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 | +0.88% | +0.28 | +8pp | +4.92pp | Improving |
| 1 month | +3.32% | -0.2 | +4pp | +4.69pp | Weakening |
| 1 quarter | +1.64% | -1.12 | -4pp | +4.37pp | Weakening |
Over the last 126 sessions: price up +44.17%, breadth up (+7.04/name) · % beating 52→44 · median−ETF +0.21pp→-0.64pp.
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 2026-08-14.
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 | 7 (28%) | 2 (8%) | +5 |
| 1-Month | 2 (8%) | 0 (0%) | +2 |
| 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% | +0.16% | +5.78% | +9.79% | 1 / 1 | +1.49pp |
| Architectscompute + foundry | 5 | 40.9% | -0.06% | +0.54% | +4.05% | 2 / 3 | +1.97pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +0.04% | +2.08% | +2.19% | 4 / 4 | -0.27pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +1.28% | -1.75% | -1.24% | 7 / 3 | +0.38pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.22% | +0.32% | +0.54pp | 14 / 11 | 18 / 7 | 10 of 25 | ±2.55% |
| 5d | +0.88% | +0.03% | -0.85pp | 13 / 12 | 10 / 15 | 7 of 25 | ±4.83% |
| 21d | +3.32% | +2.68% | -0.64pp | 16 / 9 | 11 / 14 | 5 of 25 | ±10.53% |
| YTD | +63.22% | +58.60% | -4.63pp | 22 / 2 | 11 / 13 | 0 of 24 | ±65.76% |
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)
- AMD+6.50%+0.47pp
- MU+2.30%+0.17pp
- TXN+2.25%+0.1pp
- ADI+2.16%+0.08pp
- SNPS+2.37%+0.04pp
- AVGO-5.94%-0.35pp
- AMAT-5.12%-0.24pp
- INTC-1.97%-0.15pp
- KLAC-2.70%-0.14pp
- TSM-0.96%-0.09pp
This month (21d)
- NVDA+8.56%+1.23pp
- MU+13.88%+1.06pp
- MRVL+17.91%+0.74pp
- INTC+5.69%+0.43pp
- TSM+4.05%+0.37pp
- AMAT-9.58%-0.45pp
- KLAC-7.13%-0.36pp
- CDNS-10.92%-0.23pp
- TXN-4.00%-0.18pp
- STM-13.51%-0.17pp
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)
- TER+29.94%
- SWKS+20.81%
- MRVL+17.91%
- MU+13.88%
- NVDA+8.56%
- STM-13.51%
- NXPI-13.28%
- CDNS-10.92%
- AMAT-9.58%
- KLAC-7.13%
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% | 225.16 | -0.06% | +0.54% | +8.56% | +20.88% | 80 |
| TSM Taiwan Semiconductor ADR | 9.19% | 426.35 | -0.96% | +1.50% | +4.05% | +40.61% | 60 |
| MU Micron Technology | 7.60% | 971.66 | +2.30% | +10.72% | +13.88% | +240.59% | 84 |
| INTC Intel Corp | 7.58% | 102.50 | -1.97% | +0.84% | +5.69% | +177.78% | 68 |
| AMD Adv Micro Devices | 7.29% | 514.39 | +6.50% | +6.42% | +2.68% | +140.19% | 48 |
| AVGO Broadcom Ltd | 5.95% | 392.99 | -5.94% | -8.13% | +4.95% | +13.79% | 64 |
| KLAC K L A-Tencor Corp | 5.07% | 203.72 | -2.70% | +2.83% | -7.13% | — | 16 |
| LRCX Lam Research Corp | 4.89% | 332.36 | -1.38% | +6.75% | +3.55% | +94.53% | 56 |
| AMAT Applied Materials | 4.72% | 507.18 | -5.12% | -5.93% | -9.58% | +97.60% | 12 |
| TXN Texas Instruments | 4.42% | 279.58 | +2.25% | -2.27% | -4.00% | +62.20% | 24 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1844.08 | -0.21% | +5.92% | +3.32% | +72.97% | 52 |
| QCOM Qualcomm Inc | 4.16% | 165.79 | +0.61% | -1.23% | -2.83% | -2.45% | 32 |
| MRVL Marvell Technology Inc | 4.12% | 222.02 | -0.07% | +1.51% | +17.91% | +161.58% | 88 |
| ADI Analog Devices | 3.82% | 389.39 | +2.16% | -0.14% | +2.33% | +44.03% | 44 |
| CDNS Cadence Design Sys | 2.09% | 324.82 | +0.32% | -4.25% | -10.92% | +3.92% | 8 |
| SNPS Synopsys Inc | 1.77% | 421.50 | +2.37% | +1.32% | +1.07% | -10.27% | 40 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 54.29 | +0.69% | -3.23% | -13.51% | +109.89% | 0 |
| ARM Arm Holdings Plc ADR | 1.19% | 279.44 | +0.28% | -1.11% | +6.65% | +155.64% | 72 |
| TER Teradyne Inc | 1.19% | 418.79 | +2.01% | +10.41% | +29.94% | +116.45% | 96 |
| NXPI Nxp Semiconductors | 1.19% | 234.71 | +1.21% | -2.09% | -13.28% | +8.69% | 4 |
| MPWR Monolithic Power Sys | 1.10% | 1402.01 | +2.90% | +0.03% | +7.38% | +55.00% | 76 |
| ALAB Astera Labs Inc | 0.92% | 321.61 | -0.36% | -3.76% | +0.58% | +93.32% | 36 |
| MCHP Microchip Technology | 0.91% | 79.17 | +1.91% | -6.52% | -3.07% | +24.98% | 28 |
| ON On Semiconductor | 0.70% | 82.66 | +1.35% | +1.84% | -6.20% | +52.65% | 20 |
| SWKS Skyworks Solutions | 0.18% | 69.62 | -0.20% | -1.42% | +20.81% | +12.07% | 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.