NIL / ZAMA ratio and spread
1 NIL = 1.372 ZAMA. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.008 and the correlation between the legs is 0.08.
If you hold NIL · If you hold ZAMA
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Key numbers
over 235 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 0.08. A spread built on such a weak link reverts by coincidence rather than by mechanism.
The spread currently sits at 4.66 standard deviations above its rolling mean — NIL is expensive relative to ZAMA by the standards of this window.
Historically the spread covers half the way back to its mean in about 20 days, so a divergence here tends to resolve within weeks rather than months.
The current ratio sits mid-range — 27% of the way from the low to the high of the last 235 daily candles.
Frequently asked
How many ZAMA is 1 NIL?
1 NIL is worth 1.37221 ZAMA at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the NIL/ZAMA range?
Over the last 235 daily candles the ratio traded between 0.521026 (01.08.2026) and 3.72119 (07.05.2026).
Are NIL and ZAMA correlated?
The correlation of daily log returns between NIL and ZAMA is 0.08, 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 NIL/ZAMA spread z-score now?
The z-score is 4.66 — 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 NIL/ZAMA suitable for a pair trade?
Weakly. Correlation is only 0.08, 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.