Dollar by dollar
Spreads valued in terms of dollars are depicted in “Wheat ETN – corn ETN” (below) and “Gold ETN – silver ETN” (below). The maximum difference for wheat and corn is between $4 and $1; otherwise the price difference is approximately $2 to $2.50. These small price spreads reflect the close connection between wheat and corn futures, carried into the ETN formulation.
The chart for the gold ETN minus silver ETN has a $7 maximum difference, between +$5 and –$2. Between these extremes, as shown on the chart, gold futures were stable while silver futures declined until a reversal occurred near the end of June 2012.