Question 1

What is a pairs trade?

Accepted Answer

A pairs trade goes long one asset and short a related one in equal dollar size, betting that the first will outperform the second. Because the two legs offset broad market moves, the position is roughly market-neutral — you profit from the spread between them widening in your favour, not from overall direction.

Question 2

Why go dollar-neutral?

Accepted Answer

Equal dollar sizing means a market-wide crash or pump largely cancels out across the two legs. That isolates the relative performance you actually have a view on and dramatically cuts your exposure to being wrong about overall direction. The trade-off is that you also give up the gains if you were right about direction.

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