PAXG / ENJ ratio and spread
1 PAXG = 118332.38 ENJ. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -0.216 and the correlation between the legs is 0.05.
If you hold PAXG · If you hold ENJ
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Key numbers
over 2228 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 PAXG and ENJ moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.
The spread is at -0.41 standard deviations from its rolling mean, which is effectively at its own norm.
Reversion is slow: the spread needs roughly 141 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 — 41% of the way from the low to the high of the last 2228 daily candles.
Frequently asked
How many ENJ is 1 PAXG?
1 PAXG is worth 118332 ENJ at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the PAXG/ENJ range?
Over the last 2228 daily candles the ratio traded between 371.104 (25.11.2021) and 287128 (08.03.2026).
Are PAXG and ENJ correlated?
The correlation of daily log returns between PAXG and ENJ is 0.05, 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 PAXG/ENJ spread z-score now?
The z-score is -0.41 — 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 PAXG/ENJ 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.