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 | +4.22% | +1.16 | +16pp | +3.74pp | Confirming ↑ |
| 1 month | +11.55% | +4.84 | +28pp | +5.67pp | Confirming ↑ |
| 1 quarter | +6.66% | +1.72 | +24pp | +8.12pp | Confirming ↑ |
Over the last 126 sessions: price up +49.56%, breadth up (+9.88/name) · % beating 52→64 · median−ETF +1.05pp→+3.46pp.
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 2026-10-06.
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 | 12 (48%) | 3 (12%) | +9 |
| 1-Month | 12 (48%) | 0 (0%) | +12 |
| 3-Month | 5 (20%) | 0 (0%) | +5 |
| 6-Month | 2 (8%) | 0 (0%) | +2 |
| 52-Week | 2 (8%) | 0 (0%) | +2 |
| YTD | 2 (8%) | 0 (0%) | +2 |
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 |
|---|---|---|---|---|---|---|---|
| Equipment + EDAtools + design software | 8 | 25.28% | -1.80% | +3.33% | +18.32% | 2 / 6 | +3.29pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +0.62% | +7.22% | +15.52% | 7 / 3 | +3.37pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | -2.45% | -2.40% | +10.14% | 0 / 2 | +1.54pp |
| Architectscompute + foundry | 5 | 40.9% | +0.14% | +5.55% | +7.28% | 4 / 1 | +4.94pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.22% | +0.13% | +0.35pp | 13 / 12 | 14 / 11 | 8 of 25 | ±2.85% |
| 5d | +4.22% | +5.52% | +1.30pp | 20 / 5 | 14 / 11 | 2 of 25 | ±5.8% |
| 21d | +11.55% | +15.01% | +3.46pp | 25 / 0 | 16 / 9 | 3 of 25 | ±8.63% |
| YTD | +75.63% | +63.11% | -12.52pp | 25 / 0 | 10 / 15 | 0 of 25 | ±76.16% |
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)
- MRVL+5.81%+0.24pp
- AVGO+3.67%+0.22pp
- AMD+2.80%+0.2pp
- ALAB+7.58%+0.07pp
- SNPS+3.42%+0.06pp
- INTC-3.18%-0.24pp
- KLAC-4.54%-0.23pp
- LRCX-3.44%-0.17pp
- MU-1.73%-0.13pp
- AMAT-2.21%-0.1pp
This month (21d)
- AMD+35.98%+2.62pp
- INTC+17.43%+1.32pp
- MRVL+28.39%+1.17pp
- TSM+12.45%+1.14pp
- AMAT+16.62%+0.78pp
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)
- AMD+35.98%
- MRVL+28.39%
- SNPS+28.27%
- ALAB+25.58%
- CDNS+22.84%
- MU+2.85%
- NVDA+3.97%
- AVGO+5.00%
- KLAC+6.39%
- ASML+6.95%
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% | 239.24 | +0.14% | +5.29% | +3.97% | +28.44% | 4 |
| TSM Taiwan Semiconductor ADR | 9.19% | 482.30 | -0.72% | +5.55% | +12.45% | +59.07% | 44 |
| MU Micron Technology | 7.60% | 1045.56 | -1.73% | -1.83% | +2.85% | +266.49% | 0 |
| INTC Intel Corp | 7.58% | 112.50 | -3.18% | -2.96% | +17.43% | +204.88% | 64 |
| AMD Adv Micro Devices | 7.29% | 649.42 | +2.80% | +6.89% | +35.98% | +203.24% | 96 |
| AVGO Broadcom Ltd | 5.95% | 375.81 | +3.67% | +5.83% | +5.00% | +8.81% | 8 |
| KLAC K L A-Tencor Corp | 5.07% | 197.46 | -4.54% | +0.47% | +6.39% | +63.11% | 12 |
| LRCX Lam Research Corp | 4.89% | 333.89 | -3.44% | +3.10% | +8.53% | +95.42% | 28 |
| AMAT Applied Materials | 4.72% | 530.27 | -2.21% | +3.57% | +16.62% | +106.60% | 60 |
| TXN Texas Instruments | 4.42% | 297.23 | +0.79% | +5.52% | +15.01% | +72.44% | 48 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1834.10 | -1.39% | -0.02% | +6.95% | +72.03% | 16 |
| QCOM Qualcomm Inc | 4.16% | 181.03 | +0.13% | -1.67% | +7.28% | +6.51% | 24 |
| MRVL Marvell Technology Inc | 4.12% | 287.01 | +5.81% | +9.02% | +28.39% | +238.15% | 92 |
| ADI Analog Devices | 3.82% | 420.55 | +0.35% | +5.61% | +16.09% | +55.56% | 56 |
| CDNS Cadence Design Sys | 2.09% | 359.55 | +1.72% | +10.91% | +22.84% | +15.03% | 80 |
| SNPS Synopsys Inc | 1.77% | 505.17 | +3.42% | +21.70% | +28.27% | +7.55% | 88 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 58.72 | +1.80% | +10.29% | +12.40% | +127.01% | 40 |
| ARM Arm Holdings Plc ADR | 1.19% | 302.56 | -0.11% | +3.03% | +20.02% | +176.79% | 68 |
| TER Teradyne Inc | 1.19% | 430.32 | -3.20% | +6.77% | +20.53% | +122.41% | 76 |
| NXPI Nxp Semiconductors | 1.19% | 244.38 | +1.00% | +3.35% | +7.26% | +13.17% | 20 |
| MPWR Monolithic Power Sys | 1.10% | 1473.69 | -0.42% | +8.84% | +20.41% | +62.92% | 72 |
| ALAB Astera Labs Inc | 0.92% | 389.80 | +7.58% | +8.93% | +25.58% | +134.31% | 84 |
| MCHP Microchip Technology | 0.91% | 81.26 | -0.28% | +3.15% | +9.56% | +28.28% | 32 |
| ON On Semiconductor | 0.70% | 86.31 | +0.44% | +13.64% | +16.04% | +59.39% | 52 |
| SWKS Skyworks Solutions | 0.18% | 82.79 | -1.33% | -5.96% | +11.85% | +33.27% | 36 |
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 2026-10-06: over 21 sessions the fund returned +11.55% while its median constituent returned +15.01% — a dispersion of 8.63 pp; 64% of 25 members beat the fund. Broad advance - breadth is rising with price.
How did SMH's members trade in the last session?
As of 2026-10-06: fund -0.22%, median member +0.13%, 13 advancers vs 12 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.