How PWX is calculated

The launch universe

WaterBridge Infrastructure LLC (WBI), Select Water Solutions, Inc. (WTTR), Western Midstream Partners, LP (WES), NGL Energy Partners LP (NGL), Texas Pacific Land Corporation (TPL), LandBridge Company LLC (LB), TETRA Technologies, Inc. (TTI)

The fixed launch basket is back-calculated to September 1, 2026. This is pre-launch historical performance. PWXv1 remains a separate historical record; its 30-stock arithmetic average is not spliced into this series.

Basket value and price return

Allocate one seventh of an initial $1 to each constituent at September 1 close. Holdings drift with prices until the last U.S. trading-session close of each calendar quarter, when the weights reset to one seventh for the next session. The reset does not alter that day’s return.

Daily return is the sum of each prior-close weight multiplied by its constituent’s daily price return. Compound those daily returns to obtain basket value per initial $1. Percentage performance is the change in that value since inception. Ordinary dividends and distributions are excluded.

Splits and other corporate actions require documented continuity treatment. If the designated market-data source later revises a historical close, PWI records the revised value, logs the old and new values with its source, and recalculates every dependent result. PWI reports market data; it does not independently determine a market close.

Market comparisons

XLE uses closing share prices; S&P 500 uses its price index; WTI uses a front-month futures settlement-price series. All comparisons share September 1 as the reference and display common U.S. equity sessions. The dollar view scales each comparison to an initial $1 for readability.

WTI is a commodity-price comparison. A fallback is accepted only when it identifies the same contract and settlement basis; contract changes may affect the series, which does not measure a rolled futures investment return.

Closing data and publication

The nightly process checks all seven company closes and all three comparisons. Each series follows an ordered primary, secondary and tertiary source. The first valid date-matched equivalent field wins; sources are not averaged and lower-ranked sources do not overrule a valid higher-ranked close.

If all three sources lack a required close, PWI records a null observation and its verified market status internally. A confirmed halt or suspension is recorded as a market event; an unexplained absence remains a source gap. Neither is converted to zero or inserted into PWX arithmetic. The public chart retains its last complete “As of close” date.

Company closes and XLE: Stock Analysis → Nasdaq Historical Quotes → Yahoo Finance Historical Data. S&P 500: ChartExchange → Yahoo Finance Historical Data → FRED / S&P Dow Jones Indices. WTI: Investing.com → CME Group Daily Settlements → Yahoo Finance Historical Data.