{"slug":"international-fund-nav-fair-value-pricing","qid":"adr_move_split","label":"Where the daily move lands: overnight gap versus the New York session","post_title":"International Fund NAV: Fair Value Pricing","post_url":"/blog/international-fund-nav-fair-value-pricing#q-adr_move_split","columns":["ticker","overnight_gap_pct","open_to_close_pct"],"rows":[{"ticker":"SONY","overnight_gap_pct":0.888,"open_to_close_pct":0.558},{"ticker":"TM","overnight_gap_pct":0.875,"open_to_close_pct":0.449},{"ticker":"ASML","overnight_gap_pct":0.967,"open_to_close_pct":0.974},{"ticker":"SAP","overnight_gap_pct":0.709,"open_to_close_pct":0.664},{"ticker":"HSBC","overnight_gap_pct":0.701,"open_to_close_pct":0.461},{"ticker":"KO","overnight_gap_pct":0.232,"open_to_close_pct":0.542}],"shape":"ranking","sql":"WITH daily AS\n(\n    SELECT\n        ticker,\n        date,\n        toFloat64(open)  AS open_px,\n        toFloat64(close) AS close_px,\n        lagInFrame(toFloat64(close)) OVER (PARTITION BY ticker ORDER BY date\n            ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prior_close_px\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker IN ('SONY', 'TM', 'ASML', 'SAP', 'HSBC', 'KO')\n      AND date >= '2023-08-01'\n      AND date <  '2026-08-01'\n)\nSELECT\n    ticker,\n    round(quantileDeterministic(0.5)(abs(open_px / prior_close_px - 1) * 100, toUInt32(date)), 3) AS overnight_gap_pct,\n    round(quantileDeterministic(0.5)(abs(close_px / open_px - 1) * 100, toUInt32(date)), 3)       AS open_to_close_pct\nFROM daily\nWHERE prior_close_px > 0\n  AND open_px > 0\nGROUP BY ticker\nORDER BY indexOf(['SONY', 'TM', 'ASML', 'SAP', 'HSBC', 'KO'], ticker)","computed_at":"2026-08-10T15:50:12.672968+00:00","elapsed":0.00408577}