# Understanding Unchanged Prices: Definition, How It Works, and Examples

![Two analysts look at a computer monitor showing a stock price that has remained unchanged for an extended period.](https://www.investopedia.com/thmb/mUHbJMGvxs4TrTZktJwgLbYLfUE=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/UnchangedWhatItIsHowItWorksExamplesGettyImages-1751834114-3e3bf7d6e38e438ca7f25624a198c251.jpg)

*— Sean Anthony Eddy / Getty Images*

Unchanged refers to a situation in which the price or rate of a security is the same between two periods. This can be over any time frame, including a trading day, week or even as much as a year. Unchanged is a term used universally among equity, fixed-income, futures and options markets. The term also applies to indexes, exchange-traded funds and the [net asset value](https://www.investopedia.com/terms/n/nav.asp) of mutual funds.

While it is possible to note an unchanged price between two random times, say 3 p.m. on a Thursday and then at 10:15 a.m. the following Tuesday, most investors and traders focus on either unchanged intra-day prices or unchanged [closing prices](https://www.investopedia.com/terms/c/closingprice.asp) over multiple trading days.

### Key Takeaways

*   The term "unchanged" refers to when the price or rate of a security remains the same between two periods. This concept can apply across different time frames, from single trading days to years, and is used in various markets, including equity, fixed-income, and futures.
*   Unchanged prices are more frequently observed in illiquid markets or securities, such as microcap stocks and certain exchange-traded funds. In contrast, large-cap stocks like those in the S&P 500 rarely remain unchanged between opening and closing prices, even in calm markets.
*   Investors might encounter unchanged holding period returns by selectively comparing prices at different times on a price chart; however, this doesn't account for fluctuations that occur between those points. This highlights the importance of considering volatility and not just end values.
*   A real-world example of unchanged pricing is West Texas Intermediate (WTI) crude, which traded at the same price in October 2008 and May 2018 despite significant price volatility between those dates. This illustrates how unchanged prices can obscure the underlying market movements that affect commodities.

## Understanding the Details of Unchanged Prices

Unchanged intraday prices are more common for securities that are fairly [illiquid](https://www.investopedia.com/terms/i/illiquid.asp) and generally less popular, such as [closed-end funds](https://www.investopedia.com/terms/c/closed-endinvestment.asp), microcap stocks, and interests in private companies that do not trade on major exchanges. Certain exchange-traded funds are also [thinly traded](https://www.investopedia.com/terms/t/thinly-traded.asp) and could be more likely to have unchanged prices.

Conversely, very few stocks on the S&P 500 end a typical day unchanged, or where the session’s opening price and closing price are identical, even during periods of relative market calm.

When choosing two random points on a price chart, it is often possible to hand-select two price points at which prices are identical. In this case, the holding period return between these points will be unchanged. However, this will not take into account the range of peak-to-trough price movements. That is to say, an investor’s return, excluding fees and expenses, is unchanged, but the security price likely moved around quite dramatically between those two points.

## Real-World Examples of Unchanged Prices

For example, say [West Texas Intermediate](https://www.investopedia.com/terms/w/wti.asp) crude, known as WTI, traded at precisely $70.32 at two particular market closes in both October 2008 and May 2018. The holding period return between these two points in time is unchanged. This may be useful to know for an investor who held a long-term futures contract during this precise time frame.

The peak-to-trough price of oil moved dramatically between these two points in time; however, so did underlying supply-and-demand conditions. WTI prices soon crashed to less than $40 in January 2009 amid the [Great Recession](https://www.investopedia.com/terms/g/great-recession.asp), climbed back above $100 a barrel in May 2011, then roughly moved sideways until July 2014. Then, prices plunged below $30 in February 2016 as [shale-oil](https://www.investopedia.com/terms/s/shaleoil.asp) extraction lifted inventories, before finally getting back to $70 in May 2018 as those inventories ebbed and inflation began to creep higher.

Through all these gyrations, the holding period return, excluding fees and expenses, is still unchanged.

> **Article Sources**
>
> 1.  Energy Information Administration. "[Cushing, OK WTI Spot Price FOB](https://www.eia.gov/dnav/pet/hist/rwtcD.htm)."