Just a suggestion but http://www.market-topology.com/ is a searchable database. You can very easily compare correlations of stocks and ETFs to build combos and pairs ideas. You could also look into building baskets or spreading baskets against ETFs to do similar types of trades.
The problem is that these are strategies that require significant capital to deploy under Regulation T margins. This is one of the reasons that I have chosen to focus on the index futures. Similar things can be done with index spreads and the margin is much less, since futures are margined according to the net historical volatility of all open positions. So for example a long NASDAQ 100 and short DOW 30 equally weighted spread (dollar volatility adjusted) can be put on for much less total margin than the cash equity instruments.
There is a reason that professional traders spread and hedge and/or cross hedge. There is money in it and the risk adjusted returns can be very good.
Good luck and good trading!
The problem is that these are strategies that require significant capital to deploy under Regulation T margins. This is one of the reasons that I have chosen to focus on the index futures. Similar things can be done with index spreads and the margin is much less, since futures are margined according to the net historical volatility of all open positions. So for example a long NASDAQ 100 and short DOW 30 equally weighted spread (dollar volatility adjusted) can be put on for much less total margin than the cash equity instruments.
There is a reason that professional traders spread and hedge and/or cross hedge. There is money in it and the risk adjusted returns can be very good.
Good luck and good trading!
re capital, i often trade 100 shares or less, when testing.