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 | -7.00% | -1.24 | +0pp | +1.42pp | Confirming ↓ |
| 1 month | -6.31% | -0.92 | +0pp | +4.46pp | Confirming ↓ |
| 1 quarter | +51.11% | +9.48 | +0pp | -2.40pp | Confirming ↑ |
Over the last 126 sessions: price up +64.47%, breadth up (+11.64/name) · % beating 48→40 · median−ETF -0.04pp→-4.56pp.
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 2026-07-02.
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%) | 19 (76%) | -19 |
| 1-Month | 0 (0%) | 10 (40%) | -10 |
| 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% | -5.37% | -14.52% | +1.59% | 0 / 2 | +0.24pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -6.96% | -9.16% | -1.12% | 0 / 8 | +1.47pp |
| Architectscompute + foundry | 5 | 40.9% | -2.41% | -2.77% | -12.46% | 0 / 5 | -4.68pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -3.48% | -9.91% | -14.78% | 0 / 10 | -2.09pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -4.54% | -4.00% | +0.54pp | 0 / 25 | 14 / 11 | 8 of 25 | ±3.26% |
| 5d | -7.00% | -9.33% | -2.33pp | 2 / 23 | 9 / 16 | 1 of 25 | ±6.56% |
| 21d | -6.31% | -10.88% | -4.56pp | 6 / 19 | 10 / 15 | 1 of 25 | ±13.88% |
| YTD | +64.47% | +67.21% | +2.74pp | 23 / 1 | 13 / 11 | 0 of 24 | ±76.34% |
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)
- KLAC-11.51%-0.58pp
- LRCX-10.19%-0.5pp
- MU-5.49%-0.42pp
- MRVL-9.84%-0.41pp
- INTC-5.25%-0.4pp
This month (21d)
- AMAT+23.06%+1.09pp
- INTC+11.51%+0.87pp
- KLAC+15.17%+0.77pp
- LRCX+5.08%+0.25pp
- ASML+3.75%+0.16pp
- NVDA-12.46%-1.78pp
- AVGO-25.15%-1.5pp
- QCOM-26.55%-1.1pp
- MRVL-15.65%-0.64pp
- MU-8.32%-0.63pp
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)
- AMAT+23.06%
- KLAC+15.17%
- ALAB+14.24%
- INTC+11.51%
- LRCX+5.08%
- ON-29.09%
- QCOM-26.55%
- AVGO-25.15%
- ARM-21.71%
- SWKS-20.93%
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% | 194.83 | -1.39% | -0.46% | -12.46% | +4.47% | 44 |
| TSM Taiwan Semiconductor ADR | 9.19% | 434.16 | -2.27% | -0.19% | -2.63% | +43.19% | 68 |
| MU Micron Technology | 7.60% | 975.56 | -5.49% | -19.61% | -8.32% | +241.95% | 56 |
| INTC Intel Corp | 7.58% | 120.35 | -5.25% | -9.42% | +11.51% | +226.15% | 84 |
| AMD Adv Micro Devices | 7.29% | 517.82 | -4.26% | -2.77% | -0.71% | +141.79% | 72 |
| AVGO Broadcom Ltd | 5.95% | 360.45 | -2.41% | -4.87% | -25.15% | +4.36% | 8 |
| KLAC K L A-Tencor Corp | 5.07% | 235.55 | -11.51% | -8.98% | +15.17% | — | 92 |
| LRCX Lam Research Corp | 4.89% | 351.41 | -10.19% | -12.55% | +5.08% | +105.53% | 80 |
| AMAT Applied Materials | 4.72% | 603.04 | -7.35% | -9.72% | +23.06% | +134.95% | 96 |
| TXN Texas Instruments | 4.42% | 293.08 | -1.79% | -6.01% | -4.88% | +70.03% | 64 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1769.32 | -4.00% | -3.90% | +3.75% | +65.96% | 76 |
| QCOM Qualcomm Inc | 4.16% | 176.25 | -3.12% | -13.98% | -26.55% | +3.70% | 4 |
| MRVL Marvell Technology Inc | 4.12% | 245.29 | -9.84% | -12.79% | -15.65% | +189.00% | 24 |
| ADI Analog Devices | 3.82% | 377.16 | -3.04% | -9.76% | -10.88% | +39.51% | 48 |
| CDNS Cadence Design Sys | 2.09% | 373.14 | -1.22% | +1.33% | -10.39% | +19.37% | 52 |
| SNPS Synopsys Inc | 1.77% | 437.16 | -3.82% | -3.93% | -14.00% | -6.93% | 36 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 68.35 | -3.35% | -8.72% | -14.04% | +164.24% | 32 |
| ARM Arm Holdings Plc ADR | 1.19% | 315.28 | -6.58% | -9.33% | -21.71% | +188.43% | 12 |
| TER Teradyne Inc | 1.19% | 369.09 | -13.63% | -21.80% | -5.99% | +90.76% | 60 |
| NXPI Nxp Semiconductors | 1.19% | 273.36 | -2.08% | -8.47% | -15.53% | +26.59% | 28 |
| MPWR Monolithic Power Sys | 1.10% | 1288.16 | -3.27% | -10.30% | -20.73% | +42.41% | 20 |
| ALAB Astera Labs Inc | 0.92% | 406.42 | -5.67% | +2.12% | +14.24% | +144.30% | 88 |
| MCHP Microchip Technology | 0.91% | 84.64 | -4.57% | -10.07% | -12.71% | +33.61% | 40 |
| ON On Semiconductor | 0.70% | 91.22 | -3.60% | -23.18% | -29.09% | +68.46% | 0 |
| SWKS Skyworks Solutions | 0.18% | 62.56 | -5.11% | -10.55% | -20.93% | +0.70% | 16 |
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.