Constituent dispersion · breadth vs the index
MXI — Global Materials
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 | -1.04% | -0.31 | +7pp | +5.49pp | Confirming ↓ |
| 1 month | +3.72% | +0.17 | -26pp | -4.68pp | Confirming ↑ |
| 1 quarter | +3.59% | +0.81 | -13pp | -2.19pp | Confirming ↑ |
Over the last 126 sessions: price up +10.13%, breadth up (+0.63/name) · % beating 44→36 · median−ETF -0.79pp→-2.26pp.
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.80% | -0.55% | -1.35pp | 23 / 35 | 15 / 44 | 15 of 59 | ±1.9% |
| 5d | -1.04% | -0.85% | +0.19pp | 19 / 38 | 31 / 28 | 16 of 59 | ±3.98% |
| 21d | +3.72% | +1.26% | -2.46pp | 32 / 26 | 23 / 35 | 6 of 58 | ±10.1% |
| YTD | +21.20% | +17.80% | -3.40pp | 42 / 14 | 24 / 33 | 2 of 57 | ±22.21% |
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)
- NEM+4.43%+0.17pp
- AEM+5.32%+0.16pp
- AI+3.61%+0.14pp
- WPM+3.79%+0.07pp
- FNV+4.08%+0.06pp
- LIN-0.75%-0.06pp
- FCX-1.85%-0.05pp
- BHP-0.77%-0.05pp
- VALE-2.67%-0.05pp
- APD-1.69%-0.04pp
This month (21d)
- NEM+25.06%+0.98pp
- AEM+25.47%+0.75pp
- WPM+27.70%+0.53pp
- AI+9.99%+0.4pp
- FNV+19.32%+0.28pp
- AAL-21.77%-0.43pp
- SHW-10.12%-0.24pp
- CRH-7.59%-0.17pp
- LIN-1.80%-0.14pp
- VMC-9.09%-0.1pp
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)
- WPM+27.70%
- AEM+25.47%
- NEM+25.06%
- NTR+20.64%
- FNV+19.32%
- AAL-21.77%
- IP-12.77%
- HEI-11.21%
- DD-11.02%
- SHW-10.12%
MXI — constituent leadership race
$100 in each covered MXI constituent at 2026-01-06, 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 — 59 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| LIN Linde Plc | 7.90% | 482.19 | -0.75% | -0.32% | -1.80% | +13.47% | 38 |
| BHP Bhp Billiton Ltd ADR | 7.04% | 92.71 | -0.77% | -3.80% | +3.73% | +56.59% | 60 |
| AI C3.Ai Inc Cl A | 3.96% | 10.90 | +3.61% | +5.52% | +9.99% | -19.14% | 79 |
| NEM Newmont Mining Corp | 3.89% | 130.43 | +4.43% | -1.20% | +25.06% | +31.20% | 95 |
| RIO Rio Tinto Plc ADR | 3.65% | 7611.00 | +0.45% | -1.44% | +6.28% | +30.44% | 69 |
| FCX Freeport-Mcmoran Inc | 2.94% | 72.56 | -1.85% | -7.47% | +4.57% | +43.53% | 66 |
| AEM Agnico-Eagle Mines Ltd | 2.93% | 207.13 | +5.32% | -3.64% | +25.47% | +22.97% | 97 |
| GLEN.LSE GLENCORE PLC | 2.41% | 605.80 | +1.66% | +2.24% | +10.03% | +49.03% | 81 |
| SHW Sherwin-Williams Company | 2.35% | 332.26 | +0.30% | -3.75% | -10.12% | +2.77% | 7 |
| CRH CRH Plc ADR | 2.23% | 92.04 | -0.68% | -3.70% | -7.59% | -25.72% | 16 |
| APD Air Products and Chemicals | 2.13% | 304.22 | -1.69% | -0.41% | +3.09% | +24.83% | 59 |
| ECL Ecolab Inc | 2.10% | 278.97 | -0.33% | -2.43% | -2.28% | +6.55% | 34 |
| AAL American Airlines Gp | 1.97% | 12.97 | -1.07% | -5.47% | -21.77% | -15.39% | 0 |
| VALE Vale S.A. ADR | 1.94% | 15.31 | -2.67% | +0.00% | +5.40% | +20.85% | 67 |
| WPM Wheaton Precious Metals | 1.90% | 156.63 | +3.79% | -0.86% | +27.70% | +33.87% | 98 |
| CTVA Corteva Inc | 1.75% | 88.62 | -1.50% | +7.78% | +12.65% | +32.81% | 86 |
| NUE Nucor Corp | 1.70% | 262.47 | -0.57% | +4.00% | -4.47% | +61.46% | 22 |
| RIO Rio Tinto Plc ADR | 1.58% | 7611.00 | +0.45% | -1.44% | +6.28% | +30.44% | 69 |
| HOLN.SW HOLCIM LTD AG | 1.52% | 72.14 | +1.63% | -0.85% | -0.66% | -5.00% | 43 |
| FNV Franco Nev Corp | 1.43% | 270.31 | +4.08% | -0.37% | +19.32% | +30.90% | 91 |
| VMC Vulcan Materials Company | 1.14% | 260.23 | -1.40% | -4.97% | -9.09% | -8.41% | 9 |
| K Kellanova | 1.13% | 83.44 | +0.00% | +0.35% | — | +0.00% | — |
| NTR Nutrien Ltd | 1.11% | 80.73 | +0.55% | +10.50% | +20.64% | +32.94% | 93 |
| MLM Martin Marietta Materials | 1.07% | 508.94 | -1.57% | -3.56% | -8.03% | -18.05% | 14 |
| STLD Steel Dynamics Inc | 1.05% | 246.03 | -0.65% | +4.32% | -7.49% | +45.64% | 17 |
| SIKA.XETRA SIKA AG | 0.96% | 201.10 | +0.83% | -1.66% | -3.73% | +17.80% | 26 |
| GIVN.SW GIVAUDAN SA | 0.95% | 3282.00 | +2.40% | +0.24% | -3.56% | +7.21% | 31 |
| DOW Dow Inc | 0.85% | 30.36 | -2.94% | +1.26% | +2.33% | +32.73% | 53 |
| HEI Heico Corp | 0.83% | 325.70 | +0.87% | -3.36% | -11.21% | +0.69% | 3 |
| PPG PPG Industries | 0.79% | 110.75 | -0.50% | -2.40% | -6.46% | +9.42% | 19 |
| DSFIR.SW DSM FIRMENICH AG | 0.68% | 88.25 | -1.07% | -0.28% | +0.91% | — | 48 |
| ALB Albemarle Corp | 0.66% | 132.16 | -4.06% | -2.66% | +11.21% | -6.33% | 83 |
| SW Smurfit Westrock Plc | 0.65% | 45.26 | -0.22% | -6.93% | -5.77% | +19.43% | 21 |
| DD Dupont Denemours Inc | 0.63% | 131.13 | -1.35% | -5.11% | -11.02% | +9.60% | 5 |
| IFF International Flavors & Fragrances | 0.63% | 86.46 | -0.55% | -0.45% | -1.83% | +29.06% | 36 |
| PKG Packaging Corp of America | 0.63% | 234.57 | +0.44% | -3.74% | -8.37% | +14.41% | 10 |
| CF Cf Industries Holdings | 0.63% | 137.81 | -1.05% | +9.63% | +18.69% | +79.87% | 90 |
| ANTO.LSE ANTOFAGASTA PLC | 0.59% | 3935.00 | +2.24% | -2.21% | +0.10% | +20.02% | 45 |
| LYB Lyondellbasell Industries NV | 0.59% | 64.76 | -2.72% | +2.70% | +9.71% | +52.96% | 78 |
| AMCR Amcor Plc | 0.58% | 45.89 | -1.69% | -1.35% | -3.90% | — | 24 |
| IP International Paper Company | 0.55% | 36.44 | +0.39% | -8.63% | -12.77% | -5.18% | 2 |
| BOL.ST BOLIDEN | 0.53% | 549.40 | +1.22% | -3.07% | +7.26% | +9.05% | 72 |
| NHY.OL NORSK HYDRO | 0.51% | 95.12 | +3.06% | +3.37% | +4.48% | +25.16% | 64 |
| UPM.HE UPM-KYMMENE | 0.51% | 24.01 | -1.23% | +0.71% | +2.61% | -0.36% | 55 |
| BALL Ball Corporation | 0.49% | 62.93 | -0.58% | -0.38% | -0.88% | +19.60% | 41 |
| SCCO Southern Copper Corp | 0.49% | 199.53 | -2.32% | -7.74% | +3.07% | +43.03% | 57 |
| S32.LSE SOUTH32 LTD | 0.44% | 278.20 | +2.13% | +2.88% | +11.55% | +59.10% | 84 |
| AVY Avery Dennison Corp | 0.41% | 173.03 | -0.80% | -2.41% | -1.45% | -3.78% | 40 |
| SQM Sociedad Quimica Y Minera S.A. ADR | 0.37% | 79.78 | -1.68% | -0.81% | +13.89% | +16.80% | 88 |
| AKZA.AS AKZO NOBEL NV | 0.33% | 60.70 | +1.03% | -1.33% | -3.65% | +5.64% | 29 |
| YAR.OL YARA INTERNATIONAL | 0.31% | 462.80 | +0.61% | +5.61% | +9.31% | +11.79% | 76 |
| STERV.HE STORA ENSO CLASS R | 0.23% | 10.02 | -1.52% | +0.00% | +1.61% | -5.21% | 50 |
| MOS Mosaic Company | 0.23% | 25.49 | -1.12% | +7.28% | +8.89% | +7.79% | 74 |
| SCA-B.ST SVENSKA CELLULOSA B | 0.20% | 114.05 | -1.43% | +1.11% | +4.01% | -4.35% | 62 |
| CRDA.LSE CRODA INTERNATIONAL PLC | 0.18% | 3332.00 | -0.60% | -2.49% | +0.30% | +26.29% | 47 |
| SYENS.BR SYENSQO NV | 0.17% | 81.60 | -0.37% | +2.38% | +2.26% | +22.32% | 52 |
| JMAT.LSE JOHNSON MATTHEY PLC | 0.16% | 2258.00 | +0.71% | -0.35% | -3.68% | -2.68% | 28 |
| AKE.PA ARKEMA SA | 0.15% | 59.60 | -0.42% | +2.23% | -2.30% | +21.31% | 33 |
| MNDI.LSE MONDI PLC | 0.14% | 845.60 | -1.15% | -2.22% | -8.19% | -6.43% | 12 |
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
MXI dispersion — data Q&A
Is MXI's move broad or carried by a few names (21 sessions)?
As of 2026-09-03: over 21 sessions the fund returned +3.72% while its median constituent returned +1.26% — a dispersion of 10.10 pp; 40% of 58 members beat the fund. Broad advance - breadth is rising with price.
How did MXI's members trade in the last session?
As of 2026-09-03: fund +0.80%, median member -0.55%, 23 advancers vs 35 decliners.
What does the dispersion page for MXI 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. 59 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.