![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwkEPQbJFYFiVuJswCyS4miVOufpfp3MtjPD-KG3win0AhcQPuPevTm14V0W0Kq_JOMRI-7zVpGTY-P-VipAbavSwrDXC0UPRP2B9osEEAeMYQAmWuU9BxZ-tyMKzNjPxDXzYYBZqcZn4/s400/SPY+IOIA+6.16.09.jpg)
The high/low beta pair trade is not working out too well either: IWM underperforming SPY substantially. Hey Credit Suisse, how is that $20 bn+ ETF basis trade working out for you today?
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9vxnZYdCo1ER9qXa9cIjjtsaXQvGM1KGARaV0gUpLnrh0K9Sjl6SOF0YK4k-eYmdQeTexoNce_UG_UO39RdE_6TN5neuAuQchCR3rXwBL_4FHT6-oqD9wFfT1Sl6gAKbIPj0P6agfcmQ/s400/SPY+IWM+6.16.09.jpg)
"ON A LONG ENOUGH TIMELINE, THE SURVIVAL RATE FOR EVERYONE DROPS TO ZERO"