Constituent dispersion · breadth vs the index
AW40 — Agentic Winners 40 (EW)
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 | +2.14% | +0.26 | +8pp | +2.40pp | Confirming ↑ |
| 1 month | +0.45% | -1.21 | +0pp | +0.54pp | Weakening |
| 1 quarter | +29.16% | +2.53 | +8pp | +1.67pp | Confirming ↑ |
Over the last 126 sessions: price up +27.37%, breadth up (+2.16/name) · % beating 47→50 · median−ETF -1.07pp→+0.06pp.
Stocks above their moving average — participation breadth
Of the 38 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 2026-09-17.
New highs & new lows — by horizon
How many of the 38 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 | 8 (21%) | 11 (29%) | -3 |
| 1-Month | 3 (8%) | 6 (16%) | -3 |
| 3-Month | 2 (5%) | 0 (0%) | +2 |
| 6-Month | 1 (3%) | 0 (0%) | +1 |
| 52-Week | 0 (0%) | 0 (0%) | +0 |
| YTD | 1 (3%) | 0 (0%) | +1 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.43% | -0.48% | -0.91pp | 18 / 20 | 17 / 21 | 10 of 38 | ±3.37% |
| 5d | +2.14% | +1.45% | -0.69pp | 27 / 11 | 15 / 23 | 8 of 38 | ±6.61% |
| 21d | +0.45% | +1.97% | +1.52pp | 23 / 15 | 23 / 15 | 3 of 38 | ±13.92% |
| YTD | -6.88% | -9.50% | -2.62pp | 14 / 24 | 15 / 23 | 1 of 38 | ±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)
- TEM+14.85%+0.37pp
- WDAY+6.14%+0.15pp
- ORCL+5.19%+0.13pp
- 4478.T+3.59%+0.09pp
- NVDA+2.54%+0.06pp
- MNDY-4.01%-0.1pp
- CSGP-3.51%-0.09pp
- SPOT-3.40%-0.08pp
- RDDT-3.03%-0.08pp
- HUBS-2.91%-0.07pp
This month (21d)
- TEM+62.80%+1.57pp
- META+25.50%+0.64pp
- CRM+23.81%+0.6pp
- 4180.T+19.94%+0.5pp
- TEAM+19.18%+0.48pp
- SE-12.89%-0.32pp
- TOST-12.30%-0.31pp
- SHOP-12.27%-0.31pp
- PATH-11.68%-0.29pp
- INTU-10.64%-0.27pp
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)
- TEM+62.80%
- META+25.50%
- CRM+23.81%
- 4180.T+19.94%
- TEAM+19.18%
- SE-12.89%
- TOST-12.30%
- SHOP-12.27%
- PATH-11.68%
- INTU-10.64%
AW40 — constituent leadership race
$100 in each covered AW40 constituent at 2026-01-07, 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 — 38 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| MSFT Microsoft | 2.50% | 497.75 | +1.52% | +1.08% | +3.54% | +3.16% | 61 |
| AMZN Amazon | 2.50% | 251.19 | +2.13% | -0.28% | -3.18% | +8.83% | 32 |
| GOOGL Alphabet | 2.50% | 347.33 | +1.30% | +4.43% | +0.91% | +11.05% | 39 |
| META Meta | 2.50% | 682.31 | +1.34% | +5.89% | +25.50% | +3.45% | 95 |
| AAPL Apple | 2.50% | 337.00 | +1.38% | +3.19% | +8.70% | +24.08% | 79 |
| NVDA Nvidia | 2.50% | 219.34 | +2.54% | +0.45% | -0.18% | +17.75% | 37 |
| PLTR Palantir | 2.50% | 176.24 | +1.09% | +6.26% | +2.74% | -0.85% | 58 |
| NOW ServiceNow | 2.50% | 138.47 | -0.97% | +5.57% | +15.88% | -9.61% | 84 |
| CRM Salesforce | 2.50% | 242.85 | -2.90% | +0.11% | +23.81% | -8.10% | 92 |
| WDAY Workday | 2.50% | 199.28 | +6.14% | +7.67% | +4.53% | -7.22% | 63 |
| SAP SAP | 2.50% | 213.66 | +0.22% | +3.74% | +1.52% | -12.04% | 47 |
| ORCL Oracle | 2.50% | 150.59 | +5.19% | -1.54% | +5.46% | -22.26% | 71 |
| PATH UiPath | 2.50% | 13.76 | +0.95% | -0.79% | -11.68% | -16.05% | 8 |
| ADBE Adobe | 2.50% | 252.67 | +0.87% | +1.54% | -3.98% | -27.81% | 26 |
| INTU Intuit | 2.50% | 313.13 | -1.57% | +0.12% | -10.64% | -52.50% | 11 |
| VEEV Veeva | 2.50% | 263.75 | -0.43% | +1.06% | +8.65% | +18.15% | 76 |
| CSGP CoStar | 2.50% | 29.30 | -3.51% | -0.66% | -6.64% | -56.43% | 18 |
| IOT Samsara | 2.50% | 40.00 | -1.62% | +4.06% | +1.06% | +12.83% | 42 |
| TEM Tempus AI | 2.50% | 80.36 | +14.85% | +36.81% | +62.80% | +36.09% | 97 |
| HUBS HubSpot | 2.50% | 229.58 | -2.91% | +2.70% | +1.48% | -42.79% | 45 |
| TEAM Atlassian | 2.50% | 194.26 | +2.09% | +8.18% | +19.18% | +19.81% | 87 |
| PTC PTC | 2.50% | 134.44 | +2.50% | +4.44% | -8.22% | -22.83% | 13 |
| DASTY Dassault Systèmes | 2.50% | 23.51 | -1.30% | -0.13% | -7.15% | -14.89% | 16 |
| SIEGY Siemens | 2.50% | 152.75 | +2.26% | +2.09% | -4.48% | +11.40% | 24 |
| 0268.HK Kingdee | 2.50% | 7.27 | -0.89% | -3.39% | -5.89% | -45.33% | 21 |
| 4478.T freee | 2.50% | 3900.00 | +3.59% | +1.56% | +12.55% | +29.78% | 82 |
| 3994.T Money Forward | 2.50% | 6060.00 | +1.25% | +0.15% | +5.46% | +29.82% | 74 |
| 4180.T Appier | 2.50% | 1528.00 | -0.52% | +6.48% | +19.94% | +42.27% | 89 |
| MNDY monday.com | 2.50% | 90.29 | -4.01% | +6.01% | +2.56% | -38.81% | 53 |
| SHOP Shopify | 2.50% | 128.60 | -1.05% | +1.58% | -12.27% | -20.11% | 5 |
| APP AppLovin | 2.50% | 321.60 | -1.52% | +2.26% | +4.67% | -52.27% | 66 |
| RDDT Reddit | 2.50% | 152.83 | -3.03% | -1.62% | -3.42% | -33.51% | 29 |
| DUOL Duolingo | 2.50% | 147.10 | -0.72% | +1.34% | +5.34% | -16.18% | 68 |
| SPOT Spotify | 2.50% | 528.84 | -3.40% | +1.36% | +2.43% | -8.93% | 50 |
| NFLX Netflix | 2.50% | 75.31 | -1.44% | -0.92% | -3.16% | -19.68% | 34 |
| MELI MercadoLibre | 2.50% | 1825.21 | -0.79% | -4.25% | +2.59% | -9.39% | 55 |
| SE Sea Limited | 2.50% | 101.27 | -2.15% | -5.96% | -12.89% | -20.62% | 0 |
| TOST Toast | 2.50% | 30.65 | -1.51% | -4.04% | -12.30% | -13.69% | 3 |
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
AW40 dispersion — data Q&A
Is AW40's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned +0.45% while its median constituent returned +1.97% — a dispersion of 13.92 pp; 61% of 38 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did AW40's members trade in the last session?
As of 2026-09-17: fund +0.43%, median member -0.48%, 18 advancers vs 20 decliners.
What does the dispersion page for AW40 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. 38 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.