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Hedge Funds · Alternative Data · Web Crawling Reliability

SOURCE DRIFT
How Sites Change Over Time & How to Keep Feeds Stable

Web data is not static. Layouts change, fields shift meaning, access rules tighten, and update timing drifts. If your strategy depends on web-derived signals, the real problem isn’t extraction once—it’s maintaining a stable, backtest-consistent feed for months and years.

  • Detect silent changes early
  • Preserve time-series continuity
  • Version schemas & definitions
  • Deliver stable, monitored feeds

The invisible risk in web-derived alternative data

Most data failures are obvious: an API returns errors, a job fails, a pipeline goes dark. Source drift is more dangerous because it often produces quiet failure. Data still arrives on schedule, row counts look plausible, and dashboards stay green—while the underlying source has changed.

Key idea: For hedge funds, the challenge isn’t collecting web data once. It’s keeping the feed stable enough that a backtest from six months ago still matches the live definition today.

What “source drift” actually means

Source drift is any change in a website that alters your extracted output, coverage, or interpretation over time. Drift shows up in four main forms. The operational mistake is treating them as one problem.

Structural drift (layout & DOM)

HTML restructures, selectors break, tables become cards, pagination becomes infinite scroll, or element IDs change.

Semantic drift (meaning)

Fields still exist but their meaning changes: statuses expand, units shift, labels get reused, or logic changes.

Access drift (gating)

Rate limits tighten, bot defenses evolve, authentication appears, geo/personalization changes what you can see.

Temporal drift (timing)

Update cadence changes, timestamps move, backfill behavior shifts, and latency increases after redesigns.

Practical takeaway: Even if your scraper still “works,” drift can corrupt your signal by changing meaning, timing, or coverage.

Why hedge funds feel drift more than other buyers

In research, teams tolerate noise and fix problems manually. In production, systematic strategies require repeatability. Source drift undermines repeatability without announcing itself.

  • Silent feature instability: models are trained on one definition and trade on another.
  • Backtest mismatch: historical scrapes reflect old page versions; live feeds reflect new ones.
  • Signal decay: distributions shift and correlations erode without a clear breakpoint.
  • Operational risk: “green” pipelines can still deliver wrong data.
Key lens: Alternative data is only investable when it is both economically intuitive and operationally stable.

Where drift shows up in real feeds

Drift patterns repeat across sources. The following examples are intentionally generic, but they map to common hedge fund use cases.

Earnings & event calendars

“Confirmed” becomes probabilistic, time zones normalize, tentative events merge into main listings, or fields reorder.

Pricing & promotions

Displayed price changes (list vs. net), promo logic moves, bundle rules alter comparability, or default sorting shifts.

Inventory & availability

Binary in-stock becomes “ships in X days,” regionalization appears, or availability moves behind a dynamic endpoint.

Hiring & org signals

Posting templates change, job pages consolidate, locations normalize, or role categories get redefined.

Hidden gotcha: Many “breaks” are not extraction breaks. They are meaning changes that pass basic QA.

Why off-the-shelf scraping breaks (or rots) over time

A scraper can fail loudly—or it can degrade quietly. The second outcome is the one funds usually discover too late. Off-the-shelf approaches tend to share three weaknesses:

  • One-time delivery mindset: optimized for “get it working,” not “keep it correct.”
  • Brittle selectors: extraction tied to presentation rather than intent.
  • No feedback loop: limited monitoring beyond uptime and row counts.
Rule of thumb: If the only health check is “did the job run,” your feed is already at risk.

How to engineer stable feeds: a drift-aware framework

Stability is an engineering outcome. It comes from layered detection, controlled definitions, and rapid repair loops. A drift-aware system typically separates concerns and monitors changes at multiple levels.

1

Separate fetching, parsing, and normalization

Decouple access methods from extraction logic and from final schemas so each layer can evolve independently.

2

Implement multi-level drift detection

Combine HTML diffs, schema diffs, and output distribution checks to catch both structural and semantic changes.

3

Enforce schemas and version definitions

Lock down field definitions, track changes explicitly, and prevent silent shifts from contaminating time-series continuity.

4

Validate semantics, not just presence

Use range checks, cross-field consistency checks, and baseline distributions to detect meaning drift.

5

Store raw snapshots alongside normalized outputs

Snapshots enable re-parsing after redesigns and help you backfill corrected history without starting over.

6

Operationalize repair: alerts, playbooks, and human review

Alert quickly, triage intelligently, and repair extractors fast to preserve continuity for downstream research and trading.

Outcome: You don’t just “scrape pages.” You operate a monitored data product with controlled definitions.

What “stable” looks like in practice

Stable feeds are measurable. Beyond uptime, you want ongoing evidence that the data retains the same meaning and coverage. Practical stability signals include:

  • Schema stability: explicit versioning and change logs.
  • Distribution stability: alerts on unusual shifts in counts, ranges, and category mixes.
  • Coverage stability: consistent universe membership and visibility, flagged when it changes.
  • Temporal stability: known update cadence with alarms for delay and missing intervals.
  • Recoverability: ability to reprocess history using stored snapshots when definitions evolve.
Portfolio impact: the value of alternative data is not just predictive power—it’s reliability under operational stress.

Questions About Source Drift & Stable Web Feeds

These are common questions hedge funds ask when building alternative data pipelines from fast-changing public web sources.

What is source drift in web scraping? +

Source drift is any change in a website that alters your extracted output over time—including layout changes, field meaning changes, access restrictions, and shifts in update cadence.

Why it matters: drift can corrupt a signal even when your scraper still runs and returns data.
What’s the difference between structural drift and semantic drift? +

Structural drift changes how information is presented (DOM, layout, pagination). Semantic drift changes what a field means (units, labels, business rules), often without changing the page layout much.

Structural drift often causes visible breakage. Semantic drift is more dangerous because it can pass basic QA checks.

How do you detect drift before it impacts a backtest or model? +

Drift detection usually requires multiple layers:

  • HTML and template change detection
  • Schema diffs and field-level validation
  • Distribution monitoring (counts, ranges, category mixes)
  • Update cadence monitoring (latency, missing intervals)

The goal is to catch changes when they first appear, not weeks later via performance decay.

Why store raw snapshots if you already have normalized tables? +

Snapshots let you re-parse history when a source changes. That makes it possible to backfill corrected definitions, audit changes, and maintain comparability over time without rebuilding the entire collection process.

In practice: snapshots are often the difference between a quick repair and permanent data loss.
How does Potent Pages keep web feeds stable over time? +

Potent Pages builds drift-aware crawling systems with monitoring, schema controls, and repair workflows designed for long-running hedge fund research and production use.

  • Source-specific extraction strategies and playbooks
  • Automated drift detection and alerting
  • Schema enforcement and versioned definitions
  • Structured delivery (tables, time-series datasets, APIs)
Typical outputs: stable time-series feeds with anomaly flags, change logs, and monitored refresh cycles.
David Selden-Treiman, Director of Operations at Potent Pages.

David Selden-Treiman is Director of Operations and a project manager at Potent Pages. He specializes in custom web crawler development, website optimization, server management, web application development, and custom programming. Working at Potent Pages since 2012 and programming since 2003, David has extensive expertise solving problems using programming for dozens of clients. He also has extensive experience managing and optimizing servers, managing dozens of servers for both Potent Pages and other clients.

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