Long NVDA, short TSM, same sector: $1 of NVDA against $0.91 of TSM, sized so that a typical day moves each leg by about the same amount. The spread is -19.5% over the last 120 sessions, -22.4% over the last 20, and today's level sits at the 2nd percentile of its own path, deeply compressed, narrowing over the last ten sessions. Alpha 17 against 74, a gap of -57 points (-2 ten sessions ago). Net market exposure at this sizing: −0.20, 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 : $0.91 across the legs at the last close (NVDA $169.67, TSM $409.00); 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 NVDA and $0.91 short TSM 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 NVDA and TSM carry each leg on its own.