Constituent dispersion · breadth vs the index
XLK — Technology Select Sector
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 | +0.86% | -0.17 | -12pp | -2.46pp | Weakening |
| 1 month | +1.05% | -0.19 | -21pp | -5.20pp | Weakening |
| 1 quarter | +3.99% | +0.03 | -5pp | +1.43pp | Confirming ↑ |
Over the last 126 sessions: price up +34.33%, breadth up (+6.21/name) · % beating 57→39 · median−ETF +1.70pp→-1.68pp.
Stocks above their moving average — participation breadth
Of the 72 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 72 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 | 28 (39%) | 15 (21%) | +13 |
| 1-Month | 6 (8%) | 5 (7%) | +1 |
| 3-Month | 3 (4%) | 2 (3%) | +1 |
| 6-Month | 2 (3%) | 0 (0%) | +2 |
| 52-Week | 2 (3%) | 0 (0%) | +2 |
| YTD | 2 (3%) | 0 (0%) | +2 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.70% | +0.30% | -0.40pp | 40 / 32 | 33 / 39 | 22 of 72 | ±4.21% |
| 5d | +0.86% | -0.19% | -1.04pp | 34 / 38 | 29 / 43 | 13 of 72 | ±6.45% |
| 21d | +1.05% | -0.63% | -1.68pp | 31 / 41 | 28 / 44 | 5 of 72 | ±11.68% |
| YTD | +30.40% | +22.43% | -7.97pp | 47 / 24 | 33 / 38 | 0 of 71 | ±98% |
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%+0.43pp
- AMD+4.69%+0.25pp
- SNDK+11.90%+0.22pp
- INTC+4.51%+0.17pp
- KLAC+7.32%+0.16pp
- AAPL-2.51%-0.28pp
- MSFT-2.04%-0.16pp
- PLTR-4.49%-0.08pp
- ADBE-6.73%-0.04pp
- SNPS-5.40%-0.03pp
This month (21d)
- MU+15.33%+1.09pp
- SNDK+38.25%+0.72pp
- NVDA+5.19%+0.68pp
- CRM+38.80%+0.39pp
- AAPL+2.51%+0.28pp
- AVGO-14.90%-0.71pp
- AMAT-13.80%-0.4pp
- CSCO-9.66%-0.3pp
- INTC-4.02%-0.15pp
- AMD-2.39%-0.13pp
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)
- CRM+38.80%
- SNDK+38.25%
- SMCI+34.75%
- NOW+20.37%
- DELL+19.76%
- CIEN-20.50%
- FSLR-16.26%
- COHR-15.67%
- AVGO-14.90%
- AMAT-13.80%
XLK — constituent leadership race
$100 in each covered XLK constituent at 2025-12-24, 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 — 72 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| NVDA Nvidia Corp | 13.14% | 230.36 | +0.84% | +5.89% | +5.19% | +23.67% | 74 |
| AAPL Apple Inc | 11.26% | 319.97 | -2.51% | +0.08% | +2.51% | +17.81% | 65 |
| MSFT Microsoft Corp | 7.64% | 499.70 | -2.04% | -2.69% | -0.03% | +3.56% | 56 |
| MU Micron Technology | 7.09% | 1016.59 | +6.10% | +8.98% | +15.33% | +256.34% | 89 |
| AMD Adv Micro Devices | 5.35% | 477.57 | +4.69% | +2.58% | -2.39% | +123.00% | 42 |
| AVGO Broadcom Ltd | 4.77% | 357.90 | +0.21% | -2.95% | -14.90% | +3.62% | 4 |
| INTC Intel Corp | 3.75% | 95.80 | +4.51% | +7.07% | -4.02% | +159.62% | 31 |
| CSCO Cisco Systems Inc | 3.07% | 109.20 | +0.54% | -0.66% | -9.66% | +43.29% | 17 |
| LRCX Lam Research Corp | 2.94% | 307.65 | +5.12% | +1.90% | +0.61% | +80.07% | 57 |
| AMAT Applied Materials | 2.89% | 454.71 | +4.31% | -1.51% | -13.80% | +77.16% | 6 |
| KLAC K L A-Tencor Corp | 2.14% | 185.60 | +7.32% | +5.73% | -3.84% | — | 33 |
| ORCL Oracle Corp | 2.00% | 157.60 | +2.31% | +4.47% | +9.85% | -18.65% | 82 |
| PLTR Palantir Technologies Cl A | 1.88% | 174.33 | -4.49% | -6.42% | +11.81% | -1.92% | 85 |
| SNDK Sandisk Corp | 1.88% | 1740.00 | +11.90% | +17.17% | +38.25% | +633.00% | 97 |
| TXN Texas Instruments | 1.75% | 258.44 | +1.82% | -0.08% | -7.17% | +49.94% | 22 |
| IBM Intl Business Machines | 1.63% | 234.89 | +0.08% | -0.30% | +1.35% | -20.25% | 61 |
| PANW Palo Alto Networks | 1.45% | 333.26 | +0.40% | -10.32% | -7.30% | +80.92% | 19 |
| QCOM Qualcomm Inc | 1.45% | 168.74 | +0.10% | +3.33% | +5.21% | -0.72% | 75 |
| ADI Analog Devices | 1.31% | 362.25 | +1.61% | +0.43% | -3.99% | +33.99% | 32 |
| STX Seagate Technology Holdings | 1.30% | 849.28 | +6.34% | +2.35% | -0.43% | +208.93% | 50 |
| WDC Western Digital Corp | 1.22% | 467.46 | +5.86% | +1.74% | +3.53% | +171.48% | 71 |
| APH Amphenol Corp | 1.21% | 82.78 | +0.87% | +4.96% | -2.96% | +22.94% | 39 |
| CRWD Crowdstrike Holdings | 1.10% | 213.10 | -0.87% | -2.43% | +2.75% | +81.84% | 68 |
| ANET Arista Networks Inc | 1.08% | 193.78 | +1.22% | -0.82% | +0.76% | +47.89% | 58 |
| CRM Salesforce Inc | 1.00% | 259.23 | -1.97% | +1.26% | +38.80% | -1.90% | 99 |
| GLW Corning Inc | 0.90% | 154.30 | +5.68% | +3.77% | -1.83% | +76.55% | 44 |
| APP Applovin Corp Cl A | 0.86% | 320.56 | +2.23% | +0.88% | -4.50% | -52.43% | 28 |
| DELL Dell Technologies Inc | 0.75% | 524.14 | +1.50% | +14.88% | +19.76% | +319.50% | 93 |
| NOW Servicenow Inc | 0.69% | 141.26 | -2.97% | -2.38% | +20.37% | -7.79% | 94 |
| CDNS Cadence Design Sys | 0.67% | 292.70 | -4.00% | -14.01% | -13.51% | -6.36% | 7 |
| ACN Accenture Plc | 0.67% | 186.72 | -3.31% | -1.52% | +9.12% | -29.41% | 79 |
| FTNT Fortinet Inc | 0.59% | 156.29 | -0.04% | -5.85% | -2.39% | +96.81% | 43 |
| SNPS Synopsys Inc | 0.56% | 393.84 | -5.40% | -11.02% | -2.99% | -16.15% | 36 |
| ADBE Adobe Systems Inc | 0.54% | 266.51 | -6.73% | -8.58% | +2.41% | -23.85% | 64 |
| INTU Intuit Inc | 0.49% | 332.70 | -3.37% | -7.08% | +3.35% | -49.53% | 69 |
| MPWR Monolithic Power Sys | 0.49% | 1223.86 | +0.84% | -2.58% | -9.95% | +35.30% | 13 |
| NXPI Nxp Semiconductors | 0.49% | 227.84 | +1.26% | +1.90% | -1.70% | +5.51% | 46 |
| DDOG Datadog Inc Cl A | 0.48% | 212.93 | -0.85% | -10.15% | -7.14% | +56.58% | 24 |
| COHR Coherent Corp | 0.46% | 281.86 | +6.60% | +0.95% | -15.67% | +52.71% | 3 |
| MSI Motorola Solutions | 0.44% | 468.05 | -0.89% | -3.69% | -1.27% | +22.43% | 47 |
| LITE Lumentum Holdings | 0.42% | 881.26 | +4.00% | -1.54% | +5.15% | +139.09% | 72 |
| HPE Hewlett Packard Enterprise | 0.41% | 52.00 | -4.48% | -0.59% | -0.82% | +117.88% | 49 |
| TER Teradyne Inc | 0.41% | 357.03 | +5.49% | +0.62% | -7.24% | +84.53% | 21 |
| CIEN Ciena Corp | 0.40% | 321.00 | +1.12% | -15.18% | -20.50% | +37.26% | 0 |
| TEL Te Connectivity Ltd | 0.40% | 208.65 | -0.36% | +2.96% | -2.99% | -7.65% | 38 |
| KEYS Keysight Technologies | 0.39% | 327.21 | +1.42% | +2.26% | -2.89% | +61.04% | 40 |
| MCHP Microchip Technology | 0.33% | 74.17 | +1.45% | +1.70% | -0.26% | +17.09% | 53 |
| ON On Semiconductor | 0.30% | 74.38 | +0.99% | +2.44% | -5.04% | +37.36% | 26 |
| ADSK Autodesk Inc | 0.27% | 217.90 | -8.26% | -16.40% | -10.13% | -26.39% | 11 |
| JBL Jabil Circuit | 0.26% | 310.57 | +1.52% | +3.03% | -9.87% | +36.28% | 14 |
| ROP Roper Industries | 0.23% | 407.28 | -3.57% | -4.44% | +2.57% | -8.08% | 67 |
| NTAP Netapp Inc | 0.21% | 185.59 | +0.11% | -0.76% | -3.08% | +75.04% | 35 |
| Q Qnity Electronics Inc | 0.20% | 120.47 | +1.69% | +0.24% | -9.67% | +47.71% | 15 |
| TDY Teledyne Technologies | 0.19% | 610.65 | +0.46% | -1.82% | -11.18% | +19.56% | 10 |
| FSLR First Solar Inc | 0.18% | 204.45 | -1.43% | +0.00% | -16.26% | -21.74% | 1 |
| FICO Fair Isaac and Company | 0.18% | 932.26 | -16.68% | -19.18% | -9.66% | -44.86% | 18 |
| WDAY Workday Inc | 0.18% | 195.79 | -5.38% | -4.36% | +15.01% | -8.84% | 88 |
| CTSH Cognizant Tech Sol | 0.16% | 62.31 | -3.60% | -2.70% | +9.53% | -24.55% | 81 |
| HPQ HP Inc | 0.15% | 32.64 | +2.22% | +6.95% | +15.83% | +48.88% | 90 |
| VRSN Verisign Inc | 0.15% | 292.08 | -0.43% | +0.05% | -0.15% | +20.99% | 54 |
| FFIV F5 Inc | 0.14% | 390.47 | -0.43% | -0.96% | -5.47% | +52.97% | 25 |
| AKAM Akamai Technologies | 0.12% | 105.22 | -1.20% | -2.09% | -11.24% | +20.60% | 8 |
| CDW CDW Corp | 0.11% | 152.38 | -1.00% | +3.18% | +7.33% | +13.11% | 76 |
| SMCI Super Micro Computer | 0.10% | 39.59 | +4.54% | +6.77% | +34.75% | +35.26% | 96 |
| PTC Ptc Inc | 0.09% | 141.02 | -6.04% | -10.26% | -4.50% | -19.05% | 29 |
| GEN Gen Digital Inc | 0.09% | 30.65 | -2.17% | -1.19% | +9.07% | +13.93% | 78 |
| TYL Tyler Technologies | 0.08% | 364.03 | -4.02% | -3.68% | +18.84% | -19.81% | 92 |
| TRMB Trimble Navigation | 0.08% | 59.47 | -1.05% | -2.52% | +1.57% | -24.10% | 63 |
| ZBRA Zebra Technologies | 0.07% | 362.74 | +1.47% | +1.76% | -0.41% | +49.39% | 51 |
| SWKS Skyworks Solutions | 0.07% | 74.02 | +3.52% | +12.51% | +10.74% | +19.15% | 83 |
| IT Gartner Inc | 0.07% | 186.42 | -4.62% | -6.03% | +0.87% | -26.11% | 60 |
| GDDY Godaddy Inc | 0.07% | 101.31 | -2.24% | +3.69% | +12.13% | -18.35% | 86 |
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
XLK dispersion — data Q&A
Is XLK's move broad or carried by a few names (21 sessions)?
As of 2026-09-04: over 21 sessions the fund returned +1.05% while its median constituent returned -0.63% — a dispersion of 11.68 pp; 39% of 72 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did XLK's members trade in the last session?
As of 2026-09-04: fund +0.70%, median member +0.30%, 40 advancers vs 32 decliners.
What does the dispersion page for XLK 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. 72 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.