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 | -6.73% | +0.04 | -4pp | +2.51pp | Improving |
| 1 month | -18.17% | +0.68 | +16pp | +5.76pp | Improving |
| 1 quarter | -17.30% | +1.56 | +20pp | +8.61pp | Improving |
Over the last 126 sessions: price down -15.52%, breadth up (+0.4/name) · % beating 48→56 · median−ETF -2.61pp→+4.87pp.
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 2026-11-10.
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 | 7 (28%) | 1 (4%) | +6 |
| 1-Month | 0 (0%) | 1 (4%) | -1 |
| 3-Month | 0 (0%) | 1 (4%) | -1 |
| 6-Month | 0 (0%) | 1 (4%) | -1 |
| 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 |
|---|---|---|---|---|---|---|---|
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -0.14% | -5.21% | -5.80% | 4 / 6 | -1.98pp |
| Architectscompute + foundry | 5 | 40.9% | +1.30% | -0.05% | -10.77% | 4 / 1 | -5.99pp |
| Equipment + EDAtools + design software | 8 | 25.28% | -0.30% | -2.66% | -22.33% | 3 / 5 | -5.18pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -1.59% | -9.60% | -34.66% | 0 / 2 | -5.26pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.78% | -0.14% | +0.63pp | 11 / 14 | 17 / 8 | 9 of 25 | ±1.89% |
| 5d | -6.73% | -3.61% | +3.12pp | 4 / 21 | 17 / 8 | 2 of 25 | ±6.85% |
| 21d | -18.17% | -13.30% | +4.87pp | 4 / 21 | 14 / 11 | 1 of 25 | ±15.92% |
| YTD | +34.29% | +30.76% | -3.53pp | 21 / 4 | 11 / 14 | 0 of 25 | ±40.89% |
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)
- AVGO+3.91%+0.23pp
- TSM+2.02%+0.19pp
- AMD+1.30%+0.1pp
- TXN+1.62%+0.07pp
- KLAC+1.06%+0.05pp
- NVDA-5.47%-0.78pp
- INTC-2.09%-0.16pp
- MU-1.10%-0.08pp
- ARM-2.58%-0.03pp
- CDNS-1.45%-0.03pp
This month (21d)
- TXN+6.67%+0.29pp
- NXPI+16.14%+0.19pp
- MPWR+2.91%+0.03pp
- SWKS+10.72%+0.02pp
- NVDA-25.38%-3.63pp
- INTC-42.64%-3.23pp
- MU-26.67%-2.03pp
- MRVL-41.93%-1.73pp
- LRCX-28.16%-1.38pp
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)
- NXPI+16.14%
- SWKS+10.72%
- TXN+6.67%
- MPWR+2.91%
- QCOM-0.52%
- INTC-42.64%
- MRVL-41.93%
- TER-36.07%
- ALAB-33.30%
- ARM-28.89%
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% | 168.89 | -5.47% | -18.29% | -25.38% | -9.33% | 28 |
| TSM Taiwan Semiconductor ADR | 9.19% | 396.48 | +2.02% | -2.06% | -10.77% | +30.76% | 56 |
| MU Micron Technology | 7.60% | 725.11 | -1.10% | -15.20% | -26.67% | +154.17% | 24 |
| INTC Intel Corp | 7.58% | 58.13 | -2.09% | -4.00% | -42.64% | +57.53% | 0 |
| AMD Adv Micro Devices | 7.29% | 515.21 | +1.30% | +6.47% | -13.30% | +140.57% | 48 |
| AVGO Broadcom Ltd | 5.95% | 331.98 | +3.91% | -0.05% | -6.41% | -3.88% | 68 |
| KLAC K L A-Tencor Corp | 5.07% | 152.99 | +1.06% | -2.06% | -19.53% | +26.38% | 36 |
| LRCX Lam Research Corp | 4.89% | 222.39 | +0.49% | -3.61% | -28.16% | +30.16% | 20 |
| AMAT Applied Materials | 4.72% | 372.53 | +0.53% | -2.46% | -25.12% | +45.14% | 32 |
| TXN Texas Instruments | 4.42% | 300.52 | +1.62% | -3.83% | +6.67% | +74.35% | 88 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1507.85 | -0.36% | -2.85% | -13.85% | +41.43% | 44 |
| QCOM Qualcomm Inc | 4.16% | 173.53 | +1.20% | +5.53% | -0.52% | +2.10% | 80 |
| MRVL Marvell Technology Inc | 4.12% | 154.39 | -0.14% | -10.22% | -41.93% | +81.90% | 4 |
| ADI Analog Devices | 3.82% | 393.30 | -0.34% | -6.31% | -3.19% | +45.48% | 76 |
| CDNS Cadence Design Sys | 2.09% | 331.64 | -1.45% | +2.44% | -4.82% | +6.10% | 72 |
| SNPS Synopsys Inc | 1.77% | 459.95 | -1.50% | -0.63% | -8.47% | -2.08% | 60 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 44.70 | +0.36% | -7.91% | -11.45% | +72.81% | 52 |
| ARM Arm Holdings Plc ADR | 1.19% | 181.49 | -2.58% | -10.37% | -28.89% | +66.03% | 16 |
| TER Teradyne Inc | 1.19% | 245.40 | -0.24% | -8.89% | -36.07% | +26.84% | 8 |
| NXPI Nxp Semiconductors | 1.19% | 261.56 | +2.00% | -0.47% | +16.14% | +21.13% | 96 |
| MPWR Monolithic Power Sys | 1.10% | 1357.60 | -2.19% | +2.21% | +2.91% | +50.09% | 84 |
| ALAB Astera Labs Inc | 0.92% | 216.18 | -0.32% | -7.47% | -33.30% | +29.95% | 12 |
| MCHP Microchip Technology | 0.91% | 60.33 | -1.90% | -22.55% | -18.29% | -4.76% | 40 |
| ON On Semiconductor | 0.70% | 69.61 | +0.72% | -4.12% | -8.41% | +28.55% | 64 |
| SWKS Skyworks Solutions | 0.18% | 82.71 | -0.14% | -3.15% | +10.72% | +33.14% | 92 |
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 2026-11-10: over 21 sessions the fund returned -18.17% while its median constituent returned -13.30% — a dispersion of 15.92 pp; 56% of 25 members beat the fund. Improving below the surface - the A/D line is rising while price is flat-to-down; more names participating than the headline shows.
How did SMH's members trade in the last session?
As of 2026-11-10: fund -0.78%, median member -0.14%, 11 advancers vs 14 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 Closelooknet lake.
Is this investment advice?
No — a data surface in an investment research diary. It describes breadth inside a fund; it makes no recommendation.