A compression engine and method for optimizing the high compression of a content addressable memory (CAM) and the efficiency of a static random access memory (SRAM) by synchronizing a CAM with a relatively small near history buffer and an SRAM with a larger far history buffer. An input stream is processed in parallel through the near history and far history components and an encoder selects for the compressed output the longest matching strings from matching strings provided by each of the near history and far history components. A further optimization is enabled by selectively disabling one or the other of the two types of compressors.