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 | -7.07% | -0.44 | +8pp | +0.13pp | Confirming ↓ |
| 1 month | -18.20% | -2.2 | -8pp | -0.26pp | Confirming ↓ |
| 1 quarter | -8.98% | +2.28 | +36pp | +6.94pp | Improving |
Over the last 126 sessions: price down -5.68%, breadth up (+0.56/name) · % beating 52→60 · median−ETF +1.24pp→+2.36pp.
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 2026-11-03.
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 | 2 (8%) | 2 (8%) | +0 |
| 1-Month | 1 (4%) | 0 (0%) | +1 |
| 3-Month | 1 (4%) | 0 (0%) | +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 |
|---|---|---|---|---|---|---|---|
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +2.25% | -0.80% | -7.32% | 10 / 0 | -1.92pp |
| Architectscompute + foundry | 5 | 40.9% | +2.29% | -7.34% | -13.48% | 5 / 0 | -6.04pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +1.84% | -4.65% | -27.03% | 6 / 2 | -6.12pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | +1.77% | -21.67% | -33.75% | 2 / 0 | -5.12pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +2.01% | +2.02% | +0.01pp | 23 / 2 | 13 / 12 | 14 of 25 | ±1.63% |
| 5d | -7.07% | -5.10% | +1.97pp | 4 / 21 | 15 / 10 | 3 of 25 | ±9.91% |
| 21d | -18.20% | -15.85% | +2.36pp | 4 / 21 | 15 / 10 | 0 of 25 | ±14.96% |
| YTD | +43.98% | +39.21% | -4.77pp | 22 / 3 | 11 / 14 | 0 of 25 | ±45.64% |
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+2.29%+0.33pp
- AMD+3.65%+0.27pp
- MU+2.58%+0.2pp
- AVGO+3.07%+0.18pp
- TXN+3.47%+0.15pp
- CDNS-1.75%-0.04pp
- SNPS-0.69%-0.01pp
This month (21d)
- TXN+5.96%+0.26pp
- NXPI+8.60%+0.1pp
- ADI+0.16%+0.01pp
- SWKS+1.78%+0pp
- INTC-47.89%-3.63pp
- NVDA-13.48%-1.93pp
- AMD-23.40%-1.71pp
- LRCX-33.28%-1.63pp
- TSM-16.67%-1.53pp
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)
- NXPI+8.60%
- TXN+5.96%
- SWKS+1.78%
- ADI+0.16%
- MCHP-4.41%
- INTC-47.89%
- TER-39.41%
- MRVL-36.59%
- ALAB-35.52%
- LRCX-33.28%
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% | 206.69 | +2.29% | -5.16% | -13.48% | +10.96% | 56 |
| TSM Taiwan Semiconductor ADR | 9.19% | 404.80 | +1.55% | -7.34% | -16.67% | +33.51% | 40 |
| MU Micron Technology | 7.60% | 855.10 | +2.58% | -7.93% | -19.62% | +199.73% | 36 |
| INTC Intel Corp | 7.58% | 60.55 | +0.97% | -35.41% | -47.89% | +64.09% | 0 |
| AMD Adv Micro Devices | 7.29% | 483.90 | +3.65% | -13.63% | -23.40% | +125.95% | 32 |
| AVGO Broadcom Ltd | 5.95% | 332.13 | +3.07% | -2.98% | -8.38% | -3.84% | 72 |
| KLAC K L A-Tencor Corp | 5.07% | 156.20 | +2.02% | +1.65% | -24.49% | +29.03% | 28 |
| LRCX Lam Research Corp | 4.89% | 230.72 | +1.39% | -4.21% | -33.28% | +35.04% | 16 |
| AMAT Applied Materials | 4.72% | 381.92 | +1.97% | -3.54% | -29.57% | +48.80% | 24 |
| TXN Texas Instruments | 4.42% | 312.49 | +3.47% | +1.65% | +5.96% | +81.30% | 92 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1552.14 | +1.70% | -5.10% | -16.55% | +45.59% | 44 |
| QCOM Qualcomm Inc | 4.16% | 164.43 | +1.45% | -10.72% | -9.05% | -3.25% | 64 |
| MRVL Marvell Technology Inc | 4.12% | 171.97 | +0.33% | -29.40% | -36.59% | +102.61% | 8 |
| ADI Analog Devices | 3.82% | 419.79 | +1.68% | -1.31% | +0.16% | +55.27% | 84 |
| CDNS Cadence Design Sys | 2.09% | 323.75 | -1.75% | -5.63% | -8.41% | +3.57% | 68 |
| SNPS Synopsys Inc | 1.77% | 462.88 | -0.69% | -2.43% | -5.24% | -1.46% | 76 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 48.54 | +2.90% | -0.29% | -15.85% | +87.66% | 48 |
| ARM Arm Holdings Plc ADR | 1.19% | 202.49 | +2.90% | -10.64% | -33.15% | +85.24% | 20 |
| TER Teradyne Inc | 1.19% | 269.35 | +3.20% | -16.79% | -39.41% | +39.21% | 4 |
| NXPI Nxp Semiconductors | 1.19% | 262.79 | +2.16% | +3.66% | +8.60% | +21.70% | 96 |
| MPWR Monolithic Power Sys | 1.10% | 1328.30 | +6.78% | +9.61% | -10.24% | +46.85% | 60 |
| ALAB Astera Labs Inc | 0.92% | 233.62 | +1.72% | -18.51% | -35.52% | +40.43% | 12 |
| MCHP Microchip Technology | 0.91% | 77.90 | +2.35% | -2.83% | -4.41% | +22.97% | 80 |
| ON On Semiconductor | 0.70% | 72.60 | +3.55% | -7.72% | -15.51% | +34.07% | 52 |
| SWKS Skyworks Solutions | 0.18% | 85.40 | +0.27% | -0.09% | +1.78% | +37.47% | 88 |
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 2026-11-04: over 21 sessions the fund returned -18.20% while its median constituent returned -15.85% — a dispersion of 14.96 pp; 60% of 25 members beat the fund. Broad decline - breadth is falling with price.
How did SMH's members trade in the last session?
As of 2026-11-04: fund +2.01%, median member +2.02%, 23 advancers vs 2 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.