Long NBIS, short CRM, same sector: $1 of NBIS against $2.31 of CRM, sized so that a typical day moves each leg by about the same amount. The spread is -98.9% over the last 120 sessions, -5.5% over the last 20, and today's level sits at the 4th percentile of its own path, deeply compressed, narrowing over the last ten sessions. Alpha 21 against 49, a gap of -28 points (-17 ten sessions ago). Net market exposure at this sizing: +1.77, it leans long the market. Same sector, not true peers on the desk's test.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The last 9 times these two sat this far below their one-year average, 3 closed half the gap within ten sessions. No hand-off in view: neither leg is where a cycle pair starts.
One line of your account split $1 : $2.31 across the legs at the last close (NBIS $125.90, CRM $219.00); 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 NBIS and $2.31 short CRM 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 NBIS and CRM carry each leg on its own.