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 | -9.33% | -2.28 | +16pp | +2.41pp | Confirming ↓ |
| 1 month | -13.41% | -3 | +4pp | +1.35pp | Confirming ↓ |
| 1 quarter | +4.61% | -0.56 | -4pp | -2.71pp | Weakening |
Over the last 126 sessions: price up +30.04%, breadth up (+6.12/name) · % beating 52→48 · median−ETF +0.57pp→-0.49pp.
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 2026-07-28.
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 | 2 (8%) | 21 (84%) | -19 |
| 1-Month | 0 (0%) | 19 (76%) | -19 |
| 3-Month | 0 (0%) | 5 (20%) | -5 |
| 6-Month | 0 (0%) | 1 (4%) | -1 |
| 52-Week | 0 (0%) | 1 (4%) | -1 |
| YTD | 0 (0%) | 1 (4%) | -1 |
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 |
|---|---|---|---|---|---|---|---|
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -3.73% | -7.32% | -6.68% | 1 / 9 | -2.73pp |
| Architectscompute + foundry | 5 | 40.9% | -1.70% | -6.12% | -9.26% | 1 / 4 | -1.78pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -5.21% | -13.29% | -23.63% | 1 / 7 | -5.33pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -7.35% | -16.82% | -30.14% | 0 / 2 | -4.57pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -3.45% | -4.24% | -0.79pp | 3 / 22 | 10 / 15 | 6 of 25 | ±3.27% |
| 5d | -9.33% | -9.20% | +0.13pp | 2 / 23 | 13 / 12 | 1 of 25 | ±6.8% |
| 21d | -13.41% | -13.90% | -0.49pp | 2 / 23 | 12 / 13 | 3 of 25 | ±11.94% |
| YTD | +47.06% | +52.16% | +5.10pp | 22 / 2 | 13 / 11 | 0 of 24 | ±50.48% |
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)
- CDNS+1.80%+0.04pp
- NVDA+0.25%+0.04pp
- SWKS+1.95%+0pp
- MU-8.85%-0.67pp
- AMD-8.15%-0.59pp
- INTC-5.86%-0.44pp
- AMAT-7.82%-0.37pp
- LRCX-7.54%-0.37pp
This month (21d)
- NVDA+2.33%+0.33pp
- AVGO+4.35%+0.26pp
- INTC-32.75%-2.48pp
- MU-27.52%-2.09pp
- MRVL-34.60%-1.43pp
- LRCX-28.88%-1.41pp
- KLAC-23.26%-1.18pp
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)
- AVGO+4.35%
- NVDA+2.33%
- MPWR-2.24%
- TXN-2.93%
- SWKS-4.88%
- MRVL-34.60%
- ALAB-33.57%
- INTC-32.75%
- STM-29.77%
- LRCX-28.88%
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% | 197.01 | +0.25% | -4.96% | +2.33% | +5.76% | 92 |
| TSM Taiwan Semiconductor ADR | 9.19% | 392.31 | -1.70% | -7.61% | -9.26% | +29.39% | 60 |
| MU Micron Technology | 7.60% | 820.53 | -8.85% | -15.48% | -27.52% | +187.61% | 20 |
| INTC Intel Corp | 7.58% | 86.30 | -5.86% | -18.16% | -32.75% | +133.88% | 8 |
| AMD Adv Micro Devices | 7.29% | 454.62 | -8.15% | -16.50% | -12.84% | +112.28% | 52 |
| AVGO Broadcom Ltd | 5.95% | 380.91 | -0.60% | -1.45% | +4.35% | +10.29% | 96 |
| KLAC K L A-Tencor Corp | 5.07% | 190.80 | -6.18% | -12.30% | -23.26% | — | 36 |
| LRCX Lam Research Corp | 4.89% | 269.61 | -7.54% | -16.27% | -28.88% | +57.80% | 16 |
| AMAT Applied Materials | 4.72% | 476.46 | -7.82% | -15.60% | -23.99% | +85.63% | 32 |
| TXN Texas Instruments | 4.42% | 277.07 | -0.84% | -4.88% | -2.93% | +60.75% | 84 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1582.95 | -4.24% | -12.02% | -11.79% | +48.48% | 56 |
| QCOM Qualcomm Inc | 4.16% | 162.88 | -4.21% | -6.12% | -14.00% | -4.17% | 44 |
| MRVL Marvell Technology Inc | 4.12% | 174.47 | -7.77% | -16.10% | -34.60% | +105.56% | 0 |
| ADI Analog Devices | 3.82% | 365.83 | -1.63% | -4.44% | -5.45% | +35.32% | 76 |
| CDNS Cadence Design Sys | 2.09% | 344.72 | +1.80% | +0.02% | -8.63% | +10.28% | 64 |
| SNPS Synopsys Inc | 1.77% | 383.82 | -1.33% | -1.35% | -15.52% | -18.29% | 40 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 50.16 | -6.16% | -23.34% | -29.77% | +93.92% | 12 |
| ARM Arm Holdings Plc ADR | 1.19% | 244.74 | -8.11% | -15.53% | -26.78% | +123.90% | 24 |
| TER Teradyne Inc | 1.19% | 320.65 | -4.22% | -14.27% | -26.60% | +65.73% | 28 |
| NXPI Nxp Semiconductors | 1.19% | 259.12 | -3.19% | -5.14% | -6.46% | +20.00% | 72 |
| MPWR Monolithic Power Sys | 1.10% | 1282.01 | -4.26% | -7.32% | -2.24% | +41.73% | 88 |
| ALAB Astera Labs Inc | 0.92% | 260.23 | -7.89% | -18.62% | -33.57% | +56.43% | 4 |
| MCHP Microchip Technology | 0.91% | 75.71 | -2.81% | -9.20% | -13.90% | +19.52% | 48 |
| ON On Semiconductor | 0.70% | 84.39 | -5.22% | -7.32% | -6.91% | +55.84% | 68 |
| SWKS Skyworks Solutions | 0.18% | 64.68 | +1.95% | +2.75% | -4.88% | +4.12% | 80 |
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.