NIGHT / ENJ ratio and spread
1 NIGHT = 1.49 ENJ. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.162 and the correlation between the legs is 0.03.
If you hold NIGHT · If you hold ENJ
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Key numbers
over 207 daily candles
How each of these is computed: regression spread, hedge ratio, spread z-score, half-life, correlation.
What the numbers say
The legs barely move together: correlation of daily log returns is only 0.03. A spread built on such a weak link reverts by coincidence rather than by mechanism.
The spread currently sits at 2.42 standard deviations above its rolling mean — NIGHT is expensive relative to ENJ by the standards of this window.
Reversion is slow: the spread needs roughly 31 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 — 44% of the way from the low to the high of the last 207 daily candles.
Frequently asked
How many ENJ is 1 NIGHT?
1 NIGHT is worth 1.49024 ENJ at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the NIGHT/ENJ range?
Over the last 207 daily candles the ratio traded between 0.355698 (16.04.2026) and 2.90837 (13.03.2026).
Are NIGHT and ENJ correlated?
The correlation of daily log returns between NIGHT and ENJ is 0.03, 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 NIGHT/ENJ spread z-score now?
The z-score is 2.42 — 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 NIGHT/ENJ suitable for a pair trade?
Weakly. Correlation is only 0.03, so the legs do not reliably move together and the spread carries mostly idiosyncratic noise.
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.