I have a quick question about the IRL industry classifications: Exactly what do the volume and close data in IRLDAILY represent? I used inindex to extract price data for all stocks in a particular IRLIndex (!ID021), in the hope of finding some obvious way in which prices/returns in IRLDAILY are calculated from constituent prices/returns, but failed. Using close(0) and close(-1) from IRLDaily, I find that the industry return for "Machines-Farm" (!ID021) was -0.78% from 12/22 to 12/23. Calculating a MarketCap weighted return from the constituent stock data, I get to -1.23% -- much worse than IRLDAILY. A straight return average across constituents (non-Marketcap weighted) would have produced -0.68%, closer to the IRLDaily data, but again not exact.
Similarly, I don't understand what the volume data on IRLDaily represent. Thanks in advance for any pointers, Matthias
