Constituent dispersion · breadth vs the index
QQEW — First Trust Nasdaq-100 Equal Weight
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 | +3.27% | +0.27 | -14pp | -1.94pp | Confirming ↑ |
| 1 month | -0.88% | -1.16 | -6pp | +0.02pp | Weakening |
| 1 quarter | +5.20% | +1.71 | +3pp | +2.14pp | Confirming ↑ |
Over the last 126 sessions: price up +28.12%, breadth up (+4.49/name) · % beating 40→42 · median−ETF -1.00pp→-0.90pp.
Stocks above their moving average — participation breadth
Of the 49 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 49 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 | 8 (16%) | 15 (31%) | -7 |
| 1-Month | 4 (8%) | 7 (14%) | -3 |
| 3-Month | 3 (6%) | 2 (4%) | +1 |
| 6-Month | 3 (6%) | 0 (0%) | +3 |
| 52-Week | 1 (2%) | 0 (0%) | +1 |
| YTD | 2 (4%) | 0 (0%) | +2 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.69% | -0.41% | +0.28pp | 16 / 32 | 27 / 22 | 27 of 49 | ±1.94% |
| 5d | +3.27% | +0.83% | -2.44pp | 28 / 21 | 18 / 31 | 5 of 49 | ±7.11% |
| 21d | -0.88% | -1.76% | -0.89pp | 21 / 28 | 21 / 28 | 5 of 49 | ±14.72% |
| YTD | +14.40% | +5.68% | -8.71pp | 30 / 18 | 19 / 29 | 1 of 48 | ±68.33% |
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)
- CDNS+4.18%+0.1pp
- META+4.50%+0.08pp
- DDOG+2.16%+0.07pp
- SNPS+2.87%+0.06pp
- MU+0.81%+0.03pp
- ARM-7.88%-0.4pp
- STX-1.86%-0.07pp
- MNST-2.82%-0.06pp
- PAYX-2.78%-0.05pp
- ADSK-2.67%-0.04pp
This month (21d)
- ARM+26.82%+1.35pp
- CRWD+40.07%+1.19pp
- META+36.41%+0.65pp
- MU+15.82%+0.63pp
- FTNT+16.28%+0.5pp
- AXON-27.44%-0.48pp
- BKNG-26.37%-0.43pp
- ABNB-20.53%-0.36pp
- PAYX-18.72%-0.34pp
- DASH-19.69%-0.34pp
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)
- CRWD+40.07%
- META+36.41%
- ZS+27.44%
- ARM+26.82%
- FTNT+16.28%
- AXON-27.44%
- BKNG-26.37%
- INTU-22.47%
- ABNB-20.53%
- DASH-19.69%
QQEW — constituent leadership race
$100 in each covered QQEW constituent at 2025-12-30, 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 — 49 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| ARM Arm Holdings Plc ADR | 5.02% | 306.34 | -7.88% | +15.64% | +26.82% | +180.25% | 92 |
| MU Micron Technology | 3.98% | 1080.53 | +0.81% | +10.54% | +15.82% | +278.75% | 88 |
| STX Seagate Technology Holdings | 3.80% | 905.92 | -1.86% | +12.89% | +10.25% | +229.53% | 80 |
| DDOG Datadog Inc Cl A | 3.29% | 256.92 | +2.16% | +8.86% | +15.22% | +88.93% | 86 |
| FTNT Fortinet Inc | 3.10% | 178.67 | -0.04% | +3.53% | +16.28% | +125.00% | 90 |
| CRWD Crowdstrike Holdings | 2.97% | 259.67 | -1.07% | +5.69% | +40.07% | +121.58% | 98 |
| PANW Palo Alto Networks | 2.89% | 389.92 | -0.86% | +3.96% | +14.72% | +111.68% | 84 |
| MPWR Monolithic Power Sys | 2.61% | 1335.55 | -1.47% | +14.19% | +2.41% | +47.65% | 67 |
| LRCX Lam Research Corp | 2.49% | 307.16 | -0.04% | +14.18% | -2.38% | +79.78% | 43 |
| CDNS Cadence Design Sys | 2.45% | 322.00 | +4.18% | +14.69% | -2.98% | +3.01% | 39 |
| KLAC K L A-Tencor Corp | 2.40% | 187.11 | -0.40% | +10.73% | +2.06% | +54.56% | 63 |
| AVGO Broadcom Ltd | 2.28% | 350.36 | -1.30% | +1.06% | -1.79% | +1.44% | 47 |
| ASML ASML Holdings NY Reg ADR | 2.25% | 1722.50 | -1.27% | +5.70% | -1.24% | +61.57% | 53 |
| NVDA Nvidia Corp | 2.14% | 224.58 | -0.41% | +2.39% | +5.41% | +20.57% | 73 |
| APP Applovin Corp Cl A | 2.13% | 312.47 | -0.88% | -2.84% | +0.62% | -53.63% | 59 |
| AAPL Apple Inc | 2.12% | 335.92 | -0.33% | -0.32% | +8.40% | +23.68% | 78 |
| MNST Monster Beverage Corp | 2.03% | 42.67 | -2.82% | -4.13% | -12.44% | +11.31% | 18 |
| SNPS Synopsys Inc | 1.99% | 424.91 | +2.87% | +11.48% | +3.94% | -9.54% | 69 |
| MSFT Microsoft Corp | 1.89% | 497.93 | -0.53% | +0.04% | +1.26% | +3.19% | 61 |
| ADP Automatic Data Processing | 1.87% | 263.11 | -0.22% | -3.35% | -6.96% | +3.13% | 31 |
| ROST Ross Stores Inc | 1.86% | 235.40 | +0.61% | +2.58% | -2.40% | +30.95% | 41 |
| WDAY Workday Inc | 1.84% | 190.99 | -0.72% | -4.16% | -1.76% | -11.08% | 49 |
| DXCM Dexcom Inc | 1.83% | 87.47 | -0.30% | -0.52% | -1.90% | +31.79% | 45 |
| PAYX Paychex Inc | 1.81% | 101.59 | -2.78% | -12.81% | -18.72% | -8.50% | 10 |
| META META Platforms Inc | 1.78% | 777.59 | +4.50% | +14.05% | +36.41% | +17.90% | 96 |
| ADBE Adobe Systems Inc | 1.76% | 238.93 | -0.73% | -5.44% | -12.77% | -31.73% | 16 |
| ABNB Airbnb Inc Cl A | 1.76% | 151.39 | +1.21% | -8.76% | -20.53% | +11.55% | 6 |
| AXON Axon Enterprise | 1.75% | 445.00 | -1.24% | -1.87% | -27.44% | -21.65% | 0 |
| DASH Doordash Inc Cl A | 1.72% | 187.53 | -0.92% | -3.61% | -19.69% | -17.20% | 8 |
| EA Electronic Arts Inc | 1.71% | 209.70 | +0.00% | +0.05% | +2.35% | +2.73% | 65 |
| MELI Mercadolibre Inc | 1.69% | 1754.13 | -2.51% | -3.89% | -12.16% | -12.91% | 20 |
| AMGN Amgen Inc | 1.68% | 406.04 | -0.01% | +6.91% | -8.19% | +24.91% | 29 |
| IDXX Idexx Laboratories | 1.65% | 513.39 | -1.65% | +1.36% | -6.66% | -24.11% | 33 |
| ALNY Alnylam Pharmaceuticals | 1.64% | 249.59 | +1.25% | +1.66% | +3.96% | -37.23% | 71 |
| VRTX Vertex Pharmaceutic | 1.64% | 522.38 | +1.17% | +1.17% | -5.51% | +15.22% | 35 |
| BKNG Booking Holdings | 1.63% | 157.41 | +0.97% | -7.69% | -26.37% | — | 2 |
| PLTR Palantir Technologies Cl A | 1.59% | 192.59 | +0.42% | +9.28% | +11.50% | +8.35% | 82 |
| GILD Gilead Sciences Inc | 1.59% | 149.69 | -1.11% | -0.80% | +0.62% | +22.65% | 57 |
| ADSK Autodesk Inc | 1.59% | 211.35 | -2.67% | -3.33% | -15.87% | -28.60% | 12 |
| ROP Roper Industries | 1.58% | 364.02 | -0.64% | -2.87% | -11.94% | -17.85% | 22 |
| PDD Pdd Holdings Inc | 1.51% | 78.20 | -1.26% | +0.60% | -10.88% | -31.03% | 24 |
| VRSK Verisk Analytics Inc | 1.51% | 168.65 | -1.83% | -4.44% | -10.53% | -24.41% | 27 |
| ZS Zscaler Inc | 1.51% | 214.64 | +0.09% | +8.69% | +27.44% | -4.57% | 94 |
| NFLX Netflix Inc | 1.50% | 71.72 | +0.50% | -4.77% | -12.78% | -23.51% | 14 |
| ISRG Intuitive Surg Inc | 1.48% | 399.52 | +0.31% | +4.17% | +7.44% | -29.46% | 76 |
| REGN Regeneron Pharmaceuticals | 1.45% | 796.02 | -0.72% | +0.83% | -4.50% | +3.25% | 37 |
| INTU Intuit Inc | 1.12% | 277.13 | -3.37% | -11.50% | -22.47% | -57.96% | 4 |
| GOOGL Alphabet Cl A | 1.04% | 342.36 | +1.34% | -1.43% | -1.26% | +9.46% | 51 |
| GOOG Alphabet Cl C | 1.04% | 339.01 | +1.20% | -1.36% | -1.20% | +8.11% | 55 |
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
QQEW dispersion — data Q&A
Is QQEW's move broad or carried by a few names (21 sessions)?
As of 2026-09-24: over 21 sessions the fund returned -0.88% while its median constituent returned -1.76% — a dispersion of 14.72 pp; 43% of 49 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did QQEW's members trade in the last session?
As of 2026-09-24: fund -0.69%, median member -0.41%, 16 advancers vs 32 decliners.
What does the dispersion page for QQEW 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. 49 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.