Long ISRG, short V, across sectors: $1 of ISRG against $2.00 of V, sized so that a typical day moves each leg by about the same amount. The spread is -45.4% over the last 120 sessions, -6.1% over the last 20, and today's level sits at the 3rd percentile of its own path, deeply compressed, flattening over the last ten sessions. Alpha 51 against 74, a gap of -23 points (-34 ten sessions ago). Net market exposure at this sizing: −0.18, a clean relative bet. The two are co-movers 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 further below its one-year average than at any point in the last year, so there is no earlier stretch like today's to count. No hand-off in view: neither leg is where a cycle pair starts.
One line of your account split $1 : $2.00 across the legs at the last close (ISRG $440.94, V $422.00); 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 ISRG and $2.00 short V 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 ISRG and V carry each leg on its own.