Constituent dispersion · breadth vs the index
SMH — VanEck Semiconductor
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 | +0.06% | +1.16 | +8pp | -0.29pp | Improving |
| 1 month | -1.61% | +0.12 | +4pp | -1.23pp | Improving |
| 1 quarter | -10.15% | -2.76 | -4pp | -1.28pp | Confirming ↓ |
Over the last 126 sessions: price up +41.96%, breadth up (+7.4/name) · % beating 52→40 · median−ETF +0.17pp→-3.57pp.
Stocks above their moving average — participation breadth
Of the 25 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 25 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 | 9 (36%) | 1 (4%) | +8 |
| 1-Month | 5 (20%) | 0 (0%) | +5 |
| 3-Month | 1 (4%) | 0 (0%) | +1 |
| 6-Month | 1 (4%) | 0 (0%) | +1 |
| 52-Week | 1 (4%) | 0 (0%) | +1 |
| YTD | 1 (4%) | 0 (0%) | +1 |
Generation Rotation — breadth by layer
The chip chain split into four layers. Which layer leads shows where leadership sits — the front-end Architects, the Equipment + EDA toolmakers, Memory + Substrates, or the Power + Cooling + Optical enablers. Sorted by 21-day median; the leading layer is highlighted. "21d contrib" is the layer's weight-times-return contribution to SMH's 21-day move.
| Layer | Names | Weight | Median 1d | 5d | 21d | Up / Dn | 21d contrib |
|---|---|---|---|---|---|---|---|
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | +6.58% | +4.23% | +8.21% | 2 / 0 | +1.25pp |
| Architectscompute + foundry | 5 | 40.9% | +2.54% | +0.79% | +4.08% | 5 / 0 | +1.49pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +2.23% | +0.06% | -4.45% | 9 / 1 | -0.27pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +0.84% | -4.32% | -11.98% | 8 / 0 | -3.28pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +2.76% | +2.29% | -0.46pp | 24 / 1 | 10 / 15 | 8 of 25 | ±2.82% |
| 5d | +0.06% | -0.26% | -0.32pp | 12 / 13 | 11 / 14 | 5 of 25 | ±4.99% |
| 21d | -1.61% | -5.18% | -3.57pp | 8 / 17 | 10 / 15 | 0 of 25 | ±12.63% |
| YTD | +55.67% | +47.00% | -8.67pp | 23 / 2 | 10 / 15 | 0 of 25 | ±68.15% |
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)
- INTC+7.67%+0.58pp
- AMD+6.36%+0.46pp
- MU+5.50%+0.42pp
- NVDA+2.54%+0.36pp
- TSM+3.00%+0.28pp
- TXN-0.97%-0.04pp
This month (21d)
- INTC+12.52%+0.95pp
- AMD+12.53%+0.91pp
- QCOM+17.80%+0.74pp
- MRVL+11.46%+0.47pp
- TSM+4.08%+0.37pp
- AMAT-18.76%-0.89pp
- LRCX-17.87%-0.87pp
- KLAC-13.25%-0.67pp
- AVGO-8.61%-0.51pp
- ASML-9.61%-0.42pp
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)
- SWKS+35.43%
- QCOM+17.80%
- AMD+12.53%
- INTC+12.52%
- MRVL+11.46%
- AMAT-18.76%
- LRCX-17.87%
- ON-14.00%
- KLAC-13.25%
- TER-12.65%
SMH — constituent leadership race
$100 in each covered SMH 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 — 25 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| NVDA Nvidia Corp | 14.31% | 219.34 | +2.54% | +0.45% | -0.18% | +17.75% | 64 |
| TSM Taiwan Semiconductor ADR | 9.19% | 430.26 | +3.00% | +0.79% | +4.08% | +41.90% | 72 |
| MU Micron Technology | 7.60% | 977.50 | +5.50% | +0.01% | +3.91% | +242.63% | 68 |
| INTC Intel Corp | 7.58% | 108.80 | +7.67% | +8.45% | +12.52% | +194.85% | 84 |
| AMD Adv Micro Devices | 7.29% | 545.09 | +6.36% | +8.24% | +12.53% | +154.52% | 88 |
| AVGO Broadcom Ltd | 5.95% | 347.30 | +2.29% | -3.75% | -8.61% | +0.56% | 36 |
| KLAC K L A-Tencor Corp | 5.07% | 168.98 | +0.97% | -4.63% | -13.25% | +39.59% | 12 |
| LRCX Lam Research Corp | 4.89% | 269.31 | +0.03% | -9.63% | -17.87% | +57.63% | 4 |
| AMAT Applied Materials | 4.72% | 417.40 | +0.49% | -8.06% | -18.76% | +62.62% | 0 |
| TXN Texas Instruments | 4.42% | 258.14 | -0.97% | -0.26% | -5.18% | +49.76% | 48 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1629.67 | +1.71% | -3.42% | -9.61% | +52.86% | 28 |
| QCOM Qualcomm Inc | 4.16% | 188.71 | +2.09% | +6.69% | +17.80% | +11.03% | 92 |
| MRVL Marvell Technology Inc | 4.12% | 240.76 | +4.81% | +6.08% | +11.46% | +183.66% | 80 |
| ADI Analog Devices | 3.82% | 362.65 | +0.17% | +0.39% | -3.71% | +34.14% | 52 |
| CDNS Cadence Design Sys | 2.09% | 280.76 | +0.31% | -1.47% | -11.30% | -10.18% | 24 |
| SNPS Synopsys Inc | 1.77% | 381.17 | +0.71% | -4.03% | -5.75% | -18.85% | 44 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 48.61 | +1.14% | -4.20% | -7.00% | +87.93% | 40 |
| ARM Arm Holdings Plc ADR | 1.19% | 264.90 | +8.57% | +4.22% | +4.57% | +142.34% | 76 |
| TER Teradyne Inc | 1.19% | 353.13 | +3.51% | -4.61% | -12.65% | +82.52% | 16 |
| NXPI Nxp Semiconductors | 1.19% | 227.95 | +4.10% | +1.11% | -0.27% | +5.56% | 60 |
| MPWR Monolithic Power Sys | 1.10% | 1169.58 | +1.91% | -1.39% | -12.27% | +29.30% | 20 |
| ALAB Astera Labs Inc | 0.92% | 293.56 | +9.06% | +3.17% | -3.26% | +76.46% | 56 |
| MCHP Microchip Technology | 0.91% | 70.82 | +1.77% | -1.06% | -8.88% | +11.80% | 32 |
| ON On Semiconductor | 0.70% | 68.30 | +2.55% | -2.66% | -14.00% | +26.13% | 8 |
| SWKS Skyworks Solutions | 0.18% | 91.32 | +6.69% | +8.68% | +35.43% | +47.00% | 96 |
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
SMH dispersion — data Q&A
Is SMH's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned -1.61% while its median constituent returned -5.18% — a dispersion of 12.63 pp; 40% of 25 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 SMH's members trade in the last session?
As of 2026-09-17: fund +2.76%, median member +2.29%, 24 advancers vs 1 decliners.
What does the dispersion page for SMH 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. 25 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.