Pairs / Spread Lab — MA Readings on Relative-Value Ratios
104 tradeable pairs across ETFs, single stocks & commodities · ratio distance from the 21/65/200-day MAs, Z-scored · Data through October 28, 2026 · Updated October 28, 2026 · 7:37 PM ET
Pairs tracked
ETFs · stocks · commodities
Stretched rich
1
spread-Z ≥ +2 (fade)
Stretched cheap
1
spread-Z ≤ −2 (accumulate)
Most stretched
Z -2.5
Fresh ratio crosses
21d cross, last 2 sessions
Spread Screener — every pair ranked by how stretched the ratio is (click any header to sort, any row to explore)
PairRatio21d %65d %200d %Spread ZSignal
XMMO/MDY MidCap Momentum vs MidCap0.208-3.7%-6.2%-10.2%-2.5cheap → long A / short B
GDX/GDXJ GDX vs GDXJ0.804+1.7%+3.5%+5.0%+2.2rich → fade (short A / long B)
AIWIN/AIRISK AI Winners vs AI At-Risk (GS de-grossing)0.810+5.2%+10.8%+23.5%+1.9leaning rich
XLE/TAN XLE vs TAN1.670+7.5%+21.7%+52.6%+1.7leaning rich
NQ=F/CL=F Nasdaq fut vs Crude oil291.686-9.8%-16.7%-23.6%-1.7leaning cheap
XMMO/MTUM Mid vs Large Momentum0.458-2.0%-6.6%-14.2%-1.6leaning cheap
SPY/XLV SPY vs XLV4.297-3.3%-4.6%-6.9%-1.6leaning cheap
QUAL/USMV Quality vs Min-Vol2.168-2.9%-2.7%-1.2%-1.5leaning cheap
META/QQQ META vs QQQ0.844-12.0%-5.6%-10.0%-1.4leaning cheap
SPYV/SPMO Value vs Momentum0.442+3.1%+4.1%+0.2%+1.4leaning rich
GC=F/^DJI Gold vs Dow0.077-3.3%-6.1%-15.5%-1.3leaning cheap
SPMO/SPY SPMO vs SPY0.188-1.4%-2.8%-0.7%-1.2leaning cheap
MTUM/USMV Momentum vs Min-Vol2.949-3.4%-3.8%-1.5%-1.2leaning cheap
EEM/SPY EEM vs SPY0.082-2.4%-4.6%-6.3%-1.2leaning cheap
SPY/XLI SPY vs XLI4.584-0.0%+3.9%+9.0%+1.2leaning rich
MTUM/SPYV MTUM vs SPYV4.738-3.4%-3.3%-1.5%-1.2leaning cheap
GC=F/^GSPC Gold vs S&P 5000.523-2.3%-6.9%-17.5%-1.2leaning cheap
AIRISK/SMH AI Infra At-Risk vs Semis15.367-2.3%-4.1%-7.2%-1.2leaning cheap
XLI/SPY XLI vs SPY0.218+0.0%-3.9%-8.5%-1.2leaning cheap
SPY/XLE SPY vs XLE11.283-3.2%-6.8%-10.3%-1.2leaning cheap
SPYV/SPY Value vs SPY0.083+1.8%+1.3%-0.0%+1.1leaning rich
MTUM/RSP MTUM vs S&P500 EW1.396-3.2%-2.1%-0.4%-1.1leaning cheap
KBWB/XLF KBWB vs XLF1.588-0.2%-3.4%-3.7%-1.1leaning cheap
USMV/SPY Min-Vol vs SPY0.133+1.7%+1.8%-0.2%+1.0leaning rich
IWF/IWD IWF vs IWD0.475-3.0%-2.0%-5.9%-1.0leaning cheap
GDXJ/GLD GDXJ vs GLD0.280-2.7%-5.9%-2.4%-1.0neutral
KBWB/KRE KBWB vs KRE1.236-0.4%-2.5%-1.3%-1.0neutral
Σ6/KRE US big banks vs KRE (regionals)23.759-0.1%-3.3%-3.3%-0.9neutral
MTUM/SPY Momentum vs SPY0.393-1.6%-2.0%-1.4%-0.9neutral
XLK/XLE XLK vs XLE2.790-4.2%-6.2%-4.4%-0.9neutral
AIWIN/SMH AI Winners vs Semis (Software vs Semis proxy)12.455+3.0%+6.4%+15.1%+0.9neutral
QUAL/SPY Quality vs SPY0.289-1.1%-0.9%-1.3%-0.9neutral
SMH/SPYV SMH vs SPYV8.862-4.1%-2.8%+3.2%-0.9neutral
GC=F/^NDX Gold vs Nasdaq 1000.136-1.2%-6.6%-18.7%-0.9neutral
SMH/IWD SMH vs IWD2.194-3.8%-2.4%+0.7%-0.9neutral
AAPL/QQQ AAPL vs QQQ0.474+2.0%+4.6%+8.8%+0.9neutral
EMXC/SPY EMXC vs SPY0.122-2.0%-3.5%-2.8%-0.9neutral
FXI/SPY FXI vs SPY0.042-3.2%-7.1%-14.8%-0.9neutral
KBWB/SPY KBWB vs SPY0.115+1.8%-4.5%-5.0%-0.8neutral
SPHB/SPLV High-beta vs Low-vol1.926-4.3%-3.3%+3.2%-0.8neutral
IJR/IWM IJR vs IWM0.497+0.1%+0.7%+1.1%+0.8neutral
SMH/SMHEW SMH vs Semis EW (mega-cap premium)0.092-0.3%-1.3%-2.5%-0.8neutral
SMHEW/SMH Semis EW vs SMH (concentration premium)10.913+0.3%+1.3%+2.4%+0.8neutral
SMH/QQQE Semis vs Nasdaq EW4.736-2.0%-0.4%+3.7%-0.8neutral
GLD/QQQ GLD vs QQQ0.515-0.2%-5.3%-16.7%-0.8neutral
SOXX/SPYV SOXX vs SPYV8.148-4.4%-3.6%+3.8%-0.7neutral
SPY/RSP SPY vs S&P500 EW3.552-1.5%-0.0%+1.1%-0.7neutral
XLP/SPY XLP vs SPY0.112+2.0%+2.0%-2.6%+0.7neutral
SMH/SPY Semis vs S&P0.735-2.3%-1.5%+3.5%-0.7neutral
XLG/RSP XLG vs S&P500 EW0.292-2.2%+0.1%-0.3%-0.7neutral
^GVZ/^VIX Gold vol vs equity vol1.355-1.6%-12.5%-13.2%-0.7neutral
^GSPC/RSP S&P 500 vs S&P500 EW35.635-1.5%-0.1%+0.7%-0.7neutral
RSP/^GSPC S&P500 EW vs S&P 5000.028+1.5%+0.1%-0.7%+0.7neutral
QQQ/QQQE QQQ vs Nasdaq EW6.054-1.0%+0.8%+0.7%-0.7neutral
MTUM/VLUE Momentum vs Enhanced Value1.528-2.3%-1.1%-6.6%-0.7neutral
SPY/XLB SPY vs XLB14.892-3.0%-0.7%+4.0%-0.7neutral
^NDX/^GSPC Nasdaq 100 vs S&P 5003.849-1.2%-0.3%+0.9%-0.6neutral
IWM/TLT IWM vs TLT3.473-0.9%-2.7%+4.1%-0.6neutral
QQQ/SPY QQQ vs SPY0.940-1.2%-0.3%+0.7%-0.6neutral
VLUE/SPYV Enhanced vs Plain Value3.101-1.1%-2.2%+5.1%-0.6neutral
SPLV/SPY Low-Vol vs SPY0.097+2.4%+0.7%-4.5%+0.6neutral
COPX/GLD Copper miners vs Gold0.206-3.9%-5.9%+1.6%-0.6neutral
HYG/LQD High-yield vs Inv-grade0.746-0.5%-0.5%+1.3%-0.6neutral
QQQ/IWV QQQ vs IWV1.659-1.3%-0.1%+1.1%-0.5neutral
SPY/HD SPY vs HD2.432-5.1%-0.1%+10.1%-0.5neutral
SPY/EWC SPY vs EWC12.556-2.6%-0.7%+0.6%-0.5neutral
EWC/SPY EWC vs SPY0.080+2.6%+0.7%-0.7%+0.5neutral
RSP/QQQE S&P500 EW vs Nasdaq EW1.814+1.7%+1.1%-1.2%+0.5neutral
SPY/TLT SPY vs TLT9.536-2.1%+0.3%+9.3%-0.5neutral
GDX/GLD GDX vs GLD0.225-1.0%-2.6%+2.5%-0.5neutral
XLK/XLP XLK vs XLP2.199-3.2%-1.5%+8.7%-0.5neutral
^MOVE/^VIX Bond vol vs equity vol5.591-9.6%+4.0%+29.3%+0.4neutral
^TNX/^GSPC US 10Y yield vs S&P 5000.001-2.4%+1.7%+4.8%+0.4neutral
GLD/GDX GLD vs GDX4.449+1.0%+2.3%-2.8%+0.4neutral
SMHEW/SPY Semis EW vs S&P8.021-2.0%-0.2%+5.5%-0.4neutral
XLY/XLP XLY vs XLP1.328+0.1%-1.8%-3.8%-0.4neutral
^RUT/^GSPC Russell 2000 vs S&P 5000.365+1.2%-3.1%-4.9%-0.4neutral
IWM/SPY Small vs Large0.364+1.2%-3.1%-4.8%-0.4neutral
SPY/IWM SPY vs IWM2.746-1.2%+3.1%+5.0%+0.4neutral
^RUI/^RUT Russell 1000 vs Russell 20001.488-1.2%+3.0%+4.8%+0.3neutral
SLV/SIL SLV vs SIL0.633-0.8%-0.6%-10.9%-0.3neutral
SPY/XHB SPY vs XHB7.883-1.7%+3.3%+13.2%+0.3neutral
PSCE/IJR PSCE vs IJR0.430-0.2%+1.5%+1.7%+0.3neutral
SPY/XLF SPY vs XLF13.759-1.9%+1.0%+1.2%-0.3neutral
^OVX/^VIX Oil vol vs equity vol3.465+11.5%+5.7%+2.6%+0.3neutral
NEM/GC=F NEM vs Gold0.028+1.2%+2.9%+15.0%+0.3neutral
ES=F/ZN=F S&P fut vs 10Y note fut73.448-0.8%+0.9%+7.7%-0.2neutral
SPY/XLRE SPY vs XLRE18.332-0.9%+2.9%+8.0%+0.2neutral
XLG/IJR XLG vs IJR0.455-1.9%+2.4%+2.4%-0.2neutral
^VVIX/^VIX Vol-of-vol vs VIX5.683+1.2%-0.5%+3.8%+0.2neutral
NEM/GLD NEM vs GLD0.305+0.2%+1.4%+12.2%+0.1neutral
VXX/VXZ VIX term structure (short vs mid)0.384-0.3%-1.5%-17.8%+0.1neutral
KRE/SPY KRE vs SPY0.093+2.2%-2.0%-3.7%-0.1neutral
MSTR/BTC-USD MSTR vs Bitcoin0.002-1.5%+5.0%-2.3%-0.1neutral
HD/WMT HD vs WMT2.674+0.8%-6.6%-4.9%+0.1neutral
^VIX/^VXN S&P vs Nasdaq implied vol0.713+0.1%+0.4%-4.0%-0.1neutral
KRE/QQQ KRE vs QQQ0.099+3.4%-1.7%-4.6%+0.1neutral
^SKEW/^VIX Tail risk (SKEW) vs VIX8.796-3.4%-4.0%+7.9%-0.0neutral
MSTR/IBIT MSTR vs IBIT3.146-1.7%+4.7%-2.5%+0.0neutral
^NDX/^RUT Nasdaq 100 vs Russell 200010.538-2.4%+2.8%+6.0%-0.0neutral
SPY/XLU SPY vs XLU18.176-2.2%-0.2%+9.4%-0.0neutral
VLUE/SPY Enhanced Value vs SPY0.257+0.7%-1.0%+5.3%-0.0neutral
BTC-USD/MSTR Bitcoin vs MSTR559.667+1.3%-5.5%+0.8%+0.0neutral
QQQ/IWM QQQ vs IWM2.580-2.4%+2.7%+5.7%-0.0neutral
Ratio = A / B. Cells shaded green (A above the MA) / red (below) by magnitude. Spread-Z = composite of the three MA-distance Z-scores vs 3-yr history; |Z| ≥ 2 (red) = a statistical extreme. Default order = most-stretched first. Click a row to open the Pair Explorer.
Pair Explorer — the ratio's distance from a moving average over time, with its own ±2σ bands
MA window:
Rolling return:
Top: distance of the ratio from the selected MA (dashed = the pair's historical mean and ±2σ; poking outside the band = the spread was stretched — the same condition the spread-Z flags). Bottom: the ratio's trailing 10 / 21 / 65 / 130-day rolling return over time with its own mean and ±2σ bands — click a horizon to switch.
🎯 Ask the Spread — "when the rolling return breaches a level, what did the ratio do next?"
When the rolling return
%
An event study on the selected pair: pick a rolling-return window, a direction and a level, and every session the ratio's rolling return first breached it seeds a forward 1–30 session path — faint spaghetti, bold median with the 25–75 band, and (indigo) the most recent still-open instance. Data since 2018 (rolling window needs lookback).
🔔 Fresh Ratio Crosses — pairs whose ratio crossed its 21-day MA in the last two sessions
Show:
A ratio cross = the spread closed on the opposite side of its 21-day MA vs the prior session. Up = A gaining on B; down = A losing to B. Trend-aligned (★) = the 65 & 200-day ratio MAs were already on the new side (a stronger momentum turn). Click a row to explore the pair.
🎯 Threshold Lab — "the spread just hit X% from its MA — what happened next?"
MA:
breached:
Type any level and pick a direction: a breach is the session the ratio's distance from the chosen MA first crosses that level (from below for "≥ above", from above for "≤ below"). Each faint strand is the forward 1–30 session path of the ratio from a breach; bold dashed = median with the 25–75 band; the indigo line is the most recent (still-open) instance, if any. Distance and forward returns are computed live in your browser, so any level / start year is instant. Data since 2018 (MA needs lookback); pick the sample start above.
➕ Custom Pair — build any ratio A / B and study it (type any two tickers)
/
MA:
Rolling return:
Type two tickers (US stocks or ETFs) and hit Run. Anything in our tracked set is instant; anything else is fetched live.
The ratio A / B is run through the same lens as the curated pairs: its distance from the moving average (dashed = mean and ±2σ) and the trailing 10 / 21 / 65 / 130-day rolling return over time with its own ±2σ bands (click a horizon to switch). The query box then runs an event study on the spread itself: pick a rolling-return window, a direction and a level, and every session the ratio's rolling return first breached it seeds a forward 1–30 session path — the faint spaghetti, the bold median with the 25–75 band, and (indigo) the most recent still-open instance. In-universe pairs use ~2018-on daily history; live-fetched tickers span ~6 years. Educational, not advice.
Use A / B as a signal and see what an index or factor ETF does next.
🎯 Regime Lab — when a volatility / correlation signal hits an extreme, what does a benchmark do next?
Signal spread /
Benchmark
Pick a volatility / correlation signal (or any custom spread) and an index or factor ETF as the benchmark: when the signal sits in its rich/cheap decile, this charts the benchmark's forward path (faint spaghetti, bold indigo median, 25–75 band) against its own unconditional baseline (grey dashed), with the edge, win rate, and n. The state line flags whether the signal is at an extreme right now. Signal choices: distance from the 65d MA, 21-day rolling return, or the 63-day correlation of the two legs (a dispersion read). The edge is only real where the conditioned path separates from the baseline and n is large enough to trust. Educational, not advice.
What This Measures

Each pair is a relative-value spread expressed as a price ratio R = A / B. We run the same moving-average machinery on the ratio that the MA Stretch Lab runs on a single name: the percentage distance of R from its 21, 65 and 200-day moving averages, each Z-scored against the pair's own 3-year history so "stretched" is normalized per pair. The composite spread-Z averages the three windows.

How to Read the Signal
Caveats

Distance from a moving average is a positioning gauge, not a directional forecast — a spread can stay stretched for a long time in a genuine regime shift (e.g. a secular growth-over-value trend). Pairs are equal-dollar ratios, not beta- or cointegration-weighted; treat this as a relative-value watchlist, not a turnkey stat-arb system. Commodities use liquid ETFs (GLD, SLV, USO, GDX, CPER, DBC) as tradeable proxies. History since 2010 where available; new listings show a ratio but a shorter Z window.