Here is how it has been the last 12 months for the 2 you are tracking. Closing price for the last trading day of every second month starting in June '10

HND: 6.32 8.72 9.85 8.35 9.60 7.18

HNU: 12.32 8.08 6.50 6.67 5.32 6.55

HNU is about half (53%) of what it was a the start while HND is up about 14%.

A paired short of a $1000 short trade each would end up being up $470 on HNU, down 130 on HND for a total of $340.

Silver

HZD 36.24 34.56 31.24 18.60 10.84 8.72 4.10

HZU 3.38 3.24 3.43 5.48 8.20 9.71 19.02

HZD is 11% of what it started at, and you'd be up $887. HZU you'd lose $4627. It doesn't pan out every time! The more the price farts around the more a paired short would work. In silver's case, buying both would put you ahead. I think a buy/stop would be very prudent in paired short strategies. Well, all short strategies!