PAXG / ORCA ratio and spread

1 PAXG = 1453.55 ORCA. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is -0.372 and the correlation between the legs is 0.09.

Set an alert on this pair The spread z-score is 3.19 right now. Get a message when it reaches your level — instead of watching the chart.

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If you hold PAXG · If you hold ORCA

Hedge ratio β -0.372

Spread z-score 3.19

Percentile, 1.8 y 20

Correlation 0.09

Half-life 16.4 1d

link broke The spread is far from its mean, but PAXG and ORCA no longer move together. This is not a stretched spring — the link broke: there is nothing to revert to, and the pair cannot be traded as a pair.

Alerts

Key numbers

Current ratio1453.55

Change 1d-12.10%

Change 7d-44.26%

Change 30d-42.94%

Period high6701.28

Period low206.25

Hedge ratio β-0.372

Spread z-score3.19

Correlation0.09

Half-life16 d

over 671 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 ORCA moved in opposite directions. A pair trade assumes the legs move together, so this combination does not qualify as one.

The spread currently sits at 3.19 standard deviations above its rolling mean — PAXG is expensive relative to ORCA by the standards of this window.

Historically the spread covers half the way back to its mean in about 16 days, so a divergence here tends to resolve within weeks rather than months.

The current ratio sits near the bottom of its range — only 19% of the way from the low to the high of the last 671 daily candles.

Frequently asked

How many ORCA is 1 PAXG?

1 PAXG is worth 1453.55 ORCA at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.

What is the PAXG/ORCA range?

Over the last 671 daily candles the ratio traded between 206.25 (06.12.2024) and 6701.28 (11.02.2026).

Are PAXG and ORCA correlated?

The correlation of daily log returns between PAXG and ORCA is 0.09, 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/ORCA spread z-score now?

The z-score is 3.19 — 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 PAXG/ORCA 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.