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 | -0.56% | -0.84 | -8pp | -0.08pp | Weakening |
| 1 month | -7.91% | -2.76 | -4pp | +1.34pp | Confirming ↓ |
| 1 quarter | +6.99% | -0.96 | -24pp | -9.34pp | Weakening |
Over the last 126 sessions: price up +33.70%, breadth up (+5.96/name) · % beating 52→36 · median−ETF +0.34pp→-3.22pp.
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 2026-08-03.
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 | 7 (28%) | 2 (8%) | +5 |
| 1-Month | 0 (0%) | 2 (8%) | -2 |
| 3-Month | 0 (0%) | 2 (8%) | -2 |
| 6-Month | 0 (0%) | 0 (0%) | +0 |
| 52-Week | 0 (0%) | 0 (0%) | +0 |
| YTD | 0 (0%) | 0 (0%) | +0 |
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 |
|---|---|---|---|---|---|---|---|
| Architectscompute + foundry | 5 | 40.9% | +1.78% | +1.76% | -6.41% | 5 / 0 | -0.25pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | -1.49% | -2.96% | -11.50% | 3 / 7 | -2.22pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +0.25% | -0.19% | -12.19% | 4 / 4 | -3.59pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | +0.84% | -4.29% | -19.67% | 2 / 0 | -2.99pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.91% | +0.54% | -0.37pp | 14 / 11 | 7 / 18 | 10 of 25 | ±2.05% |
| 5d | -0.56% | -0.73% | -0.17pp | 10 / 15 | 10 / 15 | 5 of 25 | ±6.53% |
| 21d | -7.91% | -11.13% | -3.22pp | 3 / 22 | 9 / 16 | 2 of 25 | ±9.51% |
| YTD | +51.46% | +51.34% | -0.12pp | 21 / 3 | 12 / 12 | 0 of 24 | ±55.62% |
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)
- NVDA+2.93%+0.42pp
- MRVL+3.31%+0.14pp
- AMD+1.78%+0.13pp
- QCOM+2.68%+0.11pp
- AMAT+2.08%+0.1pp
- TXN-2.43%-0.11pp
- MPWR-5.73%-0.06pp
- ADI-1.51%-0.06pp
- NXPI-2.18%-0.03pp
- CDNS-1.14%-0.02pp
This month (21d)
- NVDA+6.06%+0.87pp
- AVGO+8.82%+0.52pp
- MPWR+4.36%+0.05pp
- INTC-24.39%-1.85pp
- MU-14.96%-1.14pp
- KLAC-22.42%-1.14pp
- MRVL-20.98%-0.86pp
- LRCX-16.16%-0.79pp
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)
- AVGO+8.82%
- NVDA+6.06%
- MPWR+4.36%
- TER-0.89%
- SWKS-2.03%
- INTC-24.39%
- ARM-24.18%
- STM-23.64%
- KLAC-22.42%
- ALAB-21.01%
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% | 206.64 | +2.93% | +5.15% | +6.06% | +10.93% | 92 |
| TSM Taiwan Semiconductor ADR | 9.19% | 406.11 | +0.46% | +1.76% | -6.46% | +33.94% | 68 |
| MU Micron Technology | 7.60% | 829.50 | +0.79% | -7.85% | -14.96% | +190.76% | 32 |
| INTC Intel Corp | 7.58% | 91.00 | +0.89% | -0.73% | -24.39% | +146.61% | 0 |
| AMD Adv Micro Devices | 7.29% | 484.64 | +1.78% | -2.08% | -6.41% | +126.30% | 72 |
| AVGO Broadcom Ltd | 5.95% | 392.23 | +0.76% | +2.35% | +8.82% | +13.57% | 96 |
| KLAC K L A-Tencor Corp | 5.07% | 182.75 | -0.04% | -10.13% | -22.42% | — | 12 |
| LRCX Lam Research Corp | 4.89% | 294.61 | +0.54% | +1.03% | -16.16% | +72.43% | 28 |
| AMAT Applied Materials | 4.72% | 518.21 | +2.08% | +0.26% | -14.07% | +101.90% | 36 |
| TXN Texas Instruments | 4.42% | 269.04 | -2.43% | -3.22% | -8.20% | +56.09% | 60 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1642.52 | +0.83% | -0.64% | -7.17% | +54.06% | 64 |
| QCOM Qualcomm Inc | 4.16% | 151.57 | +2.68% | -10.86% | -14.00% | -10.82% | 40 |
| MRVL Marvell Technology Inc | 4.12% | 193.78 | +3.31% | +2.43% | -20.98% | +128.30% | 20 |
| ADI Analog Devices | 3.82% | 361.88 | -1.51% | -2.69% | -4.05% | +33.85% | 76 |
| CDNS Cadence Design Sys | 2.09% | 336.15 | -1.14% | -0.73% | -9.91% | +7.54% | 56 |
| SNPS Synopsys Inc | 1.77% | 392.07 | +0.85% | +0.79% | -10.31% | -16.53% | 52 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 52.19 | -0.38% | -2.36% | -23.64% | +101.77% | 8 |
| ARM Arm Holdings Plc ADR | 1.19% | 239.06 | -0.26% | -10.24% | -24.18% | +118.70% | 4 |
| TER Teradyne Inc | 1.19% | 365.80 | -0.51% | +9.27% | -0.89% | +89.06% | 84 |
| NXPI Nxp Semiconductors | 1.19% | 224.17 | -2.18% | -16.25% | -17.99% | +3.81% | 24 |
| MPWR Monolithic Power Sys | 1.10% | 1344.37 | -5.73% | +0.40% | +4.36% | +48.62% | 88 |
| ALAB Astera Labs Inc | 0.92% | 321.05 | +3.16% | +13.64% | -21.01% | +92.99% | 16 |
| MCHP Microchip Technology | 0.91% | 75.22 | +1.25% | -3.44% | -11.13% | +18.74% | 48 |
| ON On Semiconductor | 0.70% | 80.40 | -1.48% | -9.70% | -11.86% | +48.48% | 44 |
| SWKS Skyworks Solutions | 0.18% | 61.29 | -1.59% | -3.39% | -2.03% | -1.34% | 80 |
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.