S / WAL ratio and spread
1 S = 1.053 WAL. Below is the price ratio chart and the regression spread z-score. Hedge ratio β is 0.766 and the correlation between the legs is 0.57.
If you hold S · If you hold WAL
S has been more expensive against WAL than now only 1 % of the time over 1.0 years. If you hold S, this is worth a look at rotating into WAL.
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Key numbers
over 370 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 0.57, with a hedge ratio of 0.77. Signals from this pair carry more noise than on a tightly linked one.
The spread currently sits at 2.95 standard deviations above its rolling mean — S is expensive relative to WAL by the standards of this window.
Reversion is slow: the spread needs roughly 38 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 — 55% of the way from the low to the high of the last 370 daily candles.
Frequently asked
How many WAL is 1 S?
1 S is worth 1.05291 WAL at the latest exchange quotes. The figure is the ratio of the two USDT prices and updates every minute.
What is the S/WAL range?
Over the last 370 daily candles the ratio traded between 0.357494 (16.04.2026) and 1.62813 (13.10.2026).
Are S and WAL correlated?
The correlation of daily log returns between S and WAL is 0.57, 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 S/WAL spread z-score now?
The z-score is 2.95 — 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 S/WAL suitable for a pair trade?
The mechanics hold up: correlation is 0.57 and the spread historically covers half the way back to its mean in about 38 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.