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 | +8.27% | +1.32 | -4pp | -3.57pp | Confirming ↑ |
| 1 month | +21.31% | +3.4 | -8pp | -2.11pp | Confirming ↑ |
| 1 quarter | +67.09% | +10.92 | -12pp | -5.89pp | Confirming ↑ |
Over the last 126 sessions: price up +95.12%, breadth up (+14.6/name) · % beating 48→40 · median−ETF -0.04pp→-5.72pp.
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 2026-06-18.
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 | 15 (60%) | 0 (0%) | +15 |
| 1-Month | 9 (36%) | 0 (0%) | +9 |
| 3-Month | 9 (36%) | 0 (0%) | +9 |
| 6-Month | 9 (36%) | 0 (0%) | +9 |
| 52-Week | 9 (36%) | 0 (0%) | +9 |
| YTD | 9 (36%) | 0 (0%) | +9 |
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% | +9.67% | +14.21% | +41.61% | 2 / 0 | +6.32pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +4.03% | +7.51% | +36.25% | 6 / 2 | +7.67pp |
| Architectscompute + foundry | 5 | 40.9% | +4.86% | +9.75% | +15.59% | 5 / 0 | +3.81pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +6.90% | +5.15% | +8.01% | 10 / 0 | +4.97pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +5.76% | +6.01% | +0.26pp | 23 / 2 | 13 / 12 | 6 of 25 | ±2.93% |
| 5d | +8.27% | +7.39% | -0.88pp | 22 / 3 | 11 / 14 | 4 of 25 | ±6.63% |
| 21d | +21.31% | +16.65% | -4.66pp | 22 / 2 | 10 / 14 | 1 of 24 | ±27.59% |
| YTD | +83.23% | +84.16% | +0.92pp | 23 / 1 | 12 / 12 | 0 of 24 | ±93.54% |
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)
- INTC+10.64%+0.81pp
- MU+8.70%+0.66pp
- TSM+6.94%+0.64pp
- KLAC+8.73%+0.44pp
- NVDA+2.95%+0.42pp
- SNPS-1.35%-0.02pp
- CDNS-0.57%-0.01pp
This month (21d)
- MU+62.29%+4.73pp
- MRVL+76.20%+3.14pp
- AMAT+51.85%+2.45pp
- AMD+29.78%+2.17pp
- LRCX+42.31%+2.07pp
- NVDA-4.50%-0.64pp
- SNPS-7.77%-0.14pp
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)
- ARM+96.93%
- MRVL+76.20%
- ALAB+70.75%
- MU+62.29%
- AMAT+51.85%
- SNPS-7.77%
- NVDA-4.50%
- AVGO+0.07%
- SWKS+3.87%
- ADI+4.86%
SMH — constituent leadership race
$100 in each covered SMH constituent at 2025-12-16, 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% | 210.69 | +2.95% | +2.84% | -4.50% | +12.98% | 4 |
| TSM Taiwan Semiconductor ADR | 9.19% | 462.12 | +6.94% | +9.75% | +17.70% | +52.41% | 50 |
| MU Micron Technology | 7.60% | 1133.99 | +8.70% | +13.87% | +62.29% | +297.49% | 83 |
| INTC Intel Corp | 7.58% | 133.99 | +10.64% | +14.56% | +20.93% | +263.12% | 54 |
| AMD Adv Micro Devices | 7.29% | 537.37 | +4.86% | +10.02% | +29.78% | +150.92% | 63 |
| AVGO Broadcom Ltd | 5.95% | 411.35 | +4.70% | +6.69% | +0.07% | +19.10% | 8 |
| KLAC K L A-Tencor Corp | 5.07% | 259.56 | +8.73% | +7.63% | — | — | — |
| LRCX Lam Research Corp | 4.89% | 389.04 | +3.97% | +7.39% | +42.31% | +127.54% | 75 |
| AMAT Applied Materials | 4.72% | 617.11 | +4.08% | +11.67% | +51.85% | +140.43% | 79 |
| TXN Texas Instruments | 4.42% | 322.86 | +6.95% | +8.67% | +6.80% | +87.31% | 29 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1929.68 | +3.31% | +1.59% | +32.22% | +81.00% | 67 |
| QCOM Qualcomm Inc | 4.16% | 226.11 | +6.17% | +11.41% | +15.59% | +33.04% | 46 |
| MRVL Marvell Technology Inc | 4.12% | 310.58 | +7.27% | +10.64% | +76.20% | +265.92% | 92 |
| ADI Analog Devices | 3.82% | 434.46 | +4.83% | +5.42% | +4.86% | +60.70% | 17 |
| CDNS Cadence Design Sys | 2.09% | 387.39 | -0.57% | +0.95% | +14.57% | +23.93% | 38 |
| SNPS Synopsys Inc | 1.77% | 455.51 | -1.35% | -0.17% | -7.77% | -3.03% | 0 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 78.39 | +6.86% | +0.35% | +28.03% | +203.06% | 58 |
| ARM Arm Holdings Plc ADR | 1.19% | 439.46 | +4.91% | +28.41% | +96.93% | +302.03% | 96 |
| TER Teradyne Inc | 1.19% | 437.92 | +7.19% | +14.82% | +36.25% | +126.34% | 71 |
| NXPI Nxp Semiconductors | 1.19% | 313.27 | +5.05% | +3.54% | +6.45% | +45.07% | 21 |
| MPWR Monolithic Power Sys | 1.10% | 1563.70 | +7.97% | -1.63% | +6.51% | +72.87% | 25 |
| ALAB Astera Labs Inc | 0.92% | 417.07 | +11.31% | +13.50% | +70.75% | +150.70% | 88 |
| MCHP Microchip Technology | 0.91% | 99.77 | +6.01% | +7.35% | +9.22% | +57.50% | 33 |
| ON On Semiconductor | 0.70% | 121.62 | +7.70% | +4.88% | +14.71% | +124.60% | 42 |
| SWKS Skyworks Solutions | 0.18% | 72.45 | +4.42% | -0.38% | +3.87% | +16.62% | 13 |
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.