对冲套利交易 (Hedged Carry Trading)

Hey all, as we all know the carry trades have been a featured attraction of the foreign exchange market and there have been strategies for retail speculators like us to take advantage of these carry trades. Strategies like opening accounts with swap and no swap brokers to hedge a pair are well known.

The yen pairs are famous for their correlation between each other and I've been wondering whether it's possible to hedge a pair with a high swap rate GBPJPY per se and another one with a low swap rate CHFJPY? and earn the swap differential.

Any mathematicians or people capable of calculating the correlations, volatility of both pairs ( for every 2 pips the gbpjpy rises, the chfjpy rises 1 pip etc) in order to come up with a good contract size for hedging?