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 | -4.32% | -1.96 | -16pp | -3.48pp | Confirming ↓ |
| 1 month | +7.68% | +3.24 | +16pp | +2.59pp | Confirming ↑ |
| 1 quarter | +3.02% | +0.04 | +12pp | +3.75pp | Confirming ↑ |
Over the last 126 sessions: price up +36.09%, breadth up (+6.04/name) · % beating 52→48 · median−ETF +3.02pp→-0.69pp.
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 2026-10-09.
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 | 1 (4%) | 16 (64%) | -15 |
| 1-Month | 1 (4%) | 2 (8%) | -1 |
| 3-Month | 1 (4%) | 0 (0%) | +1 |
| 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 |
|---|---|---|---|---|---|---|---|
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -1.31% | -5.17% | +10.06% | 4 / 6 | +2.30pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +0.05% | -5.79% | +9.58% | 4 / 4 | +2.82pp |
| Architectscompute + foundry | 5 | 40.9% | -0.52% | -4.07% | +5.00% | 1 / 4 | +2.78pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -1.44% | -8.26% | +4.82% | 0 / 2 | +0.73pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.65% | -0.55% | +0.10pp | 9 / 16 | 14 / 11 | 14 of 25 | ±1.62% |
| 5d | -4.32% | -4.66% | -0.33pp | 4 / 21 | 12 / 13 | 7 of 25 | ±4.34% |
| 21d | +7.68% | +6.99% | -0.69pp | 23 / 2 | 12 / 13 | 1 of 25 | ±8.68% |
| YTD | +67.53% | +61.55% | -5.98pp | 25 / 0 | 10 / 15 | 1 of 25 | ±71.56% |
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)
- SNPS+2.46%+0.04pp
- ASML+0.60%+0.03pp
- CDNS+1.15%+0.02pp
- AVGO+0.39%+0.02pp
- MPWR+1.20%+0.01pp
- INTC-2.22%-0.17pp
- AMD-2.03%-0.15pp
- TSM-1.02%-0.09pp
- NVDA-0.52%-0.07pp
- TXN-1.55%-0.07pp
This month (21d)
- AMD+20.75%+1.51pp
- MRVL+21.29%+0.88pp
- NVDA+5.00%+0.72pp
- TSM+6.19%+0.57pp
- AMAT+11.68%+0.55pp
- QCOM-0.78%-0.03pp
- SWKS-9.14%-0.02pp
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+28.41%
- CDNS+23.83%
- MRVL+21.29%
- AMD+20.75%
- ALAB+20.27%
- SWKS-9.14%
- QCOM-0.78%
- AVGO+0.20%
- NXPI+0.92%
- STM+2.60%
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% | 229.28 | -0.52% | -2.00% | +5.00% | +23.09% | 28 |
| TSM Taiwan Semiconductor ADR | 9.19% | 453.31 | -1.02% | -4.12% | +6.19% | +49.51% | 44 |
| MU Micron Technology | 7.60% | 1029.00 | -0.66% | -4.27% | +5.28% | +260.69% | 32 |
| INTC Intel Corp | 7.58% | 104.70 | -2.22% | -12.26% | +4.37% | +183.74% | 20 |
| AMD Adv Micro Devices | 7.29% | 608.10 | -2.03% | -4.07% | +20.75% | +183.95% | 84 |
| AVGO Broadcom Ltd | 5.95% | 361.54 | +0.39% | +1.80% | +0.20% | +4.68% | 8 |
| KLAC K L A-Tencor Corp | 5.07% | 195.57 | -0.58% | -5.47% | +10.38% | +61.55% | 60 |
| LRCX Lam Research Corp | 4.89% | 318.84 | -0.55% | -8.24% | +6.99% | +86.61% | 48 |
| AMAT Applied Materials | 4.72% | 507.03 | -0.50% | -6.11% | +11.68% | +97.54% | 68 |
| TXN Texas Instruments | 4.42% | 283.74 | -1.55% | -3.42% | +9.63% | +64.62% | 56 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1780.34 | +0.60% | -4.66% | +5.51% | +66.99% | 36 |
| QCOM Qualcomm Inc | 4.16% | 175.50 | -0.29% | -5.07% | -0.78% | +3.26% | 4 |
| MRVL Marvell Technology Inc | 4.12% | 275.28 | +0.25% | +1.12% | +21.29% | +224.33% | 88 |
| ADI Analog Devices | 3.82% | 406.19 | +0.06% | -2.63% | +12.44% | +50.24% | 72 |
| CDNS Cadence Design Sys | 2.09% | 352.84 | +1.15% | +0.42% | +23.83% | +12.88% | 92 |
| SNPS Synopsys Inc | 1.77% | 509.99 | +2.46% | +4.10% | +28.41% | +8.57% | 96 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 52.06 | -1.23% | -9.08% | +2.60% | +101.27% | 16 |
| ARM Arm Holdings Plc ADR | 1.19% | 266.28 | -3.27% | -13.40% | +4.76% | +143.60% | 24 |
| TER Teradyne Inc | 1.19% | 402.68 | +0.99% | -10.32% | +8.78% | +108.13% | 52 |
| NXPI Nxp Semiconductors | 1.19% | 227.52 | -1.54% | -6.62% | +0.92% | +5.36% | 12 |
| MPWR Monolithic Power Sys | 1.10% | 1386.29 | +1.20% | -3.71% | +16.88% | +53.26% | 76 |
| ALAB Astera Labs Inc | 0.92% | 342.21 | -1.39% | -2.32% | +20.27% | +105.70% | 80 |
| MCHP Microchip Technology | 0.91% | 75.55 | +0.04% | -7.10% | +5.55% | +19.26% | 40 |
| ON On Semiconductor | 0.70% | 77.53 | -2.37% | -8.67% | +10.49% | +43.18% | 64 |
| SWKS Skyworks Solutions | 0.18% | 76.35 | -5.45% | -10.21% | -9.14% | +22.90% | 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 2026-10-09: over 21 sessions the fund returned +7.68% while its median constituent returned +6.99% — a dispersion of 8.68 pp; 48% 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 2026-10-09: fund -0.65%, median member -0.55%, 9 advancers vs 16 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.