Constituent dispersion · breadth vs the index
XLV — Health Care Select Sector
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 | -2.16% | -1.12 | +15pp | +1.52pp | Confirming ↓ |
| 1 month | -0.37% | -1.51 | +0pp | -0.53pp | Weakening |
| 1 quarter | +9.54% | +2.34 | -7pp | +0.04pp | Confirming ↑ |
Over the last 126 sessions: price up +10.20%, breadth up (+1.59/name) · % beating 37→54 · median−ETF -2.27pp→+0.89pp.
Stocks above their moving average — participation breadth
Of the 59 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 59 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 | 28 (47%) | 0 (0%) | +28 |
| 1-Month | 5 (8%) | 0 (0%) | +5 |
| 3-Month | 1 (2%) | 0 (0%) | +1 |
| 6-Month | 1 (2%) | 0 (0%) | +1 |
| 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 | +1.45% | +1.25% | -0.20pp | 52 / 6 | 26 / 33 | 34 of 59 | ±1.38% |
| 5d | -2.16% | -2.35% | -0.19pp | 14 / 45 | 29 / 30 | 14 of 59 | ±4.25% |
| 21d | -0.37% | +0.38% | +0.76pp | 30 / 28 | 31 / 27 | 9 of 58 | ±7.28% |
| YTD | +8.81% | +13.97% | +5.16pp | 40 / 18 | 32 / 26 | 2 of 58 | ±25.59% |
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)
- LLY+2.02%+0.33pp
- ABBV+1.81%+0.13pp
- UNH+1.80%+0.12pp
- ISRG+2.38%+0.06pp
- BSX+4.82%+0.06pp
- HUM-0.68%-0.01pp
- HCA-0.34%0pp
- CRL-1.85%0pp
- MTD-0.60%0pp
- UHS-0.90%0pp
This month (21d)
- MRK+6.86%+0.36pp
- ABBV+4.37%+0.32pp
- JNJ+1.62%+0.17pp
- GILD+5.99%+0.17pp
- MCK+6.33%+0.11pp
- LLY-5.71%-0.92pp
- SYK-17.36%-0.34pp
- AMGN-8.16%-0.28pp
- UNH-3.89%-0.26pp
- ABT-7.35%-0.2pp
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)
- IQV+10.00%
- RVTY+9.35%
- MRK+6.86%
- ELV+6.53%
- MCK+6.33%
- COO-29.22%
- SYK-17.36%
- ALGN-13.17%
- GEHC-12.93%
- BSX-12.85%
XLV — constituent leadership race
$100 in each covered XLV constituent at 2025-12-24, 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 — 59 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| LLY Eli Lilly and Company | 16.15% | 1138.28 | +2.02% | -0.96% | -5.71% | +6.09% | 26 |
| JNJ Johnson & Johnson | 10.44% | 266.32 | +0.28% | -3.24% | +1.62% | +29.37% | 62 |
| ABBV Abbvie Inc | 7.24% | 261.77 | +1.81% | +2.07% | +4.37% | +16.45% | 78 |
| UNH Unitedhealth Group | 6.62% | 383.55 | +1.80% | -2.83% | -3.89% | +17.09% | 28 |
| MRK Merck & Company | 5.28% | 144.85 | +0.64% | -3.65% | +6.86% | +38.63% | 95 |
| AMGN Amgen Inc | 3.44% | 381.50 | +1.10% | -12.75% | -8.16% | +17.36% | 16 |
| TMO Thermo Fisher Scientific | 3.17% | 613.62 | +0.62% | -0.03% | +2.98% | +6.00% | 66 |
| GILD Gilead Sciences Inc | 2.78% | 146.41 | +1.87% | -3.04% | +5.99% | +19.96% | 90 |
| ABT Abbott Laboratories | 2.76% | 103.09 | +1.12% | -4.84% | -7.35% | -16.78% | 21 |
| PFE Pfizer Inc | 2.68% | 27.72 | +0.00% | -2.57% | +3.43% | +13.19% | 71 |
| ISRG Intuitive Surg Inc | 2.63% | 377.94 | +2.38% | +3.07% | -5.81% | -33.27% | 24 |
| CVS CVS Corp | 2.33% | 95.55 | +0.94% | -1.23% | +0.59% | +22.46% | 52 |
| BMY Bristol-Myers Squibb Company | 2.09% | 64.10 | +0.72% | -4.07% | -0.85% | +21.48% | 43 |
| DHR Danaher Corp | 2.04% | 203.25 | +1.55% | -2.12% | -0.31% | -11.02% | 47 |
| VRTX Vertex Pharmaceutic | 2.03% | 519.51 | +0.79% | -4.87% | +0.59% | +14.59% | 53 |
| SYK Stryker Corp | 1.93% | 281.87 | +2.29% | -7.01% | -17.36% | -19.59% | 2 |
| MDT Medtronic Inc | 1.85% | 93.80 | +3.12% | -0.39% | +3.55% | -1.56% | 72 |
| MCK Mckesson Corp | 1.73% | 910.95 | +3.34% | +0.33% | +6.33% | +11.27% | 91 |
| ELV Elevance Health Inc | 1.60% | 424.24 | +1.32% | +4.56% | +6.53% | +21.77% | 93 |
| CI The Cigna Group | 1.41% | 290.05 | +3.31% | +3.25% | +4.34% | +6.58% | 76 |
| BSX Boston Scientific Corp | 1.25% | 45.05 | +4.82% | -5.75% | -12.85% | -52.75% | 7 |
| REGN Regeneron Pharmaceuticals | 1.11% | 793.74 | +1.57% | -4.11% | -1.40% | +2.96% | 38 |
| HCA Hca Holdings Inc | 1.09% | 425.49 | -0.34% | +5.06% | +3.34% | -8.73% | 69 |
| COR Cencora Inc | 0.99% | 326.23 | +1.45% | -1.43% | +5.44% | -3.02% | 84 |
| CAH Cardinal Health | 0.95% | 234.89 | +0.14% | -4.97% | +1.58% | +14.86% | 60 |
| EW Edwards Lifesciences Corp | 0.89% | 85.52 | +1.36% | -4.87% | -7.61% | +0.32% | 17 |
| HUM Humana Inc | 0.82% | 407.02 | -0.68% | +1.36% | +5.73% | +59.72% | 88 |
| IDXX Idexx Laboratories | 0.81% | 509.56 | +0.96% | -4.82% | -10.12% | -24.68% | 12 |
| BDX Becton Dickinson and Company | 0.75% | 182.91 | +2.85% | -0.41% | +0.52% | +20.65% | 50 |
| A Agilent Technologies | 0.66% | 146.80 | -0.09% | -2.69% | -1.67% | +8.33% | 36 |
| WAT Waters Corp | 0.63% | 410.01 | +0.41% | +0.15% | -0.85% | +7.95% | 45 |
| ZTS Zoetis Inc Cl A | 0.60% | 73.67 | +0.96% | -2.82% | -2.86% | -40.94% | 33 |
| IQV Iqvia Holdings Inc | 0.55% | 265.67 | +1.49% | -0.78% | +10.00% | +17.86% | 98 |
| CNC Centene Corp | 0.55% | 69.41 | +4.50% | +3.54% | +5.10% | +68.68% | 81 |
| GEHC GE Healthcare Technologies | 0.53% | 64.25 | +0.50% | -6.69% | -12.93% | -21.60% | 5 |
| BIIB Biogen Inc | 0.53% | 217.36 | +0.10% | -1.57% | +3.19% | +23.51% | 67 |
| DXCM Dexcom Inc | 0.52% | 84.68 | +1.99% | -3.66% | -7.43% | +27.59% | 19 |
| RMD Resmed Inc | 0.51% | 222.99 | +2.16% | -2.35% | -1.37% | -6.93% | 40 |
| VEEV Veeva Systems Inc | 0.43% | 265.67 | +1.25% | -3.42% | +5.16% | +19.01% | 83 |
| WST West Pharmaceutical Services | 0.43% | 355.20 | +2.59% | +4.48% | +2.61% | +29.31% | 64 |
| MTD Mettler-Toledo International | 0.41% | 1285.75 | -0.60% | -4.42% | -10.14% | -7.78% | 10 |
| DGX Quest Diagnostics Inc | 0.40% | 237.89 | +1.22% | +0.32% | +0.78% | +38.31% | 55 |
| LH Laboratory Corp of America | 0.40% | 315.31 | +1.21% | -3.54% | -2.26% | +26.34% | 34 |
| STE Steris Corp | 0.37% | 213.66 | +1.38% | -4.87% | -9.49% | -15.51% | 14 |
| VTRS Viatris Inc | 0.34% | 16.66 | +0.91% | -1.30% | +4.64% | +35.95% | 79 |
| INCY Incyte Corp | 0.33% | 122.19 | +0.59% | -3.60% | +1.39% | +23.71% | 59 |
| ZBH Zimmer Biomet Holdings | 0.32% | 96.54 | +3.26% | -1.56% | -3.04% | +7.65% | 29 |
| MRNA Moderna Inc | 0.31% | 146.69 | +1.89% | +0.78% | — | — | — |
| COO Cooper Companies | 0.24% | 54.22 | +0.58% | -22.09% | -29.22% | -33.85% | 0 |
| ALGN Align Technology | 0.21% | 153.00 | +1.45% | -3.56% | -13.17% | -2.02% | 3 |
| SOLV Solventum Corporation | 0.21% | 89.82 | +2.71% | -2.04% | +3.89% | +13.35% | 74 |
| RVTY Revvity Inc | 0.20% | 128.49 | +3.36% | -1.33% | +9.35% | +32.99% | 97 |
| BAX Baxter International | 0.19% | 23.86 | +0.25% | -7.63% | -11.79% | +24.98% | 9 |
| PODD Insulet Corp | 0.19% | 137.80 | +4.43% | -6.56% | -5.90% | -51.52% | 22 |
| CRL Charles River Laboratories | 0.17% | 273.11 | -1.85% | -5.33% | -2.90% | +36.91% | 31 |
| TECH Bio-Techne Corp | 0.15% | 72.27 | +0.21% | -0.22% | +0.25% | +23.28% | 48 |
| HSIC Henry Schein Inc | 0.15% | 88.93 | +0.65% | -0.98% | -1.32% | +17.66% | 41 |
| UHS Universal Health Services | 0.15% | 173.25 | -0.90% | +2.12% | +1.19% | -20.46% | 57 |
| DVA Davita Healthcare Partners | 0.13% | 189.32 | +4.28% | +2.90% | +5.67% | +66.64% | 86 |
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
XLV dispersion — data Q&A
Is XLV's move broad or carried by a few names (21 sessions)?
As of 2026-09-14: over 21 sessions the fund returned -0.37% while its median constituent returned +0.38% — a dispersion of 7.28 pp; 53% of 58 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did XLV's members trade in the last session?
As of 2026-09-14: fund +1.45%, median member +1.25%, 52 advancers vs 6 decliners.
What does the dispersion page for XLV 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. 59 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.