Methodology
How every grade, score and signal on Irradiance is computed — inputs, formulas, and known limitations. Nothing on this site is a recommendation.
ADR Monitor
For each cross-listed pair we compute the ADR premium or discount against the local line, adjusted for the depositary ratio and FX. The structural basis is the pair’s median premium over the trailing 12 months — the part of the gap that never closes because of ownership limits, depositary fees, or short restrictions. The z-score measures today’s net deviation against the pair’s own history. Half-life is estimated from prior mean-reversions of similar gaps.
- -Fair-value source: LIVE (both lines trading), PROXY (one line inferred), or STALE (older than 30 minutes).
- -Confidence combines quote freshness, FX staleness, and holiday calendars.
- -Rejection reasons (borrow, costs, events) are computed by the engine and shown verbatim.
ETF Monitor
Premium or discount is the fund price against an estimate of intraday portfolio value (iNAV). The implementation tier — exact, optimized, or proxy — describes how the iNAV basket is built and therefore how much noise the premium carries. Z-scores are computed against each fund’s own premium history, never a fixed threshold.
Grades
Every grade is a letter (A+ to F) paired with a 0–100 percentile within a peer group. Historical grades are point-in-time: the grade as it was on that date, never restated with hindsight.
Relative Value
Residual from a peer regression of log(multiple) on a quality composite. Cheap for its quality, growth and risk — not merely cheap.
Quality
Returns on capital, gross profitability, accruals, and leverage, percentile-ranked against the peer group.
Growth
Revenue and EPS growth over 3 and 5 years, with consistency weighting.
Risk
Beta, realized volatility, and drawdown behavior against the sector median.
Cross-listing Signal
ADR-only: today’s net deviation from structural basis, expressed as a percentile of the pair’s history.
Example: 12-month Relative Value history (sample)
Known limitations
- -Peer groups are industry-based and reviewed quarterly; borderline names can move groups.
- -Quality composites rely on filed data, which arrives with lag and occasional restatements.
- -Half-life estimates assume regimes persist; they do not.
- -Sample data on this preview uses fictional tickers and deterministic series.