Long TMUS, short MDLZ, across sectors: $1 of TMUS against $1.67 of MDLZ, sized so that a typical day moves each leg by about the same amount. The spread is -23.5% over the last 120 sessions, -1.0% over the last 20, and today's level sits at the 12th percentile of its own path, compressed, widening over the last ten sessions. Alpha 78 against 68, a gap of +10 points (-24 ten sessions ago). Net market exposure at this sizing: −0.07, 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 last 3 times these two sat this far below their one-year average, 1 closed half the gap within ten sessions. TMUS is a fresh riser; MDLZ is not a stale leader (Alpha 68).
One line of your account split $1 : $1.67 across the legs at the last close (TMUS $169.94, MDLZ $66.87); 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 TMUS and $1.67 short MDLZ 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 TMUS and MDLZ carry each leg on its own.