{"slug":"how-mutual-fund-nav-is-calculated","qid":"overseas_afternoon","label":"Average move from the 11:30 a.m. ET European close to the 4:00 p.m. close, Q2 2026","post_title":"How Mutual Fund NAV Is Calculated: Example","post_url":"/blog/how-mutual-fund-nav-is-calculated#q-overseas_afternoon","columns":["ticker","avg_afternoon_move_pct","largest_afternoon_move_pct"],"rows":[{"ticker":"EWG","avg_afternoon_move_pct":0.428,"largest_afternoon_move_pct":2.212},{"ticker":"VGK","avg_afternoon_move_pct":0.405,"largest_afternoon_move_pct":2.159},{"ticker":"EWJ","avg_afternoon_move_pct":0.388,"largest_afternoon_move_pct":2.31},{"ticker":"EFA","avg_afternoon_move_pct":0.381,"largest_afternoon_move_pct":2.146},{"ticker":"SPY","avg_afternoon_move_pct":0.366,"largest_afternoon_move_pct":1.465}],"shape":"ranking","sql":"WITH afternoon_bars AS\n(\n    SELECT\n        ticker,\n        toDate(toTimeZone(window_start, 'America/New_York')) AS session_date,\n        toFloat64(close)                                     AS px,\n        window_start\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker IN ('EWJ', 'EWG', 'VGK', 'EFA', 'SPY')\n      AND window_start >= toDateTime('2026-04-01 00:00:00', 'UTC')\n      AND window_start <  toDateTime('2026-07-01 00:00:00', 'UTC')\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) >= 690\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) < 960\n),\nper_session AS\n(\n    SELECT\n        ticker,\n        session_date,\n        abs(argMax(px, window_start) / argMin(px, window_start) - 1) * 100 AS afternoon_move_pct\n    FROM afternoon_bars\n    GROUP BY ticker, session_date\n    HAVING count() > 30\n)\nSELECT\n    ticker,\n    round(avg(afternoon_move_pct), 3) AS avg_afternoon_move_pct,\n    round(max(afternoon_move_pct), 3) AS largest_afternoon_move_pct\nFROM per_session\nGROUP BY ticker\nORDER BY avg_afternoon_move_pct DESC","computed_at":"2026-08-06T04:19:16.471189+00:00","elapsed":0.002977698}