Industry/sub-sector factors (e.g. Pr26W%ChgInd) give different values for past dates than in August?

Research
1

Hi,

I ran a screen with ShowVar(Pr26W%ChgInd) back in late August, as of 08/15/2026 on Easy to Trade US. Running the same screen now with the same as-of date gives quite different values:

AAPL: -4.75 in late August, 2.55 now
MSFT: 4.09 in late August, 14.45 now
XOM: 12.11 in late August, 8.35 now
CAT: -3.50 in late August, -6.05 now
KO: -15.72 in late August, -12.81 now

It's not just a few stocks. Most of the universe is different. I see something similar, to a lesser degree, in a few other industry/sub-sector factors (CurrYRevRatio4W, NextYRevRatio4W, and some Aggregate(..., #SubSector/#Industry ...) formulas). Regular company-level factors look the same as before.

Did something change in how industry-level values are calculated (maybe related to the Global data launch)? And were older dates recalculated as well?

2

Yes, these changes are expected. With the Global data launch, we changed the base universe used to calculate the industry-level factors.

Previously, US industry factors were calculated from United States (Incl. Foreign Primary), with ADRs excluded.

Now, they're calculated from United States (Primary), excluding ADRs and OTC stocks.

The aggregation itself hasn't changed. For example, Pr26W%ChgInd is still calculated as:

Aggregate("Pr26W%Chg", #Industry, #Avg, 16.5, #Exclude, False)

Only the set of stocks being averaged is different. That's why values shifted across most of the universe, while company-level factors are unaffected.

Two other points:

  • The selected universe doesn't matter. Industry factors depend on the region your universe belongs to, not the universe itself. Every US universe, including Easy to Trade US, Russell 3000, and so on, report the same industry factor values.
  • Historical dates use the new definition too. That's why your screen as of 08/15/2026 returns different values now than it did in August.

On CurrYRevRatio4W and NextYRevRatio4W: those are company-level factors, not industry factors, so this change shouldn't affect them directly. Did you mean their industry or sub-sector versions, or Aggregate() formulas built on them? If you can share the exact formulas, we can take a closer look.

https://www.portfolio123.com/doc/doc_detail.jsp?factor=Pr26W%25ChgInd