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 | -4.50% | -0.52 | +16pp | +2.30pp | Confirming ↓ |
| 1 month | -8.08% | -1.88 | +4pp | +2.31pp | Confirming ↓ |
| 1 quarter | -12.66% | -3.96 | +0pp | -0.19pp | Confirming ↓ |
Over the last 126 sessions: price up +37.46%, breadth up (+6.28/name) · % beating 52→52 · median−ETF +0.78pp→+0.09pp.
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 2026-09-14.
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%) | 20 (80%) | -20 |
| 1-Month | 0 (0%) | 11 (44%) | -11 |
| 3-Month | 0 (0%) | 6 (24%) | -6 |
| 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% | -3.52% | -2.54% | -2.90% | 0 / 5 | -1.67pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -5.42% | -3.83% | -4.88% | 0 / 2 | -0.74pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -6.57% | -2.87% | -6.64% | 0 / 10 | -1.10pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -7.16% | -7.25% | -16.80% | 0 / 8 | -4.33pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -4.75% | -5.59% | -0.83pp | 0 / 25 | 9 / 16 | 7 of 25 | ±2.95% |
| 5d | -4.50% | -3.68% | +0.82pp | 5 / 20 | 13 / 12 | 5 of 25 | ±5.57% |
| 21d | -8.08% | -7.99% | +0.09pp | 3 / 22 | 13 / 12 | 2 of 25 | ±9.12% |
| YTD | +50.36% | +39.68% | -10.69pp | 22 / 3 | 11 / 14 | 0 of 25 | ±59.92% |
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-3.36%-0.48pp
- INTC-5.59%-0.42pp
- LRCX-8.29%-0.41pp
- MU-5.25%-0.4pp
- AMAT-7.07%-0.33pp
This month (21d)
- QCOM+9.32%+0.39pp
- AMD+2.15%+0.16pp
- SWKS+13.62%+0.02pp
- AVGO-17.50%-1.04pp
- KLAC-19.15%-0.97pp
- AMAT-20.56%-0.97pp
- LRCX-18.85%-0.92pp
- NVDA-6.36%-0.91pp
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)
- SWKS+13.62%
- QCOM+9.32%
- AMD+2.15%
- MRVL-1.51%
- MU-2.72%
- AMAT-20.56%
- ALAB-20.37%
- TER-19.81%
- KLAC-19.15%
- LRCX-18.85%
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% | 210.96 | -3.36% | -8.32% | -6.36% | +13.25% | 60 |
| TSM Taiwan Semiconductor ADR | 9.19% | 418.01 | -3.52% | -2.54% | -2.90% | +37.86% | 76 |
| MU Micron Technology | 7.60% | 924.03 | -5.25% | -9.10% | -2.72% | +223.89% | 80 |
| INTC Intel Corp | 7.58% | 97.19 | -5.59% | +1.45% | -7.05% | +163.39% | 56 |
| AMD Adv Micro Devices | 7.29% | 493.41 | -4.40% | +3.32% | +2.15% | +130.39% | 88 |
| AVGO Broadcom Ltd | 5.95% | 344.72 | -4.77% | -3.68% | -17.50% | -0.19% | 20 |
| KLAC K L A-Tencor Corp | 5.07% | 169.09 | -6.39% | -8.90% | -19.15% | +39.68% | 12 |
| LRCX Lam Research Corp | 4.89% | 273.49 | -8.29% | -11.10% | -18.85% | +60.07% | 16 |
| AMAT Applied Materials | 4.72% | 424.21 | -7.07% | -6.71% | -20.56% | +65.27% | 0 |
| TXN Texas Instruments | 4.42% | 263.42 | -1.97% | +1.93% | -3.66% | +52.83% | 68 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1575.15 | -7.25% | -8.15% | -14.76% | +47.75% | 28 |
| QCOM Qualcomm Inc | 4.16% | 180.15 | -1.00% | +6.76% | +9.32% | +6.00% | 92 |
| MRVL Marvell Technology Inc | 4.12% | 218.82 | -7.32% | -2.12% | -1.51% | +157.81% | 84 |
| ADI Analog Devices | 3.82% | 361.02 | -4.69% | -0.34% | -5.29% | +33.54% | 64 |
| CDNS Cadence Design Sys | 2.09% | 279.06 | -3.56% | -4.66% | -13.81% | -10.72% | 36 |
| SNPS Synopsys Inc | 1.77% | 381.43 | -4.01% | -3.15% | -7.36% | -18.80% | 52 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 47.78 | -7.24% | -8.54% | -11.39% | +84.72% | 44 |
| ARM Arm Holdings Plc ADR | 1.19% | 239.01 | -9.74% | -5.19% | -14.23% | +118.65% | 32 |
| TER Teradyne Inc | 1.19% | 329.20 | -13.30% | -7.79% | -19.81% | +70.15% | 8 |
| NXPI Nxp Semiconductors | 1.19% | 224.23 | -5.24% | -1.58% | -3.31% | +3.84% | 72 |
| MPWR Monolithic Power Sys | 1.10% | 1143.24 | -7.39% | -6.59% | -16.10% | +26.39% | 24 |
| ALAB Astera Labs Inc | 0.92% | 257.04 | -11.74% | -17.19% | -20.37% | +54.51% | 4 |
| MCHP Microchip Technology | 0.91% | 71.48 | -3.67% | -3.63% | -7.99% | +12.84% | 48 |
| ON On Semiconductor | 0.70% | 71.65 | -5.90% | -3.67% | -12.15% | +32.32% | 40 |
| SWKS Skyworks Solutions | 0.18% | 79.26 | -10.29% | +7.08% | +13.62% | +27.58% | 96 |
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 2026-09-14: over 21 sessions the fund returned -8.08% while its median constituent returned -7.99% — a dispersion of 9.12 pp; 52% of 25 members beat the fund. Broad decline - breadth is falling with price.
How did SMH's members trade in the last session?
As of 2026-09-14: fund -4.75%, median member -5.59%, 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.