{"slug":"international-fund-nav-fair-value-pricing","qid":"cross_market","label":"Foreign listings during New York hours, sorted by the US large cap move","post_title":"International Fund NAV: Fair Value Pricing","post_url":"/blog/international-fund-nav-fair-value-pricing#q-cross_market","columns":["us_market_move_bucket","japan_adr_pct","europe_adr_pct","observation_count"],"rows":[{"us_market_move_bucket":"US large caps: -1% or lower","japan_adr_pct":-1.272,"europe_adr_pct":-1.264,"observation_count":105},{"us_market_move_bucket":"US large caps: -1% to -0.3%","japan_adr_pct":-0.553,"europe_adr_pct":-0.426,"observation_count":255},{"us_market_move_bucket":"US large caps: -0.3% to +0.3%","japan_adr_pct":0.035,"europe_adr_pct":0.001,"observation_count":432},{"us_market_move_bucket":"US large caps: +0.3% to +1%","japan_adr_pct":0.393,"europe_adr_pct":0.399,"observation_count":356},{"us_market_move_bucket":"US large caps: +1% or higher","japan_adr_pct":1.038,"europe_adr_pct":1.337,"observation_count":107}],"shape":"ranking","sql":"WITH day_moves AS\n(\n    SELECT\n        ticker,\n        date,\n        (toFloat64(close) / toFloat64(open) - 1) * 100 AS open_to_close_pct\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker IN ('AAPL', 'MSFT', 'JPM', 'XOM', 'KO', 'SONY', 'SAP')\n      AND date >= '2021-08-01'\n      AND date <  '2026-08-01'\n      AND open > 0\n),\npaired AS\n(\n    SELECT\n        date,\n        avgIf(open_to_close_pct, ticker IN ('AAPL', 'MSFT', 'JPM', 'XOM', 'KO')) AS us_large_cap_pct,\n        avgIf(open_to_close_pct, ticker = 'SONY')                                AS japan_pct,\n        avgIf(open_to_close_pct, ticker = 'SAP')                                 AS europe_pct\n    FROM day_moves\n    GROUP BY date\n    HAVING countIf(ticker IN ('AAPL', 'MSFT', 'JPM', 'XOM', 'KO')) = 5\n       AND countIf(ticker = 'SONY') = 1\n       AND countIf(ticker = 'SAP')  = 1\n)\nSELECT\n    multiIf(us_large_cap_pct <= -1.0, 'US large caps: -1% or lower',\n            us_large_cap_pct <= -0.3, 'US large caps: -1% to -0.3%',\n            us_large_cap_pct <   0.3, 'US large caps: -0.3% to +0.3%',\n            us_large_cap_pct <   1.0, 'US large caps: +0.3% to +1%',\n                                      'US large caps: +1% or higher') AS us_market_move_bucket,\n    round(avg(japan_pct), 3)  AS japan_adr_pct,\n    round(avg(europe_pct), 3) AS europe_adr_pct,\n    count()                   AS observation_count\nFROM paired\nGROUP BY us_market_move_bucket\nORDER BY min(us_large_cap_pct)","computed_at":"2026-08-10T15:50:12.869690+00:00","elapsed":0.004130822}