ENA / MAGIC ratio and spread
1 ENA = 1.83 MAGIC. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 1.169 and the correlation between the legs is 0.55.
If you hold ENA · If you hold MAGIC
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Key numbers
over 376 daily candles
How each of these is computed: regression spread, hedge ratio, spread z-score, half-life, correlation.
What the numbers say
The legs move together only moderately — correlation of daily log returns is 0.55, with a hedge ratio of 1.17. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 0.85 standard deviations from its rolling mean, which is effectively at its own norm.
Reversion is slow: the spread needs roughly 44 days to cover half the way back to its mean. A position would have to be held for a long time.
The current ratio sits near the bottom of its range — only 16% of the way from the low to the high of the last 376 daily candles.
Frequently asked
How many MAGIC is 1 ENA?
1 ENA is worth 1.8303 MAGIC at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ENA/MAGIC range?
Over the last 376 daily candles the ratio traded between 1.18429 (03.04.2026) and 5.30648 (26.09.2026).
Are ENA and MAGIC correlated?
The correlation of daily log returns between ENA and MAGIC is 0.55, which counts as a moderate link. Log returns are used rather than prices: two rising assets correlate almost by default, joint day-to-day movement is what matters.
What is the ENA/MAGIC spread z-score now?
The z-score is 0.85 — the spread is within its usual range. It measures how far the regression residual log(A) − β·log(B) sits from its rolling mean, in standard deviations.
Is ENA/MAGIC suitable for a pair trade?
The mechanics hold up: correlation is 0.55 and the spread historically covers half the way back to its mean in about 44 days. That is a description of past behaviour, not a forecast or a recommendation.
Related pairs
Other pairs sharing a leg with this one.
All figures are computed from exchange data and describe past behaviour. Nothing here is investment advice.