This page defines how the cohort figures on the home page are computed. It is a cross-sectional measure — where the Japan-to-US listing cohort stands against its IPO prices right now — not a continuous time-series index. A daily historical series would require per-name historical prices, which we do not source, so we show a snapshot versus IPO rather than a trend line.
The universe is the tracked listings with status “Listed” for which a US-dollar latest close is available. Filed (not-yet-trading), pipeline, delisted, and withdrawn/abandoned names are excluded. There are currently 18 constituents.
For each listing we compute the return of its latest close against its IPO price. For names that executed a reverse split, the IPO price is adjusted by the split factor (e.g. ×10 for a 1-for-10) before comparison, so a split cannot create an artificial gain.
With IPO = 100, the level is the equal-weighted average of the constituents' return vs IPO:
Level = 100 × (1 / N) × Σi ( Pi,last / Pi,IPO(adj) )
where N is the constituent count, P(i,last) is the latest close, and P(i,IPO(adj)) is the split-adjusted IPO price. The current level is 43.5 (equal-weighted average return -56.5%).
Alongside the level we show the median return, the count trading above IPO, and the best performer. Because an equal-weighted average is sensitive to a few extreme values, the median is shown to convey the distribution honestly. Currently: median -73.5%, 2 of 18 above IPO.
US-dollar closing prices are sourced from a market-data provider (Finnhub) and synced on a regular schedule. We do not source historical daily series, so this is a point-in-time snapshot versus IPO, not a trend. For ADRs, the ADR close is used.
Data is provided for informational purposes only and does not constitute investment solicitation.