{"slug":"micro-gold-futures-vs-gld","qid":"gld_gap_vs_intraday","label":"GLD overnight gaps against intraday moves, by year","post_title":"Micro Gold Futures vs GLD: Size, Tax, Cost","post_url":"/blog/micro-gold-futures-vs-gld#q-gld_gap_vs_intraday","columns":["year","median_overnight_gap_pct","median_intraday_move_pct","largest_overnight_gap_pct"],"rows":[{"year":2017,"median_overnight_gap_pct":0.3,"median_intraday_move_pct":0.24,"largest_overnight_gap_pct":1.47},{"year":2018,"median_overnight_gap_pct":0.27,"median_intraday_move_pct":0.2,"largest_overnight_gap_pct":1.46},{"year":2019,"median_overnight_gap_pct":0.29,"median_intraday_move_pct":0.27,"largest_overnight_gap_pct":1.97},{"year":2020,"median_overnight_gap_pct":0.48,"median_intraday_move_pct":0.44,"largest_overnight_gap_pct":4.92},{"year":2021,"median_overnight_gap_pct":0.36,"median_intraday_move_pct":0.3,"largest_overnight_gap_pct":2.39},{"year":2022,"median_overnight_gap_pct":0.38,"median_intraday_move_pct":0.34,"largest_overnight_gap_pct":2.86},{"year":2023,"median_overnight_gap_pct":0.31,"median_intraday_move_pct":0.31,"largest_overnight_gap_pct":2.1},{"year":2024,"median_overnight_gap_pct":0.42,"median_intraday_move_pct":0.34,"largest_overnight_gap_pct":3.06},{"year":2025,"median_overnight_gap_pct":0.49,"median_intraday_move_pct":0.36,"largest_overnight_gap_pct":4.12},{"year":2026,"median_overnight_gap_pct":0.84,"median_intraday_move_pct":0.52,"largest_overnight_gap_pct":5.98}],"shape":"ranking","sql":"WITH gld AS\n(\n    SELECT\n        date,\n        toFloat64(open)  AS o,\n        toFloat64(close) AS c,\n        lagInFrame(toFloat64(close)) OVER (ORDER BY date ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_c\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'GLD'\n      AND date >= '2017-01-01'\n)\nSELECT\n    toYear(date)                                                                   AS year,\n    round(quantileDeterministic(0.5)(abs(o / prev_c - 1) * 100, toUInt32(date)), 2) AS median_overnight_gap_pct,\n    round(quantileDeterministic(0.5)(abs(c / o - 1) * 100, toUInt32(date)), 2)      AS median_intraday_move_pct,\n    round(max(abs(o / prev_c - 1) * 100), 2)                                        AS largest_overnight_gap_pct\nFROM gld\nWHERE prev_c > 0\n  AND o > 0\nGROUP BY year\nORDER BY year","computed_at":"2026-10-04T15:21:19.920677+00:00","elapsed":0.00410469}