Undertow has 112 published measures across nine market segments. Only investment-grade credit currently earns a public tier. The other eight say PARTIAL because history or replay evidence is incomplete, not because those markets are calm.
MyQuant translation desk
THE SPECIALIST SAYS
Eight blanks are not eight green lights
Undertow has 112 published measures across nine market segments. Only investment-grade credit currently earns a public tier. The other eight say PARTIAL because history or replay evidence is incomplete, not because those markets are calm.
IN PLAIN ENGLISH
Undertow has 112 published measures across nine market segments. Only investment-grade credit currently earns a public tier. The other eight say PARTIAL because history or replay evidence is incomplete, not because those markets are calm.
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
Why this matters
It records a change in measurement coverage. It explains why incomplete evidence prevents a public tier.
Picture it this way
Picture a crowded room with a narrow exit. Undertow asks whether many holders could try to leave while the doorway is getting tighter. An unscored market stays unknown; it does not become calm.
The catch
Undertow replays use truncated current-vintage observations restricted by dated knowability, not publication-vintage validated backtests. PARTIAL does not imply illiquidity, and NORMAL does not guarantee executable depth.