OGN / RAY ratio and spread
1 OGN = 0.0170835 RAY. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.585 and the correlation between the legs is 0.48.
If you hold OGN · If you hold RAY
OGN is cheaper against RAY than in 0 % of the time over 1.0 years. If you hold RAY, this is worth a look at rotating into OGN.
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Key numbers
over 374 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 0.48, with a hedge ratio of 0.59. Signals from this pair carry more noise than on a tightly linked one.
The spread currently sits at -2.03 standard deviations from its rolling mean — OGN is cheap relative to RAY by the standards of this window.
Reversion is slow: the spread needs roughly 121 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 near the bottom of its range — only 16% of the way from the low to the high of the last 374 daily candles.
Frequently asked
How many RAY is 1 OGN?
1 OGN is worth 0.0170835 RAY at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the OGN/RAY range?
Over the last 374 daily candles the ratio traded between 0.00935282 (25.09.2026) and 0.0565196 (12.03.2026).
Are OGN and RAY correlated?
The correlation of daily log returns between OGN and RAY is 0.48, 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 OGN/RAY spread z-score now?
The z-score is -2.03 — 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 OGN/RAY suitable for a pair trade?
The mechanics hold up: correlation is 0.48 and the spread historically covers half the way back to its mean in about 121 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.