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 | +7.12% | +1.72 | -8pp | -0.40pp | Confirming ↑ |
| 1 month | +8.04% | +3.08 | -4pp | -0.04pp | Confirming ↑ |
| 1 quarter | -5.71% | -1.4 | -12pp | -3.70pp | Confirming ↓ |
Over the last 126 sessions: price up +57.68%, breadth up (+9.24/name) · % beating 48→32 · median−ETF -0.72pp→-3.97pp.
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 2026-09-24.
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 | 4 (16%) | 2 (8%) | +2 |
| 1-Month | 2 (8%) | 0 (0%) | +2 |
| 3-Month | 1 (4%) | 0 (0%) | +1 |
| 6-Month | 1 (4%) | 0 (0%) | +1 |
| 52-Week | 1 (4%) | 0 (0%) | +1 |
| YTD | 1 (4%) | 0 (0%) | +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 |
|---|---|---|---|---|---|---|---|
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | +2.36% | +13.81% | +30.72% | 2 / 0 | +4.66pp |
| Architectscompute + foundry | 5 | 40.9% | -0.41% | +2.94% | +8.08% | 2 / 3 | +4.59pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -1.20% | +5.90% | +3.39% | 1 / 9 | +1.05pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -0.20% | +12.55% | +0.43% | 2 / 6 | +0.27pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.15% | -0.68% | -0.53pp | 7 / 18 | 9 / 16 | 11 of 25 | ±2.42% |
| 5d | +7.12% | +7.56% | +0.44pp | 24 / 1 | 13 / 12 | 3 of 25 | ±6.18% |
| 21d | +8.04% | +4.08% | -3.97pp | 20 / 5 | 8 / 17 | 2 of 25 | ±13.37% |
| YTD | +66.75% | +54.56% | -12.19pp | 24 / 1 | 10 / 15 | 0 of 25 | ±79.93% |
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+3.91%+0.3pp
- AMD+2.38%+0.17pp
- TSM+1.03%+0.09pp
- CDNS+4.18%+0.09pp
- MU+0.81%+0.06pp
- ARM-7.88%-0.09pp
- AVGO-1.30%-0.08pp
- QCOM-1.51%-0.06pp
- NVDA-0.41%-0.06pp
- ASML-1.27%-0.06pp
This month (21d)
- INTC+45.62%+3.46pp
- AMD+31.32%+2.28pp
- MU+15.82%+1.2pp
- QCOM+21.65%+0.9pp
- NVDA+5.41%+0.77pp
- LRCX-2.38%-0.12pp
- AVGO-1.79%-0.11pp
- CDNS-2.98%-0.06pp
- AMAT-1.21%-0.06pp
- ASML-1.24%-0.05pp
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)
- INTC+45.62%
- SWKS+33.65%
- AMD+31.32%
- ALAB+27.55%
- ARM+26.82%
- CDNS-2.98%
- LRCX-2.38%
- AVGO-1.79%
- ASML-1.24%
- AMAT-1.21%
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% | 224.58 | -0.41% | +2.39% | +5.41% | +20.57% | 56 |
| TSM Taiwan Semiconductor ADR | 9.19% | 451.15 | +1.03% | +4.86% | +8.08% | +48.79% | 68 |
| MU Micron Technology | 7.60% | 1080.53 | +0.81% | +10.54% | +15.82% | +278.75% | 72 |
| INTC Intel Corp | 7.58% | 127.39 | +3.91% | +17.09% | +45.62% | +245.23% | 96 |
| AMD Adv Micro Devices | 7.29% | 629.26 | +2.38% | +15.44% | +31.32% | +193.83% | 88 |
| AVGO Broadcom Ltd | 5.95% | 350.36 | -1.30% | +1.06% | -1.79% | +1.44% | 8 |
| KLAC K L A-Tencor Corp | 5.07% | 187.11 | -0.40% | +10.73% | +2.06% | +54.56% | 28 |
| LRCX Lam Research Corp | 4.89% | 307.16 | -0.04% | +14.18% | -2.38% | +79.78% | 4 |
| AMAT Applied Materials | 4.72% | 474.25 | -0.03% | +13.62% | -1.21% | +84.77% | 16 |
| TXN Texas Instruments | 4.42% | 270.65 | -0.72% | +4.85% | +4.08% | +57.02% | 48 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1722.50 | -1.27% | +5.70% | -1.24% | +61.57% | 12 |
| QCOM Qualcomm Inc | 4.16% | 194.26 | -1.51% | +2.94% | +21.65% | +14.30% | 76 |
| MRVL Marvell Technology Inc | 4.12% | 258.95 | -0.75% | +7.56% | +7.73% | +205.09% | 64 |
| ADI Analog Devices | 3.82% | 382.61 | -0.68% | +5.50% | +2.71% | +41.52% | 40 |
| CDNS Cadence Design Sys | 2.09% | 322.00 | +4.18% | +14.69% | -2.98% | +3.01% | 0 |
| SNPS Synopsys Inc | 1.77% | 424.91 | +2.87% | +11.48% | +3.94% | -9.54% | 44 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 51.58 | -1.68% | +6.30% | +4.29% | +99.41% | 52 |
| ARM Arm Holdings Plc ADR | 1.19% | 306.34 | -7.88% | +15.64% | +26.82% | +180.25% | 80 |
| TER Teradyne Inc | 1.19% | 387.70 | -0.37% | +9.79% | +5.85% | +100.38% | 60 |
| NXPI Nxp Semiconductors | 1.19% | 230.16 | -2.24% | +0.97% | +2.41% | +6.59% | 32 |
| MPWR Monolithic Power Sys | 1.10% | 1335.55 | -1.47% | +14.19% | +2.41% | +47.65% | 36 |
| ALAB Astera Labs Inc | 0.92% | 360.51 | +0.01% | +22.81% | +27.55% | +116.70% | 84 |
| MCHP Microchip Technology | 0.91% | 74.69 | -1.11% | +5.46% | +1.62% | +17.91% | 24 |
| ON On Semiconductor | 0.70% | 73.15 | -1.28% | +7.10% | +0.88% | +35.09% | 20 |
| SWKS Skyworks Solutions | 0.18% | 87.81 | -3.98% | -3.84% | +33.65% | +41.35% | 92 |
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 2026-09-24: over 21 sessions the fund returned +8.04% while its median constituent returned +4.08% — a dispersion of 13.37 pp; 32% 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 2026-09-24: fund -0.15%, median member -0.68%, 7 advancers vs 18 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.