Constituent dispersion · breadth vs the index
QTEC — First Trust Nasdaq-100 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 | -1.23% | -0.47 | -7pp | -1.21pp | Confirming ↓ |
| 1 month | +0.31% | -0.31 | -3pp | -0.43pp | Weakening |
| 1 quarter | +2.37% | -1 | +15pp | +5.74pp | Weakening |
Over the last 126 sessions: price up +38.34%, breadth up (+4.58/name) · % beating 51→44 · median−ETF +0.81pp→-0.74pp.
Stocks above their moving average — participation breadth
Of the 45 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 2026-09-04.
New highs & new lows — by horizon
How many of the 45 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 | 16 (36%) | 11 (24%) | +5 |
| 1-Month | 3 (7%) | 3 (7%) | +0 |
| 3-Month | 1 (2%) | 1 (2%) | +0 |
| 6-Month | 0 (0%) | 0 (0%) | +0 |
| 52-Week | 0 (0%) | 0 (0%) | +0 |
| YTD | 0 (0%) | 0 (0%) | +0 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.70% | +0.21% | -0.50pp | 24 / 21 | 21 / 24 | 11 of 45 | ±4.32% |
| 5d | -1.23% | -1.51% | -0.28pp | 20 / 25 | 22 / 23 | 3 of 45 | ±6.73% |
| 21d | +0.31% | -0.43% | -0.74pp | 20 / 25 | 20 / 25 | 5 of 45 | ±11.61% |
| YTD | +35.64% | +7.57% | -28.07pp | 26 / 18 | 16 / 28 | 1 of 44 | ±114.57% |
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)
- MRVL+7.05%+0.38pp
- SNDK+11.90%+0.31pp
- MU+6.10%+0.22pp
- STX+6.34%+0.22pp
- AMD+4.69%+0.18pp
- ADSK-8.26%-0.12pp
- ADBE-6.73%-0.11pp
- SNPS-5.40%-0.1pp
- WDAY-5.38%-0.09pp
- CDNS-4.00%-0.09pp
This month (21d)
- SNDK+38.25%+1.01pp
- MSTR+47.44%+0.69pp
- MU+15.33%+0.55pp
- MRVL+6.18%+0.34pp
- WDAY+15.01%+0.25pp
- ARM-12.07%-0.54pp
- AVGO-14.90%-0.31pp
- CDNS-13.51%-0.3pp
- AMAT-13.80%-0.29pp
- MPWR-9.95%-0.23pp
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)
- MSTR+47.44%
- SNDK+38.25%
- MU+15.33%
- WDAY+15.01%
- PLTR+11.81%
- AVGO-14.90%
- AMAT-13.80%
- CDNS-13.51%
- ARM-12.07%
- ADSK-10.13%
QTEC — constituent leadership race
$100 in each covered QTEC 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 — 45 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| MRVL Marvell Technology Inc | 5.46% | 223.55 | +7.05% | +3.20% | +6.18% | +163.38% | 84 |
| ARM Arm Holdings Plc ADR | 4.51% | 252.09 | +3.92% | +5.45% | -12.07% | +130.62% | 7 |
| AMD Adv Micro Devices | 3.94% | 477.57 | +4.69% | +2.58% | -2.39% | +123.00% | 38 |
| INTC Intel Corp | 3.87% | 95.80 | +4.51% | +7.07% | -4.02% | +159.62% | 29 |
| MU Micron Technology | 3.57% | 1016.59 | +6.10% | +8.98% | +15.33% | +256.34% | 93 |
| STX Seagate Technology Holdings | 3.42% | 849.28 | +6.34% | +2.35% | -0.43% | +208.93% | 49 |
| WDC Western Digital Corp | 2.98% | 467.46 | +5.86% | +1.74% | +3.53% | +171.48% | 71 |
| DDOG Datadog Inc Cl A | 2.95% | 212.93 | -0.85% | -10.15% | -7.14% | +56.58% | 20 |
| QCOM Qualcomm Inc | 2.83% | 168.74 | +0.10% | +3.33% | +5.21% | -0.72% | 80 |
| FTNT Fortinet Inc | 2.79% | 156.29 | -0.04% | -5.85% | -2.39% | +96.81% | 40 |
| CRWD Crowdstrike Holdings | 2.67% | 213.10 | -0.87% | -2.43% | +2.75% | +81.84% | 67 |
| SNDK Sandisk Corp | 2.63% | 1740.00 | +11.90% | +17.17% | +38.25% | +633.00% | 96 |
| PANW Palo Alto Networks | 2.60% | 333.26 | +0.40% | -10.32% | -7.30% | +80.92% | 16 |
| NXPI Nxp Semiconductors | 2.55% | 227.84 | +1.26% | +1.90% | -1.70% | +5.51% | 42 |
| TXN Texas Instruments | 2.47% | 258.44 | +1.82% | -0.08% | -7.17% | +49.94% | 18 |
| MPWR Monolithic Power Sys | 2.35% | 1223.86 | +0.84% | -2.58% | -9.95% | +35.30% | 11 |
| MCHP Microchip Technology | 2.32% | 74.17 | +1.45% | +1.70% | -0.26% | +17.09% | 51 |
| LRCX Lam Research Corp | 2.23% | 307.65 | +5.12% | +1.90% | +0.61% | +80.07% | 56 |
| CDNS Cadence Design Sys | 2.20% | 292.70 | -4.00% | -14.01% | -13.51% | -6.36% | 4 |
| KLAC K L A-Tencor Corp | 2.16% | 185.60 | +7.32% | +5.73% | -3.84% | — | 33 |
| AMAT Applied Materials | 2.13% | 454.71 | +4.31% | -1.51% | -13.80% | +77.16% | 2 |
| ADI Analog Devices | 2.10% | 362.25 | +1.61% | +0.43% | -3.99% | +33.99% | 31 |
| AVGO Broadcom Ltd | 2.05% | 357.90 | +0.21% | -2.95% | -14.90% | +3.62% | 0 |
| ASML ASML Holdings NY Reg ADR | 2.02% | 1714.88 | +4.17% | +1.10% | +0.62% | +60.85% | 58 |
| NVDA Nvidia Corp | 1.92% | 230.36 | +0.84% | +5.89% | +5.19% | +23.67% | 78 |
| APP Applovin Corp Cl A | 1.92% | 320.56 | +2.23% | +0.88% | -4.50% | -52.43% | 27 |
| AAPL Apple Inc | 1.90% | 319.97 | -2.51% | +0.08% | +2.51% | +17.81% | 62 |
| SNPS Synopsys Inc | 1.78% | 393.84 | -5.40% | -11.02% | -2.99% | -16.15% | 36 |
| MSFT Microsoft Corp | 1.70% | 499.70 | -2.04% | -2.69% | -0.03% | +3.56% | 53 |
| WDAY Workday Inc | 1.65% | 195.79 | -5.38% | -4.36% | +15.01% | -8.84% | 91 |
| META META Platforms Inc | 1.60% | 616.77 | +1.00% | +6.70% | +4.56% | -6.48% | 76 |
| ADBE Adobe Systems Inc | 1.58% | 266.51 | -6.73% | -8.58% | +2.41% | -23.85% | 60 |
| DASH Doordash Inc Cl A | 1.55% | 211.73 | -4.63% | -10.56% | -0.72% | -6.51% | 47 |
| SHOP Shopify Inc | 1.51% | 145.09 | -0.54% | -5.11% | -1.59% | -9.87% | 44 |
| MSTR Strategy Inc | 1.45% | 142.80 | -1.39% | +12.17% | +47.44% | -6.02% | 98 |
| ADSK Autodesk Inc | 1.43% | 217.90 | -8.26% | -16.40% | -10.13% | -26.39% | 9 |
| PLTR Palantir Technologies Cl A | 1.43% | 174.33 | -4.49% | -6.42% | +11.81% | -1.92% | 89 |
| ROP Roper Industries | 1.42% | 407.28 | -3.57% | -4.44% | +2.57% | -8.08% | 64 |
| TRI Thomson Reuters Corp | 1.37% | 105.68 | -5.44% | -0.52% | +5.52% | -18.08% | 82 |
| PDD Pdd Holdings Inc | 1.35% | 82.21 | +0.71% | -4.06% | -9.51% | -27.50% | 13 |
| ZS Zscaler Inc | 1.35% | 169.80 | -4.50% | -7.83% | +4.43% | -24.51% | 73 |
| CTSH Cognizant Tech Sol | 1.31% | 62.31 | -3.60% | -2.70% | +9.53% | -24.55% | 87 |
| INTU Intuit Inc | 1.01% | 332.70 | -3.37% | -7.08% | +3.35% | -49.53% | 69 |
| GOOGL Alphabet Cl A | 0.94% | 338.46 | -1.11% | -2.28% | -5.39% | +8.21% | 24 |
| GOOG Alphabet Cl C | 0.94% | 335.31 | -1.05% | -2.14% | -5.98% | +6.93% | 22 |
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
QTEC dispersion — data Q&A
Is QTEC's move broad or carried by a few names (21 sessions)?
As of 2026-09-04: over 21 sessions the fund returned +0.31% while its median constituent returned -0.43% — a dispersion of 11.61 pp; 44% of 45 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did QTEC's members trade in the last session?
As of 2026-09-04: fund +0.70%, median member +0.21%, 24 advancers vs 21 decliners.
What does the dispersion page for QTEC 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. 45 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.