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Constituent dispersion · breadth vs the index

CIBR — First Trust Nasdaq Cybersecurity

41/41 covered · 99% by weight · benchmark: CIBR price · closes through 2026-11-04 ·holdings as of 2026-06-16

Concentration 46.78% in top 5 17.86 effective names · HHI 560
RS vs S&P 500 21d -5.65pp sector return − SPY
RS vs Nasdaq-100 21d +1.09pp sector return − QQQ
Improving below the surface - the A/D line is rising while price is flat-to-down; more names participating than the headline shows. Last 21 sessions — price -8.29% · A/D +14 (+0.34/name)
CIBR price
Cumulative advance / decline of constituents — rises when more names are up than down; turns before price at inflections

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.

HorizonPriceA/D /name% beating ΔMedian−ETF ΔRead
1 week -11.34% -1.9 -6pp -1.68pp Confirming ↓
1 month -8.29% +0.34 +9pp +5.02pp Improving
1 quarter -0.36% +0.07 -3pp +0.02pp Improving

Over the last 126 sessions: price up +38.55%, breadth up (+4.63/name) · % beating 48→53 · median−ETF -0.20pp→+1.81pp.

Dispersion by window

WindowETFMedianMedian − ETF Up / DownBeat / Lag±1% bandDispersion
1d +0.49% +0.82% +0.34pp 26 / 15 23 / 18 12 of 41 ±3.24%
5d -11.34% -8.71% +2.63pp 6 / 35 25 / 16 2 of 41 ±10.12%
21d -8.29% -5.03% +3.26pp 17 / 24 22 / 19 4 of 41 ±16.58%
YTD +36.30% +32.42% -3.88pp 30 / 10 19 / 21 0 of 40 ±41.43%

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)

  • AVGO+3.07%+0.22pp
  • FTNT+1.51%+0.14pp
  • NET+3.19%+0.14pp
  • CRWD+1.19%+0.13pp
  • CSCO+1.34%+0.12pp
  • DT-14.69%-0.24pp
  • LDOS-6.55%-0.06pp
  • PANW-0.43%-0.04pp
  • INFY-2.65%-0.03pp
  • ACN-2.45%-0.03pp

This month (21d)

  • GEN+33.35%+0.74pp
  • ACN+31.56%+0.37pp
  • BAH+26.83%+0.36pp
  • ZS+11.54%+0.28pp
  • IBM+12.84%+0.22pp
  • FTNT-30.42%-2.86pp
  • PANW-13.91%-1.42pp
  • CRWD-10.27%-1.08pp
  • NET-23.89%-1.02pp
  • FFIV-27.78%-0.84pp

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)

  • GEN+33.35%
  • ACN+31.56%
  • BAH+26.83%
  • TENB+22.12%
  • ATO.FP+20.33%
  • FTNT-30.42%
  • FFIV-27.78%
  • NET-23.89%
  • DT-21.89%
  • DDOG-20.22%

CIBR — constituent leadership race

$100 in each covered CIBR constituent at 2025-12-30, rebased to 100. Watch leadership change hands.

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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 — 41 covered · click a column to sort

Symbol Weight Last 1d 5d 21d YTD RS rank
CRWD Crowdstrike Holdings 10.55% 244.68 +1.19% -8.71% -10.27% +108.79% 32
PANW Palo Alto Networks 10.24% 350.20 -0.43% -12.82% -13.91% +90.12% 24
FTNT Fortinet Inc 9.41% 128.11 +1.51% -30.75% -30.42% +61.33% 0
CSCO Cisco Systems Inc 8.93% 102.97 +1.34% -7.55% -8.73% +35.12% 41
AVGO Broadcom Ltd 7.16% 332.13 +3.07% -2.98% -8.38% -3.84% 44
NET Cloudflare Inc Cl A 4.26% 273.62 +3.19% -16.53% -23.89% +38.79% 5
AKAM Akamai Technologies 3.54% 86.53 -0.18% -13.11% -19.87% -0.83% 12
FFIV F5 Inc 3.03% 331.15 +2.03% -27.91% -27.78% +29.73% 2
DDOG Datadog Inc Cl A 2.97% 220.52 +2.05% -21.47% -20.22% +62.16% 10
OKTA Okta Inc Cl A 2.94% 189.68 +2.60% -16.10% -13.11% +119.36% 29
NTAP Netapp Inc 2.46% 190.78 +2.98% -16.17% -14.55% +79.94% 22
ZS Zscaler Inc 2.44% 225.09 +0.58% -13.48% +11.54% +0.08% 76
GEN Gen Digital Inc 2.23% 29.71 -0.60% +22.52% +33.35% +10.44% 98
CHKP Check Point Software 2.11% 142.28 +0.55% -10.99% +9.80% -23.32% 71
RBRK Rubrik Inc Cl A 1.90% 116.51 +1.60% -14.17% -5.03% +52.34% 49
FROG Jfrog Ltd 1.81% 88.49 +3.97% -11.92% -9.57% +41.67% 37
IBM Intl Business Machines 1.71% 250.04 -0.98% -0.08% +12.84% -15.11% 80
ANET Arista Networks Inc 1.70% 169.91 +3.52% -9.14% -17.88% +29.67% 20
DT Dynatrace Inc 1.64% 47.03 -14.69% -26.23% -21.89% +8.51% 7
GOOGL Alphabet Cl A 1.63% 280.03 +0.37% -12.65% -19.18% -10.47% 15
MSFT Microsoft Corp 1.49% 520.99 +2.74% -1.95% -0.80% +7.97% 56
BAH Booz Allen Hamilton Holding Corp 1.36% 87.02 -1.14% +4.34% +26.83% +3.94% 93
HO.FP Thales 1.21% 233.00 +0.43% -0.51% +2.73% +1.39% 61
INFY Infosys Ltd ADR 1.19% 11.93 -2.65% +0.72% +10.87% -31.61% 73
ACN Accenture Plc 1.17% 254.56 -2.45% +8.25% +31.56% -3.76% 95
BB Blackberry Ltd 1.10% 8.19 +2.12% -14.24% -9.80% +116.09% 34
LDOS Leidos Holdings Inc 0.97% 134.72 -6.55% -3.52% +12.78% -25.14% 78
ESTC Elastic N.V. 0.94% 90.47 -0.95% -14.26% -4.68% +19.92% 51
OTEX.TO Open Text Corporation 0.93% 36.05 -2.93% -5.65% +13.76% -17.52% 83
S Sentinelone Inc Cl A 0.88% 23.11 -0.22% -9.90% -9.12% +54.07% 39
SAIC Science Applications International 0.81% 151.59 -0.86% +1.38% +19.80% +51.68% 85
CVLT Commvault Systems 0.77% 160.99 +2.00% -6.70% +4.72% +28.42% 63
VRNS Varonis Systems Inc 0.60% 48.96 +0.43% -0.31% +1.68% +49.27% 59
QLYS Qualys Inc 0.57% 210.57 +1.43% -7.60% +5.98% +58.44% 66
TENB Tenable Holdings Inc 0.50% 47.03 -0.89% -3.33% +22.12% +99.87% 90
FSLY Fastly Inc 0.47% 21.07 +2.28% -23.02% -18.99% — 17
NTCT Netscout Systems 0.43% 37.93 +0.82% -6.35% -7.94% +40.17% 46
ATEN A10 Networks Inc 0.30% 24.30 +3.32% -9.67% -13.80% +38.07% 27
ZD Ziff Davis Inc 0.26% 53.99 +1.58% -5.33% -3.55% +53.60% 54
RDWR Radware Ltd 0.19% 33.60 +2.94% -5.35% +9.52% +39.48% 68
ATO.FP Atos Se 0.16% 26.52 -3.42% +5.49% +20.33% -47.14% 88

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

CIBR dispersion — data Q&A

Is CIBR's move broad or carried by a few names (21 sessions)?

As of 2026-11-04: over 21 sessions the fund returned -8.29% while its median constituent returned -5.03% — a dispersion of 16.58 pp; 54% of 41 members beat the fund. Improving below the surface - the A/D line is rising while price is flat-to-down; more names participating than the headline shows.

How did CIBR's members trade in the last session?

As of 2026-11-04: fund +0.49%, median member +0.82%, 26 advancers vs 15 decliners.

What does the dispersion page for CIBR 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. 41 constituents covered, re-baked nightly from the Closelooknet lake.

Is this investment advice?

No — a data surface in an investment research diary. It describes breadth inside a fund; it makes no recommendation.