Constituent dispersion · breadth vs the index
QQXT — First Trust Nasdaq-100 Ex-Technology
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 | -0.90% | -0.43 | +0pp | +0.61pp | Weakening |
| 1 month | -5.69% | -2.62 | +6pp | +2.38pp | Confirming ↓ |
| 1 quarter | +1.00% | -0.29 | +1pp | +0.97pp | Weakening |
Over the last 126 sessions: price down -0.18%, breadth down (-0.07/name) · % beating 45→51 · median−ETF -0.70pp→+1.03pp.
Stocks above their moving average — participation breadth
Of the 56 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 56 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 | 7 (13%) | 19 (34%) | -12 |
| 1-Month | 0 (0%) | 15 (27%) | -15 |
| 3-Month | 0 (0%) | 4 (7%) | -4 |
| 6-Month | 0 (0%) | 3 (5%) | -3 |
| 52-Week | 0 (0%) | 2 (4%) | -2 |
| YTD | 0 (0%) | 2 (4%) | -2 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | -0.04% | -0.07% | -0.03pp | 25 / 28 | 28 / 28 | 32 of 56 | ±1.64% |
| 5d | -0.89% | -0.71% | +0.18pp | 19 / 37 | 30 / 26 | 19 of 56 | ±2.93% |
| 21d | -5.69% | -4.64% | +1.05pp | 8 / 48 | 29 / 27 | 7 of 56 | ±6.23% |
| YTD | -1.76% | +3.69% | +5.45pp | 32 / 23 | 33 / 22 | 2 of 55 | ±27.2% |
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)
- CSCO+2.32%+0.07pp
- AMZN+2.13%+0.05pp
- TSLA+2.27%+0.05pp
- ALNY+2.57%+0.04pp
- ROST+2.08%+0.04pp
- TMUS-5.57%-0.08pp
- CPRT-3.76%-0.06pp
- AXON-3.19%-0.06pp
- CMCSA-3.46%-0.05pp
- VRSK-2.90%-0.05pp
This month (21d)
- TSLA+8.71%+0.17pp
- ALNY+7.39%+0.13pp
- GILD+5.19%+0.09pp
- MELI+2.59%+0.05pp
- EA+2.35%+0.04pp
- AXON-26.84%-0.49pp
- ODFL-15.82%-0.37pp
- BKNG-18.12%-0.31pp
- FER-13.80%-0.26pp
- TTWO-13.11%-0.25pp
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)
- TSLA+8.71%
- ALNY+7.39%
- GILD+5.19%
- MELI+2.59%
- EA+2.35%
- AXON-26.84%
- BKNG-18.12%
- ODFL-15.82%
- FER-13.80%
- TTWO-13.11%
QQXT — constituent leadership race
$100 in each covered QQXT 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 — 56 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| CSCO Cisco Systems Inc | 2.93% | 110.24 | +2.32% | +2.61% | -1.23% | +44.66% | 77 |
| ODFL Old Dominion Freight Line | 2.34% | 175.09 | +0.42% | -3.02% | -15.82% | +11.82% | 4 |
| AMZN Amazon.com Inc | 2.16% | 251.19 | +2.13% | -0.28% | -3.18% | +8.83% | 59 |
| CSX CSX Corp | 2.12% | 47.90 | +0.00% | -2.32% | -4.66% | +32.57% | 48 |
| MAR Marriot Int Cl A | 2.11% | 334.00 | -0.29% | +1.50% | -6.34% | +7.87% | 39 |
| MNST Monster Beverage Corp | 2.10% | 44.51 | -0.13% | +3.30% | -6.06% | +16.11% | 43 |
| TSLA Tesla Inc | 1.99% | 366.20 | +2.27% | +0.73% | +8.71% | -18.57% | 98 |
| KDP Keurig Dr Pepper Inc | 1.98% | 31.43 | -1.16% | -0.10% | +2.08% | +14.14% | 88 |
| ADP Automatic Data Processing | 1.94% | 272.24 | -0.35% | +2.49% | +1.09% | +6.71% | 86 |
| ROST Ross Stores Inc | 1.93% | 229.48 | +2.08% | +1.77% | -2.92% | +27.66% | 63 |
| BKR Baker Hughes Company | 1.92% | 56.57 | +0.44% | -4.77% | -12.22% | +25.10% | 13 |
| DXCM Dexcom Inc | 1.90% | 87.93 | +0.68% | +4.05% | -1.86% | +32.48% | 71 |
| MDLZ Mondelez Intl Inc | 1.90% | 62.04 | -0.51% | -0.69% | -0.99% | +16.25% | 79 |
| TTWO Take-Two Interactive | 1.89% | 210.62 | -0.56% | -2.92% | -13.11% | -17.74% | 7 |
| FER Ferrovial N.V. | 1.89% | 54.65 | -0.85% | -1.53% | -13.80% | -15.42% | 5 |
| FAST Fastenal Company | 1.89% | 49.18 | +0.31% | +0.35% | -4.08% | +23.89% | 54 |
| PAYX Paychex Inc | 1.88% | 116.51 | -0.18% | +1.15% | -2.85% | +4.94% | 64 |
| PCAR Paccar Inc | 1.86% | 117.36 | -0.73% | -4.25% | -8.33% | +7.78% | 29 |
| FANG Diamondback Energy | 1.84% | 196.94 | +1.23% | -4.11% | -6.23% | +31.79% | 41 |
| ABNB Airbnb Inc Cl A | 1.82% | 165.93 | -0.94% | -1.03% | -9.45% | +22.26% | 20 |
| LIN Linde Plc | 1.82% | 458.48 | -0.78% | -0.68% | -4.23% | +7.89% | 52 |
| KHC Kraft Heinz Company | 1.82% | 24.73 | +0.00% | +1.39% | -0.36% | +3.69% | 84 |
| AXON Axon Enterprise | 1.81% | 453.50 | -3.19% | -5.29% | -26.84% | -20.15% | 0 |
| AEP American Electric Power | 1.78% | 121.62 | +0.77% | -1.50% | -3.74% | +6.31% | 55 |
| EA Electronic Arts Inc | 1.78% | 209.70 | +0.00% | +0.05% | +2.35% | +2.73% | 91 |
| SBUX Starbucks Corp | 1.78% | 96.67 | -0.69% | -2.57% | -8.81% | +15.54% | 23 |
| ORLY O'Reilly Automotive | 1.77% | 84.89 | +1.45% | -0.73% | -6.47% | -6.93% | 38 |
| XEL XCEL Energy Inc | 1.77% | 73.63 | +1.27% | -1.57% | -7.00% | +0.43% | 34 |
| CCEP Coca-Cola Europacific Partners Plc | 1.76% | 100.48 | -2.19% | -2.33% | -6.53% | +10.78% | 36 |
| CTAS Cintas Corp | 1.76% | 197.96 | -0.75% | -0.24% | -0.75% | +5.50% | 82 |
| COST Costco Wholesale | 1.75% | 893.93 | +0.02% | -0.94% | -7.01% | +3.96% | 32 |
| MELI Mercadolibre Inc | 1.75% | 1825.21 | -0.79% | -4.25% | +2.59% | -9.39% | 93 |
| AMGN Amgen Inc | 1.74% | 379.78 | +0.91% | -0.70% | -10.18% | +16.83% | 16 |
| WMT Walmart Inc | 1.73% | 106.79 | -0.66% | +1.00% | -7.08% | -3.95% | 30 |
| HON Honeywell International | 1.72% | 206.49 | -0.56% | +2.13% | -9.32% | +2.29% | 21 |
| WBD Discovery Inc Series A | 1.72% | 28.24 | +0.61% | +0.14% | -0.84% | -2.01% | 80 |
| IDXX Idexx Laboratories | 1.71% | 506.48 | -1.39% | -0.01% | -8.47% | -25.14% | 25 |
| ALNY Alnylam Pharmaceuticals | 1.70% | 245.51 | +2.57% | -0.81% | +7.39% | -38.26% | 96 |
| BKNG Booking Holdings | 1.70% | 170.52 | -0.51% | -2.19% | -18.12% | — | 2 |
| PYPL Paypal Holdings | 1.70% | 52.94 | +0.44% | -0.69% | -12.39% | -9.04% | 11 |
| VRTX Vertex Pharmaceutic | 1.70% | 516.34 | +0.60% | +0.35% | -2.24% | +13.89% | 68 |
| EXC Exelon Corp | 1.68% | 42.64 | +0.47% | -1.73% | -5.89% | -1.34% | 45 |
| PEP Pepsico Inc | 1.66% | 133.66 | -0.51% | -2.19% | -4.62% | -6.04% | 50 |
| GILD Gilead Sciences Inc | 1.65% | 150.89 | +2.17% | +4.79% | +5.19% | +23.63% | 95 |
| CEG Constellation Energy Corp | 1.64% | 262.80 | +1.26% | -8.10% | -1.51% | -25.51% | 73 |
| CPRT Copart Inc | 1.64% | 29.66 | -3.76% | -3.54% | -5.87% | -24.24% | 46 |
| GEHC GE Healthcare Technologies | 1.60% | 64.44 | +1.50% | +0.32% | -11.27% | -21.36% | 14 |
| VRSK Verisk Analytics Inc | 1.56% | 176.48 | -2.90% | +0.62% | -1.33% | -20.91% | 75 |
| NFLX Netflix Inc | 1.55% | 75.31 | -1.44% | -0.92% | -3.16% | -19.68% | 61 |
| ISRG Intuitive Surg Inc | 1.53% | 383.54 | +0.33% | +6.40% | -1.95% | -32.28% | 70 |
| REGN Regeneron Pharmaceuticals | 1.50% | 789.45 | +1.92% | -0.48% | -2.57% | +2.40% | 66 |
| TMUS T-Mobile US | 1.49% | 166.45 | -5.57% | -6.05% | -8.39% | -17.63% | 27 |
| CMCSA Comcast Corp A | 1.41% | 22.91 | -3.46% | -8.98% | -12.56% | -16.30% | 9 |
| INSM Insmed Inc | 1.35% | 123.98 | +1.14% | -2.59% | -3.49% | -28.76% | 57 |
| LITE Lumentum Holdings | 1.30% | 893.61 | -2.81% | -4.50% | +2.32% | +142.44% | 89 |
| CHTR Charter Communications | 1.06% | 133.37 | -1.21% | -5.12% | -10.10% | -36.11% | 18 |
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
QQXT dispersion — data Q&A
Is QQXT's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned -5.69% while its median constituent returned -4.64% — a dispersion of 6.23 pp; 52% of 56 members beat the fund. Broad decline - breadth is falling with price.
How did QQXT's members trade in the last session?
As of 2026-09-17: fund -0.04%, median member -0.07%, 25 advancers vs 28 decliners.
What does the dispersion page for QQXT 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. 56 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.