Constituent dispersion · breadth vs the index
QQXT — First Trust Nasdaq-100 Ex-Technology
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 | -0.84% | -0.18 | +0pp | +0.32pp | Weakening |
| 1 month | +0.56% | +0.3 | -8pp | -1.35pp | Improving |
| 1 quarter | +4.11% | +1.91 | +3pp | +0.08pp | Confirming ↑ |
Over the last 126 sessions: price up +0.66%, breadth up (+1.16/name) · % beating 49→44 · median−ETF -0.70pp→-1.20pp.
Stocks above their moving average — participation breadth
Of the 56 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 2026-09-03.
New highs & new lows — by horizon
How many of the 56 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 | 14 (25%) | 14 (25%) | +0 |
| 1-Month | 6 (11%) | 9 (16%) | -3 |
| 3-Month | 3 (5%) | 3 (5%) | +0 |
| 6-Month | 3 (5%) | 0 (0%) | +3 |
| 52-Week | 2 (4%) | 0 (0%) | +2 |
| YTD | 2 (4%) | 0 (0%) | +2 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.31% | +0.13% | -0.19pp | 30 / 25 | 26 / 30 | 29 of 56 | ±1.9% |
| 5d | -0.84% | +0.13% | +0.98pp | 29 / 27 | 33 / 23 | 14 of 56 | ±4.23% |
| 21d | +0.56% | -0.28% | -0.84pp | 28 / 28 | 25 / 31 | 5 of 56 | ±9.17% |
| YTD | +3.23% | +7.15% | +3.92pp | 33 / 22 | 30 / 25 | 4 of 55 | ±25.64% |
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)
- AXON+6.15%+0.11pp
- TSLA+5.42%+0.11pp
- CPRT+4.42%+0.07pp
- PYPL+3.93%+0.07pp
- FAST+2.71%+0.05pp
- KHC-3.20%-0.06pp
- CHTR-4.77%-0.05pp
- BKNG-2.24%-0.04pp
- LITE-2.67%-0.03pp
- IDXX-1.80%-0.03pp
This month (21d)
- ABNB+21.48%+0.39pp
- INSM+27.93%+0.38pp
- TSLA+17.05%+0.34pp
- ALNY+15.64%+0.27pp
- CPRT+16.15%+0.26pp
- ODFL-13.79%-0.32pp
- CSCO-10.61%-0.31pp
- HON-16.07%-0.28pp
- FER-12.70%-0.24pp
- AXON-11.70%-0.21pp
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)
- INSM+27.93%
- ABNB+21.48%
- TSLA+17.05%
- CPRT+16.15%
- ALNY+15.64%
- HON-16.07%
- ODFL-13.79%
- FER-12.70%
- AXON-11.70%
- CSCO-10.61%
QQXT — constituent leadership race
$100 in each covered QQXT 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 — 56 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| CSCO Cisco Systems Inc | 2.93% | 108.61 | -0.78% | -3.16% | -10.61% | +42.52% | 7 |
| ODFL Old Dominion Freight Line | 2.34% | 185.75 | -0.99% | -7.01% | -13.79% | +18.63% | 2 |
| AMZN Amazon.com Inc | 2.16% | 258.90 | +1.54% | +1.03% | -5.04% | +12.17% | 23 |
| CSX CSX Corp | 2.12% | 48.99 | +0.70% | -4.69% | -4.17% | +35.59% | 25 |
| MAR Marriot Int Cl A | 2.11% | 336.07 | +0.88% | -5.03% | -6.99% | +8.54% | 14 |
| MNST Monster Beverage Corp | 2.10% | 44.08 | -0.77% | -5.61% | -6.67% | +14.99% | 16 |
| TSLA Tesla Inc | 1.99% | 376.37 | +5.42% | +6.08% | +17.05% | -16.31% | 95 |
| KDP Keurig Dr Pepper Inc | 1.98% | 32.88 | +0.89% | +3.14% | +6.93% | +19.40% | 70 |
| ADP Automatic Data Processing | 1.94% | 283.53 | +0.84% | -0.40% | +4.98% | +11.14% | 66 |
| ROST Ross Stores Inc | 1.93% | 231.67 | +0.36% | +0.78% | -8.51% | +28.88% | 13 |
| BKR Baker Hughes Company | 1.92% | 63.64 | -1.53% | +2.46% | +3.57% | +40.74% | 64 |
| DXCM Dexcom Inc | 1.90% | 89.71 | +0.02% | +0.47% | +8.53% | +35.17% | 77 |
| MDLZ Mondelez Intl Inc | 1.90% | 61.45 | -1.60% | -1.57% | -1.84% | +15.14% | 32 |
| TTWO Take-Two Interactive | 1.89% | 214.13 | -0.93% | -8.10% | -8.85% | -16.37% | 11 |
| FER Ferrovial N.V. | 1.89% | 58.10 | +0.45% | -1.14% | -12.70% | -10.08% | 4 |
| FAST Fastenal Company | 1.89% | 49.23 | +2.71% | -3.73% | -1.52% | +24.01% | 38 |
| PAYX Paychex Inc | 1.88% | 125.08 | +0.87% | -1.11% | +5.76% | +12.66% | 68 |
| PCAR Paccar Inc | 1.86% | 124.51 | +1.95% | -1.60% | -6.37% | +14.35% | 20 |
| FANG Diamondback Energy | 1.84% | 202.94 | -0.24% | +1.21% | +9.61% | +35.80% | 82 |
| ABNB Airbnb Inc Cl A | 1.82% | 185.25 | +1.09% | +0.46% | +21.48% | +36.49% | 96 |
| LIN Linde Plc | 1.82% | 482.19 | -0.75% | -0.32% | -1.80% | +13.47% | 34 |
| KHC Kraft Heinz Company | 1.82% | 25.42 | -3.20% | +1.15% | -1.20% | +6.58% | 41 |
| AXON Axon Enterprise | 1.81% | 538.15 | +6.15% | -11.95% | -11.70% | -5.24% | 5 |
| AEP American Electric Power | 1.78% | 124.71 | +0.92% | +1.63% | -0.64% | +9.01% | 48 |
| EA Electronic Arts Inc | 1.78% | 209.70 | +0.00% | +0.05% | +2.35% | +2.73% | 59 |
| SBUX Starbucks Corp | 1.78% | 105.82 | -0.84% | -1.34% | +0.40% | +26.47% | 52 |
| ORLY O'Reilly Automotive | 1.77% | 87.38 | +0.47% | -0.51% | -6.49% | -4.20% | 18 |
| XEL XCEL Energy Inc | 1.77% | 76.34 | +1.10% | -1.06% | -1.11% | +4.12% | 45 |
| CCEP Coca-Cola Europacific Partners Plc | 1.76% | 109.15 | +1.27% | +1.71% | +0.52% | +20.34% | 54 |
| CTAS Cintas Corp | 1.76% | 201.05 | +1.49% | -1.52% | +0.09% | +7.15% | 50 |
| COST Costco Wholesale | 1.75% | 925.41 | -0.33% | -0.99% | -1.76% | +7.62% | 36 |
| MELI Mercadolibre Inc | 1.75% | 1991.06 | -0.77% | +3.12% | +3.56% | -1.15% | 63 |
| AMGN Amgen Inc | 1.74% | 444.12 | +0.29% | +1.63% | +8.90% | +36.63% | 79 |
| WMT Walmart Inc | 1.73% | 108.42 | +2.20% | +5.64% | -3.49% | -2.48% | 27 |
| HON Honeywell International | 1.72% | 207.63 | +0.76% | -5.79% | -16.07% | +2.85% | 0 |
| WBD Discovery Inc Series A | 1.72% | 28.37 | -0.07% | -1.77% | +9.24% | -1.56% | 80 |
| IDXX Idexx Laboratories | 1.71% | 529.29 | -1.80% | -2.90% | -9.49% | -21.76% | 9 |
| ALNY Alnylam Pharmaceuticals | 1.70% | 264.50 | -1.08% | +11.81% | +15.64% | -33.48% | 91 |
| BKNG Booking Holdings | 1.70% | 195.13 | -2.24% | -3.67% | -5.74% | — | 21 |
| PYPL Paypal Holdings | 1.70% | 56.82 | +3.93% | -7.56% | -1.92% | -2.38% | 30 |
| VRTX Vertex Pharmaceutic | 1.70% | 557.96 | +0.22% | +1.90% | +15.08% | +23.07% | 89 |
| EXC Exelon Corp | 1.68% | 44.53 | +1.27% | +1.30% | -2.69% | +3.03% | 29 |
| PEP Pepsico Inc | 1.66% | 140.02 | -0.36% | +0.21% | +0.89% | -1.57% | 55 |
| GILD Gilead Sciences Inc | 1.65% | 151.22 | +1.08% | +1.59% | +14.77% | +23.90% | 88 |
| CEG Constellation Energy Corp | 1.64% | 285.05 | -1.72% | +0.93% | +7.52% | -19.20% | 71 |
| CPRT Copart Inc | 1.64% | 33.58 | +4.42% | +2.50% | +16.15% | -14.23% | 93 |
| GEHC GE Healthcare Technologies | 1.60% | 69.72 | -1.19% | -3.81% | -0.74% | -14.92% | 46 |
| VRSK Verisk Analytics Inc | 1.56% | 190.60 | +1.30% | -0.22% | +0.98% | -14.58% | 57 |
| NFLX Netflix Inc | 1.55% | 82.67 | -0.07% | +3.54% | +11.42% | -11.83% | 86 |
| ISRG Intuitive Surg Inc | 1.53% | 369.83 | -0.55% | +0.75% | -1.43% | -34.70% | 39 |
| REGN Regeneron Pharmaceuticals | 1.50% | 843.47 | -1.00% | +4.43% | +9.74% | +9.41% | 84 |
| TMUS T-Mobile US | 1.49% | 188.02 | +0.38% | +6.39% | +8.39% | -6.95% | 75 |
| CMCSA Comcast Corp A | 1.41% | 26.65 | -0.60% | +0.91% | +7.68% | -2.63% | 73 |
| INSM Insmed Inc | 1.35% | 126.68 | +0.04% | +4.36% | +27.93% | -27.21% | 98 |
| LITE Lumentum Holdings | 1.30% | 847.37 | -2.67% | -11.38% | +2.55% | +129.90% | 61 |
| CHTR Charter Communications | 1.06% | 151.38 | -4.77% | +2.06% | -1.17% | -27.48% | 43 |
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
QQXT dispersion — data Q&A
Is QQXT's move broad or carried by a few names (21 sessions)?
As of 2026-09-03: over 21 sessions the fund returned +0.56% while its median constituent returned -0.28% — a dispersion of 9.17 pp; 45% of 56 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 QQXT's members trade in the last session?
As of 2026-09-03: fund +0.31%, median member +0.13%, 30 advancers vs 25 decliners.
What does the dispersion page for QQXT 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. 56 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.