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INDUSTRY AND SECTOR / IND AGGREGATE FACTORS / FINANCIAL STRENGTH
QuickRatioQInd
Full Description

These factors return the representative value for the Industry of the stock. They are calculated by averaging the underlying stock factor with trimming of outliers. For example for the factor "Pr2SalesTTMInd", or the Price-to-Sales for the Industry, the underlying stock factor used is "Pr2SalesTTM" (strip off the "Ind" to get the stock factor).

NOTE: These are pre-built legacy Industry factors. See About section for important info. 

How to recreate Ind factors using Aggregate

1. Select the starting universe:

United States (Incl. Foreign Primary)
or
Europe (Primary)

2. ADR's in USA are excluded 
3. The underlying stock factor is calculated
4. The values are sorted
5. Outliers are eliminated: 16.5% of values from the top and bottom
6. The remaining values are averaged.

You can calculate the Ind factors using the Aggregate() function. For example to calculate Pr2SalesTTMInd using Aggregate() use this:

Aggregate("Pr2SalesTTM", #Industry, #Avg, 16.5, #Exclude, FALSE)

To exclude zeros for factors like Yield use this

Aggregate("Yield", #Industry, #Avg, 16.5, #Exclude, FALSE, TRUE)

About "Ind" Factors

These are defined in single region universes only: either Europe or North America. If you use the North Atlantic universe they generate an error. 

The values do not change between different universes of the same region. For example Easy to Trade USA, S&P500 or your own custom universe.

For other groupings like Sector you can use the Aggregate function (but values will change between different universes).

To read more about why we choose average vs cap-average see the paper Peer Comparison