Long XLI, short DE, name against a sector: $1 of XLI against $0.57 of DE, sized so that a typical day moves each leg by about the same amount. The spread is -17.0% over the last 120 sessions, -2.2% over the last 20, and today's level sits at the 18th percentile of its own path, compressed, flattening over the last ten sessions. Alpha 59 against 71, a gap of -12 points (-32 ten sessions ago). Net market exposure at this sizing: +0.59, it leans long the market.
Not on the desk's list as of Nov 10, three sessions behind. Pro sees today's list.
The last 5 times these two sat this far below their one-year average, 0 closed half the gap within ten sessions: a spread that has tended to keep going.
One line of your account split $1 : $0.57 across the legs at the last close (XLI $169.44, DE $679.00); 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 XLI and $0.57 short DE 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 XLI and DE carry each leg on its own.