INJ / PAXG ratio and spread
1 INJ = 0.0017861 PAXG. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -3.066 and the correlation between the legs is 0.25.
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Key numbers
over 360 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 INJ and PAXG moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.
The spread currently sits at 2.46 standard deviations above its rolling mean — INJ is expensive relative to PAXG by the standards of this window.
Historically the spread covers half the way back to its mean in about 12 days, so a divergence here tends to resolve within weeks rather than months.
The current ratio sits mid-range — 42% of the way from the low to the high of the last 360 daily candles.
Frequently asked
How many PAXG is 1 INJ?
1 INJ is worth 0.00178609 PAXG at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the INJ/PAXG range?
Over the last 360 daily candles the ratio traded between 0.000554391 (08.03.2026) and 0.00350129 (03.10.2025).
Are INJ and PAXG correlated?
The correlation of daily log returns between INJ and PAXG is 0.25, 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 INJ/PAXG spread z-score now?
The z-score is 2.46 — the spread is stretched beyond two standard deviations. It measures how far the regression residual log(A) − β·log(B) sits from its rolling mean, in standard deviations.
Is INJ/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.