The Top of Atmosphere (TOA) shortwave (SW) flux, converted from Terra Multi‐angle Imaging SpectroRadiometer (MISR) narrow band albedos, is compared with that measured from Clouds and the Earth's Radiant Energy System (CERES). We describe the probability density function (PDF) of the monthly TOA SW flux and how the statistical third moment, skewness, can impact the quantification of the flux. The PDF of the SW flux is not normally distributed but positively skewed. In both sets of observations, the near‐global (80 S–80 N) median value of the SW flux is ∼3 W/m2 less than the mean value, due to the positive skewness of the distribution. The near‐global mean TOA SW flux converted from MISR is about 7 W/m2 (∼7%) less than CERES measured flux during the last two decades. Surprisingly, a hemispheric asymmetry exists with TOA SW observations from the Terra platform. SH reflects 3.92 and 1.15 W/m2 more mean SW flux than NH, from MISR and CERES Single Scanner Footprint products, respectively. We can infer that the offsetting by morning clouds in the SH is greater than the effect of hemispheric imbalance of SW flux caused by different land masses in two hemispheres. While the characteristics of the two SW fluxes broadly agree with each other, differences in the regional PDF from two different SW fluxes are substantial over high cloud regions and high altitude regions. Our analysis shows that some parts of the different skewness from the two measurements may be attributed to the different calibration of the radiance anisotropy over high cloud scenes.