Constituent dispersion · breadth vs the index
QTEC — First Trust Nasdaq-100 Technology
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 | -1.89% | -0.38 | +18pp | +1.80pp | Confirming ↓ |
| 1 month | -6.35% | -1.64 | +20pp | +5.13pp | Confirming ↓ |
| 1 quarter | -4.20% | -1.04 | +20pp | +8.01pp | Confirming ↓ |
Over the last 126 sessions: price up +37.11%, breadth up (+4.44/name) · % beating 51→62 · median−ETF +0.08pp→+1.06pp.
Stocks above their moving average — participation breadth
Of the 45 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 45 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 | 20 (44%) | 19 (42%) | +1 |
| 1-Month | 7 (16%) | 9 (20%) | -2 |
| 3-Month | 2 (4%) | 6 (13%) | -4 |
| 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 | -0.71% | +0.24% | +0.95pp | 23 / 22 | 23 / 22 | 2 of 45 | ±6.34% |
| 5d | -1.89% | -0.81% | +1.09pp | 19 / 26 | 24 / 21 | 2 of 45 | ±6.21% |
| 21d | -6.35% | -5.29% | +1.06pp | 15 / 30 | 28 / 17 | 6 of 45 | ±10.69% |
| YTD | +33.07% | +11.70% | -21.37pp | 28 / 17 | 18 / 27 | 1 of 45 | ±102.19% |
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%+0.37pp
- PANW+13.09%+0.34pp
- FTNT+9.04%+0.25pp
- ZS+16.52%+0.22pp
- TRI+8.70%+0.12pp
- ARM-9.74%-0.44pp
- MRVL-7.32%-0.4pp
- INTC-5.59%-0.22pp
- MU-5.25%-0.19pp
- LRCX-8.29%-0.18pp
This month (21d)
- MSTR+41.03%+0.59pp
- QCOM+9.32%+0.26pp
- META+11.87%+0.19pp
- AAPL+9.11%+0.17pp
- APP+6.90%+0.13pp
- ARM-14.23%-0.64pp
- AMAT-20.56%-0.44pp
- STX-12.57%-0.43pp
- LRCX-18.85%-0.42pp
- KLAC-19.15%-0.41pp
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)
- MSTR+41.03%
- META+11.87%
- QCOM+9.32%
- AAPL+9.11%
- CTSH+8.75%
- AMAT-20.56%
- KLAC-19.15%
- LRCX-18.85%
- AVGO-17.50%
- MPWR-16.10%
QTEC — constituent leadership race
$100 in each covered QTEC 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 — 45 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| MRVL Marvell Technology Inc | 5.46% | 218.82 | -7.32% | -2.12% | -1.51% | +157.81% | 62 |
| ARM Arm Holdings Plc ADR | 4.51% | 239.01 | -9.74% | -5.19% | -14.23% | +118.65% | 16 |
| AMD Adv Micro Devices | 3.94% | 493.41 | -4.40% | +3.32% | +2.15% | +130.39% | 80 |
| INTC Intel Corp | 3.87% | 97.19 | -5.59% | +1.45% | -7.05% | +163.39% | 33 |
| MU Micron Technology | 3.57% | 924.03 | -5.25% | -9.10% | -2.72% | +223.89% | 58 |
| STX Seagate Technology Holdings | 3.42% | 805.55 | -2.97% | -5.15% | -12.57% | +193.02% | 20 |
| WDC Western Digital Corp | 2.98% | 426.94 | -4.53% | -8.64% | -12.38% | +147.95% | 22 |
| DDOG Datadog Inc Cl A | 2.95% | 230.05 | +4.00% | +8.04% | -8.80% | +69.17% | 27 |
| QCOM Qualcomm Inc | 2.83% | 180.15 | -1.00% | +6.76% | +9.32% | +6.00% | 93 |
| FTNT Fortinet Inc | 2.79% | 170.18 | +9.04% | +8.89% | +2.87% | +114.31% | 82 |
| CRWD Crowdstrike Holdings | 2.67% | 235.38 | +13.85% | +10.46% | +4.37% | +100.85% | 84 |
| SNDK Sandisk Corp | 2.63% | 1551.99 | -4.98% | -10.81% | +1.56% | +553.80% | 73 |
| PANW Palo Alto Networks | 2.60% | 373.94 | +13.09% | +12.21% | -5.57% | +103.01% | 44 |
| NXPI Nxp Semiconductors | 2.55% | 224.23 | -5.24% | -1.58% | -3.31% | +3.84% | 53 |
| TXN Texas Instruments | 2.47% | 263.42 | -1.97% | +1.93% | -3.66% | +52.83% | 51 |
| MPWR Monolithic Power Sys | 2.35% | 1143.24 | -7.39% | -6.59% | -16.10% | +26.39% | 9 |
| MCHP Microchip Technology | 2.32% | 71.48 | -3.67% | -3.63% | -7.99% | +12.84% | 29 |
| LRCX Lam Research Corp | 2.23% | 273.49 | -8.29% | -11.10% | -18.85% | +60.07% | 4 |
| CDNS Cadence Design Sys | 2.20% | 279.06 | -3.56% | -4.66% | -13.81% | -10.72% | 18 |
| KLAC K L A-Tencor Corp | 2.16% | 169.09 | -6.39% | -8.90% | -19.15% | +39.68% | 2 |
| AMAT Applied Materials | 2.13% | 424.21 | -7.07% | -6.71% | -20.56% | +65.27% | 0 |
| ADI Analog Devices | 2.10% | 361.02 | -4.69% | -0.34% | -5.29% | +33.54% | 49 |
| AVGO Broadcom Ltd | 2.05% | 344.72 | -4.77% | -3.68% | -17.50% | -0.19% | 7 |
| ASML ASML Holdings NY Reg ADR | 2.02% | 1575.15 | -7.25% | -8.15% | -14.76% | +47.75% | 13 |
| NVDA Nvidia Corp | 1.92% | 210.96 | -3.36% | -8.32% | -6.36% | +13.25% | 36 |
| APP Applovin Corp Cl A | 1.92% | 334.24 | +3.17% | +4.27% | +6.90% | -50.40% | 87 |
| AAPL Apple Inc | 1.90% | 333.08 | +0.24% | +4.10% | +9.11% | +22.63% | 91 |
| SNPS Synopsys Inc | 1.78% | 381.43 | -4.01% | -3.15% | -7.36% | -18.80% | 31 |
| MSFT Microsoft Corp | 1.70% | 505.41 | +1.97% | +1.14% | +1.91% | +4.74% | 78 |
| WDAY Workday Inc | 1.65% | 194.21 | +4.58% | -0.81% | -5.93% | -9.58% | 38 |
| META META Platforms Inc | 1.60% | 665.60 | +2.71% | +7.92% | +11.87% | +0.92% | 96 |
| ADBE Adobe Systems Inc | 1.58% | 265.60 | +5.30% | -0.34% | -1.81% | -24.11% | 60 |
| DASH Doordash Inc Cl A | 1.55% | 203.54 | +0.79% | -3.87% | -5.88% | -10.13% | 40 |
| SHOP Shopify Inc | 1.51% | 133.89 | +3.96% | -7.72% | -15.54% | -16.82% | 11 |
| MSTR Strategy Inc | 1.45% | 136.94 | +4.56% | -4.10% | +41.03% | -9.88% | 98 |
| ADSK Autodesk Inc | 1.43% | 228.93 | +7.78% | +5.06% | -11.25% | -22.66% | 24 |
| PLTR Palantir Technologies Cl A | 1.43% | 173.31 | +3.64% | -0.59% | -3.18% | -2.50% | 56 |
| ROP Roper Industries | 1.42% | 394.61 | +1.57% | -3.11% | -0.73% | -10.94% | 64 |
| TRI Thomson Reuters Corp | 1.37% | 105.82 | +8.70% | +0.13% | +0.41% | -17.98% | 67 |
| PDD Pdd Holdings Inc | 1.35% | 79.38 | +2.02% | -3.44% | -5.69% | -29.99% | 42 |
| ZS Zscaler Inc | 1.35% | 191.73 | +16.52% | +12.92% | +1.89% | -14.76% | 76 |
| CTSH Cognizant Tech Sol | 1.31% | 64.10 | +6.83% | +2.87% | +8.75% | -22.38% | 89 |
| INTU Intuit Inc | 1.01% | 339.15 | +5.47% | +1.94% | -5.34% | -48.55% | 47 |
| GOOGL Alphabet Cl A | 0.94% | 349.39 | +3.22% | +3.23% | +0.87% | +11.70% | 71 |
| GOOG Alphabet Cl C | 0.94% | 345.71 | +3.06% | +3.10% | +0.51% | +10.25% | 69 |
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
QTEC dispersion — data Q&A
Is QTEC's move broad or carried by a few names (21 sessions)?
As of 2026-09-14: over 21 sessions the fund returned -6.35% while its median constituent returned -5.29% — a dispersion of 10.69 pp; 62% of 45 members beat the fund. Broad decline - breadth is falling with price.
How did QTEC's members trade in the last session?
As of 2026-09-14: fund -0.71%, median member +0.24%, 23 advancers vs 22 decliners.
What does the dispersion page for QTEC 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. 45 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.