Constituent dispersion · breadth vs the index
MXI — Global Materials
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 | -4.27% | -1.75 | +7pp | +1.23pp | Confirming ↓ |
| 1 month | -0.76% | -1.25 | -5pp | -2.54pp | Weakening |
| 1 quarter | -0.53% | -1.17 | -18pp | -4.87pp | Weakening |
Over the last 126 sessions: price up +6.05%, breadth down (-0.88/name) · % beating 39→45 · median−ETF -2.98pp→-2.11pp.
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -1.50% | -1.11% | +0.39pp | 12 / 46 | 36 / 23 | 26 of 59 | ±1.78% |
| 5d | -4.27% | -3.51% | +0.76pp | 5 / 54 | 35 / 24 | 15 of 59 | ±2.96% |
| 21d | -0.76% | -2.93% | -2.17pp | 22 / 35 | 25 / 33 | 4 of 58 | ±8.29% |
| YTD | +15.36% | +12.88% | -2.49pp | 42 / 14 | 25 / 32 | 4 of 57 | ±20.29% |
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)
- AI+5.98%+0.24pp
- AAL+0.69%+0.01pp
- GIVN.SW+1.33%+0.01pp
- CRH+0.49%+0.01pp
- SHW+0.37%+0.01pp
- BHP-2.77%-0.19pp
- NEM-2.95%-0.11pp
- RIO-2.26%-0.08pp
- VALE-4.07%-0.08pp
- FCX-2.43%-0.07pp
This month (21d)
- AI+9.72%+0.39pp
- NEM+7.78%+0.3pp
- AEM+9.77%+0.29pp
- WPM+13.66%+0.26pp
- FNV+13.00%+0.19pp
- AAL-13.01%-0.26pp
- SHW-10.04%-0.24pp
- LIN-2.88%-0.23pp
- BHP-2.85%-0.2pp
- CRH-8.56%-0.19pp
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)
- MOS+15.01%
- NTR+14.12%
- WPM+13.66%
- FNV+13.00%
- CF+12.70%
- HEI-18.25%
- IP-15.76%
- DD-13.75%
- AAL-13.01%
- ALB-11.84%
MXI — constituent leadership race
$100 in each covered MXI constituent at 2026-01-06, 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 |
|---|---|---|---|---|---|---|---|
| LIN Linde Plc | 7.90% | 464.41 | -0.39% | -2.76% | -2.88% | +9.28% | 50 |
| BHP Bhp Billiton Ltd ADR | 7.04% | 84.74 | -2.77% | -6.28% | -2.85% | +43.13% | 52 |
| AI C3.Ai Inc Cl A | 3.96% | 11.17 | +5.98% | +6.79% | +9.72% | -17.14% | 84 |
| NEM Newmont Mining Corp | 3.89% | 123.07 | -2.95% | -3.92% | +7.78% | +23.79% | 81 |
| RIO Rio Tinto Plc ADR | 3.65% | 7207.00 | -2.26% | -5.69% | +0.57% | +23.52% | 67 |
| FCX Freeport-Mcmoran Inc | 2.94% | 69.34 | -2.43% | -4.66% | +3.76% | +37.16% | 72 |
| AEM Agnico-Eagle Mines Ltd | 2.93% | 197.55 | -1.40% | -3.51% | +9.77% | +17.28% | 86 |
| GLEN.LSE GLENCORE PLC | 2.41% | 591.00 | -2.39% | -2.12% | +5.37% | +45.39% | 74 |
| SHW Sherwin-Williams Company | 2.35% | 324.50 | +0.37% | -2.76% | -10.04% | +0.37% | 10 |
| CRH CRH Plc ADR | 2.23% | 88.98 | +0.49% | -5.60% | -8.56% | -28.19% | 21 |
| APD Air Products and Chemicals | 2.13% | 287.13 | -1.48% | -4.69% | -6.02% | +17.82% | 33 |
| ECL Ecolab Inc | 2.10% | 275.51 | -0.24% | -1.35% | -0.27% | +5.23% | 59 |
| AAL American Airlines Gp | 1.97% | 13.10 | +0.69% | -0.23% | -13.01% | -14.55% | 5 |
| VALE Vale S.A. ADR | 1.94% | 14.61 | -4.07% | -4.32% | +5.87% | +15.32% | 78 |
| WPM Wheaton Precious Metals | 1.90% | 149.67 | -2.89% | -3.43% | +13.66% | +27.92% | 95 |
| CTVA Corteva Inc | 1.75% | 82.54 | -1.62% | -6.06% | +8.91% | +23.70% | 83 |
| NUE Nucor Corp | 1.70% | 254.63 | -1.85% | -2.47% | -6.49% | +56.64% | 29 |
| RIO Rio Tinto Plc ADR | 1.58% | 7207.00 | -2.26% | -5.69% | +0.57% | +23.52% | 67 |
| HOLN.SW HOLCIM LTD AG | 1.52% | 68.70 | -2.47% | -6.83% | -4.10% | -9.53% | 43 |
| FNV Franco Nev Corp | 1.43% | 261.67 | -1.63% | -1.53% | +13.00% | +26.72% | 93 |
| VMC Vulcan Materials Company | 1.14% | 250.54 | -0.87% | -4.60% | -9.72% | -11.82% | 14 |
| K Kellanova | 1.13% | 83.44 | +0.00% | +0.35% | — | +0.00% | — |
| NTR Nutrien Ltd | 1.11% | 77.00 | -1.85% | -3.11% | +14.12% | +26.80% | 97 |
| MLM Martin Marietta Materials | 1.07% | 500.92 | -1.77% | -2.69% | -8.05% | -19.34% | 26 |
| STLD Steel Dynamics Inc | 1.05% | 234.53 | -2.19% | -3.11% | -9.98% | +38.83% | 12 |
| SIKA.XETRA SIKA AG | 0.96% | 192.70 | -1.48% | -6.09% | -4.65% | +12.88% | 38 |
| GIVN.SW GIVAUDAN SA | 0.95% | 3206.00 | +1.33% | -0.77% | -1.99% | +4.72% | 53 |
| DOW Dow Inc | 0.85% | 28.90 | -0.45% | -1.83% | -4.81% | +26.35% | 36 |
| HEI Heico Corp | 0.83% | 303.75 | -3.88% | -6.68% | -18.25% | -6.10% | 0 |
| PPG PPG Industries | 0.79% | 105.25 | -0.24% | -6.47% | -8.26% | +3.99% | 24 |
| DSFIR.SW DSM FIRMENICH AG | 0.68% | 86.00 | +1.18% | -2.93% | +1.96% | — | 71 |
| ALB Albemarle Corp | 0.66% | 115.03 | -2.12% | -8.60% | -11.84% | -18.47% | 7 |
| SW Smurfit Westrock Plc | 0.65% | 43.75 | +1.23% | -4.54% | -11.74% | +15.44% | 9 |
| DD Dupont Denemours Inc | 0.63% | 124.29 | -2.13% | -5.55% | -13.75% | +3.88% | 3 |
| IFF International Flavors & Fragrances | 0.63% | 83.43 | -0.22% | -3.38% | -0.75% | +24.53% | 57 |
| PKG Packaging Corp of America | 0.63% | 233.26 | -0.49% | -1.68% | -9.26% | +13.77% | 17 |
| CF Cf Industries Holdings | 0.63% | 131.24 | -1.38% | -1.58% | +12.70% | +71.29% | 91 |
| ANTO.LSE ANTOFAGASTA PLC | 0.59% | 3586.00 | -5.38% | -8.00% | -4.53% | +9.37% | 40 |
| LYB Lyondellbasell Industries NV | 0.59% | 62.75 | -1.48% | -1.21% | +0.56% | +48.21% | 66 |
| AMCR Amcor Plc | 0.58% | 42.25 | -0.17% | -6.42% | -8.90% | — | 19 |
| IP International Paper Company | 0.55% | 34.25 | -0.32% | -8.03% | -15.76% | -10.87% | 2 |
| BOL.ST BOLIDEN | 0.53% | 525.60 | -4.44% | -4.44% | +0.11% | +4.32% | 62 |
| NHY.OL NORSK HYDRO | 0.51% | 86.08 | -1.67% | -8.83% | -4.10% | +13.27% | 45 |
| UPM.HE UPM-KYMMENE | 0.51% | 25.46 | -1.20% | +5.56% | +10.70% | +5.65% | 90 |
| BALL Ball Corporation | 0.49% | 60.71 | +1.35% | -3.13% | -1.97% | +15.38% | 55 |
| SCCO Southern Copper Corp | 0.49% | 188.35 | -2.66% | -5.24% | +0.41% | +35.02% | 64 |
| S32.LSE SOUTH32 LTD | 0.44% | 255.00 | -3.48% | -5.76% | +0.00% | +45.83% | 60 |
| AVY Avery Dennison Corp | 0.41% | 170.92 | +0.91% | -2.36% | -5.05% | -4.96% | 34 |
| SQM Sociedad Quimica Y Minera S.A. ADR | 0.37% | 69.73 | -0.21% | -7.63% | -3.37% | +2.09% | 47 |
| AKZA.AS AKZO NOBEL NV | 0.33% | 57.62 | -1.06% | -4.22% | -7.45% | +0.28% | 28 |
| YAR.OL YARA INTERNATIONAL | 0.31% | 460.90 | +1.90% | +0.59% | +10.18% | +11.33% | 88 |
| STERV.HE STORA ENSO CLASS R | 0.23% | 10.14 | +0.10% | -0.39% | +5.71% | -4.07% | 76 |
| MOS Mosaic Company | 0.23% | 25.05 | -0.56% | -2.27% | +15.01% | +5.93% | 98 |
| SCA-B.ST SVENSKA CELLULOSA B | 0.20% | 116.75 | +0.21% | +0.17% | +7.55% | -2.09% | 79 |
| CRDA.LSE CRODA INTERNATIONAL PLC | 0.18% | 3148.00 | -0.91% | -3.52% | -4.17% | +19.31% | 41 |
| SYENS.BR SYENSQO NV | 0.17% | 80.00 | -0.50% | -0.44% | -2.97% | +19.92% | 48 |
| JMAT.LSE JOHNSON MATTHEY PLC | 0.16% | 2218.00 | -0.81% | -3.82% | -9.28% | -4.41% | 16 |
| AKE.PA ARKEMA SA | 0.15% | 56.95 | -0.09% | -3.56% | -8.44% | +15.91% | 22 |
| MNDI.LSE MONDI PLC | 0.14% | 816.60 | -1.11% | -2.44% | -6.37% | -9.64% | 31 |
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
MXI dispersion — data Q&A
Is MXI's move broad or carried by a few names (21 sessions)?
As of 2026-09-14: over 21 sessions the fund returned -0.76% while its median constituent returned -2.93% — a dispersion of 8.29 pp; 43% of 58 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did MXI's members trade in the last session?
As of 2026-09-14: fund -1.50%, median member -1.11%, 12 advancers vs 46 decliners.
What does the dispersion page for MXI 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.