How to think about iTraxx Crossover?

Hi,

Understand that iTraxx Crossover is commonly used as proxy for HY market sentiment (at least in Europe). The computation of it is CDS spreads of 75 HY names.

Question from me is if the CDS spread measure can be taken as a proxy for the market wide Z spread? Or put differently are CDS typically “floating” instruments?

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How to think about iTraxx Crossover?

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