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 | -9.65% | -2.84 | +4pp | -1.05pp | Confirming ↓ |
| 1 month | +4.17% | +1.64 | +12pp | +3.80pp | Confirming ↑ |
| 1 quarter | -0.73% | -0.36 | +16pp | +5.46pp | Weakening |
Over the last 126 sessions: price up +24.17%, breadth up (+3.64/name) · % beating 56→56 · median−ETF +0.64pp→+0.13pp.
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 2026-10-14.
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%) | 24 (96%) | -24 |
| 1-Month | 0 (0%) | 5 (20%) | -5 |
| 3-Month | 0 (0%) | 1 (4%) | -1 |
| 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 |
|---|---|---|---|---|---|---|---|
| Equipment + EDAtools + design software | 8 | 25.28% | -3.87% | -10.93% | +6.23% | 0 / 8 | +2.11pp |
| Architectscompute + foundry | 5 | 40.9% | -3.16% | -8.04% | +4.21% | 0 / 5 | +1.76pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -4.13% | -9.88% | +3.38% | 1 / 9 | +1.37pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -4.32% | -14.61% | -0.22% | 0 / 2 | -0.03pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -3.98% | -3.92% | +0.05pp | 1 / 24 | 14 / 11 | 10 of 25 | ±1.99% |
| 5d | -9.65% | -9.16% | +0.49pp | 0 / 25 | 13 / 12 | 3 of 25 | ±5.05% |
| 21d | +4.17% | +4.30% | +0.13pp | 18 / 7 | 14 / 11 | 3 of 25 | ±9.27% |
| YTD | +56.82% | +49.27% | -7.54pp | 25 / 0 | 11 / 14 | 0 of 25 | ±62.21% |
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)
- SWKS+0.43%+0pp
- NVDA-3.16%-0.45pp
- AMD-5.73%-0.42pp
- MRVL-8.73%-0.36pp
- INTC-4.56%-0.35pp
- TSM-3.40%-0.31pp
This month (21d)
- AMD+13.21%+0.96pp
- NVDA+4.30%+0.62pp
- SNPS+30.52%+0.54pp
- ADI+11.68%+0.45pp
- MRVL+10.64%+0.44pp
- QCOM-8.08%-0.34pp
- MU-1.45%-0.11pp
- SWKS-14.57%-0.03pp
- STM-1.96%-0.02pp
- NXPI-2.00%-0.02pp
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)
- SNPS+30.52%
- CDNS+20.26%
- ALAB+18.90%
- AMD+13.21%
- ADI+11.68%
- SWKS-14.57%
- QCOM-8.08%
- NXPI-2.00%
- STM-1.96%
- ARM-1.58%
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% | 221.30 | -3.16% | -6.81% | +4.30% | +18.80% | 48 |
| TSM Taiwan Semiconductor ADR | 9.19% | 430.00 | -3.40% | -8.94% | +4.21% | +41.82% | 44 |
| MU Micron Technology | 7.60% | 914.13 | -4.08% | -15.97% | -1.45% | +220.42% | 20 |
| INTC Intel Corp | 7.58% | 98.12 | -4.56% | -13.26% | +1.01% | +165.91% | 32 |
| AMD Adv Micro Devices | 7.29% | 570.82 | -5.73% | -11.62% | +13.21% | +166.54% | 84 |
| AVGO Broadcom Ltd | 5.95% | 346.25 | -3.10% | -8.04% | +2.24% | +0.25% | 36 |
| KLAC K L A-Tencor Corp | 5.07% | 178.81 | -2.82% | -9.16% | +6.42% | +47.71% | 60 |
| LRCX Lam Research Corp | 4.89% | 286.92 | -4.71% | -12.93% | +6.04% | +67.93% | 52 |
| AMAT Applied Materials | 4.72% | 446.63 | -3.79% | -14.22% | +6.05% | +74.01% | 56 |
| TXN Texas Instruments | 4.42% | 280.65 | -2.50% | -2.88% | +6.54% | +62.82% | 64 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1650.00 | -3.94% | -8.59% | +3.68% | +54.77% | 40 |
| QCOM Qualcomm Inc | 4.16% | 172.62 | -2.40% | -2.54% | -8.08% | +1.57% | 4 |
| MRVL Marvell Technology Inc | 4.12% | 245.28 | -8.73% | -13.82% | +10.64% | +188.98% | 76 |
| ADI Analog Devices | 3.82% | 403.57 | -2.68% | -1.59% | +11.68% | +49.27% | 80 |
| CDNS Cadence Design Sys | 2.09% | 329.46 | -1.42% | -7.49% | +20.26% | +5.40% | 92 |
| SNPS Synopsys Inc | 1.77% | 479.93 | -2.95% | -4.52% | +30.52% | +2.17% | 96 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 46.90 | -5.39% | -16.52% | -1.96% | +81.32% | 12 |
| ARM Arm Holdings Plc ADR | 1.19% | 238.01 | -6.81% | -19.15% | -1.58% | +117.74% | 16 |
| TER Teradyne Inc | 1.19% | 359.44 | -5.48% | -12.71% | +7.99% | +85.78% | 68 |
| NXPI Nxp Semiconductors | 1.19% | 220.83 | -2.43% | -6.12% | -2.00% | +2.26% | 8 |
| MPWR Monolithic Power Sys | 1.10% | 1243.11 | -5.79% | -12.82% | +8.81% | +37.43% | 72 |
| ALAB Astera Labs Inc | 0.92% | 300.28 | -7.72% | -21.44% | +18.90% | +80.50% | 88 |
| MCHP Microchip Technology | 0.91% | 71.25 | -3.92% | -8.68% | -0.34% | +12.48% | 24 |
| ON On Semiconductor | 0.70% | 73.36 | -4.34% | -11.09% | +0.22% | +35.48% | 28 |
| SWKS Skyworks Solutions | 0.18% | 76.89 | +0.43% | -7.84% | -14.57% | +23.77% | 0 |
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
SMH dispersion — data Q&A
Is SMH's move broad or carried by a few names (21 sessions)?
As of 2026-10-14: over 21 sessions the fund returned +4.17% while its median constituent returned +4.30% — a dispersion of 9.27 pp; 56% of 25 members beat the fund. Broad advance - breadth is rising with price.
How did SMH's members trade in the last session?
As of 2026-10-14: fund -3.98%, median member -3.92%, 1 advancers vs 24 decliners.
What does the dispersion page for SMH 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. 25 constituents covered, re-baked nightly from the Closelooknet lake.
Is this investment advice?
No — a data surface in an investment research diary. It describes breadth inside a fund; it makes no recommendation.