Constituent dispersion · breadth vs the index
QTEC — First Trust Nasdaq-100 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 | +1.00% | +0.73 | +13pp | +3.30pp | Improving |
| 1 month | -2.41% | -0.67 | +6pp | +4.95pp | Confirming ↓ |
| 1 quarter | -4.71% | -0.96 | +22pp | +13.44pp | Confirming ↓ |
Over the last 126 sessions: price up +37.49%, breadth up (+4.67/name) · % beating 51→53 · median−ETF +2.08pp→+1.71pp.
Stocks above their moving average — participation breadth
Of the 45 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 45 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 | 15 (33%) | 7 (16%) | +8 |
| 1-Month | 8 (18%) | 3 (7%) | +5 |
| 3-Month | 3 (7%) | 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 | +1.73% | +1.34% | -0.39pp | 35 / 10 | 18 / 27 | 18 of 45 | ±2.53% |
| 5d | +1.00% | +1.54% | +0.55pp | 29 / 16 | 25 / 20 | 8 of 45 | ±6.18% |
| 21d | -2.41% | -0.70% | +1.71pp | 20 / 25 | 24 / 21 | 0 of 45 | ±11.96% |
| YTD | +34.24% | +11.05% | -23.20pp | 29 / 16 | 17 / 28 | 1 of 45 | ±108.78% |
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%+0.39pp
- INTC+7.67%+0.3pp
- MRVL+4.81%+0.26pp
- AMD+6.36%+0.25pp
- MU+5.50%+0.2pp
- APP-1.52%-0.03pp
- TRI-1.81%-0.02pp
- TXN-0.97%-0.02pp
- PDD-1.31%-0.02pp
- DASH-1.12%-0.02pp
This month (21d)
- MRVL+11.46%+0.63pp
- MSTR+42.94%+0.62pp
- QCOM+17.80%+0.5pp
- AMD+12.53%+0.49pp
- INTC+12.52%+0.48pp
- WDC-14.57%-0.43pp
- AMAT-18.76%-0.4pp
- LRCX-17.87%-0.4pp
- STX-11.13%-0.38pp
- MPWR-12.27%-0.29pp
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)
- MSTR+42.94%
- META+25.50%
- QCOM+17.80%
- CRWD+15.40%
- AMD+12.53%
- AMAT-18.76%
- LRCX-17.87%
- WDC-14.57%
- KLAC-13.25%
- MPWR-12.27%
QTEC — constituent leadership race
$100 in each covered QTEC 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 — 45 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| MRVL Marvell Technology Inc | 5.46% | 240.76 | +4.81% | +6.08% | +11.46% | +183.66% | 84 |
| ARM Arm Holdings Plc ADR | 4.51% | 264.90 | +8.57% | +4.22% | +4.57% | +142.34% | 71 |
| AMD Adv Micro Devices | 3.94% | 545.09 | +6.36% | +8.24% | +12.53% | +154.52% | 89 |
| INTC Intel Corp | 3.87% | 108.80 | +7.67% | +8.45% | +12.52% | +194.85% | 87 |
| MU Micron Technology | 3.57% | 977.50 | +5.50% | +0.01% | +3.91% | +242.63% | 67 |
| STX Seagate Technology Holdings | 3.42% | 803.13 | +2.55% | -6.87% | -11.13% | +192.14% | 18 |
| WDC Western Digital Corp | 2.98% | 423.87 | +1.65% | -8.04% | -14.57% | +146.17% | 4 |
| DDOG Datadog Inc Cl A | 2.95% | 236.00 | +2.26% | +6.44% | -4.07% | +73.54% | 40 |
| QCOM Qualcomm Inc | 2.83% | 188.71 | +2.09% | +6.69% | +17.80% | +11.03% | 93 |
| FTNT Fortinet Inc | 2.79% | 172.58 | +0.47% | +8.64% | +9.22% | +117.33% | 82 |
| CRWD Crowdstrike Holdings | 2.67% | 245.70 | +1.80% | +17.64% | +15.40% | +109.66% | 91 |
| SNDK Sandisk Corp | 2.63% | 1614.39 | +6.21% | -4.62% | -0.70% | +580.09% | 49 |
| PANW Palo Alto Networks | 2.60% | 375.06 | -0.16% | +10.80% | +0.25% | +103.62% | 56 |
| NXPI Nxp Semiconductors | 2.55% | 227.95 | +4.10% | +1.11% | -0.27% | +5.56% | 51 |
| TXN Texas Instruments | 2.47% | 258.14 | -0.97% | -0.26% | -5.18% | +49.76% | 36 |
| MPWR Monolithic Power Sys | 2.35% | 1169.58 | +1.91% | -1.39% | -12.27% | +29.30% | 9 |
| MCHP Microchip Technology | 2.32% | 70.82 | +1.77% | -1.06% | -8.88% | +11.80% | 29 |
| LRCX Lam Research Corp | 2.23% | 269.31 | +0.03% | -9.63% | -17.87% | +57.63% | 2 |
| CDNS Cadence Design Sys | 2.20% | 280.76 | +0.31% | -1.47% | -11.30% | -10.18% | 16 |
| KLAC K L A-Tencor Corp | 2.16% | 168.98 | +0.97% | -4.63% | -13.25% | +39.59% | 7 |
| AMAT Applied Materials | 2.13% | 417.40 | +0.49% | -8.06% | -18.76% | +62.62% | 0 |
| ADI Analog Devices | 2.10% | 362.65 | +0.17% | +0.39% | -3.71% | +34.14% | 44 |
| AVGO Broadcom Ltd | 2.05% | 347.30 | +2.29% | -3.75% | -8.61% | +0.56% | 31 |
| ASML ASML Holdings NY Reg ADR | 2.02% | 1629.67 | +1.71% | -3.42% | -9.61% | +52.86% | 27 |
| NVDA Nvidia Corp | 1.92% | 219.34 | +2.54% | +0.45% | -0.18% | +17.75% | 53 |
| APP Applovin Corp Cl A | 1.92% | 321.60 | -1.52% | +2.26% | +4.67% | -52.27% | 73 |
| AAPL Apple Inc | 1.90% | 337.00 | +1.38% | +3.19% | +8.70% | +24.08% | 80 |
| SNPS Synopsys Inc | 1.78% | 381.17 | +0.71% | -4.03% | -5.75% | -18.85% | 33 |
| MSFT Microsoft Corp | 1.70% | 497.75 | +1.52% | +1.08% | +3.54% | +3.16% | 64 |
| WDAY Workday Inc | 1.65% | 199.28 | +6.14% | +7.67% | +4.53% | -7.22% | 69 |
| META META Platforms Inc | 1.60% | 682.31 | +1.34% | +5.89% | +25.50% | +3.45% | 96 |
| ADBE Adobe Systems Inc | 1.58% | 252.67 | +0.87% | +1.54% | -3.98% | -27.81% | 42 |
| DASH Doordash Inc Cl A | 1.55% | 194.56 | -1.12% | -3.22% | -10.07% | -14.09% | 24 |
| SHOP Shopify Inc | 1.51% | 128.60 | -1.05% | +1.58% | -12.27% | -20.11% | 11 |
| MSTR Strategy Inc | 1.45% | 132.25 | +4.81% | +2.87% | +42.94% | -12.96% | 98 |
| ADSK Autodesk Inc | 1.43% | 218.64 | -0.76% | +3.32% | -11.41% | -26.14% | 13 |
| PLTR Palantir Technologies Cl A | 1.43% | 176.24 | +1.09% | +6.26% | +2.74% | -0.85% | 62 |
| ROP Roper Industries | 1.42% | 374.76 | -0.28% | -3.56% | -4.92% | -15.42% | 38 |
| TRI Thomson Reuters Corp | 1.37% | 99.48 | -1.81% | +3.94% | -0.75% | -22.89% | 47 |
| PDD Pdd Holdings Inc | 1.35% | 77.73 | -1.31% | -0.14% | -10.93% | -31.45% | 20 |
| ZS Zscaler Inc | 1.35% | 197.47 | +3.07% | +20.79% | +6.34% | -12.20% | 76 |
| CTSH Cognizant Tech Sol | 1.31% | 61.88 | +0.05% | +6.10% | +7.10% | -25.07% | 78 |
| INTU Intuit Inc | 1.01% | 313.13 | -1.57% | +0.12% | -10.64% | -52.50% | 22 |
| GOOGL Alphabet Cl A | 0.94% | 347.33 | +1.30% | +4.43% | +0.91% | +11.05% | 60 |
| GOOG Alphabet Cl C | 0.94% | 343.68 | +1.27% | +4.02% | +0.70% | +9.60% | 58 |
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
QTEC dispersion — data Q&A
Is QTEC's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned -2.41% while its median constituent returned -0.70% — a dispersion of 11.96 pp; 53% of 45 members beat the fund. Broad decline - breadth is falling with price.
How did QTEC's members trade in the last session?
As of 2026-09-17: fund +1.73%, median member +1.34%, 35 advancers vs 10 decliners.
What does the dispersion page for QTEC 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. 45 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.