Sorry, bad wording on my side. I mean the commercial value of the card/code (Estimated Retail Price) when it is sold for its base price (no promotions).
i.e. a month of ultimate at its standard rate is 14.99$ per month while the base game pass is 9.99$. Since the value is not the same a code for a month of game pass does not become a full month of ultimate, but 20 days. Packages for multiple months work
in the same way, each with its own rate based on the Estimated Retail Price.
The table I provided above should be up to date for current convertions applied when redeeming a code. I haven't tried with Gold yet but for example I can confirm the 3 months of game pass -> 2 months of ultimate since I did that a couple of days ago.
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