If you look under usage in the watch app, are your usage and standby minutes matching minute for minute? I had this issue with one of the earlier builds of either iOS or WatchOS, and it had been fixed in whatever the next release was. What's most odd is that my wife is using the same S4 she was using with her Xr and had no drain issues, and I had no drain issues when I was using my Xs Max (which she now has) and my S4, but it seems *ANY S4* paired with her phone is getting hit with the battery drain - we paired her watch to my phone, no drain, and paired my watch to her phone, and she had the drain. We've wiped her phone clean, did not restore (iCloud, etc) and installed no apps, paired the watch and still drain. I'm pulling what little hair I have left out.