Long AKAM, short NET, same sector: $1 of AKAM against $0.87 of NET, sized so that a typical day moves each leg by about the same amount. The spread is -88.1% over the last 120 sessions, -8.1% over the last 20, and today's level sits at the 3rd percentile of its own path, deeply compressed, narrowing over the last ten sessions. Alpha 31 against 85, a gap of -54 points (+21 ten sessions ago). Net market exposure at this sizing: +0.11, a clean relative bet. The two are close peers on the desk's own test.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The spread is below its one-year average by more than at almost any point in the last year (1 earlier time), too few to count. NET leads (Alpha 85); AKAM is not a fresh riser (Alpha 31).
One line of your account split $1 : $0.87 across the legs at the last close (AKAM $86.82, NET $321.00); fractions included. Arithmetic on a setting you choose, not a recommendation.
The house book has not closed a trade in this pair.
The house takes every listed cycle pair by the rules, after average trading costs; its full record is on the engine page. Pairs you assemble yourself are ideas, not posted trades: the Hedge pairs chapter says how the two differ.
Each leg against its sector fund, and each leg's true peers.
How to read it: the spread is what $1 long AKAM and $0.87 short NET would have made together, in percent of the long leg, close to close, before costs; the market's move cancels in it to the extent the two legs share it. Stretch is where today's level sits among the last 120 sessions of that path, a description of the spread's own history and not a forecast. Net β is the pair's remaining market exposure per $1 long at this sizing (each leg's beta over 250 sessions). The pages for AKAM and NET carry each leg on its own.