{"slug":"international-fund-nav-fair-value-pricing","qid":"yearly_split","label":"The overnight and New York halves of the day, year by year","post_title":"International Fund NAV: Fair Value Pricing","post_url":"/blog/international-fund-nav-fair-value-pricing#q-yearly_split","columns":["year","overnight_gap_pct","open_to_close_pct"],"rows":[{"year":"2021","overnight_gap_pct":0.714,"open_to_close_pct":0.535},{"year":"2022","overnight_gap_pct":0.826,"open_to_close_pct":0.969},{"year":"2023","overnight_gap_pct":0.699,"open_to_close_pct":0.552},{"year":"2024","overnight_gap_pct":0.764,"open_to_close_pct":0.435},{"year":"2025","overnight_gap_pct":0.959,"open_to_close_pct":0.528},{"year":"2026","overnight_gap_pct":1.085,"open_to_close_pct":0.792}],"shape":"ranking","sql":"WITH daily AS\n(\n    SELECT\n        date,\n        toFloat64(open)  AS open_px,\n        toFloat64(close) AS close_px,\n        lagInFrame(toFloat64(close)) OVER (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 = 'SONY'\n      AND date >= '2016-01-01'\n      AND date <  '2026-08-01'\n)\nSELECT\n    toString(toYear(date)) AS year,\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 year\nORDER BY year","computed_at":"2026-08-10T15:50:12.987722+00:00","elapsed":0.013077864}