Constituent dispersion · breadth vs the index
AW40 — Agentic Winners 40 (EW)
Divergence over time — price vs breadth, by horizon
The hero read is the 1-month picture; here the same price↔breadth divergence across 1 week / 1 month / 1 quarter, computed over the 126-session history. A/D /name is net advancers-minus-decliners per covered constituent; % beating Δ and median−ETF Δ show how participation shifted. Price rising while those fall = the move is narrowing under the surface.
| Horizon | Price | A/D /name | % beating Δ | Median−ETF Δ | Read |
|---|---|---|---|---|---|
| 1 week | -0.79% | -0.47 | -5pp | -1.22pp | Weakening |
| 1 month | -1.42% | -1.45 | +11pp | +2.73pp | Confirming ↓ |
| 1 quarter | +25.59% | +2.18 | -5pp | -1.63pp | Confirming ↑ |
Over the last 126 sessions: price up +25.18%, breadth up (+1.32/name) · % beating 45→45 · median−ETF -1.49pp→-1.14pp.
Stocks above their moving average — participation breadth
Of the 38 covered constituents, the share trading above each simple moving average — the classic breadth gauge. A firm index price with a low %-above-MA is a narrow, top-heavy tape. As of 2026-09-24.
New highs & new lows — by horizon
How many of the 38 covered constituents closed today at a new high (or low) over each window, and the net. A shrinking net as the index holds up = fewer names leading.
| Horizon | New highs | New lows | Net |
|---|---|---|---|
| 5-Day | 7 (18%) | 12 (32%) | -5 |
| 1-Month | 3 (8%) | 7 (18%) | -4 |
| 3-Month | 3 (8%) | 0 (0%) | +3 |
| 6-Month | 3 (8%) | 0 (0%) | +3 |
| 52-Week | 1 (3%) | 0 (0%) | +1 |
| YTD | 3 (8%) | 0 (0%) | +3 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.34% | -0.47% | -0.13pp | 15 / 23 | 18 / 20 | 19 of 38 | ±2.15% |
| 5d | -0.79% | -1.57% | -0.78pp | 13 / 25 | 18 / 20 | 12 of 38 | ±5.28% |
| 21d | -1.42% | -4.04% | -2.62pp | 14 / 24 | 16 / 22 | 3 of 38 | ±12.49% |
| YTD | -7.63% | -11.51% | -3.88pp | 15 / 23 | 15 / 23 | 0 of 38 | ±26.47% |
Median − ETF below zero means the typical name is lagging the cap-weighted index — the move is top-heavy. "Beat" counts constituents outperforming the ETF over the window. Dispersion is the cross-sectional standard deviation of constituent returns — high = a stock-picker's tape, low = pure beta.
What drove the move — contribution = weight × return
Today (1d)
- TEM+7.38%+0.18pp
- META+4.50%+0.11pp
- SHOP+1.98%+0.05pp
- VEEV+1.51%+0.04pp
- GOOGL+1.34%+0.03pp
- ORCL-3.47%-0.09pp
- PATH-3.37%-0.08pp
- INTU-3.37%-0.08pp
- 3994.T-3.36%-0.08pp
- 4478.T-2.98%-0.07pp
This month (21d)
- META+36.41%+0.91pp
- TEM+19.66%+0.49pp
- CRM+15.82%+0.4pp
- TEAM+15.69%+0.39pp
- 4180.T+14.02%+0.35pp
- PATH-24.37%-0.61pp
- INTU-22.47%-0.56pp
- SE-18.23%-0.46pp
- TOST-18.18%-0.45pp
- CSGP-15.10%-0.38pp
Each name's contribution = its index weight × its return — the percentage points it added to (green) or subtracted from (red) the ETF's move. Computed across covered names.
Leaders & laggards (21-day)
- META+36.41%
- TEM+19.66%
- CRM+15.82%
- TEAM+15.69%
- 4180.T+14.02%
- PATH-24.37%
- INTU-22.47%
- SE-18.23%
- TOST-18.18%
- CSGP-15.10%
AW40 — constituent leadership race
$100 in each covered AW40 constituent at 2026-01-07, rebased to 100. Watch leadership change hands.
Each covered constituent started at $100 at the window open; the bars race by total return (top 12 shown). Decision-support, not investment advice.
Constituents — 38 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| MSFT Microsoft | 2.50% | 497.93 | -0.53% | +0.04% | +1.26% | +3.19% | 71 |
| AMZN Amazon | 2.50% | 249.38 | +0.04% | -0.72% | -4.47% | +8.04% | 47 |
| GOOGL Alphabet | 2.50% | 342.36 | +1.34% | -1.43% | -1.26% | +9.46% | 58 |
| META Meta | 2.50% | 777.59 | +4.50% | +14.05% | +36.41% | +17.90% | 97 |
| AAPL Apple | 2.50% | 335.92 | -0.33% | -0.32% | +8.40% | +23.68% | 76 |
| NVDA Nvidia | 2.50% | 224.58 | -0.41% | +2.39% | +5.41% | +20.57% | 74 |
| PLTR Palantir | 2.50% | 192.59 | +0.42% | +9.28% | +11.50% | +8.35% | 84 |
| NOW ServiceNow | 2.50% | 137.78 | -2.13% | -0.50% | +8.49% | -10.06% | 79 |
| CRM Salesforce | 2.50% | 238.22 | +0.27% | -1.91% | +15.82% | -9.85% | 92 |
| WDAY Workday | 2.50% | 190.99 | -0.72% | -4.16% | -1.76% | -11.08% | 55 |
| SAP SAP | 2.50% | 209.11 | -0.72% | -2.13% | -3.60% | -13.91% | 53 |
| ORCL Oracle | 2.50% | 139.54 | -3.47% | -7.34% | -3.61% | -27.97% | 50 |
| PATH UiPath | 2.50% | 12.60 | -3.37% | -8.43% | -24.37% | -23.12% | 0 |
| ADBE Adobe | 2.50% | 238.93 | -0.73% | -5.44% | -12.77% | -31.73% | 16 |
| INTU Intuit | 2.50% | 277.13 | -3.37% | -11.50% | -22.47% | -57.96% | 3 |
| VEEV Veeva | 2.50% | 274.84 | +1.51% | +4.20% | +11.37% | +23.12% | 82 |
| CSGP CoStar | 2.50% | 27.86 | -1.43% | -4.93% | -15.10% | -58.57% | 11 |
| IOT Samsara | 2.50% | 39.32 | +0.61% | -1.70% | +0.46% | +10.92% | 63 |
| TEM Tempus AI | 2.50% | 82.24 | +7.38% | +2.34% | +19.66% | +39.27% | 95 |
| HUBS HubSpot | 2.50% | 225.56 | -0.21% | -1.75% | -5.10% | -43.79% | 45 |
| TEAM Atlassian | 2.50% | 192.61 | -1.27% | +0.04% | +15.69% | +18.79% | 89 |
| PTC PTC | 2.50% | 137.41 | -2.13% | +2.21% | -9.08% | -21.12% | 24 |
| DASTY Dassault Systèmes | 2.50% | 24.13 | -0.24% | +2.75% | -8.73% | -12.66% | 26 |
| SIEGY Siemens | 2.50% | 157.38 | +1.19% | +2.92% | -5.79% | +14.78% | 39 |
| 0268.HK Kingdee | 2.50% | 7.38 | -1.34% | +1.51% | -10.50% | -44.51% | 21 |
| 4478.T freee | 2.50% | 3750.00 | -2.98% | -5.18% | -0.79% | +24.79% | 61 |
| 3994.T Money Forward | 2.50% | 5703.00 | -3.36% | -10.40% | -6.51% | +22.17% | 34 |
| 4180.T Appier | 2.50% | 1488.00 | -1.85% | -1.78% | +14.02% | +38.55% | 87 |
| MNDY monday.com | 2.50% | 86.00 | -0.53% | -4.75% | -7.76% | -41.72% | 29 |
| SHOP Shopify | 2.50% | 145.16 | +1.98% | +12.88% | -5.67% | -9.82% | 42 |
| APP AppLovin | 2.50% | 312.47 | -0.88% | -2.84% | +0.62% | -53.63% | 66 |
| RDDT Reddit | 2.50% | 152.72 | +0.49% | -0.07% | -5.99% | -33.56% | 37 |
| DUOL Duolingo | 2.50% | 147.75 | +1.21% | +0.44% | +1.17% | -15.81% | 68 |
| SPOT Spotify | 2.50% | 511.38 | +0.19% | -3.30% | -7.45% | -11.94% | 32 |
| NFLX Netflix | 2.50% | 71.72 | +0.50% | -4.77% | -12.78% | -23.51% | 13 |
| MELI MercadoLibre | 2.50% | 1754.13 | -2.51% | -3.89% | -12.16% | -12.91% | 18 |
| SE Sea Limited | 2.50% | 100.73 | -2.48% | -0.53% | -18.23% | -21.04% | 5 |
| TOST Toast | 2.50% | 30.11 | +1.01% | -1.76% | -18.18% | -15.21% | 8 |
RS rank = the constituent's 21-day return percentile within the index (100 = strongest of the covered names). Weight is the index weight; returns use adjusted closes. Default sort: weight.
Other ETFs & indices
Dispersion is computed across the constituents we cover in our data lake (see coverage badge). Decision-support, not investment advice.
FAQ · from the current data
AW40 dispersion — data Q&A
Is AW40's move broad or carried by a few names (21 sessions)?
As of 2026-09-24: over 21 sessions the fund returned -1.42% while its median constituent returned -4.04% — a dispersion of 12.49 pp; 42% of 38 members beat the fund. Broad decline - breadth is falling with price.
How did AW40's members trade in the last session?
As of 2026-09-24: fund -0.34%, median member -0.47%, 15 advancers vs 23 decliners.
What does the dispersion page for AW40 measure?
It splits the fund into its members: the fund's own return against the median constituent, how many members beat the fund, advancers vs decliners, and a cumulative advance/decline line that tends to lead price. A firm fund price with a weak median and a falling A/D line is a narrow, top-heavy tape; a broad move shows the median keeping up. 38 constituents covered, re-baked nightly from the Closelook lake.
Is this investment advice?
No — a data surface in an investment research diary. It describes breadth inside a fund; it makes no recommendation.