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 | +3.16% | +1.16 | -12pp | +0.72pp | Confirming ↑ |
| 1 month | +3.39% | +0.6 | -20pp | -3.27pp | Confirming ↑ |
| 1 quarter | +42.00% | +8.04 | -32pp | -5.75pp | Confirming ↑ |
Over the last 126 sessions: price up +61.23%, breadth up (+11.96/name) · % beating 60→28 · median−ETF +1.19pp→-3.84pp.
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 2026-07-10.
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 | 9 (36%) | 1 (4%) | +8 |
| 1-Month | 0 (0%) | 0 (0%) | +0 |
| 3-Month | 0 (0%) | 0 (0%) | +0 |
| 6-Month | 0 (0%) | 0 (0%) | +0 |
| 52-Week | 0 (0%) | 0 (0%) | +0 |
| YTD | 0 (0%) | 0 (0%) | +0 |
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 |
|---|---|---|---|---|---|---|---|
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -1.82% | -4.17% | +3.21% | 0 / 2 | +0.49pp |
| Architectscompute + foundry | 5 | 40.9% | -0.28% | +7.74% | +1.63% | 2 / 3 | +1.39pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -0.42% | +0.75% | +0.32% | 3 / 5 | +1.64pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +0.24% | +4.78% | -2.84% | 6 / 4 | -0.39pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.54% | -0.38% | -0.93pp | 11 / 14 | 7 / 18 | 10 of 25 | ±1.55% |
| 5d | +3.16% | +2.57% | -0.59pp | 17 / 8 | 11 / 14 | 2 of 25 | ±4.52% |
| 21d | +3.39% | -0.45% | -3.84pp | 12 / 13 | 7 / 18 | 0 of 25 | ±10.02% |
| YTD | +69.67% | +72.90% | +3.23pp | 22 / 2 | 12 / 12 | 0 of 24 | ±73.33% |
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)
- NVDA+4.03%+0.58pp
- AMD+2.04%+0.15pp
- AMAT+2.35%+0.11pp
- KLAC+0.87%+0.04pp
- TXN+0.95%+0.04pp
- INTC-2.40%-0.18pp
- MRVL-3.04%-0.13pp
- MU-1.24%-0.09pp
- TSM-0.65%-0.06pp
- QCOM-1.02%-0.04pp
This month (21d)
- AMD+17.32%+1.26pp
- AMAT+20.69%+0.98pp
- KLAC+8.22%+0.42pp
- MU+4.64%+0.35pp
- LRCX+7.16%+0.35pp
- MRVL-11.64%-0.48pp
- QCOM-7.92%-0.33pp
- MPWR-11.70%-0.13pp
- ON-17.98%-0.13pp
- ADI-2.22%-0.08pp
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)
- ALAB+20.86%
- AMAT+20.69%
- AMD+17.32%
- KLAC+8.22%
- TXN+7.91%
- ON-17.98%
- SWKS-17.92%
- MPWR-11.70%
- MRVL-11.64%
- QCOM-7.92%
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% | 210.96 | +4.03% | +8.28% | +1.33% | +13.25% | 56 |
| TSM Taiwan Semiconductor ADR | 9.19% | 434.11 | -0.65% | -0.01% | +1.63% | +43.17% | 60 |
| MU Micron Technology | 7.60% | 979.30 | -1.24% | +0.40% | +4.64% | +243.26% | 72 |
| INTC Intel Corp | 7.58% | 109.84 | -2.40% | -8.73% | +1.78% | +197.67% | 64 |
| AMD Adv Micro Devices | 7.29% | 557.89 | +2.04% | +7.74% | +17.32% | +160.50% | 88 |
| AVGO Broadcom Ltd | 5.95% | 399.97 | -0.28% | +10.96% | +1.99% | +15.81% | 68 |
| KLAC K L A-Tencor Corp | 5.07% | 231.52 | +0.87% | -1.71% | +8.22% | — | 84 |
| LRCX Lam Research Corp | 4.89% | 350.33 | -0.80% | -0.31% | +7.16% | +105.05% | 76 |
| AMAT Applied Materials | 4.72% | 602.50 | +2.35% | -0.09% | +20.69% | +134.74% | 92 |
| TXN Texas Instruments | 4.42% | 311.46 | +0.95% | +6.27% | +7.91% | +80.70% | 80 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1797.32 | -0.38% | +1.58% | +1.10% | +68.58% | 52 |
| QCOM Qualcomm Inc | 4.16% | 189.16 | -1.02% | +7.32% | -7.92% | +11.30% | 16 |
| MRVL Marvell Technology Inc | 4.12% | 235.81 | -3.04% | -3.84% | -11.64% | +177.83% | 12 |
| ADI Analog Devices | 3.82% | 395.65 | +0.51% | +4.90% | -2.22% | +46.35% | 36 |
| CDNS Cadence Design Sys | 2.09% | 384.17 | -0.46% | +2.96% | -1.72% | +22.90% | 44 |
| SNPS Synopsys Inc | 1.77% | 445.50 | +0.48% | +1.91% | -4.25% | -5.16% | 20 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 71.46 | +0.10% | +4.55% | -2.54% | +176.27% | 32 |
| ARM Arm Holdings Plc ADR | 1.19% | 323.39 | -1.37% | +2.57% | -0.45% | +195.85% | 48 |
| TER Teradyne Inc | 1.19% | 359.60 | -0.87% | -2.57% | -2.60% | +85.86% | 28 |
| NXPI Nxp Semiconductors | 1.19% | 292.26 | +0.59% | +6.91% | -1.73% | +35.34% | 40 |
| MPWR Monolithic Power Sys | 1.10% | 1352.74 | -1.56% | +5.01% | -11.70% | +49.55% | 8 |
| ALAB Astera Labs Inc | 0.92% | 412.97 | -1.07% | +1.61% | +20.86% | +148.24% | 96 |
| MCHP Microchip Technology | 0.91% | 88.59 | +0.37% | +4.67% | -3.15% | +39.85% | 24 |
| ON On Semiconductor | 0.70% | 95.96 | -1.95% | +5.20% | -17.98% | +77.21% | 0 |
| SWKS Skyworks Solutions | 0.18% | 60.38 | +0.72% | -3.48% | -17.92% | -2.81% | 4 |
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.