Constituent dispersion · breadth vs the index
MXI — Global Materials
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 | -0.52% | +0.07 | +6pp | +0.63pp | Improving |
| 1 month | +0.51% | +0.15 | +0pp | -0.18pp | Improving |
| 1 quarter | -0.47% | -0.68 | -6pp | -2.04pp | Weakening |
Over the last 126 sessions: price up +11.62%, breadth up (+0.71/name) · % beating 35→47 · median−ETF -3.54pp→-0.88pp.
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +1.38% | +1.52% | +0.14pp | 45 / 12 | 31 / 28 | 28 of 59 | ±1.57% |
| 5d | -0.52% | -0.08% | +0.44pp | 28 / 31 | 35 / 24 | 22 of 59 | ±2.75% |
| 21d | +0.51% | -0.37% | -0.88pp | 28 / 30 | 27 / 31 | 3 of 58 | ±7.94% |
| YTD | +15.94% | +13.87% | -2.07pp | 43 / 13 | 24 / 33 | 2 of 57 | ±21.39% |
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)
- BHP+2.88%+0.2pp
- AEM+2.97%+0.09pp
- NEM+2.16%+0.08pp
- AI+2.08%+0.08pp
- WPM+3.73%+0.07pp
- LIN-0.78%-0.06pp
- ECL-0.88%-0.02pp
- DOW-1.96%-0.02pp
- HEI-0.99%-0.01pp
- APD-0.33%-0.01pp
This month (21d)
- AI+9.22%+0.37pp
- WPM+14.85%+0.28pp
- NEM+7.25%+0.28pp
- AEM+7.96%+0.23pp
- FNV+14.44%+0.21pp
- LIN-4.23%-0.33pp
- BHP-2.84%-0.2pp
- HEI-19.44%-0.16pp
- SHW-6.83%-0.16pp
- CRH-7.02%-0.16pp
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)
- MOS+20.10%
- WPM+14.85%
- FNV+14.44%
- UPM.HE+14.24%
- NTR+13.72%
- HEI-19.44%
- ALB-13.31%
- IP-11.24%
- VMC-9.99%
- AAL-7.90%
MXI — constituent leadership race
$100 in each covered MXI constituent at 2026-01-06, 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 |
|---|---|---|---|---|---|---|---|
| LIN Linde Plc | 7.90% | 458.48 | -0.78% | -0.68% | -4.23% | +7.89% | 29 |
| BHP Bhp Billiton Ltd ADR | 7.04% | 86.56 | +2.88% | -0.90% | -2.84% | +46.21% | 40 |
| AI C3.Ai Inc Cl A | 3.96% | 10.78 | +2.08% | +2.96% | +9.22% | -20.03% | 84 |
| NEM Newmont Mining Corp | 3.89% | 124.39 | +2.16% | -1.39% | +7.25% | +25.12% | 81 |
| RIO Rio Tinto Plc ADR | 3.65% | 7327.00 | +1.74% | -0.52% | +2.92% | +25.57% | 59 |
| FCX Freeport-Mcmoran Inc | 2.94% | 70.85 | +2.33% | -0.51% | +6.83% | +40.15% | 79 |
| AEM Agnico-Eagle Mines Ltd | 2.93% | 201.37 | +2.97% | +2.38% | +7.96% | +19.55% | 83 |
| GLEN.LSE GLENCORE PLC | 2.41% | 580.20 | +1.63% | -3.25% | +5.26% | +42.73% | 72 |
| SHW Sherwin-Williams Company | 2.35% | 320.94 | -0.16% | +1.10% | -6.83% | -0.73% | 14 |
| CRH CRH Plc ADR | 2.23% | 86.70 | +0.00% | -1.10% | -7.02% | -30.03% | 12 |
| APD Air Products and Chemicals | 2.13% | 286.12 | -0.33% | -2.56% | -5.64% | +17.41% | 21 |
| ECL Ecolab Inc | 2.10% | 271.68 | -0.88% | +0.30% | -2.97% | +3.77% | 38 |
| AAL American Airlines Gp | 1.97% | 12.94 | +1.89% | +0.70% | -7.90% | -15.59% | 7 |
| VALE Vale S.A. ADR | 1.94% | 14.47 | +2.41% | -5.30% | +5.77% | +14.22% | 76 |
| WPM Wheaton Precious Metals | 1.90% | 152.20 | +3.73% | +0.81% | +14.85% | +30.08% | 97 |
| CTVA Corteva Inc | 1.75% | 81.53 | +0.64% | -3.50% | +4.65% | +22.19% | 67 |
| NUE Nucor Corp | 1.70% | 265.14 | +1.71% | +3.79% | +0.36% | +63.11% | 52 |
| RIO Rio Tinto Plc ADR | 1.58% | 7327.00 | +1.74% | -0.52% | +2.92% | +25.57% | 59 |
| HOLN.SW HOLCIM LTD AG | 1.52% | 68.24 | -0.32% | -3.26% | -1.67% | -10.13% | 43 |
| FNV Franco Nev Corp | 1.43% | 266.60 | +2.77% | +2.28% | +14.44% | +29.10% | 95 |
| VMC Vulcan Materials Company | 1.14% | 244.50 | +0.08% | -2.43% | -9.99% | -13.94% | 5 |
| K Kellanova | 1.13% | 83.44 | +0.00% | +0.35% | — | +0.00% | — |
| NTR Nutrien Ltd | 1.11% | 78.92 | +1.60% | +0.23% | +13.72% | +29.96% | 91 |
| MLM Martin Marietta Materials | 1.07% | 494.44 | -0.47% | -1.60% | -5.43% | -20.38% | 26 |
| STLD Steel Dynamics Inc | 1.05% | 245.35 | +2.99% | +3.49% | -1.79% | +45.24% | 41 |
| SIKA.XETRA SIKA AG | 0.96% | 194.85 | +1.01% | -0.69% | -1.67% | +14.14% | 45 |
| GIVN.SW GIVAUDAN SA | 0.95% | 3270.00 | +0.80% | +3.51% | +2.41% | +6.81% | 55 |
| DOW Dow Inc | 0.85% | 29.49 | -1.96% | -0.51% | -5.45% | +28.93% | 24 |
| HEI Heico Corp | 0.83% | 296.48 | -0.99% | -5.12% | -19.44% | -8.34% | 0 |
| PPG PPG Industries | 0.79% | 105.45 | +0.45% | +0.38% | -6.52% | +4.18% | 17 |
| DSFIR.SW DSM FIRMENICH AG | 0.68% | 87.70 | +0.23% | +3.18% | +6.17% | — | 78 |
| ALB Albemarle Corp | 0.66% | 115.05 | +5.10% | -5.46% | -13.31% | -18.46% | 2 |
| SW Smurfit Westrock Plc | 0.65% | 45.48 | +2.02% | +7.75% | -3.85% | +20.01% | 31 |
| DD Dupont Denemours Inc | 0.63% | 128.46 | +0.70% | +0.90% | -7.46% | +7.37% | 10 |
| IFF International Flavors & Fragrances | 0.63% | 84.91 | +0.60% | +1.02% | +4.83% | +26.74% | 71 |
| PKG Packaging Corp of America | 0.63% | 235.57 | +1.78% | +2.02% | -5.88% | +14.90% | 19 |
| CF Cf Industries Holdings | 0.63% | 133.82 | +1.39% | -0.95% | +11.78% | +74.66% | 86 |
| ANTO.LSE ANTOFAGASTA PLC | 0.59% | 3702.00 | +3.01% | -1.83% | +4.14% | +12.91% | 62 |
| LYB Lyondellbasell Industries NV | 0.59% | 64.25 | -1.00% | -0.08% | -0.64% | +51.76% | 48 |
| AMCR Amcor Plc | 0.58% | 42.38 | +0.98% | -1.44% | -7.59% | — | 9 |
| IP International Paper Company | 0.55% | 35.55 | +4.37% | +3.67% | -11.24% | -7.49% | 3 |
| BOL.ST BOLIDEN | 0.53% | 539.40 | +3.25% | -1.35% | +0.97% | +7.06% | 53 |
| NHY.OL NORSK HYDRO | 0.51% | 86.54 | +2.00% | -4.90% | -4.80% | +13.87% | 28 |
| UPM.HE UPM-KYMMENE | 0.51% | 26.40 | +1.03% | +3.04% | +14.24% | +9.56% | 93 |
| BALL Ball Corporation | 0.49% | 60.75 | -0.83% | +1.69% | -1.49% | +15.45% | 47 |
| SCCO Southern Copper Corp | 0.49% | 196.11 | +3.28% | +1.01% | +4.42% | +40.58% | 64 |
| S32.LSE SOUTH32 LTD | 0.44% | 259.80 | +0.72% | -1.10% | +4.51% | +48.58% | 66 |
| AVY Avery Dennison Corp | 0.41% | 171.09 | -0.69% | +1.37% | -3.73% | -4.86% | 33 |
| SQM Sociedad Quimica Y Minera S.A. ADR | 0.37% | 71.80 | +4.54% | -0.95% | -3.59% | +5.12% | 34 |
| AKZA.AS AKZO NOBEL NV | 0.33% | 56.50 | -1.81% | -2.42% | -6.80% | -1.67% | 16 |
| YAR.OL YARA INTERNATIONAL | 0.31% | 460.70 | +1.52% | -0.13% | +5.38% | +11.28% | 74 |
| STERV.HE STORA ENSO CLASS R | 0.23% | 10.64 | +1.67% | +5.40% | +12.69% | +0.71% | 90 |
| MOS Mosaic Company | 0.23% | 25.39 | +2.42% | -0.04% | +20.10% | +7.37% | 98 |
| SCA-B.ST SVENSKA CELLULOSA B | 0.20% | 121.00 | +0.92% | +3.24% | +12.19% | +1.48% | 88 |
| CRDA.LSE CRODA INTERNATIONAL PLC | 0.18% | 3208.00 | +1.84% | +0.12% | +4.70% | +21.59% | 69 |
| SYENS.BR SYENSQO NV | 0.17% | 78.20 | +0.84% | -3.16% | -2.98% | +17.22% | 36 |
| JMAT.LSE JOHNSON MATTHEY PLC | 0.16% | 2368.00 | +3.59% | +5.34% | +2.56% | +2.06% | 57 |
| AKE.PA ARKEMA SA | 0.15% | 57.05 | +0.26% | -2.14% | -5.62% | +16.12% | 22 |
| MNDI.LSE MONDI PLC | 0.14% | 853.60 | +1.86% | +3.34% | -0.11% | -5.54% | 50 |
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
MXI dispersion — data Q&A
Is MXI's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned +0.51% while its median constituent returned -0.37% — a dispersion of 7.94 pp; 47% of 58 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 MXI's members trade in the last session?
As of 2026-09-17: fund +1.38%, median member +1.52%, 45 advancers vs 12 decliners.
What does the dispersion page for MXI 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.