Illuminating the market research
Relative-value research across ADRs, ETFs and fundamentals — with the methodology shown. Every signal ships with its inputs, its uncertainty, and the reasons it might not be tradable.
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The ADR Monitor, as a reader sees it
Deviations from structural basis, with confidence and fair-value source on every row. Sample data, delayed.
| Pair | Premium | Basis | Z | Source |
|---|---|---|---|---|
HELXvs HLX.T Helix Robotics | -1.87% | 0.41% | -2.4 | LIVE |
QNTAvs QG.SW Quanta Grid | +3.42% | 0.71% | +3.6 | PROXY |
AURDvs AUM.AX Aurora Metals | +2.31% | 0.62% | +2.8 | PROXY |
BRCKvs BCK.L Brickline Cement | +0.94% | 0.55% | +1.2 | LIVE |
VELAvs VLS.SA Vela Shipping | -2.65% | 0.48% | -2.9 | STALE |
HELX vs HLX.T — premium to local
Daily, last 3 months
Three engines, one standard of proof
Each monitor is a separate research engine, but they share one rule: show the inputs, the uncertainty, and the reasons a signal might fail.
ADR Monitor
Cross-listed shares against their local lines, net of each pair’s structural basis. Every gap comes with the reasons it may not be tradable.
- -Premium vs basis ± 2σ band
- -Z-score with entry/exit thresholds
- -Half-life and borrow context
ETF Monitor
Fund premiums and discounts against a live estimate of portfolio value — and the implementation tier that tells you how much to trust it.
- -iNAV with exact/optimized/proxy tiers
- -Tracking error and holdings coverage
- -Rebalance and event flags
Fundamental RV
Peer-relative valuation: cheap or expensive for their quality, growth and risk — shown as a residual against a peer regression, not a raw multiple.
- -Quality-adjusted residuals
- -Peer groups with regression line
- -Point-in-time filing dates
Transparent by design
A grade is not a vibe. Take the Relative Value grade: it starts with a peer regression of valuation multiple on a quality composite, then measures how far each name sits from the line its peers justify.
- 1
Build the peer group
Names in the same industry with comparable size and disclosure.
- 2
Regress multiple on quality
Log multiple vs a composite of returns on capital, accruals and leverage.
- 3
Measure the residual
Below the line is cheap for its quality; above is rich. The residual becomes a percentile.
- 4
Show the uncertainty
Coverage confidence, filing dates, and the peer group itself are printed next to every score.
Relative Value — NXMR
92nd percentilePlain language: Nordmar trades at 9.8x against a peer median of 13.1x. After adjusting for quality, the residual sits at the 92nd percentile — cheap for what it is, not merely cheap.
A community that shows its work
Trade posts capture entry prices from market data at posting time — members can prove when they called it, not just that they say they did.
iNAV vs closing NAV: which do you trust intraday?
ETF Mechanics · basis_builder · 57 replies · 1h ago
Why is the basis for Swiss listings so wide this year?
ADR Arbitrage · quietquant · 23 replies · 2h ago
Score spread vs borrow cost — when does the pair die?
Fundamental Value · marginal_sec · 34 replies · 3h ago
Journal: HELX discount round trip, 2.1 days
Trade Journals · delta_lily · 18 replies · 5h ago
- ▲ HELX/▼ HLX.TTimestamp-verified
Delta Lily · Entered at a 1.9% discount · Open · 2d ago
- ▼ QNTA/▲ QG.SWBroker-verified
Quiet Quant · Entered at a 3.4% premium · Open · 4d ago
- ▲ NXMRTimestamp-verified
Marginal SEC · Entered at 9.8x vs 13.1x peer median · Closed · Closed 3d ago · held 12d
- ▲ EMDXSelf-reported
Basis Builder · Entered at a 1.2% premium · Open · 1d ago
Membership
Monthly prices shown. Annual billing gets two months free.
Free
$0
Headlines, summaries, and 3 full articles a month.
- Top 5 monitor rows, 1-day delayed
- Grade letters (blurred detail)
- 1 watchlist, 10 tickers
- Read-only forum access
Essential
Most popular$49/mo
The full research core for independent investors.
- Unlimited articles
- Full grades with explanations
- Full monitors, 15-min delayed
- Email alerts (20 active)
- Post, comment, vote, track trades
Pro
$100/mo
Everything, plus the deepest engine output.
- Real-time where licensed
- Pair ideas and score-spread history
- Unlimited screens, CSV export
- Webhook alerts (100 active)
- Verified-trader badge eligibility
Frequently asked
Is this investment advice?
No. Irradiance is a publisher of impersonal research for a general readership. We do not manage money, execute trades, or make personalized recommendations. Everything on the site is research and education only.
Where does the data come from?
Our research engines compute ADR, ETF and fundamental signals from market and filing data. On this preview, every number is sample data with fictional tickers, clearly labeled. Real feeds replace the sample adapters without changing the interface.
What does the grade actually measure?
Each grade is a 0–100 percentile within a peer group — for example, Relative Value asks whether a name is cheap for its quality, growth and risk, not just cheap. The methodology page shows every input, formula and known limitation.
Can I cancel or downgrade?
Yes. Plan changes apply immediately and we show exactly what changes before you confirm. No card is required during the preview period.
Why do some signals say “not tradable”?
Because a gap is not always an opportunity. Borrow costs, ownership limits, stale fair values and round-trip costs can all make a deviation untradeable — we show the engine’s rejection reasons next to every signal.