Constituent dispersion · breadth vs the index
QQEW — First Trust Nasdaq-100 Equal Weight
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 | +0.49% | +0.73 | +12pp | +2.14pp | Improving |
| 1 month | -3.75% | -1.1 | +2pp | +0.15pp | Confirming ↓ |
| 1 quarter | +1.84% | +0.94 | +27pp | +7.64pp | Confirming ↑ |
Over the last 126 sessions: price up +19.68%, breadth up (+3.78/name) · % beating 44→56 · median−ETF -0.87pp→+1.04pp.
Stocks above their moving average — participation breadth
Of the 49 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 49 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 | 14 (29%) | 10 (20%) | +4 |
| 1-Month | 5 (10%) | 7 (14%) | -2 |
| 3-Month | 3 (6%) | 0 (0%) | +3 |
| 6-Month | 2 (4%) | 0 (0%) | +2 |
| 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 | +0.91% | +0.71% | -0.20pp | 31 / 17 | 22 / 27 | 19 of 49 | ±2.11% |
| 5d | +0.49% | +0.45% | -0.04pp | 29 / 20 | 24 / 25 | 11 of 49 | ±5.52% |
| 21d | -3.75% | -2.57% | +1.18pp | 19 / 30 | 28 / 21 | 5 of 49 | ±9.05% |
| YTD | +10.77% | +4.20% | -6.57pp | 29 / 19 | 21 / 27 | 1 of 48 | ±59.33% |
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)
- ARM+8.57%+0.43pp
- MU+5.50%+0.22pp
- WDAY+6.14%+0.11pp
- STX+2.55%+0.1pp
- DDOG+2.26%+0.07pp
- AXON-3.19%-0.06pp
- VRSK-2.90%-0.04pp
- APP-1.52%-0.03pp
- IDXX-1.39%-0.02pp
- NFLX-1.44%-0.02pp
This month (21d)
- CRWD+15.40%+0.46pp
- META+25.50%+0.45pp
- FTNT+9.22%+0.29pp
- ARM+4.57%+0.23pp
- AAPL+8.70%+0.18pp
- AXON-26.84%-0.47pp
- LRCX-17.87%-0.45pp
- STX-11.13%-0.42pp
- MPWR-12.27%-0.32pp
- KLAC-13.25%-0.32pp
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)
- META+25.50%
- CRWD+15.40%
- FTNT+9.22%
- AAPL+8.70%
- ALNY+7.39%
- AXON-26.84%
- BKNG-18.12%
- LRCX-17.87%
- KLAC-13.25%
- MPWR-12.27%
QQEW — constituent leadership race
$100 in each covered QQEW 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 — 49 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| ARM Arm Holdings Plc ADR | 5.02% | 264.90 | +8.57% | +4.22% | +4.57% | +142.34% | 82 |
| MU Micron Technology | 3.98% | 977.50 | +5.50% | +0.01% | +3.91% | +242.63% | 78 |
| STX Seagate Technology Holdings | 3.80% | 803.13 | +2.55% | -6.87% | -11.13% | +192.14% | 14 |
| DDOG Datadog Inc Cl A | 3.29% | 236.00 | +2.26% | +6.44% | -4.07% | +73.54% | 39 |
| FTNT Fortinet Inc | 3.10% | 172.58 | +0.47% | +8.64% | +9.22% | +117.33% | 94 |
| CRWD Crowdstrike Holdings | 2.97% | 245.70 | +1.80% | +17.64% | +15.40% | +109.66% | 96 |
| PANW Palo Alto Networks | 2.89% | 375.06 | -0.16% | +10.80% | +0.25% | +103.62% | 61 |
| MPWR Monolithic Power Sys | 2.61% | 1169.58 | +1.91% | -1.39% | -12.27% | +29.30% | 8 |
| LRCX Lam Research Corp | 2.49% | 269.31 | +0.03% | -9.63% | -17.87% | +57.63% | 4 |
| CDNS Cadence Design Sys | 2.45% | 280.76 | +0.31% | -1.47% | -11.30% | -10.18% | 12 |
| KLAC K L A-Tencor Corp | 2.40% | 168.98 | +0.97% | -4.63% | -13.25% | +39.59% | 6 |
| AVGO Broadcom Ltd | 2.28% | 347.30 | +2.29% | -3.75% | -8.61% | +0.56% | 29 |
| ASML ASML Holdings NY Reg ADR | 2.25% | 1629.67 | +1.71% | -3.42% | -9.61% | +52.86% | 24 |
| NVDA Nvidia Corp | 2.14% | 219.34 | +2.54% | +0.45% | -0.18% | +17.75% | 59 |
| APP Applovin Corp Cl A | 2.13% | 321.60 | -1.52% | +2.26% | +4.67% | -52.27% | 84 |
| AAPL Apple Inc | 2.12% | 337.00 | +1.38% | +3.19% | +8.70% | +24.08% | 92 |
| MNST Monster Beverage Corp | 2.03% | 44.51 | -0.13% | +3.30% | -6.06% | +16.11% | 33 |
| SNPS Synopsys Inc | 1.99% | 381.17 | +0.71% | -4.03% | -5.75% | -18.85% | 35 |
| MSFT Microsoft Corp | 1.89% | 497.75 | +1.52% | +1.08% | +3.54% | +3.16% | 76 |
| ADP Automatic Data Processing | 1.87% | 272.24 | -0.35% | +2.49% | +1.09% | +6.71% | 67 |
| ROST Ross Stores Inc | 1.86% | 229.48 | +2.08% | +1.77% | -2.92% | +27.66% | 45 |
| WDAY Workday Inc | 1.84% | 199.28 | +6.14% | +7.67% | +4.53% | -7.22% | 80 |
| DXCM Dexcom Inc | 1.83% | 87.93 | +0.68% | +4.05% | -1.86% | +32.48% | 55 |
| PAYX Paychex Inc | 1.81% | 116.51 | -0.18% | +1.15% | -2.85% | +4.94% | 47 |
| META META Platforms Inc | 1.78% | 682.31 | +1.34% | +5.89% | +25.50% | +3.45% | 98 |
| ADBE Adobe Systems Inc | 1.76% | 252.67 | +0.87% | +1.54% | -3.98% | -27.81% | 41 |
| ABNB Airbnb Inc Cl A | 1.76% | 165.93 | -0.94% | -1.03% | -9.45% | +22.26% | 27 |
| AXON Axon Enterprise | 1.75% | 453.50 | -3.19% | -5.29% | -26.84% | -20.15% | 0 |
| DASH Doordash Inc Cl A | 1.72% | 194.56 | -1.12% | -3.22% | -10.07% | -14.09% | 22 |
| EA Electronic Arts Inc | 1.71% | 209.70 | +0.00% | +0.05% | +2.35% | +2.73% | 69 |
| MELI Mercadolibre Inc | 1.69% | 1825.21 | -0.79% | -4.25% | +2.59% | -9.39% | 71 |
| AMGN Amgen Inc | 1.68% | 379.78 | +0.91% | -0.70% | -10.18% | +16.83% | 20 |
| IDXX Idexx Laboratories | 1.65% | 506.48 | -1.39% | -0.01% | -8.47% | -25.14% | 31 |
| ALNY Alnylam Pharmaceuticals | 1.64% | 245.51 | +2.57% | -0.81% | +7.39% | -38.26% | 90 |
| VRTX Vertex Pharmaceutic | 1.64% | 516.34 | +0.60% | +0.35% | -2.24% | +13.89% | 51 |
| BKNG Booking Holdings | 1.63% | 170.52 | -0.51% | -2.19% | -18.12% | — | 2 |
| PLTR Palantir Technologies Cl A | 1.59% | 176.24 | +1.09% | +6.26% | +2.74% | -0.85% | 73 |
| GILD Gilead Sciences Inc | 1.59% | 150.89 | +2.17% | +4.79% | +5.19% | +23.63% | 86 |
| ADSK Autodesk Inc | 1.59% | 218.64 | -0.76% | +3.32% | -11.41% | -26.14% | 10 |
| ROP Roper Industries | 1.58% | 374.76 | -0.28% | -3.56% | -4.92% | -15.42% | 37 |
| PDD Pdd Holdings Inc | 1.51% | 77.73 | -1.31% | -0.14% | -10.93% | -31.45% | 16 |
| VRSK Verisk Analytics Inc | 1.51% | 176.48 | -2.90% | +0.62% | -1.33% | -20.91% | 57 |
| ZS Zscaler Inc | 1.51% | 197.47 | +3.07% | +20.79% | +6.34% | -12.20% | 88 |
| NFLX Netflix Inc | 1.50% | 75.31 | -1.44% | -0.92% | -3.16% | -19.68% | 43 |
| ISRG Intuitive Surg Inc | 1.48% | 383.54 | +0.33% | +6.40% | -1.95% | -32.28% | 53 |
| REGN Regeneron Pharmaceuticals | 1.45% | 789.45 | +1.92% | -0.48% | -2.57% | +2.40% | 49 |
| INTU Intuit Inc | 1.12% | 313.13 | -1.57% | +0.12% | -10.64% | -52.50% | 18 |
| GOOGL Alphabet Cl A | 1.04% | 347.33 | +1.30% | +4.43% | +0.91% | +11.05% | 65 |
| GOOG Alphabet Cl C | 1.04% | 343.68 | +1.27% | +4.02% | +0.70% | +9.60% | 63 |
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
QQEW dispersion — data Q&A
Is QQEW's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned -3.75% while its median constituent returned -2.57% — a dispersion of 9.05 pp; 57% of 49 members beat the fund. Broad decline - breadth is falling with price.
How did QQEW's members trade in the last session?
As of 2026-09-17: fund +0.91%, median member +0.71%, 31 advancers vs 17 decliners.
What does the dispersion page for QQEW 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. 49 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.