Constituent dispersion · breadth vs the index
XLV — Health Care 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 | +1.01% | -0.51 | -14pp | -2.28pp | Weakening |
| 1 month | -3.09% | -2.71 | -12pp | -2.58pp | Confirming ↓ |
| 1 quarter | +9.15% | +1.05 | -9pp | -2.10pp | Confirming ↑ |
Over the last 126 sessions: price up +17.34%, breadth up (+2.47/name) · % beating 47→44 · median−ETF -0.73pp→-0.98pp.
Stocks above their moving average — participation breadth
Of the 59 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 59 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 | 18 (31%) | 20 (34%) | -2 |
| 1-Month | 10 (17%) | 11 (19%) | -1 |
| 3-Month | 9 (15%) | 5 (8%) | +4 |
| 6-Month | 9 (15%) | 3 (5%) | +6 |
| 52-Week | 8 (14%) | 2 (3%) | +6 |
| YTD | 8 (14%) | 3 (5%) | +5 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.63% | -0.04% | -0.68pp | 28 / 31 | 18 / 41 | 25 of 59 | ±2.09% |
| 5d | +1.01% | +0.17% | -0.84pp | 32 / 27 | 23 / 36 | 15 of 59 | ±4.62% |
| 21d | -3.09% | -4.07% | -0.98pp | 16 / 43 | 26 / 33 | 6 of 59 | ±8.08% |
| YTD | +10.19% | +13.80% | +3.61pp | 40 / 18 | 32 / 26 | 1 of 58 | ±25.55% |
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)
- LLY+2.68%+0.43pp
- UNH+1.00%+0.07pp
- TMO+1.97%+0.06pp
- JNJ+0.56%+0.06pp
- A+4.55%+0.03pp
- ABT-2.34%-0.06pp
- HCA-2.98%-0.03pp
- GILD-1.11%-0.03pp
- SYK-1.34%-0.03pp
- CVS-0.94%-0.02pp
This month (21d)
- TMO+8.00%+0.25pp
- ISRG+7.44%+0.2pp
- A+11.68%+0.08pp
- DHR+3.61%+0.07pp
- MRNA+22.66%+0.07pp
- LLY-4.20%-0.68pp
- UNH-5.44%-0.36pp
- ABT-12.97%-0.36pp
- SYK-18.40%-0.36pp
- MRK-5.41%-0.29pp
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)
- MRNA+22.66%
- RVTY+20.70%
- A+11.68%
- VEEV+11.37%
- MTD+8.34%
- COO-24.18%
- SYK-18.40%
- ABT-12.97%
- STE-11.43%
- BAX-10.65%
XLV — constituent leadership race
$100 in each covered XLV 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 — 59 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| LLY Eli Lilly and Company | 16.15% | 1181.89 | +2.68% | +2.56% | -4.20% | +10.16% | 47 |
| JNJ Johnson & Johnson | 10.44% | 270.68 | +0.56% | +0.17% | -0.90% | +31.49% | 66 |
| ABBV Abbvie Inc | 7.24% | 265.12 | +0.02% | +0.42% | -0.25% | +17.94% | 69 |
| UNH Unitedhealth Group | 6.62% | 375.01 | +1.00% | -0.05% | -5.44% | +14.48% | 36 |
| MRK Merck & Company | 5.28% | 147.98 | -0.07% | +0.56% | -5.41% | +41.63% | 37 |
| AMGN Amgen Inc | 3.44% | 406.04 | -0.01% | +6.91% | -8.19% | +24.91% | 22 |
| TMO Thermo Fisher Scientific | 3.17% | 678.39 | +1.97% | +3.05% | +8.00% | +17.19% | 90 |
| GILD Gilead Sciences Inc | 2.78% | 149.69 | -1.11% | -0.80% | +0.62% | +22.65% | 75 |
| ABT Abbott Laboratories | 2.76% | 101.07 | -2.34% | -1.13% | -12.97% | -18.41% | 3 |
| PFE Pfizer Inc | 2.68% | 28.41 | +0.82% | +2.79% | -0.56% | +16.01% | 68 |
| ISRG Intuitive Surg Inc | 2.63% | 399.52 | +0.31% | +4.17% | +7.44% | -29.46% | 88 |
| CVS CVS Corp | 2.33% | 85.05 | -0.94% | -5.78% | -8.45% | +9.00% | 19 |
| BMY Bristol-Myers Squibb Company | 2.09% | 61.50 | +0.57% | -2.13% | -9.45% | +16.55% | 14 |
| DHR Danaher Corp | 2.04% | 223.77 | +1.00% | +5.30% | +3.61% | -2.04% | 80 |
| VRTX Vertex Pharmaceutic | 2.03% | 522.38 | +1.17% | +1.17% | -5.51% | +15.22% | 34 |
| SYK Stryker Corp | 1.93% | 269.75 | -1.34% | -3.71% | -18.40% | -23.04% | 2 |
| MDT Medtronic Inc | 1.85% | 88.51 | -0.88% | -4.59% | -2.89% | -7.11% | 56 |
| MCK Mckesson Corp | 1.73% | 869.36 | -1.27% | -1.16% | -3.85% | +6.19% | 51 |
| ELV Elevance Health Inc | 1.60% | 398.25 | -0.08% | -3.86% | -0.16% | +14.31% | 71 |
| CI The Cigna Group | 1.41% | 265.50 | -1.03% | -3.80% | -4.95% | -2.44% | 41 |
| BSX Boston Scientific Corp | 1.25% | 44.68 | +0.13% | +2.59% | -10.39% | -53.14% | 10 |
| REGN Regeneron Pharmaceuticals | 1.11% | 796.02 | -0.72% | +0.83% | -4.50% | +3.25% | 46 |
| HCA Hca Holdings Inc | 1.09% | 423.48 | -2.98% | -1.30% | -1.23% | -9.16% | 63 |
| COR Cencora Inc | 0.99% | 309.87 | -0.77% | +0.15% | -5.54% | -7.89% | 32 |
| CAH Cardinal Health | 0.95% | 222.62 | +0.61% | -1.64% | -6.43% | +8.86% | 25 |
| EW Edwards Lifesciences Corp | 0.89% | 85.73 | -1.26% | -2.86% | -5.66% | +0.56% | 29 |
| HUM Humana Inc | 0.82% | 380.32 | +1.48% | -1.09% | -2.41% | +49.24% | 58 |
| IDXX Idexx Laboratories | 0.81% | 513.39 | -1.65% | +1.36% | -6.66% | -24.11% | 24 |
| BDX Becton Dickinson and Company | 0.75% | 179.23 | -1.80% | -1.19% | -5.56% | +18.22% | 31 |
| A Agilent Technologies | 0.66% | 172.84 | +4.55% | +10.55% | +11.68% | +27.54% | 95 |
| WAT Waters Corp | 0.63% | 430.30 | +2.31% | +0.13% | +3.83% | +13.29% | 81 |
| ZTS Zoetis Inc Cl A | 0.60% | 70.27 | -1.87% | -3.77% | -9.08% | -43.67% | 15 |
| IQV Iqvia Holdings Inc | 0.55% | 275.02 | +2.67% | +2.07% | +6.01% | +22.01% | 85 |
| CNC Centene Corp | 0.55% | 61.92 | -0.26% | -7.72% | -4.74% | +50.47% | 42 |
| GEHC GE Healthcare Technologies | 0.53% | 66.38 | +0.44% | +3.00% | -10.19% | -19.00% | 12 |
| BIIB Biogen Inc | 0.53% | 226.36 | -0.51% | +3.34% | +2.53% | +28.62% | 78 |
| DXCM Dexcom Inc | 0.52% | 87.47 | -0.30% | -0.52% | -1.90% | +31.79% | 59 |
| RMD Resmed Inc | 0.51% | 221.89 | -0.18% | -2.86% | -6.21% | -7.39% | 27 |
| VEEV Veeva Systems Inc | 0.43% | 274.84 | +1.51% | +4.20% | +11.37% | +23.12% | 93 |
| WST West Pharmaceutical Services | 0.43% | 373.60 | -0.60% | +1.91% | +7.21% | +36.01% | 86 |
| MTD Mettler-Toledo International | 0.41% | 1519.15 | +1.80% | +7.71% | +8.34% | +8.96% | 92 |
| DGX Quest Diagnostics Inc | 0.40% | 236.59 | +1.54% | -4.39% | -3.24% | +37.56% | 54 |
| LH Laboratory Corp of America | 0.40% | 308.95 | +1.63% | -4.27% | -8.31% | +23.79% | 20 |
| STE Steris Corp | 0.37% | 208.77 | -0.58% | +0.35% | -11.43% | -17.44% | 5 |
| VTRS Viatris Inc | 0.34% | 17.42 | +1.75% | +1.69% | +4.19% | +42.15% | 83 |
| INCY Incyte Corp | 0.33% | 124.44 | -0.16% | -2.49% | -4.07% | +25.99% | 49 |
| ZBH Zimmer Biomet Holdings | 0.32% | 89.69 | -1.31% | -4.84% | -10.52% | +0.02% | 8 |
| MRNA Moderna Inc | 0.31% | 194.82 | +6.98% | +23.25% | +22.66% | — | 98 |
| COO Cooper Companies | 0.24% | 55.38 | -1.23% | +2.98% | -24.18% | -32.43% | 0 |
| ALGN Align Technology | 0.21% | 145.63 | -1.72% | -2.73% | -8.76% | -6.74% | 17 |
| SOLV Solventum Corporation | 0.21% | 88.59 | +0.25% | +1.21% | -3.30% | +11.80% | 53 |
| RVTY Revvity Inc | 0.20% | 150.68 | +6.03% | +2.69% | +20.70% | +55.96% | 97 |
| BAX Baxter International | 0.19% | 23.48 | -0.04% | +2.00% | -10.65% | +22.99% | 7 |
| PODD Insulet Corp | 0.19% | 135.78 | -0.52% | -4.08% | -5.08% | -52.23% | 39 |
| CRL Charles River Laboratories | 0.17% | 294.44 | +6.17% | +4.53% | -1.08% | +47.60% | 64 |
| TECH Bio-Techne Corp | 0.15% | 72.57 | +0.07% | +0.22% | +0.33% | +23.79% | 73 |
| HSIC Henry Schein Inc | 0.15% | 85.53 | +0.56% | +0.58% | -4.60% | +13.16% | 44 |
| UHS Universal Health Services | 0.15% | 176.99 | -2.43% | -2.08% | +0.82% | -18.74% | 76 |
| DVA Davita Healthcare Partners | 0.13% | 174.67 | -4.62% | -4.60% | -1.76% | +53.75% | 61 |
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
XLV dispersion — data Q&A
Is XLV's move broad or carried by a few names (21 sessions)?
As of 2026-09-24: over 21 sessions the fund returned -3.09% while its median constituent returned -4.07% — a dispersion of 8.08 pp; 44% of 59 members beat the fund. Broad decline - breadth is falling with price.
How did XLV's members trade in the last session?
As of 2026-09-24: fund +0.63%, median member -0.04%, 28 advancers vs 31 decliners.
What does the dispersion page for XLV 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. 59 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.