INJ / W ratio and spread
1 INJ = 412.24 W. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.492 and the correlation between the legs is 0.69.
If you hold INJ · If you hold W
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Key numbers
over 924 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 0.69, with a hedge ratio of 0.49. Signals from this pair carry more noise than on a tightly linked one.
The spread is at 0.26 standard deviations from its rolling mean, which is effectively at its own norm.
Reversion is slow: the spread needs roughly 62 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 mid-range — 56% of the way from the low to the high of the last 924 daily candles.
Frequently asked
How many W is 1 INJ?
1 INJ is worth 412.24 W at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the INJ/W range?
Over the last 924 daily candles the ratio traded between 18.6935 (03.04.2024) and 718.919 (20.09.2026).
Are INJ and W correlated?
The correlation of daily log returns between INJ and W is 0.69, 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 INJ/W spread z-score now?
The z-score is 0.26 — 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 INJ/W suitable for a pair trade?
The mechanics hold up: correlation is 0.69 and the spread historically covers half the way back to its mean in about 62 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.