The fit widens and re-centres as history accumulates. Bands drawn in 2015 do not know 2021's spread.
Scroll or drag to move the time axis · hold shift for the value axis · drag either slider
logreg-v2 · EXPANDING fit — every point uses only data that existed at that date. A full-sample fit would draw 2019's fair value using 2026 data. The dashed lines past today extend TODAY's fit and TODAY's residual spread forward; they are an extrapolation of the current fit and not a forecast, and they will move as the fit does.
The fair value and its bands run past the last observation. That extension applies today’s fit and today’s residual spread going forward — it is an extrapolation of the current fit, not a forecast, and it will move as the fit does.
The fit widens and re-centres as history accumulates. Bands drawn in 2015 do not know 2021's spread.
Every value plotted for a past date could have been computed on that date. Normalised series expand their window rather than scaling against the full history, so nothing here is drawn using information that did not exist yet — which is also why the early years of a normalised series are dropped rather than shown against a range of one.