We propose a novel approach based on wavelet and functional principal component analysis to produce a cleaner index of the intensity of the symmetric ring current. We use functional canonical correlations to show that the new approach more effectively extracts symmetric global features. The main result of our work is the construction of a new index, which is an improved version of the existing wavelet-based index (WISA) and the old Dst index, in which a constant daily variation is removed. Here, we address the fact that the daily component varies from day to day and construct a “cleaner” index by removing nonconstant daily variations.