IWM minus SPY 30d Credit Spread Proxy

Difference between SPY and IWM 30-day returns. When small caps lag the broad market, credit conditions are typically tightening (rough proxy for high-yield OAS widening).

Category: calculated. Derived metrics combine multiple data sources into single indicators. These are computed server-side so you get the interpreted signal without building the calculation yourself.

API: GET /api/metrics/iwm-spy-credit-spread

Used in briefings: Industrial Cycle Regime, Cross-Asset Full Picture

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