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Plain-language definitions for every metric on the site. Each metric in the app links here.
Structural basis
The part of an ADR premium that never closes — ownership limits, depositary fees, short restrictions. Estimated as the pair’s 12-month median premium.
Z-score
How many standard deviations a reading sits from its own history. A z of +2.4 means the gap is wider than usual by that multiple.
Half-life
The median time for similar gaps to close halfway. Estimated from prior mean-reversions of the same pair or peer pairs.
Implementation tier
How a fund’s iNAV is built: exact (full holdings), optimized (representative subset), or proxy (related index). Tiers describe noise, not quality.
Tracking error
How closely the iNAV basket tracks the fund’s true portfolio. Higher tracking error means wider uncertainty around any premium reading.
Quality composite
A blend of returns on capital, gross profitability, accruals, and leverage, percentile-ranked within a peer group.
Relative value residual
Distance from a peer regression of valuation multiple on quality. Below the line is cheap for its quality; above is rich.
Point-in-time data
Figures as they were known on a date — using filing dates, not restated numbers. Historical grades are never recomputed with hindsight.
Fair-value source
LIVE: both lines trading. PROXY: one line inferred. STALE: estimate older than 30 minutes. Always shown next to the number.
Timestamp-verified trade
A trade posted live with entry and exit prices captured from market data at posting time. Immutable. Proves when, not that the user traded.