ERA / ENA ratio and spread
1 ERA = 0.3835679 ENA. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.711 and the correlation between the legs is 0.46.
If you hold ERA · If you hold ENA
ERA is cheaper against ENA than in 4 % of the time over 1.0 years. If you hold ENA, this is worth a look at rotating into ERA.
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Key numbers
over 377 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 0.46, with a hedge ratio of 0.71. Signals from this pair carry more noise than on a tightly linked one.
The spread is at -1.53 standard deviations from its rolling mean: away from the norm, but not far enough to call it stretched.
The spread has not shown mean reversion over the sample: estimates longer than the available history are discarded rather than reported. Trading this pair on reversion has no statistical footing here.
The current ratio sits near the bottom of its range — only 9% of the way from the low to the high of the last 377 daily candles.
Frequently asked
How many ENA is 1 ERA?
1 ERA is worth 0.383568 ENA at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the ERA/ENA range?
Over the last 377 daily candles the ratio traded between 0.251226 (01.10.2026) and 1.76305 (12.10.2025).
Are ERA and ENA correlated?
The correlation of daily log returns between ERA and ENA is 0.46, 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 ERA/ENA spread z-score now?
The z-score is -1.53 — 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 ERA/ENA suitable for a pair trade?
Not on a reversion thesis. The spread has not returned to its mean within the available history, so there is nothing to trade back to.
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.