Pair is strongly diverging away from the mean. High risk of further deviation.
Regime: STRONG_DIVERGENCE (low confidence)
Correlation: 0.61 · Cointegrated: yes
Z-score: 1.75 entry / 2.33 rolling
Half-life 0.7h · Hurst 0.83 · Hedge ratio 1.60
Pair volatility: 35.36%
Backtest: 60.00% win · Sharpe 1.40 · 0.35% return · 1.08% max drawdown
Pair Analysis: Long EWY / Short COHR
- Roll Z-Score (1h): 2.33 (Primary signal; indicates COHR is statistically rich relative to EWY on the short-term timeframe)
- Correlation: 0.61
- Cointegration: True (1h)
- Half-Life: 16h (~0.7d)
- Hedge Ratio: 1.602 (1h)
Technical Remark:
The 1h roll z-score of 2.33 highlights a significant short-term divergence where COHR has outperformed EWY, pushing the spread to an extreme. This setup aligns with a mean-reversion strategy, betting that the relative outperformance of COHR will compress. However, note that this signal is primarily driven by the 1h timeframe; the 4h (0.98) and 1d (-0.14) z-scores are significantly lower, suggesting the divergence is a recent intraday phenomenon rather than a long-term structural shift.
Note: Sentiment data for these assets is currently unavailable. Ensure you monitor the 1h snapshot age (1.3h) against recent price action, as the z-score may lag if there has been significant volatility since the last update.
Platform Availability:
- EWY: Listed on Hyperliquid (
xyz:EWY, max 20x leverage)
- COHR: Listed on Hyperliquid (
para:COHR, max 10x leverage)
EWY
COHR