A pair owns the difference between two things and nothing else: the market cancels, the sector cancels when both legs share it, and what is left is one name's strength against another's. Each page draws that spread, both legs' Alpha on one axis, where today's level sits in the spread's own history, and the desk's sizing. The stronger leg is shown long; every page links to the reverse.
True peers are names that move together once the market is taken out, on the desk's own test, listed by today's Alpha gap. Any two names in the universe have a page: type the address as /pairs/LONG-SHORT.