Constituent dispersion · breadth vs the index
SMH — VanEck Semiconductor
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% | -0.2 | +8pp | +2.10pp | Weakening |
| 1 month | -9.33% | -2.6 | -12pp | +0.21pp | Confirming ↓ |
| 1 quarter | +16.47% | +0.64 | -20pp | -6.27pp | Confirming ↑ |
Over the last 126 sessions: price up +40.27%, breadth up (+7.64/name) · % beating 48→36 · median−ETF -0.43pp→-3.13pp.
Stocks above their moving average — participation breadth
Of the 25 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 2026-07-24.
New highs & new lows — by horizon
How many of the 25 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 | 0 (0%) | 12 (48%) | -12 |
| 1-Month | 0 (0%) | 11 (44%) | -11 |
| 3-Month | 0 (0%) | 3 (12%) | -3 |
| 6-Month | 0 (0%) | 1 (4%) | -1 |
| 52-Week | 0 (0%) | 1 (4%) | -1 |
| YTD | 0 (0%) | 1 (4%) | -1 |
Generation Rotation — breadth by layer
The chip chain split into four layers. Which layer leads shows where leadership sits — the front-end Architects, the Equipment + EDA toolmakers, Memory + Substrates, or the Power + Cooling + Optical enablers. Sorted by 21-day median; the leading layer is highlighted. "21d contrib" is the layer's weight-times-return contribution to SMH's 21-day move.
| Layer | Names | Weight | Median 1d | 5d | 21d | Up / Dn | 21d contrib |
|---|---|---|---|---|---|---|---|
| Architectscompute + foundry | 5 | 40.9% | -2.69% | +1.99% | -0.04% | 0 / 5 | -0.83pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -3.35% | -0.79% | -15.20% | 0 / 10 | -3.07pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -4.15% | -1.11% | -15.27% | 0 / 8 | -3.12pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -7.44% | +2.81% | -21.02% | 0 / 2 | -3.19pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -3.27% | -3.29% | -0.02pp | 0 / 25 | 12 / 13 | 10 of 25 | ±2.65% |
| 5d | +0.84% | -0.64% | -1.48pp | 12 / 13 | 11 / 14 | 6 of 25 | ±4.82% |
| 21d | -9.33% | -12.46% | -3.13pp | 2 / 23 | 9 / 16 | 4 of 25 | ±9.93% |
| YTD | +55.83% | +61.26% | +5.43pp | 21 / 3 | 13 / 11 | 0 of 24 | ±59.96% |
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)
- INTC-7.89%-0.6pp
- MU-6.99%-0.53pp
- MRVL-7.21%-0.3pp
- TSM-2.93%-0.27pp
- AMD-3.29%-0.24pp
This month (21d)
- NVDA+3.94%+0.56pp
- AMD+0.43%+0.03pp
- INTC-29.87%-2.26pp
- MRVL-29.80%-1.23pp
- MU-12.17%-0.92pp
- LRCX-18.57%-0.91pp
- TSM-8.49%-0.78pp
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)
- NVDA+3.94%
- AMD+0.43%
- AVGO-0.04%
- ASML-0.32%
- MPWR-6.91%
- INTC-29.87%
- MRVL-29.80%
- STM-28.26%
- ARM-27.59%
- ALAB-27.09%
SMH — constituent leadership race
$100 in each covered SMH 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 — 25 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| NVDA Nvidia Corp | 14.31% | 206.84 | -0.92% | +1.99% | +3.94% | +11.04% | 96 |
| TSM Taiwan Semiconductor ADR | 9.19% | 403.41 | -2.93% | +1.27% | -8.49% | +33.05% | 68 |
| MU Micron Technology | 7.60% | 920.95 | -6.99% | +8.48% | -12.17% | +222.81% | 56 |
| INTC Intel Corp | 7.58% | 92.32 | -7.89% | -2.86% | -29.87% | +150.19% | 0 |
| AMD Adv Micro Devices | 7.29% | 521.95 | -3.29% | +5.28% | +0.43% | +143.72% | 92 |
| AVGO Broadcom Ltd | 5.95% | 381.92 | -2.69% | +2.99% | -0.04% | +10.58% | 88 |
| KLAC K L A-Tencor Corp | 5.07% | 210.52 | -3.75% | -1.05% | -12.46% | — | 48 |
| LRCX Lam Research Corp | 4.89% | 305.21 | -4.56% | -2.58% | -18.57% | +78.64% | 28 |
| AMAT Applied Materials | 4.72% | 536.25 | -4.72% | +1.24% | -8.95% | +108.93% | 64 |
| TXN Texas Instruments | 4.42% | 279.58 | -1.90% | -1.56% | -7.76% | +62.20% | 76 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1757.09 | -2.55% | +0.54% | -0.32% | +64.81% | 84 |
| QCOM Qualcomm Inc | 4.16% | 166.97 | -2.42% | -2.80% | -15.42% | -1.76% | 40 |
| MRVL Marvell Technology Inc | 4.12% | 194.23 | -7.21% | +2.94% | -29.80% | +128.84% | 4 |
| ADI Analog Devices | 3.82% | 371.86 | -2.19% | -0.93% | -10.00% | +37.55% | 60 |
| CDNS Cadence Design Sys | 2.09% | 326.24 | -1.28% | -1.17% | -12.40% | +4.37% | 52 |
| SNPS Synopsys Inc | 1.77% | 373.47 | -0.01% | -2.81% | -19.50% | -20.49% | 24 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 51.54 | -3.65% | -16.95% | -28.26% | +99.26% | 8 |
| ARM Arm Holdings Plc ADR | 1.19% | 260.01 | -8.14% | -2.69% | -27.59% | +137.86% | 12 |
| TER Teradyne Inc | 1.19% | 349.92 | -6.38% | +8.55% | -18.09% | +80.86% | 32 |
| NXPI Nxp Semiconductors | 1.19% | 269.24 | -2.90% | +1.02% | -8.44% | +24.68% | 72 |
| MPWR Monolithic Power Sys | 1.10% | 1333.81 | -4.53% | +1.66% | -6.91% | +47.46% | 80 |
| ALAB Astera Labs Inc | 0.92% | 291.58 | -10.82% | -3.97% | -27.09% | +75.27% | 16 |
| MCHP Microchip Technology | 0.91% | 78.86 | -3.06% | -2.59% | -14.73% | +24.49% | 44 |
| ON On Semiconductor | 0.70% | 86.81 | -3.68% | -0.64% | -25.00% | +60.31% | 20 |
| SWKS Skyworks Solutions | 0.18% | 60.21 | -0.43% | +1.45% | -15.67% | -3.08% | 36 |
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.