⚖️ Pair Trade Screen v2

Generated 2026-08-13 15:27 HKT • Enhanced with 20d correlation + ADF cointegration test + vol-based L/S ratio • 125 pairs
Insurance: 9 Pharma / Biotech: 9 AI Infrastructure: 9 Gold / Precious Metals: 9 Semiconductor: 9 Real Estate: 9 Crypto / Fintech: 9 Bank: 9 Internet / Software: 8 Energy / Oil: 6 Consumer / Retail: 6 Industrial / Defense: 6
Total pairs
125
Cross-market
47
Cointegrated (p<0.05)
13
Strong |corr| > 0.7
32

Top 3 (highest composite score)

#1 · score 24.96
↑ LONG HUM US
vs
↓ SHORT META US
Insurance
corr +0.71 coint 🟡 +0.10 β +0.29 L/S +3.63
#2 · score 24.7
↑ LONG 01548.HK HK
vs
↓ SHORT PFE US
Pharma / Biotech
corr +0.90 coint 🟢 +0.05 β +3.53 L/S +1.30
#3 · score 22.05
↑ LONG TEAM US
vs
↓ SHORT APP US
AI Infrastructure
corr -0.83 coint ⚪ +0.40 β -0.25 L/S +6.80

📖 Metrics

Score
Composite: |corr|×10 + (1-coint_p)×10 + phase_bonus + |1d_div|/2 (higher = better)
Corr (20d)
Pearson correlation over last 20 trading days. |corr|>0.7 = strong, 0.4-0.7 = medium, <0.4 = weak. Negative = inverse (also tradeable).
Coint (p)
Engle-Granger cointegration p-value. <0.05 = statistically mean-reverting pair (🟢), <0.20 = weak (🟡), >0.20 = no cointegration (⚪).
β (beta)
OLS hedge ratio. For dollar-neutral pair: short_dollars/long_dollars = β. β>0 = same direction, β<0 = inverse.
L/S ratio
Volatility-adjusted long/short ratio. For $1 long, short $L/S in the other leg. = vol_long / (vol_short × |β|). Higher = more short exposure needed.
Score Sector ↑ LONG ↓ SHORT Corr(20d) Coint(p) β L/S
TickerPhase1d% TickerPhase1d%
24.96 Insurance HUM US 🟢 Up +4.29 ↑ META US 🔴 Down -3.38 +0.71 🟡 +0.10 +0.29 +3.63
24.7 Pharma / Biotech 01548.HK HK 🟢 Up +1.30 ↑ PFE US 🔴 Down -1.16 +0.90 🟢 +0.05 +3.53 +1.30
22.05 AI Infrastructure TEAM US 🟢 Up +0.75 ↑ APP US 🔴 Down -4.68 -0.83 ⚪ +0.40 -0.25 +6.80
21.64 Energy / Oil HPE US 🔴 Down +8.11 ↑ SLB US 🔴 Down -1.99 +0.73 🟡 +0.08 +1.16 +0.94
21.35 Pharma / Biotech AMGN US 🟢 Up +0.45 ↑ PFE US 🔴 Down -1.16 +0.90 ⚪ +0.34 +15.89 +0.10
20.89 Gold / Precious Metals 06693.HK HK 🟡 Base +3.74 ↑ 01818.HK HK 🟡 Base +1.10 +0.97 🟢 +0.01 +1.96 +0.65
20.04 Gold / Precious Metals 01787.HK HK 🟡 Base +2.49 ↑ 01818.HK HK 🟡 Base +1.10 +0.99 🟡 +0.06 +0.75 +1.29
20.04 Gold / Precious Metals 02899.HK HK 🟡 Base +1.53 ↑ 01818.HK HK 🟡 Base +1.10 +0.98 🟢 +0.00 +1.14 +0.72
19.93 AI Infrastructure NET US 🔴 Down +1.46 ↑ APP US 🔴 Down -4.68 -0.69 🟢 +0.01 -0.27 +2.01
19.87 Gold / Precious Metals 01787.HK HK 🟡 Base +2.49 ↑ NEM US 🔴 Down +0.54 +0.93 ⚪ +0.55 +0.20 +6.30
19.54 Semiconductor 01347.HK HK 🔴 Down +7.13 ↑ TXN US 🔴 Down -1.65 +0.76 ⚪ +0.24 +1.07 +2.65
19.53 Semiconductor SNDK US 🔴 Down +5.76 ↑ MCHP US 🔴 Down -1.95 +0.67 🟡 +0.10 +45.19 +0.05
19.49 Luxury / Brand 03896.HK HK 🟡 Base -0.81 ↑ 06651.HK HK 🔴 Down -7.50 +0.73 ⚪ +0.61 -0.01 +60.23
19.49 Solar / Clean Energy 02208.HK HK 🔴 Down +4.00 ↑ FSLR US 🔴 Down -5.87 +0.85 ⚪ +0.39 +0.02 +50.10
19.31 Internet / Software ADBE US 🟡 Base -1.88 ↑ CRM US 🟡 Base -2.10 +0.98 🟡 +0.06 +1.62 +0.69
19.27 Energy / Oil MPC US 🟢 Up +3.52 ↑ DVN US 🔴 Down -1.19 +0.63 ⚪ +0.44 +15.07 +0.08
19.22 Energy / Oil 02600.HK HK 🔴 Down +2.69 ↑ SLB US 🔴 Down -1.99 +0.69 🟢 +0.00 +0.14 +6.90
18.68 Other BE US 🔴 Down +12.29 ↑ 02556.HK HK 🔴 Down -4.40 +0.57 ⚪ +0.54 -5.12 +0.41
17.8 Gold / Precious Metals 06693.HK HK 🟡 Base +3.74 ↑ NEM US 🔴 Down +0.54 +0.87 ⚪ +0.75 +0.38 +4.40
17.7 Insurance 06166.HK HK 🔴 Down +5.38 ↑ TRV US 🔴 Down -1.45 -0.50 🟡 +0.07 -0.95 +3.79
17.61 AI Infrastructure PANW US 🟢 Up +0.84 ↑ APP US 🔴 Down -4.68 -0.60 ⚪ +0.62 -0.20 +2.62
17.19 Semiconductor 01347.HK HK 🔴 Down +7.13 ↑ MCHP US 🔴 Down -1.95 +0.63 ⚪ +0.36 +2.32 +0.59
17.16 Real Estate 03939.HK HK 🟡 Base +2.99 ↑ MCK US 🟡 Base -2.55 +0.47 🟢 +0.03 +0.02 +95.54
16.98 Consumer / Retail CMG US 🟡 Base +2.00 ↑ LOW US 🔴 Down -2.39 -0.07 🟡 +0.09 -0.05 +41.06
16.95 Internet / Software INTU US 🟡 Base -0.51 ↑ ADBE US 🟡 Base -1.88 +0.96 ⚪ +0.33 +1.04 +0.76
16.71 Internet / Software INTU US 🟡 Base -0.51 ↑ CRM US 🟡 Base -2.10 +0.96 ⚪ +0.37 +1.73 +0.51
16.5 Internet / Software INTU US 🟡 Base -0.51 ↑ MSFT US 🟡 Base -2.26 +0.79 ⚪ +0.23 +0.46 +1.58
16.43 Internet / Software ORCL US 🔴 Down +5.36 ↑ MSFT US 🟡 Base -2.26 +0.94 🟡 +0.18 -0.01 +86.42
16.41 Semiconductor SNDK US 🔴 Down +5.76 ↑ TXN US 🔴 Down -1.65 +0.71 ⚪ +0.44 +20.56 +0.21
16.37 EV / Auto 09863.HK HK 🔴 Down +1.63 ↑ TSLA US 🔴 Down -1.59 -0.65 🟡 +0.17 -0.04 +25.40
16.2 Consumer / Retail WMT US 🔴 Down +2.43 ↑ LOW US 🔴 Down -2.39 +0.57 🟡 +0.19 +0.16 +4.01
16.13 Semiconductor 06809.HK HK 🔴 Down +7.60 ↑ MCHP US 🔴 Down -1.95 +0.33 🟡 +0.20 +8.72 +0.17
16.07 Energy / Oil MPC US 🟢 Up +3.52 ↑ SLB US 🔴 Down -1.99 +0.30 ⚪ +0.47 +5.32 +0.16
16.04 Semiconductor 01347.HK HK 🔴 Down +7.13 ↑ CDNS US 🔴 Down -1.34 +0.33 🟡 +0.14 +0.85 +2.66
15.93 Insurance HUM US 🟢 Up +4.29 ↑ TRV US 🔴 Down -1.45 -0.27 ⚪ +0.47 +0.03 +42.84
15.92 Insurance CIEN US 🔴 Down +11.49 ↑ META US 🔴 Down -3.38 +0.07 ⚪ +0.23 -0.17 +12.21
15.89 Other 01888.HK HK 🔴 Down +10.70 ↑ 02556.HK HK 🔴 Down -4.40 -0.29 ⚪ +0.45 -3.46 +0.54
15.77 Gold / Precious Metals 02899.HK HK 🟡 Base +1.53 ↑ NEM US 🔴 Down +0.54 +0.90 ⚪ +0.87 +0.24 +4.60
15.39 EV / Auto 02015.HK HK 🔴 Down +0.69 ↑ TSLA US 🔴 Down -1.59 -0.43 🟢 +0.01 -0.03 +25.98
15.33 Internet / Software ADBE US 🟡 Base -1.88 ↑ MSFT US 🟡 Base -2.26 +0.80 ⚪ +0.28 +0.42 +2.19
15.3 Luxury / Brand 03800.HK HK 🔴 Down +6.25 ↑ 06651.HK HK 🔴 Down -7.50 +0.83 ⚪ +0.99 +0.00 +242.94
15.19 Insurance CIEN US 🔴 Down +11.49 ↑ TRV US 🔴 Down -1.45 -0.27 ⚪ +0.40 -1.08 +2.08
15.18 Industrial / Defense 01378.HK HK 🔴 Down +1.66 ↑ 06682.HK HK 🔴 Down -2.97 +0.48 🟡 +0.19 +0.46 +1.88
15.11 Semiconductor 06809.HK HK 🔴 Down +7.60 ↑ TXN US 🔴 Down -1.65 +0.40 ⚪ +0.35 +3.73 +0.81
15.04 AI Infrastructure PANW US 🟢 Up +0.84 ↑ WDAY US 🟡 Base -3.30 +0.62 ⚪ +0.33 +1.05 +0.57
15.0 EV / Auto 02015.HK HK 🔴 Down +0.69 ↑ 02652.HK HK 🔴 Down -7.15 +0.24 🟡 +0.13 -0.27 +1.51
14.79 Crypto / Fintech MAR US 🔴 Down +1.46 ↑ SOFI US 🔴 Down -0.22 -0.83 ⚪ +0.44 -5.95 +0.09
14.7 Media / Entertainment NFLX US 🔴 Down -0.78 ↑ 09626.HK HK 🟠 Recov -3.34 +0.53 🟡 +0.19 +0.01 +77.33
14.44 AI Infrastructure NET US 🔴 Down +1.46 ↑ WDAY US 🟡 Base -3.30 +0.84 🟡 +0.14 +1.14 +0.55
14.41 Bank LITE US 🔴 Down +13.63 ↑ 02162.HK HK 🟢 Up -2.24 +0.30 🟡 +0.16 -2.75 +0.81
14.13 Energy / Oil 02600.HK HK 🔴 Down +2.69 ↑ DVN US 🔴 Down -1.19 +0.25 🟢 +0.03 +0.17 +7.56
14.02 Industrial / Defense 06088.HK HK 🔴 Down +1.75 ↑ 06682.HK HK 🔴 Down -2.97 +0.43 ⚪ +0.27 -0.23 +8.43
13.95 Industrial / Defense GEV US 🔴 Down +2.77 ↑ EBAY US 🔴 Down -3.49 -0.33 ⚪ +0.25 -0.41 +3.68
13.46 Real Estate SMCI US 🔴 Down +19.02 ↑ 01318.HK HK 🔴 Down -2.58 -0.09 ⚪ +0.82 -0.17 +11.22
13.42 Other BE US 🔴 Down +12.29 ↑ MELI US 🟡 Base -5.76 +0.06 🟡 +0.12 -0.38 +10.24
13.05 Insurance 06166.HK HK 🔴 Down +5.38 ↑ META US 🔴 Down -3.38 +0.72 ⚪ +0.85 -0.21 +15.36
13.02 Internet / Software ORCL US 🔴 Down +5.36 ↑ CRM US 🟡 Base -2.10 +0.79 ⚪ +0.36 -0.42 +3.25
12.95 Real Estate SMCI US 🔴 Down +19.02 ↑ TTWO US 🔴 Down -2.99 +0.12 ⚪ +0.93 -0.05 +64.87
12.93 Consumer / Retail CMG US 🟡 Base +2.00 ↑ HD US 🟡 Base -3.12 -0.15 🟡 +0.11 +0.03 +76.14
12.64 Semiconductor SNDK US 🔴 Down +5.76 ↑ CDNS US 🔴 Down -1.34 +0.03 🟡 +0.12 +13.07 +0.26
12.57 Industrial / Defense GEV US 🔴 Down +2.77 ↑ 06682.HK HK 🔴 Down -2.97 +0.07 🟡 +0.10 -13.12 +0.08
12.43 Consumer / Retail CMG US 🟡 Base +2.00 ↑ 09988.HK HK 🟡 Base -3.01 -0.05 🟡 +0.06 +0.02 +62.72
12.37 EV / Auto 09863.HK HK 🔴 Down +1.63 ↑ 02652.HK HK 🔴 Down -7.15 +0.48 ⚪ +0.68 -0.40 +1.21
12.35 AI Infrastructure TEAM US 🟢 Up +0.75 ↑ WDAY US 🟡 Base -3.30 +0.87 ⚪ +0.83 +0.91 +2.24
12.15 Real Estate EQIX US 🔴 Down +3.56 ↑ 01318.HK HK 🔴 Down -2.58 -0.22 ⚪ +0.32 -4.12 +0.13
11.94 Consumer / Retail WMT US 🔴 Down +2.43 ↑ HD US 🟡 Base -3.12 +0.54 🟡 +0.12 -0.05 +15.12
11.71 Semiconductor 06809.HK HK 🔴 Down +7.60 ↑ CDNS US 🔴 Down -1.34 +0.00 ⚪ +0.28 +2.58 +0.93
11.52 Other 01888.HK HK 🔴 Down +10.70 ↑ MELI US 🟡 Base -5.76 -0.56 ⚪ +0.73 -0.23 +15.41
11.12 Internet / Software ORCL US 🔴 Down +5.36 ↑ ADBE US 🟡 Base -1.88 +0.71 ⚪ +0.47 -0.34 +3.56
11.07 Healthcare / Medtech SYK US 🟡 Base -0.27 ↑ DHR US 🟡 Base -0.80 +0.61 ⚪ +0.53 +1.14 +0.72
10.96 Gold / Precious Metals 01787.HK HK 🟡 Base +2.49 ↑ 06181.HK HK 🔴 Down -0.77 +0.13 ⚪ +0.70 +0.01 +106.84
10.65 Pharma / Biotech MRK US 🔴 Down +1.92 ↑ PFE US 🔴 Down -1.16 +0.28 ⚪ +0.37 +0.54 +2.03
10.54 Real Estate 03939.HK HK 🟡 Base +2.99 ↑ 01318.HK HK 🔴 Down -2.58 -0.24 ⚪ +0.96 +0.16 +9.06
10.51 Media / Entertainment DIS US 🔴 Down -0.30 ↑ NFLX US 🔴 Down -0.78 +0.77 ⚪ +0.74 +0.56 +1.51
10.46 Gold / Precious Metals 02899.HK HK 🟡 Base +1.53 ↑ 06181.HK HK 🔴 Down -0.77 +0.18 ⚪ +0.75 -0.01 +42.73
10.41 Real Estate 03939.HK HK 🟡 Base +2.99 ↑ TTWO US 🔴 Down -2.99 +0.20 ⚪ +0.96 -0.02 +105.12
10.37 Crypto / Fintech HOOD US 🟡 Base +0.56 ↑ PYPL US 🟡 Base +0.34 -0.61 ⚪ +0.58 -0.73 +3.54
10.26 Crypto / Fintech HOOD US 🟡 Base +0.56 ↑ MSTR US 🟠 Recov -1.31 +0.26 ⚪ +0.83 +0.17 +6.25
10.2 Crypto / Fintech 06082.HK HK 🔴 Down +4.39 ↑ SOFI US 🔴 Down -0.22 +0.53 ⚪ +0.74 +3.85 +0.46
10.12 Bank STX US 🔴 Down +7.03 ↑ 02162.HK HK 🟢 Up -2.24 +0.08 🟢 +0.03 -7.16 +0.24
10.09 Bank FIX US 🔴 Down +3.01 ↑ 02162.HK HK 🟢 Up -2.24 +0.26 🟢 +0.01 -8.77 +0.14
9.9 Crypto / Fintech MAR US 🔴 Down +1.46 ↑ PYPL US 🟡 Base +0.34 -0.52 🟡 +0.08 -1.19 +1.31
9.85 Insurance HUM US 🟢 Up +4.29 ↑ 06160.HK HK 🟡 Base -1.01 -0.14 ⚪ +0.42 +0.18 +7.66
9.7 Gold / Precious Metals 06693.HK HK 🟡 Base +3.74 ↑ 06181.HK HK 🔴 Down -0.77 +0.00 ⚪ +0.76 -0.04 +16.71
9.64 Industrial / Defense 01378.HK HK 🔴 Down +1.66 ↑ EBAY US 🔴 Down -3.49 -0.34 ⚪ +0.63 -0.13 +9.09
9.59 Insurance CIEN US 🔴 Down +11.49 ↑ 06160.HK HK 🟡 Base -1.01 +0.28 ⚪ +0.45 -1.63 +1.68
9.42 Energy / Oil HPE US 🔴 Down +8.11 ↑ DVN US 🔴 Down -1.19 +0.15 ⚪ +0.67 +1.37 +1.08
9.34 Luxury / Brand 03800.HK HK 🔴 Down +6.25 ↑ 03896.HK HK 🟡 Base -0.81 +0.77 ⚪ +0.69 +0.02 +27.87
9.25 Pharma / Biotech 01548.HK HK 🟢 Up +1.30 ↑ 03692.HK HK 🟡 Base -3.79 +0.64 ⚪ +0.97 +1.72 +1.31
9.24 Bank LITE US 🔴 Down +13.63 ↑ PDD US 🟡 Base -1.61 +0.31 ⚪ +0.65 -3.35 +1.31
9.2 Real Estate SMCI US 🔴 Down +19.02 ↑ MCK US 🟡 Base -2.55 +0.28 ⚪ +0.93 -0.00 +762.84
9.05 Utility VST US 🔴 Down +1.21 ↑ UPS US 🟡 Base -0.50 +0.79 ⚪ +0.47 +0.93 +1.52
8.98 Bank FIX US 🔴 Down +3.01 ↑ PDD US 🟡 Base -1.61 -0.20 🟢 +0.04 -18.25 +0.13
8.87 Real Estate EQIX US 🔴 Down +3.56 ↑ TTWO US 🔴 Down -2.99 -0.17 ⚪ +0.61 -1.94 +0.46
8.82 Crypto / Fintech HOOD US 🟡 Base +0.56 ↑ SOFI US 🔴 Down -0.22 +0.10 ⚪ +0.75 +5.31 +0.17
8.79 Media / Entertainment DIS US 🔴 Down -0.30 ↑ 09626.HK HK 🟠 Recov -3.34 +0.30 ⚪ +0.57 -0.01 +60.27
8.61 Utility FDX US 🔴 Down +1.35 ↑ RDDT US 🟡 Base -1.75 -0.21 🟢 +0.01 -0.12 +1.85
8.47 Pharma / Biotech MRK US 🔴 Down +1.92 ↑ 03692.HK HK 🟡 Base -3.79 +0.28 ⚪ +0.22 +1.53 +0.35
8.32 Internet China ADR 02228.HK HK 🔴 Down -1.38 ↑ 09888.HK HK 🔴 Down -2.49 -0.11 ⚪ +0.33 +0.03 +54.34
8.1 Utility VST US 🔴 Down +1.21 ↑ RDDT US 🟡 Base -1.75 +0.45 ⚪ +0.29 +0.13 +4.27
8.06 Media / Entertainment NFLX US 🔴 Down -0.78 ↑ 09999.HK HK 🟡 Base -5.08 +0.24 🟡 +0.15 +0.06 +14.14
7.65 AI Infrastructure PANW US 🟢 Up +0.84 ↑ DDOG US 🟢 Up -2.38 -0.03 ⚪ +0.43 +0.97 +0.47
7.03 Crypto / Fintech MAR US 🔴 Down +1.46 ↑ MSTR US 🟠 Recov -1.31 -0.14 ⚪ +0.58 +0.76 +0.84
6.76 Bank LITE US 🔴 Down +13.63 ↑ 06030.HK HK 🟡 Base -1.32 -0.11 ⚪ +0.68 -8.66 +0.48
6.63 Crypto / Fintech 06082.HK HK 🔴 Down +4.39 ↑ MSTR US 🟠 Recov -1.31 +0.22 ⚪ +0.84 +0.17 +12.13
6.59 Industrial / Defense 06088.HK HK 🔴 Down +1.75 ↑ EBAY US 🔴 Down -3.49 -0.21 ⚪ +0.82 -0.08 +34.27
6.54 Utility FDX US 🔴 Down +1.35 ↑ UPS US 🟡 Base -0.50 -0.07 🟢 +0.01 -0.33 +1.80
6.42 Bank FIX US 🔴 Down +3.01 ↑ 06030.HK HK 🟡 Base -1.32 +0.29 ⚪ +0.36 +43.76 +0.05
6.33 Insurance 06166.HK HK 🔴 Down +5.38 ↑ 06160.HK HK 🟡 Base -1.01 +0.30 ⚪ +0.49 -1.44 +3.04
6.28 Pharma / Biotech AMGN US 🟢 Up +0.45 ↑ 03692.HK HK 🟡 Base -3.79 +0.35 ⚪ +0.94 +8.55 +0.09
5.82 Healthcare / Medtech ISRG US 🔴 Down +0.01 ↑ DHR US 🟡 Base -0.80 +0.71 ⚪ +0.67 -0.18 +7.13
5.46 Consumer / Retail WMT US 🔴 Down +2.43 ↑ 09988.HK HK 🟡 Base -3.01 +0.20 ⚪ +0.43 -0.09 +5.40
5.31 Real Estate EQIX US 🔴 Down +3.56 ↑ MCK US 🟡 Base -2.55 +0.14 ⚪ +0.42 -0.30 +2.83
5.1 Media / Entertainment DIS US 🔴 Down -0.30 ↑ 09999.HK HK 🟡 Base -5.08 +0.23 ⚪ +0.46 -0.08 +8.79
5.02 Healthcare / Medtech ISRG US 🔴 Down +0.01 ↑ SYK US 🟡 Base -0.27 +0.58 ⚪ +0.59 -0.32 +4.87
4.52 Crypto / Fintech 06082.HK HK 🔴 Down +4.39 ↑ PYPL US 🟡 Base +0.34 -0.04 ⚪ +0.30 -1.45 +3.47
4.38 Pharma / Biotech AMGN US 🟢 Up +0.45 ↑ 01276.HK HK 🟡 Base -2.69 +0.26 ⚪ +0.98 +3.37 +0.25
4.23 Bank STX US 🔴 Down +7.03 ↑ PDD US 🟡 Base -1.61 -0.19 ⚪ +0.70 -13.03 +0.26
3.7 Utility GLW US 🔴 Down +5.18 ↑ RDDT US 🟡 Base -1.75 -0.23 ⚪ +0.70 +0.41 +2.22
3.51 AI Infrastructure TEAM US 🟢 Up +0.75 ↑ DDOG US 🟢 Up -2.38 -0.19 ⚪ +1.00 +0.18 +8.80
3.28 Bank STX US 🔴 Down +7.03 ↑ 06030.HK HK 🟡 Base -1.32 +0.37 ⚪ +0.96 +38.31 +0.08
2.36 Pharma / Biotech 01548.HK HK 🟢 Up +1.30 ↑ 01276.HK HK 🟡 Base -2.69 -0.04 ⚪ +1.00 +0.10 +24.60
2.24 Pharma / Biotech MRK US 🔴 Down +1.92 ↑ 01276.HK HK 🟡 Base -2.69 +0.01 ⚪ +0.52 +1.02 +0.59
2.05 Utility GLW US 🔴 Down +5.18 ↑ UPS US 🟡 Base -0.50 +0.21 ⚪ +0.79 -0.20 +11.81
-2.1 AI Infrastructure NET US 🔴 Down +1.46 ↑ DDOG US 🟢 Up -2.38 +0.08 ⚪ +0.98 +0.87 +0.55
⚠️ Disclaimer: Educational only. Not investment advice. Pairs trading involves significant risk. Cointegration tests are statistical — past mean reversion doesn't guarantee future. Use proper position sizing and stop-losses. Cross-market pairs have currency risk (HKD/USD).