Constituent dispersion · breadth vs the index
QQEW — First Trust Nasdaq-100 Equal Weight
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 | -2.38% | -0.53 | +12pp | +1.21pp | Confirming ↓ |
| 1 month | -5.69% | -1.59 | +8pp | +0.68pp | Confirming ↓ |
| 1 quarter | +2.41% | +0.9 | +13pp | +5.13pp | Confirming ↑ |
Over the last 126 sessions: price up +19.59%, breadth up (+3.57/name) · % beating 46→54 · median−ETF -0.26pp→+0.16pp.
Stocks above their moving average — participation breadth
Of the 49 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 2026-09-14.
New highs & new lows — by horizon
How many of the 49 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 | 24 (49%) | 12 (24%) | +12 |
| 1-Month | 7 (14%) | 7 (14%) | +0 |
| 3-Month | 2 (4%) | 4 (8%) | -2 |
| 6-Month | 2 (4%) | 0 (0%) | +2 |
| 52-Week | 1 (2%) | 0 (0%) | +1 |
| YTD | 1 (2%) | 0 (0%) | +1 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.14% | +1.84% | +1.70pp | 36 / 12 | 36 / 13 | 11 of 49 | ±5.28% |
| 5d | -2.38% | -3.04% | -0.66pp | 19 / 30 | 23 / 26 | 4 of 49 | ±5.97% |
| 21d | -5.69% | -5.49% | +0.20pp | 17 / 32 | 27 / 22 | 10 of 49 | ±8.05% |
| YTD | +10.84% | +5.74% | -5.10pp | 28 / 20 | 21 / 27 | 2 of 48 | ±55.79% |
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)
- CRWD+13.85%+0.41pp
- PANW+13.09%+0.38pp
- FTNT+9.04%+0.28pp
- ZS+16.52%+0.25pp
- DDOG+4.00%+0.13pp
- ARM-9.74%-0.49pp
- MU-5.25%-0.21pp
- LRCX-8.29%-0.21pp
- MPWR-7.39%-0.19pp
- ASML-7.25%-0.16pp
This month (21d)
- META+11.87%+0.21pp
- AAPL+9.11%+0.19pp
- ALNY+10.07%+0.17pp
- APP+6.90%+0.15pp
- CRWD+4.37%+0.13pp
- ARM-14.23%-0.71pp
- STX-12.57%-0.48pp
- LRCX-18.85%-0.47pp
- KLAC-19.15%-0.46pp
- MPWR-16.10%-0.42pp
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)
- META+11.87%
- ALNY+10.07%
- AAPL+9.11%
- APP+6.90%
- GILD+5.99%
- AXON-20.37%
- KLAC-19.15%
- LRCX-18.85%
- BKNG-17.81%
- AVGO-17.50%
QQEW — constituent leadership race
$100 in each covered QQEW 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 — 49 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| ARM Arm Holdings Plc ADR | 5.02% | 239.01 | -9.74% | -5.19% | -14.23% | +118.65% | 14 |
| MU Micron Technology | 3.98% | 924.03 | -5.25% | -9.10% | -2.72% | +223.89% | 57 |
| STX Seagate Technology Holdings | 3.80% | 805.55 | -2.97% | -5.15% | -12.57% | +193.02% | 18 |
| DDOG Datadog Inc Cl A | 3.29% | 230.05 | +4.00% | +8.04% | -8.80% | +69.17% | 24 |
| FTNT Fortinet Inc | 3.10% | 170.18 | +9.04% | +8.89% | +2.87% | +114.31% | 84 |
| CRWD Crowdstrike Holdings | 2.97% | 235.38 | +13.85% | +10.46% | +4.37% | +100.85% | 88 |
| PANW Palo Alto Networks | 2.89% | 373.94 | +13.09% | +12.21% | -5.57% | +103.01% | 47 |
| MPWR Monolithic Power Sys | 2.61% | 1143.24 | -7.39% | -6.59% | -16.10% | +26.39% | 10 |
| LRCX Lam Research Corp | 2.49% | 273.49 | -8.29% | -11.10% | -18.85% | +60.07% | 4 |
| CDNS Cadence Design Sys | 2.45% | 279.06 | -3.56% | -4.66% | -13.81% | -10.72% | 16 |
| KLAC K L A-Tencor Corp | 2.40% | 169.09 | -6.39% | -8.90% | -19.15% | +39.68% | 2 |
| AVGO Broadcom Ltd | 2.28% | 344.72 | -4.77% | -3.68% | -17.50% | -0.19% | 8 |
| ASML ASML Holdings NY Reg ADR | 2.25% | 1575.15 | -7.25% | -8.15% | -14.76% | +47.75% | 12 |
| NVDA Nvidia Corp | 2.14% | 210.96 | -3.36% | -8.32% | -6.36% | +13.25% | 35 |
| APP Applovin Corp Cl A | 2.13% | 334.24 | +3.17% | +4.27% | +6.90% | -50.40% | 92 |
| AAPL Apple Inc | 2.12% | 333.08 | +0.24% | +4.10% | +9.11% | +22.63% | 94 |
| MNST Monster Beverage Corp | 2.03% | 44.20 | +1.84% | +0.87% | -5.31% | +15.30% | 53 |
| SNPS Synopsys Inc | 1.99% | 381.43 | -4.01% | -3.15% | -7.36% | -18.80% | 33 |
| MSFT Microsoft Corp | 1.89% | 505.41 | +1.97% | +1.14% | +1.91% | +4.74% | 78 |
| ADP Automatic Data Processing | 1.87% | 276.63 | +3.12% | +0.28% | +0.14% | +8.43% | 65 |
| ROST Ross Stores Inc | 1.86% | 230.04 | -0.30% | -0.09% | -6.09% | +27.97% | 37 |
| WDAY Workday Inc | 1.84% | 194.21 | +4.58% | -0.81% | -5.93% | -9.58% | 39 |
| DXCM Dexcom Inc | 1.83% | 84.68 | +1.99% | -3.66% | -7.43% | +27.59% | 31 |
| PAYX Paychex Inc | 1.81% | 118.51 | +2.34% | -2.63% | -5.49% | +6.74% | 49 |
| META META Platforms Inc | 1.78% | 665.60 | +2.71% | +7.92% | +11.87% | +0.92% | 98 |
| ADBE Adobe Systems Inc | 1.76% | 265.60 | +5.30% | -0.34% | -1.81% | -24.11% | 59 |
| ABNB Airbnb Inc Cl A | 1.76% | 170.65 | +0.27% | -6.21% | -7.82% | +25.74% | 29 |
| AXON Axon Enterprise | 1.75% | 490.18 | +2.26% | -4.94% | -20.37% | -13.69% | 0 |
| DASH Doordash Inc Cl A | 1.72% | 203.54 | +0.79% | -3.87% | -5.88% | -10.13% | 41 |
| EA Electronic Arts Inc | 1.71% | 209.70 | +0.00% | +0.05% | +2.35% | +2.73% | 80 |
| MELI Mercadolibre Inc | 1.69% | 1900.24 | +0.15% | -3.95% | +3.94% | -5.66% | 86 |
| AMGN Amgen Inc | 1.68% | 381.50 | +1.10% | -12.75% | -8.16% | +17.36% | 27 |
| IDXX Idexx Laboratories | 1.65% | 509.56 | +0.96% | -4.82% | -10.12% | -24.68% | 22 |
| ALNY Alnylam Pharmaceuticals | 1.64% | 249.99 | +0.53% | -6.06% | +10.07% | -37.13% | 96 |
| VRTX Vertex Pharmaceutic | 1.64% | 519.51 | +0.79% | -4.87% | +0.59% | +14.59% | 71 |
| BKNG Booking Holdings | 1.63% | 175.35 | +0.82% | -9.06% | -17.81% | — | 6 |
| PLTR Palantir Technologies Cl A | 1.59% | 173.31 | +3.64% | -0.59% | -3.18% | -2.50% | 55 |
| GILD Gilead Sciences Inc | 1.59% | 146.41 | +1.87% | -3.04% | +5.99% | +19.96% | 90 |
| ADSK Autodesk Inc | 1.59% | 228.93 | +7.78% | +5.06% | -11.25% | -22.66% | 20 |
| ROP Roper Industries | 1.58% | 394.61 | +1.57% | -3.11% | -0.73% | -10.94% | 63 |
| PDD Pdd Holdings Inc | 1.51% | 79.38 | +2.02% | -3.44% | -5.69% | -29.99% | 45 |
| VRSK Verisk Analytics Inc | 1.51% | 187.03 | +6.15% | +0.67% | +0.59% | -16.18% | 69 |
| ZS Zscaler Inc | 1.51% | 191.73 | +16.52% | +12.92% | +1.89% | -14.76% | 76 |
| NFLX Netflix Inc | 1.50% | 80.32 | +3.77% | +2.65% | +2.66% | -14.33% | 82 |
| ISRG Intuitive Surg Inc | 1.48% | 377.94 | +2.38% | +3.07% | -5.81% | -33.27% | 43 |
| REGN Regeneron Pharmaceuticals | 1.45% | 793.74 | +1.57% | -4.11% | -1.40% | +2.96% | 61 |
| INTU Intuit Inc | 1.12% | 339.15 | +5.47% | +1.94% | -5.34% | -48.55% | 51 |
| GOOGL Alphabet Cl A | 1.04% | 349.39 | +3.22% | +3.23% | +0.87% | +11.70% | 73 |
| GOOG Alphabet Cl C | 1.04% | 345.71 | +3.06% | +3.10% | +0.51% | +10.25% | 67 |
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
QQEW dispersion — data Q&A
Is QQEW's move broad or carried by a few names (21 sessions)?
As of 2026-09-14: over 21 sessions the fund returned -5.69% while its median constituent returned -5.49% — a dispersion of 8.05 pp; 55% of 49 members beat the fund. Broad decline - breadth is falling with price.
How did QQEW's members trade in the last session?
As of 2026-09-14: fund +0.14%, median member +1.84%, 36 advancers vs 12 decliners.
What does the dispersion page for QQEW 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. 49 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.