Statistics of Price Movements of Davis Select USA ETF (DUSA)

The price movements of Davis Select USA ETF (ticker DUSA) are summarized in five ways:

• Table 1. Statistics of daily price changes using the closing prices
• Table 2. Statistics of daily price changes using the closing and opening prices
• Table 3 – 7. Statistics of daily price changes when DUSA opened with an increase of 1%, 2%, 3%, 4%, or more than 5%
• Table 8 – 10. Statistics of stock price changes in the 20 days after DUSA had a big price move
• Table 11. Statistics of daily price changes in the 20 days after DUSA moved 5% with twice the 30-day average volume

The statistics are calculated using DUSA's price data across 1,017 trading days from 2017 to 2020.

Table 1. Statistics of DUSA one-day price changes

In this table, the one-day price change is calculated using the closing price and the previous day's closing price.

In the past 1,017 trading days, 52.0% of the time (528 days), DUSA closed above the previous day's closing price. 43.6% of the time (443 days), it closed below the previous day's closing price. 4.4% of the time (45 days), it did not change.

Also see: VIX price movement study.

DUSA Price Change (%)	Number of Days	% of Total Sessions
10 – 11%	1	0.10%
9 – 10%	1	0.10%
8 – 9%	1	0.10%
6 – 7%	1	0.10%
5 – 6%	1	0.10%
4 – 5%	2	0.20%
3 – 4%	4	0.39%
2 – 3%	25	2.46%
1 – 2%	114	11.22%
0 – 1%	378	37.20%
0%	45	4.43%
0 – -1%	330	32.48%
-1 – -2%	53	5.22%
-2 – -3%	38	3.74%
-3 – -4%	11	1.08%
-4 – -5%	6	0.59%
-5 – -6%	1	0.10%
-7 – -8%	1	0.10%
-8 – -9%	1	0.10%
-9 – -10%	2	0.20%

Table 2. Statistics of DUSA: Closing vs. Open

In this table, instead of using the closing price of the previous day, the opening price is used to calculate the one-day price change of DUSA.

46.1% of the time (469 days), DUSA closed above the opening price. 47.8% of the time (486 days), it closed below the opening price. 6.1% of the time (62 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
9 – 10%	1	0.10%
4 – 5%	1	0.10%
3 – 4%	5	0.49%
2 – 3%	6	0.59%
1 – 2%	60	5.90%
0 – 1%	396	38.94%
0%	62	6.10%
0 – -1%	387	38.05%
-1 – -2%	74	7.28%
-2 – -3%	17	1.67%
-3 – -4%	8	0.79%

Table 3. One-day performance when DUSA opened 5% higher than previous close

In the past 1,017 trading days, DUSA opened more than 5% higher than the previous day's closing price 3 times. Of these days, 66.7% (2 days) had closing prices above the opening price, and 33.3% (1 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
4 – 5%	1	33.33%
0 – 1%	1	33.33%
-1 – -2%	1	33.33%

Table 4. Closing vs. open when DUSA opened 4–5% higher

On 2 days, DUSA opened 4–5% higher than the previous day's closing price. Of these days, 0.0% (0 days) had closing prices above the opening price, and 100.0% (2 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
-2 – -3%	1	50.00%
-3 – -4%	1	50.00%

Table 5. Closing vs. open when DUSA open 3 – 4% higher

5 times DUSA opened 3 – 4% higher than the previous day's closing price. Among these days, 60.0% (3 days) closed above the opening price, 40.0% (2 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
2 – 3%	1	20.00%
1 – 2%	1	20.00%
0 – 1%	1	20.00%
-1 – -2%	2	40.00%

Table 6. Closing vs. open when DUSA open 2 – 3% higher

15 times DUSA opened 2 – 3% higher than the previous day's closing price. Among these days, 40.0% (6 days) closed above the opening price, 60.0% (9 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
3 – 4%	1	6.67%
1 – 2%	1	6.67%
0 – 1%	4	26.67%
0 – -1%	5	33.33%
-1 – -2%	2	13.33%
-2 – -3%	2	13.33%

Table 7. Closing vs. open when DUSA open 1 – 2% higher

75 times DUSA opened 1 – 2% higher than the previous day's closing price. Among these days, 44.0% (33 days) closed above the opening price, 53.3% (40 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
2 – 3%	1	1.33%
1 – 2%	5	6.67%
0 – 1%	27	36.00%
0%	2	2.67%
0 – -1%	31	41.33%
-1 – -2%	7	9.33%
-3 – -4%	2	2.67%

Table 8. Periods when DUSA moved 15% or more

In this table, we track the price movements in the 20 days after DUSA had a one-day price change of at least 15%.

Date	Price Change	Price Change after 15% Move
Days after:		1	4	7	10	13	16	19

Table 9. Periods when DUSA moved 10% or more

In this table, we track the price movements in the 20 days after DUSA had a one-day price change of at least 10%.

Date	Price Change	Price Change after 10% Move
Days after:		1	4	7	10	13	16	19
20200324	10%	1.4	4.7	-1.5	5.7	11.3	8.1	10.3

Table 10. Periods when DUSA moved 5% or more

In this table, we track the price movements in the 20 days after DUSA had a one-day price change of at least 5%.

Date	Price Change	Price Change after 5% Move
Days after:		1	4	7	10	13	16	19
20200324	10%	1.4	4.7	-1.5	5.7	11.3	8.1	10.3
20201109	9.6%	-.8	-.2	.1	1.0	3.2	2.7	3.7
20200313	8%	-9.4	-11.2	-7.6	-5.4	-10.2	-4.4	2.8
20200406	6.2%	2.1	7.5	4.4	6.5	5.9	9.7	8.5
20200326	5.4%	-4.3	-9.1	-3.2	4.1	4.1	3.7	1.9
20200611	-5.6%	1.8	3.6	3.4	2.3	1.3	2.5	4.9
20200318	-7.3%	3.8	8.0	10.5	5.0	11.8	20.2	20.2
20200309	-8.5%	4.3	-3.3	-17.2	-18.8	-4.4	-8.6	-12.9
20200316	-9.4%	2.0	-4.5	3.5	6.9	.5	7.8	13.6
20200312	-9.6%	8.0	-7.6	-9.3	6.7	2.1	-2.8	8.1

Table 10a. DUSA average price changes following a 5% up day

Of the 1,017 trading days from 2017 to 2020, there were 5 days in which DUSA was up more than 5%. This table shows the average price changes over the 5 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 5%	-2.2	-1.6	-1.6	2.4	2.9	4.0	5.4

Table 10b. DUSA average price changes following a 5% down day

Of the 1,017 trading days from 2017 to 2020, there were 5 days in which DUSA was down more than -5%. This table shows the average price changes over the 5 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -5%	4.0	-.8	-1.8	.4	2.3	3.8	6.8

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Also see: VIX price movement study.