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Constituent dispersion · breadth vs the index

MXI — Global Materials

60/85 covered · 80% by weight · benchmark: MXI price · closes through 2026-11-04 ·holdings as of 2026-06-16

Concentration 31.41% in top 5 28.82 effective names · HHI 347
RS vs S&P 500 21d +0.26pp sector return − SPY
RS vs Nasdaq-100 21d +7.00pp 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 -2.38% · A/D +16 (+0.27/name)
MXI 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 -1.79% -0.38 +13pp +6.69pp Confirming ↓
1 month -2.38% +0.27 +1pp +4.18pp Improving
1 quarter -5.03% -2.27 -4pp +2.31pp Confirming ↓

Over the last 126 sessions: price down -4.79%, breadth down (-1.85/name) · % beating 47→59 · median−ETF -1.62pp→+4.76pp.

Dispersion by window

WindowETFMedianMedian − ETF Up / DownBeat / Lag±1% bandDispersion
1d -1.79% -1.48% +0.30pp 8 / 50 37 / 23 33 of 60 ±1.92%
5d -1.79% -0.68% +1.11pp 28 / 32 35 / 25 9 of 60 ±5.04%
21d -2.38% +2.38% +4.76pp 32 / 27 35 / 24 2 of 59 ±11.3%
YTD +10.98% +7.27% -3.70pp 38 / 18 26 / 30 0 of 56 ±21.94%

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)

  • DD+8.61%+0.05pp
  • STERV.HE+0.92%+0pp
  • SCA-B.ST+0.92%+0pp
  • HOLN.SW+0.11%+0pp
  • GGB+0.43%+0pp
  • BHP-2.42%-0.17pp
  • LIN-1.57%-0.12pp
  • SHW-3.26%-0.08pp
  • CRH-3.17%-0.07pp
  • RIO-1.90%-0.07pp

This month (21d)

  • LIN+6.05%+0.48pp
  • CRH+13.16%+0.29pp
  • APD+11.99%+0.26pp
  • ECL+9.96%+0.21pp
  • VMC+15.89%+0.18pp
  • BHP-10.02%-0.71pp
  • RIO-15.38%-0.56pp
  • VALE-22.40%-0.43pp
  • FCX-14.73%-0.43pp
  • NEM-7.21%-0.28pp

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)

  • DOW+18.52%
  • DD+17.42%
  • GIVN.SW+16.83%
  • VMC+15.89%
  • PPG+15.17%
  • VALE-22.40%
  • NHY.OL-19.46%
  • SQM-18.41%
  • ANTO.LSE-18.24%
  • SCCO-15.49%

MXI — constituent leadership race

$100 in each covered MXI constituent at 2026-01-06, 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 — 60 covered · click a column to sort

Symbol Weight Last 1d 5d 21d YTD RS rank
LIN Linde Plc 7.90% 511.55 -1.57% +0.57% +6.05% +20.38% 61
BHP Bhp Billiton Ltd ADR 7.04% 78.13 -2.42% -5.41% -10.02% +31.97% 22
AI C3.Ai Inc Cl A 3.96% 11.54 -0.09% -6.10% +4.06% -14.39% 56
NEM Newmont Mining Corp 3.89% 107.47 -1.49% -4.59% -7.21% +8.10% 29
RIO Rio Tinto Plc ADR 3.65% 6078.00 -1.90% -5.03% -15.38% +4.17% 8
FCX Freeport-Mcmoran Inc 2.94% 61.77 -1.91% -6.34% -14.73% +22.19% 12
AEM Agnico-Eagle Mines Ltd 2.93% 167.28 -1.84% -7.43% -8.75% -0.69% 27
GLEN.LSE GLENCORE PLC 2.41% 504.30 -2.83% -6.92% -11.42% +24.06% 20
SHW Sherwin-Williams Company 2.35% 340.87 -3.26% +4.56% +7.04% +5.43% 64
CRH CRH Plc ADR 2.23% 93.53 -3.17% +9.05% +13.16% -24.52% 90
APD Air Products and Chemicals 2.13% 312.97 -0.97% +1.91% +11.99% +28.42% 85
ECL Ecolab Inc 2.10% 304.68 -1.20% +4.60% +9.96% +16.37% 73
AAL American Airlines Gp 1.97% 12.82 -1.99% +1.67% -0.08% -16.37% 44
VALE Vale S.A. ADR 1.94% 10.98 -3.17% -7.26% -22.40% -13.33% 0
WPM Wheaton Precious Metals 1.90% 117.42 -1.45% -6.75% -13.83% +0.36% 15
CTVA Corteva Inc 1.75% 11.88 -0.34% +2.15% -4.12% — 36
NUE Nucor Corp 1.70% 273.53 -1.48% +1.01% +8.80% +68.27% 66
RIO Rio Tinto Plc ADR 1.58% 6078.00 -1.90% -5.03% -15.38% +4.17% 8
HOLN.SW HOLCIM LTD AG 1.52% 71.18 +0.11% +4.58% +9.61% -6.26% 71
FNV Franco Nev Corp 1.43% 225.99 -1.43% -4.40% -6.14% +9.44% 32
VMC Vulcan Materials Company 1.14% 284.60 -1.57% +8.42% +15.89% +0.17% 93
K Kellanova 1.13% 83.44 +0.00% +0.35% — — —
NTR Nutrien Ltd 1.11% 69.32 -1.25% -0.07% -1.34% +14.15% 42
MLM Martin Marietta Materials 1.07% 543.77 -1.53% +7.96% +12.00% -12.44% 86
STLD Steel Dynamics Inc 1.05% 247.66 -1.69% +0.35% +2.75% +46.61% 51
SIKA.XETRA SIKA AG 0.96% 199.00 -1.39% +5.12% +5.74% +16.57% 58
GIVN.SW GIVAUDAN SA 0.95% 3950.00 -1.25% +0.15% +16.83% +29.03% 95
DOW Dow Inc 0.85% 33.79 -1.14% +0.03% +18.52% +47.72% 98
HEI Heico Corp 0.83% 337.72 +0.04% +9.35% +11.99% +4.40% 83
PPG PPG Industries 0.79% 121.24 -2.92% +6.88% +15.17% +19.79% 92
DSFIR.SW DSM FIRMENICH AG 0.68% 96.90 -2.17% -3.96% +6.60% — 63
ALB Albemarle Corp 0.66% 90.19 -0.41% -8.86% -13.59% -36.08% 17
SW Smurfit Westrock Plc 0.65% 43.42 +0.05% +2.07% +2.38% +14.57% 49
DD Dupont Denemours Inc 0.63% 153.46 +8.61% +11.47% +17.42% +28.26% 97
IFF International Flavors & Fragrances 0.63% 92.18 -2.59% -1.11% +10.71% +37.59% 78
PKG Packaging Corp of America 0.63% 254.95 -1.43% +0.77% +11.18% +24.35% 80
CF Cf Industries Holdings 0.63% 116.81 -2.93% -3.09% +0.68% +52.46% 46
ANTO.LSE ANTOFAGASTA PLC 0.59% 3138.00 -3.54% -5.23% -18.24% -4.29% 5
LYB Lyondellbasell Industries NV 0.59% 66.09 -1.18% -1.99% +11.60% +56.10% 81
AMCR Amcor Plc 0.58% 46.96 -4.20% +2.22% +12.34% — 88
IP International Paper Company 0.55% 35.12 -4.15% +5.21% +9.58% -8.61% 69
BOL.ST BOLIDEN 0.53% 498.80 -3.33% -1.73% -4.81% -1.00% 34
NHY.OL NORSK HYDRO 0.51% 65.32 -1.00% -4.92% -19.46% -14.05% 2
UPM.HE UPM-KYMMENE 0.51% 21.90 -2.17% -7.95% -9.67% -9.14% 25
BALL Ball Corporation 0.49% 63.21 -7.14% -1.39% +10.68% +20.13% 76
SCCO Southern Copper Corp 0.49% 173.49 -1.53% -9.16% -15.49% +24.36% 7
S32.LSE SOUTH32 LTD 0.44% 223.40 -2.27% -3.46% -14.41% +27.76% 14
AVY Avery Dennison Corp 0.41% 185.38 -0.87% +2.02% +9.05% +3.09% 68
SQM Sociedad Quimica Y Minera S.A. ADR 0.37% 53.71 -1.76% -10.93% -18.41% -21.37% 3
AKZA.AS AKZO NOBEL NV 0.33% 61.16 -1.26% +3.94% +5.96% +6.45% 59
YAR.OL YARA INTERNATIONAL 0.31% 387.70 -1.87% -2.59% -6.28% -6.35% 31
STERV.HE STORA ENSO CLASS R 0.23% 9.48 +0.92% -4.38% -3.83% -10.23% 37
MOS Mosaic Company 0.23% 18.42 -3.21% -1.97% -13.48% -22.11% 19
SCA-B.ST SVENSKA CELLULOSA B 0.20% 121.15 +0.92% -2.77% +2.76% +1.60% 53
GGB Gerdau S.A. ADR 0.20% 4.66 +0.43% +0.22% -9.86% +29.28% 24
CRDA.LSE CRODA INTERNATIONAL PLC 0.18% 3636.00 -0.87% +0.22% +10.42% +37.81% 75
SYENS.BR SYENSQO NV 0.17% 76.80 +0.00% -0.45% -3.09% +15.12% 39
JMAT.LSE JOHNSON MATTHEY PLC 0.16% 2430.00 +0.41% -1.46% +1.00% +4.73% 47
AKE.PA ARKEMA SA 0.15% 56.50 -0.62% +2.36% +3.86% +15.00% 54
MNDI.LSE MONDI PLC 0.14% 770.00 -0.16% -0.90% -1.64% -14.79% 41

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 2026-11-04: over 21 sessions the fund returned -2.38% while its median constituent returned +2.38% — a dispersion of 11.30 pp; 59% of 59 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 MXI's members trade in the last session?

As of 2026-11-04: fund -1.79%, median member -1.48%, 8 advancers vs 50 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. 60 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.