ENJ / BTC ratio and spread

1 ENJ = 4.0E-7 BTC. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -0.057 and the correlation between the legs is 0.58.

Set an alert on this pair The spread z-score is 0.13 right now. Get a message when it reaches your level — instead of watching the chart.

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If you hold ENJ · If you hold BTC

Hedge ratio β -0.057

Spread z-score 0.13

Percentile, 7.5 y 8

Correlation 0.58

Half-life 790.2 1d

β is negative: the legs moved in opposite directions, so this does not work as a pair.

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Key numbers

Current ratio0.000000414606826539

Change 1d17.70%

Change 7d16.89%

Change 30d28.96%

Period high0.00008156716706875

Period low0.000000254648287545

Hedge ratio β-0.057

Spread z-score0.13

Correlation0.58

Half-life790 d

over 2726 daily candles

How each of these is computed: regression spread, hedge ratio, spread z-score, half-life, correlation.

What the numbers say

The fitted hedge ratio is negative: over the window ENJ and BTC moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.

The spread is at 0.13 standard deviations from its rolling mean, which is effectively at its own norm.

Reversion is slow: the spread needs roughly 790 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 0% of the way from the low to the high of the last 2726 daily candles.

Frequently asked

How many BTC is 1 ENJ?

1 ENJ is worth 0.000000414606826539 BTC at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.

What is the ENJ/BTC range?

Over the last 2726 daily candles the ratio traded between 0.000000254648287545 (15.03.2026) and 0.00008156716706875 (25.11.2021).

Are ENJ and BTC correlated?

The correlation of daily log returns between ENJ and BTC is 0.58, 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 ENJ/BTC spread z-score now?

The z-score is 0.13 — 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 ENJ/BTC suitable for a pair trade?

No. The fitted hedge ratio is negative, meaning the legs moved in opposite directions over the window — the market-neutral construction that pair trading relies on does not hold here.

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.