Degenerate Index Quantitative research terminal
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Relative-value research · research only

Pair relationships, ranked.

Securities are evaluated as a relationship: how consistently they move together, whether their price spread has remained statistically stable, and how far that spread currently sits from its estimated mean.

Preparing the latest market snapshot

Pair-relative classification

Daily Long & Daily Sell

The two sides of the selected mean-reversion relationship. These labels describe relative value within the pair, not independent forecasts for either security.

Daily Long

Evaluating

Waiting for the latest qualifying relationship.

Daily Sell

Evaluating

Waiting for the latest qualifying relationship.

Relationships tested — completed statistical comparisons
Eligible pairs — relationships meeting the research criteria
Entry setups — pairs beyond the configured threshold
Ranked relationships — pair readings available below

Leading relationship review

Was the top pair independently confirmed?

The initial relationship scan and the independent statistical check answer different questions. Both are shown so the leading pair is never presented as settled fact.

Awaiting the independent pair check

All completed relationships

Pair Finder

The ranker preserves every completed relationship and separates active entry setups, statistically eligible pairs, and research-only comparisons. Use the filters to inspect a specific security.

Showing ranked relationships
Rank Pair Status Correlation FDR p-value Z-score Hedge ratio Half-life

Pair Finder glossary

How to read pair research

A pair is evaluated as one statistical relationship. Its long and sell legs should not be interpreted as independent directional forecasts.

Daily Pair Trade
Daily Pair Trade
The highest-ranked eligible relationship that also meets the configured spread-displacement threshold. It is a research setup, not an execution instruction.
Daily Long
The relatively discounted leg of the selected mean-reversion relationship. It does not imply that the security is forecast to rise independently.
Daily Sell
The relatively rich leg of the same relationship. It does not imply that the security is forecast to decline independently.
No active setup
No eligible relationship crossed the configured spread-displacement threshold. The research remains blank instead of promoting a lower-quality classification.
Qualification and rank
Entry setup
An eligible relationship whose standardized spread crossed the configured research threshold.
Eligible pair
A relationship that passed the configured correlation, cointegration, multiple-testing, and mean-reversion filters.
Research only
A completed comparison that did not satisfy every eligibility requirement. It remains visible for transparency but is not promoted as a qualifying relationship.
Pair Finder metrics
Correlation
The degree to which two securities’ returns moved together in the measured sample. Correlation alone does not establish a stable long-run relationship.
Cointegration
A statistical test for whether a linear combination of two non-stationary price series behaves as a mean-reverting process.
FDR-adjusted p-value
A significance measure adjusted to control the expected false-discovery rate across many simultaneous pair tests. Lower values indicate stronger evidence under the configured procedure.
Z-score
The current spread’s distance from its estimated mean, measured in standard deviations. Its sign indicates direction; its magnitude indicates statistical displacement.
Hedge ratio
The estimated quantity of the second security used to construct a historically balanced spread against one unit of the first.
Half-life
The estimated number of trading sessions required for half of a spread deviation to decay under the fitted mean-reversion model.

Every output is a research classification. None is a guaranteed price, return, or trade recommendation.