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 | -1.30% | -0.36 | -8pp | -2.08pp | Confirming ↓ |
| 1 month | +2.64% | -0.44 | -24pp | -5.31pp | Weakening |
| 1 quarter | -7.65% | -3.56 | -16pp | -2.21pp | Confirming ↓ |
Over the last 126 sessions: price up +36.10%, breadth up (+5.72/name) · % beating 44→32 · median−ETF -0.89pp→-4.46pp.
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 2026-08-28.
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%) | 10 (40%) | -10 |
| 1-Month | 0 (0%) | 7 (28%) | -7 |
| 3-Month | 0 (0%) | 1 (4%) | -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 |
|---|---|---|---|---|---|---|---|
| Architectscompute + foundry | 5 | 40.9% | -2.29% | +0.09% | +3.52% | 0 / 5 | +1.73pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -1.56% | -2.09% | +2.42% | 0 / 2 | +0.37pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -4.54% | -3.84% | +0.19% | 0 / 8 | +0.02pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -3.40% | -2.25% | -3.98% | 0 / 10 | +0.02pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -3.47% | -3.39% | +0.08pp | 0 / 25 | 14 / 11 | 8 of 25 | ±2.12% |
| 5d | -1.30% | -2.16% | -0.85pp | 6 / 19 | 9 / 16 | 8 of 25 | ±4.07% |
| 21d | +2.64% | -1.82% | -4.46pp | 10 / 15 | 8 / 17 | 3 of 25 | ±7.91% |
| YTD | +53.59% | +44.47% | -9.12pp | 22 / 2 | 11 / 13 | 0 of 24 | ±58.61% |
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)
- NVDA-4.57%-0.65pp
- MRVL-10.28%-0.42pp
- LRCX-5.24%-0.26pp
- KLAC-4.48%-0.23pp
- INTC-2.85%-0.22pp
This month (21d)
- NVDA+11.54%+1.65pp
- MRVL+18.18%+0.75pp
- MU+6.65%+0.51pp
- QCOM+8.30%+0.35pp
- SNPS+18.88%+0.33pp
- AMAT-7.99%-0.38pp
- TXN-6.74%-0.3pp
- AMD-4.08%-0.3pp
- AVGO-4.91%-0.29pp
- INTC-1.82%-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)
- SNPS+18.88%
- MRVL+18.18%
- NVDA+11.54%
- QCOM+8.30%
- MU+6.65%
- ON-13.29%
- NXPI-8.80%
- AMAT-7.99%
- STM-6.94%
- TXN-6.74%
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% | 217.55 | -4.57% | +1.32% | +11.54% | +16.79% | 88 |
| TSM Taiwan Semiconductor ADR | 9.19% | 417.52 | -2.29% | -0.34% | +3.52% | +37.70% | 72 |
| MU Micron Technology | 7.60% | 932.86 | -0.27% | -3.51% | +6.65% | +226.99% | 80 |
| INTC Intel Corp | 7.58% | 89.47 | -2.85% | -0.67% | -1.82% | +142.47% | 48 |
| AMD Adv Micro Devices | 7.29% | 465.58 | -2.33% | -1.62% | -4.08% | +117.40% | 28 |
| AVGO Broadcom Ltd | 5.95% | 368.79 | -0.74% | +0.09% | -4.91% | +6.78% | 20 |
| KLAC K L A-Tencor Corp | 5.07% | 175.54 | -4.48% | -4.59% | -2.55% | — | 44 |
| LRCX Lam Research Corp | 4.89% | 301.90 | -5.24% | -3.85% | +1.40% | +76.70% | 60 |
| AMAT Applied Materials | 4.72% | 461.67 | -4.29% | -6.23% | -7.99% | +79.87% | 8 |
| TXN Texas Instruments | 4.42% | 258.64 | -2.96% | -2.16% | -6.74% | +50.05% | 16 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1696.16 | -2.24% | -3.83% | +2.71% | +59.10% | 68 |
| QCOM Qualcomm Inc | 4.16% | 164.19 | -0.36% | +2.14% | +8.30% | -3.39% | 84 |
| MRVL Marvell Technology Inc | 4.12% | 216.62 | -10.28% | -8.61% | +18.18% | +155.22% | 92 |
| ADI Analog Devices | 3.82% | 361.78 | -3.40% | -3.03% | -1.33% | +33.82% | 52 |
| CDNS Cadence Design Sys | 2.09% | 340.39 | -2.06% | +6.70% | +2.27% | +8.90% | 64 |
| SNPS Synopsys Inc | 1.77% | 442.61 | -4.79% | +11.24% | +18.88% | -5.77% | 96 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 49.38 | -3.82% | -2.33% | -6.94% | +90.90% | 12 |
| ARM Arm Holdings Plc ADR | 1.19% | 239.05 | -6.33% | -1.75% | -1.03% | +118.69% | 56 |
| TER Teradyne Inc | 1.19% | 354.97 | -4.59% | -5.53% | -2.88% | +83.47% | 36 |
| NXPI Nxp Semiconductors | 1.19% | 223.58 | -1.01% | -0.88% | -8.80% | +3.54% | 4 |
| MPWR Monolithic Power Sys | 1.10% | 1256.26 | -4.18% | -4.56% | -4.55% | +38.88% | 24 |
| ALAB Astera Labs Inc | 0.92% | 289.47 | -4.81% | +1.58% | -3.41% | +74.00% | 32 |
| MCHP Microchip Technology | 0.91% | 72.93 | -3.39% | -3.56% | -2.77% | +15.13% | 40 |
| ON On Semiconductor | 0.70% | 72.61 | -2.93% | -2.16% | -13.29% | +34.09% | 0 |
| SWKS Skyworks Solutions | 0.18% | 65.79 | -2.33% | -2.01% | +5.30% | +5.90% | 76 |
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 2026-08-28: over 21 sessions the fund returned +2.64% while its median constituent returned -1.82% — a dispersion of 7.91 pp; 32% of 25 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did SMH's members trade in the last session?
As of 2026-08-28: fund -3.47%, median member -3.39%, 0 advancers vs 25 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 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.