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 | +2.51% | +0.6 | +4pp | +2.25pp | Confirming ↑ |
| 1 month | -0.78% | -0.52 | +12pp | +1.70pp | Weakening |
| 1 quarter | -0.47% | -2.68 | -12pp | -0.64pp | Weakening |
Over the last 126 sessions: price up +43.78%, breadth up (+7.08/name) · % beating 48→36 · median−ETF -1.51pp→-2.21pp.
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 2026-09-04.
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 | 17 (68%) | 2 (8%) | +15 |
| 1-Month | 3 (12%) | 2 (8%) | +1 |
| 3-Month | 1 (4%) | 1 (4%) | +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% | +5.30% | +8.03% | +5.66% | 2 / 0 | +0.86pp |
| Architectscompute + foundry | 5 | 40.9% | +0.84% | +2.73% | +2.56% | 5 / 0 | +0.13pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +1.71% | +2.17% | -2.97% | 10 / 0 | -0.45pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +4.24% | +0.86% | -5.54% | 6 / 2 | -1.35pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +2.61% | +2.85% | +0.25pp | 23 / 2 | 13 / 12 | 5 of 25 | ±3.34% |
| 5d | +2.51% | +2.44% | -0.08pp | 19 / 6 | 12 / 13 | 8 of 25 | ±5.65% |
| 21d | -0.78% | -2.99% | -2.21pp | 8 / 17 | 9 / 16 | 2 of 25 | ±7.53% |
| YTD | +57.45% | +45.70% | -11.75pp | 21 / 3 | 11 / 13 | 0 of 24 | ±65.38% |
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)
- MU+6.10%+0.46pp
- KLAC+7.32%+0.37pp
- AMD+4.69%+0.34pp
- INTC+4.51%+0.34pp
- MRVL+7.05%+0.29pp
- SNPS-5.40%-0.1pp
- CDNS-4.00%-0.08pp
This month (21d)
- MU+15.33%+1.16pp
- NVDA+5.19%+0.74pp
- MRVL+6.18%+0.25pp
- TSM+2.56%+0.24pp
- QCOM+5.21%+0.22pp
- AVGO-14.90%-0.89pp
- AMAT-13.80%-0.65pp
- TXN-7.17%-0.32pp
- INTC-4.02%-0.3pp
- CDNS-13.51%-0.28pp
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)
- MU+15.33%
- SWKS+10.74%
- MRVL+6.18%
- QCOM+5.21%
- NVDA+5.19%
- AVGO-14.90%
- AMAT-13.80%
- CDNS-13.51%
- ARM-12.07%
- MPWR-9.95%
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% | 230.36 | +0.84% | +5.89% | +5.19% | +23.67% | 80 |
| TSM Taiwan Semiconductor ADR | 9.19% | 428.91 | +2.85% | +2.73% | +2.56% | +41.46% | 76 |
| MU Micron Technology | 7.60% | 1016.59 | +6.10% | +8.98% | +15.33% | +256.34% | 96 |
| INTC Intel Corp | 7.58% | 95.80 | +4.51% | +7.07% | -4.02% | +159.62% | 36 |
| AMD Adv Micro Devices | 7.29% | 477.57 | +4.69% | +2.58% | -2.39% | +123.00% | 52 |
| AVGO Broadcom Ltd | 5.95% | 357.90 | +0.21% | -2.95% | -14.90% | +3.62% | 0 |
| KLAC K L A-Tencor Corp | 5.07% | 185.60 | +7.32% | +5.73% | -3.84% | — | 44 |
| LRCX Lam Research Corp | 4.89% | 307.65 | +5.12% | +1.90% | +0.61% | +80.07% | 68 |
| AMAT Applied Materials | 4.72% | 454.71 | +4.31% | -1.51% | -13.80% | +77.16% | 4 |
| TXN Texas Instruments | 4.42% | 258.44 | +1.82% | -0.08% | -7.17% | +49.94% | 24 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1714.88 | +4.17% | +1.10% | +0.62% | +60.85% | 72 |
| QCOM Qualcomm Inc | 4.16% | 168.74 | +0.10% | +3.33% | +5.21% | -0.72% | 84 |
| MRVL Marvell Technology Inc | 4.12% | 223.55 | +7.05% | +3.20% | +6.18% | +163.38% | 88 |
| ADI Analog Devices | 3.82% | 362.25 | +1.61% | +0.43% | -3.99% | +33.99% | 40 |
| CDNS Cadence Design Sys | 2.09% | 292.70 | -4.00% | -14.01% | -13.51% | -6.36% | 8 |
| SNPS Synopsys Inc | 1.77% | 393.84 | -5.40% | -11.02% | -2.99% | -16.15% | 48 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 52.24 | +1.87% | +5.79% | -1.95% | +101.96% | 56 |
| ARM Arm Holdings Plc ADR | 1.19% | 252.09 | +3.92% | +5.45% | -12.07% | +130.62% | 12 |
| TER Teradyne Inc | 1.19% | 357.03 | +5.49% | +0.62% | -7.24% | +84.53% | 20 |
| NXPI Nxp Semiconductors | 1.19% | 227.84 | +1.26% | +1.90% | -1.70% | +5.51% | 60 |
| MPWR Monolithic Power Sys | 1.10% | 1223.86 | +0.84% | -2.58% | -9.95% | +35.30% | 16 |
| ALAB Astera Labs Inc | 0.92% | 310.40 | +9.75% | +7.23% | -6.37% | +86.58% | 28 |
| MCHP Microchip Technology | 0.91% | 74.17 | +1.45% | +1.70% | -0.26% | +17.09% | 64 |
| ON On Semiconductor | 0.70% | 74.38 | +0.99% | +2.44% | -5.04% | +37.36% | 32 |
| SWKS Skyworks Solutions | 0.18% | 74.02 | +3.52% | +12.51% | +10.74% | +19.15% | 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 2026-09-04: over 21 sessions the fund returned -0.78% while its median constituent returned -2.99% — a dispersion of 7.53 pp; 36% of 25 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did SMH's members trade in the last session?
As of 2026-09-04: fund +2.61%, median member +2.85%, 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 Closelook lake.
Is this investment advice?
No — a data surface in an investment research diary. It describes breadth inside a fund; it makes no recommendation.