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 | -6.77% | -2.84 | -28pp | -3.51pp | Confirming ↓ |
| 1 month | +3.95% | +1.48 | -4pp | -0.05pp | Confirming ↑ |
| 1 quarter | -1.55% | -1.32 | +12pp | +3.78pp | Confirming ↓ |
Over the last 126 sessions: price up +30.75%, breadth up (+4.52/name) · % beating 52→40 · median−ETF +1.75pp→-0.89pp.
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 2026-10-12.
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 | 0 (0%) | 23 (92%) | -23 |
| 1-Month | 0 (0%) | 2 (8%) | -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 |
|---|---|---|---|---|---|---|---|
| Equipment + EDAtools + design software | 8 | 25.28% | -2.33% | -8.17% | +4.53% | 0 / 8 | +1.87pp |
| Architectscompute + foundry | 5 | 40.9% | -1.88% | -5.27% | +2.84% | 0 / 5 | +1.61pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -2.22% | -9.98% | +2.33% | 1 / 9 | +1.08pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -3.54% | -9.91% | -0.07% | 0 / 2 | -0.01pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -2.05% | -2.16% | -0.12pp | 1 / 24 | 12 / 13 | 14 of 25 | ±1.38% |
| 5d | -6.77% | -8.09% | -1.32pp | 1 / 24 | 10 / 15 | 4 of 25 | ±4.48% |
| 21d | +3.95% | +3.06% | -0.89pp | 16 / 9 | 10 / 15 | 4 of 25 | ±8.66% |
| YTD | +64.10% | +57.05% | -7.06pp | 25 / 0 | 11 / 14 | 2 of 25 | ±68.2% |
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)
- ADI+0.01%+0pp
- MU-3.88%-0.3pp
- INTC-3.20%-0.24pp
- NVDA-1.29%-0.18pp
- TSM-1.98%-0.18pp
- AMD-2.28%-0.17pp
This month (21d)
- AMD+15.13%+1.1pp
- NVDA+3.68%+0.53pp
- MRVL+12.60%+0.52pp
- SNPS+26.46%+0.47pp
- CDNS+20.41%+0.43pp
- QCOM-4.14%-0.17pp
- INTC-1.54%-0.12pp
- AVGO-1.83%-0.11pp
- NXPI-4.39%-0.05pp
- ARM-3.61%-0.04pp
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)
- SNPS+26.46%
- CDNS+20.41%
- AMD+15.13%
- MRVL+12.60%
- ALAB+11.29%
- SWKS-15.45%
- NXPI-4.39%
- QCOM-4.14%
- ARM-3.61%
- STM-2.00%
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% | 226.32 | -1.29% | -5.27% | +3.68% | +21.50% | 52 |
| TSM Taiwan Semiconductor ADR | 9.19% | 444.35 | -1.98% | -8.53% | +2.84% | +46.55% | 44 |
| MU Micron Technology | 7.60% | 989.04 | -3.88% | -7.04% | +1.41% | +246.68% | 40 |
| INTC Intel Corp | 7.58% | 101.35 | -3.20% | -12.77% | -1.54% | +174.66% | 24 |
| AMD Adv Micro Devices | 7.29% | 594.24 | -2.28% | -5.94% | +15.13% | +177.47% | 88 |
| AVGO Broadcom Ltd | 5.95% | 354.73 | -1.88% | -2.15% | -1.83% | +2.71% | 20 |
| KLAC K L A-Tencor Corp | 5.07% | 190.12 | -2.79% | -8.09% | +5.25% | +57.05% | 64 |
| LRCX Lam Research Corp | 4.89% | 309.56 | -2.91% | -10.48% | +3.80% | +81.18% | 56 |
| AMAT Applied Materials | 4.72% | 497.53 | -1.87% | -8.25% | +8.99% | +93.84% | 76 |
| TXN Texas Instruments | 4.42% | 281.74 | -0.70% | -4.46% | +4.85% | +63.46% | 60 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1750.24 | -1.69% | -5.89% | +3.06% | +64.17% | 48 |
| QCOM Qualcomm Inc | 4.16% | 174.43 | -0.61% | -3.52% | -4.14% | +2.63% | 8 |
| MRVL Marvell Technology Inc | 4.12% | 265.86 | -3.42% | -1.97% | +12.60% | +213.23% | 84 |
| ADI Analog Devices | 3.82% | 406.25 | +0.01% | -3.07% | +7.25% | +50.26% | 72 |
| CDNS Cadence Design Sys | 2.09% | 348.42 | -1.25% | -1.43% | +20.41% | +11.47% | 92 |
| SNPS Synopsys Inc | 1.77% | 502.51 | -1.47% | +2.87% | +26.46% | +6.98% | 96 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 50.48 | -3.03% | -12.48% | -2.00% | +95.16% | 16 |
| ARM Arm Holdings Plc ADR | 1.19% | 255.24 | -4.15% | -15.73% | -3.61% | +133.50% | 12 |
| TER Teradyne Inc | 1.19% | 383.85 | -4.68% | -13.65% | +1.09% | +98.39% | 36 |
| NXPI Nxp Semiconductors | 1.19% | 225.21 | -1.02% | -6.93% | -4.39% | +4.29% | 4 |
| MPWR Monolithic Power Sys | 1.10% | 1319.23 | -4.84% | -10.86% | +6.87% | +45.84% | 68 |
| ALAB Astera Labs Inc | 0.92% | 324.11 | -5.29% | -10.55% | +11.29% | +94.82% | 80 |
| MCHP Microchip Technology | 0.91% | 73.83 | -2.28% | -9.40% | -0.50% | +16.55% | 28 |
| ON On Semiconductor | 0.70% | 76.00 | -1.97% | -11.56% | -0.18% | +40.35% | 32 |
| SWKS Skyworks Solutions | 0.18% | 74.70 | -2.16% | -10.98% | -15.45% | +20.24% | 0 |
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 2026-10-13: over 21 sessions the fund returned +3.95% while its median constituent returned +3.06% — a dispersion of 8.66 pp; 40% of 25 members beat the fund. Broad advance - breadth is rising with price.
How did SMH's members trade in the last session?
As of 2026-10-13: fund -2.05%, median member -2.16%, 1 advancers vs 24 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.