Es una forma de neutralizar riesgos, con una posición comprada en un valor, compensada con una posición corta en otro del mismo sector.

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We view pair trading as an example of fundamental arbitrage. In our view, a
pair trade is more judgmental and involves qualitative aspects as well. A pair
trade involves going long on a stock in a specific industry, and pairing that
trade specifically with an equal-dollar-value short position in a stock in the
same industry.

air trading is an arbitrage style trading strategy based on profiting from the relative performance of two securities. This market neutral strategy is based on putting on a long and a short trade when a pair of highly related securities deviates from the normal relationship between them.