ENJ / PAXG ratio and spread
1 ENJ = 8.4E-6 PAXG. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -3.396 and the correlation between the legs is 0.05.
If you hold ENJ · If you hold PAXG
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Key numbers
over 2228 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 PAXG moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.
The spread is at -0.33 standard deviations from its rolling mean, which is effectively at its own norm.
Reversion is slow: the spread needs roughly 125 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 2228 daily candles.
Frequently asked
How many PAXG is 1 ENJ?
1 ENJ is worth 0.000008445042152907 PAXG at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ENJ/PAXG range?
Over the last 2228 daily candles the ratio traded between 0.000003482763403245 (08.03.2026) and 0.00269466 (25.11.2021).
Are ENJ and PAXG correlated?
The correlation of daily log returns between ENJ and PAXG is 0.05, which counts as a weak 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/PAXG spread z-score now?
The z-score is -0.33 — 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/PAXG 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.