dart';
 import 'package:test_api/test_api.dart';
 
 import 'data/tables/todos.dart';
@@ -24,17 +26,52 @@ void main() {
   test('streams fetch when the underlying data changes', () {
     db.select(db.users).watch().listen((_) {});
 
-    db.markTablesUpdated({'users'});
+    db.markTablesUpdated({db.users});
 
     // twice: Once because the listener attached, once because the data changed
     verify(executor.runSelect(any, any)).called(2);
   });
 
+  test('equal statements yield identical streams', () {
+    final firstStream = (db.select(db.users).watch())..listen((_) {});
+    final secondStream = (db.select(db.users).watch())..listen((_) {});
+
+    expect(identical(firstStream, secondStream), true);
+  });
+
+  group('stream keys', () {
+    final keyA = StreamKey('SELECT * FROM users;', [], User);
+    final keyB = StreamKey('SELECT * FROM users;', [], User);
+    final keyCustom = StreamKey('SELECT * FROM users;', [], QueryRow);
+    final keyCustomTodos = StreamKey('SELECT * FROM todos;', [], QueryRow);
+    final keyArgs = StreamKey('SELECT * FROM users;', ['name'], User);
+
+    test('are equal for same parameters', () {
+      expect(keyA, equals(keyB));
+      expect(keyA.hashCode, keyB.hashCode);
+    });
+
+    test('are not equal for different queries', () {
+      expect(keyCustomTodos, isNot(keyCustom));
+      expect(keyCustomTodos.hashCode, isNot(keyCustom.hashCode));
+    });
+
+    test('are not equal for different variables', () {
+      expect(keyArgs, isNot(keyA));
+      expect(keyArgs.hashCode, isNot(keyA.hashCode));
+    });
+
+    test('are not equal for different types', () {
+      expect(keyCustom, isNot(keyA));
+      expect(keyCustom.hashCode, isNot(keyA.hashCode));
+    });
+  });
+
   group("streams don't fetch", () {
     test('when no listeners were attached', () {
       db.select(db.users).watch();
 
-      db.markTablesUpdated({'users'});
+      db.markTablesUpdated({db.users});
 
       verifyNever(executor.runSelect(any, any));
     });
@@ -44,7 +81,7 @@ void main() {
       clearInteractions(executor);
 
       subscription.cancel();
-      db.markTablesUpdated({'users'});
+      db.markTablesUpdated({db.users});
 
       verifyNever(executor.runSelect(any, any));
     });
diff --git a/moor/test/transactions_test.dart b/moor/test/transactions_test.dart
index 46a3e868..d501e9a2 100644
--- a/moor/test/transactions_test.dart
+++ b/moor/test/transactions_test.dart
@@ -37,7 +37,7 @@ void main() {
     });
 
     // After the transaction completes, the queries should be updated
-    verify(streamQueries.handleTableUpdates({'users'})).called(1);
+    verify(streamQueries.handleTableUpdates({db.users})).called(1);
     verify(executor.transactions.send());
   });
 }
diff --git a/moor/test/update_test.dart b/moor/test/update_test.dart
index 0d4385e7..ca977010 100644
--- a/moor/test/update_test.dart
+++ b/moor/test/update_test.dart
@@ -67,7 +67,7 @@ void main() {
             content: 'Updated content',
           ));
 
-      verify(streamQueries.handleTableUpdates({'todos'}));
+      verify(streamQueries.handleTableUpdates({db.todosTable}));
     });
 
     test('are not issued when no data was changed', () async {
@@ -109,7 +109,7 @@ void main() {
     test('informs about updated tables', () async {
       await db.customUpdate('', updates: {db.users, db.todosTable});
 
-      verify(streamQueries.handleTableUpdates({'users', 'todos'}));
+      verify(streamQueries.handleTableUpdates({db.users, db.todosTable}));
     });
   });
 }
diff --git a/moor_generator/lib/src/parser/table_parser.dart b/moor_generator/lib/src/parser/table_parser.dart
index cd7bb7e2..f1392cf9 100644
--- a/moor_generator/lib/src/parser/table_parser.dart
+++ b/moor_generator/lib/src/parser/table_parser.dart
@@ -92,8 +92,8 @@ class TableParser extends ParserBase {
     if (expression is SetOrMapLiteral) {
       for (var entry in expression.elements2) {
         if (entry is Identifier) {
-          final column = columns.singleWhere(
-                  (column) => column.dartGetterName == entry.name);
+          final column = columns
+              .singleWhere((column) => column.dartGetterName == entry.name);
           parsedPrimaryKey.add(column);
         } else {
           // Don't add an error, these features aren't on a stable dart release
@@ -101,19 +101,19 @@ class TableParser extends ParserBase {
           print('Unexpected entry in expression.elements2: $entry');
         }
       }
-    // ignore: deprecated_member_use
+      // ignore: deprecated_member_use
     } else if (expression is MapLiteral) {
       for (var entry in expression.entries) {
         final key = entry.key as Identifier;
         final column =
-        columns.singleWhere((column) => column.dartGetterName == key.name);
+            columns.singleWhere((column) => column.dartGetterName == key.name);
         parsedPrimaryKey.add(column);
       }
-    // ignore: deprecated_member_use
+      // ignore: deprecated_member_use
     } else if (expression is SetLiteral) {
       for (var entry in expression.elements) {
         final column = columns.singleWhere(
-                (column) => column.dartGetterName == (entry as Identifier).name);
+            (column) => column.dartGetterName == (entry as Identifier).name);
         parsedPrimaryKey.add(column);
       }
     } else {