Constituent dispersion · breadth vs the index
XLV — Health Care Select Sector
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 | +1.90% | +0.86 | +12pp | +1.63pp | Confirming ↑ |
| 1 month | -0.54% | -1.2 | -3pp | -0.85pp | Weakening |
| 1 quarter | +12.50% | +3.31 | +9pp | +1.33pp | Confirming ↑ |
Over the last 126 sessions: price up +12.25%, breadth up (+1.8/name) · % beating 39→56 · median−ETF -1.38pp→+0.92pp.
Stocks above their moving average — participation breadth
Of the 59 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 59 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 | 23 (39%) | 11 (19%) | +12 |
| 1-Month | 6 (10%) | 8 (14%) | -2 |
| 3-Month | 5 (8%) | 2 (3%) | +3 |
| 6-Month | 5 (8%) | 0 (0%) | +5 |
| 52-Week | 5 (8%) | 0 (0%) | +5 |
| YTD | 5 (8%) | 0 (0%) | +5 |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +0.62% | +0.15% | -0.47pp | 33 / 26 | 23 / 36 | 29 of 59 | ±1.93% |
| 5d | +1.90% | +1.68% | -0.22pp | 39 / 20 | 28 / 31 | 13 of 59 | ±4.67% |
| 21d | -0.54% | +0.36% | +0.90pp | 32 / 26 | 32 / 26 | 7 of 58 | ±8.23% |
| YTD | +9.50% | +13.43% | +3.93pp | 41 / 17 | 34 / 24 | 1 of 58 | ±25.73% |
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)
- LLY+1.28%+0.21pp
- JNJ+1.10%+0.11pp
- MRK+1.55%+0.08pp
- GILD+2.17%+0.06pp
- TMO+1.53%+0.05pp
- CVS-1.58%-0.04pp
- SYK-1.63%-0.03pp
- COR-2.85%-0.03pp
- CAH-2.67%-0.03pp
- BMY-1.19%-0.02pp
This month (21d)
- MRK+8.86%+0.47pp
- TMO+11.76%+0.37pp
- GILD+5.19%+0.14pp
- ABBV+1.97%+0.14pp
- DHR+6.47%+0.13pp
- LLY-5.98%-0.97pp
- AMGN-10.18%-0.35pp
- UNH-4.75%-0.31pp
- SYK-15.46%-0.3pp
- ABT-9.27%-0.26pp
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)
- RVTY+28.99%
- IQV+12.25%
- TMO+11.76%
- MRK+8.86%
- VEEV+8.65%
- COO-29.02%
- SYK-15.46%
- BSX-13.71%
- GEHC-11.27%
- BAX-11.22%
XLV — constituent leadership race
$100 in each covered XLV constituent at 2025-12-24, 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 — 59 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| LLY Eli Lilly and Company | 16.15% | 1152.44 | +1.28% | +2.62% | -5.98% | +7.41% | 17 |
| JNJ Johnson & Johnson | 10.44% | 270.22 | +1.10% | +1.45% | +0.16% | +31.27% | 47 |
| ABBV Abbvie Inc | 7.24% | 264.02 | +0.58% | +3.54% | +1.97% | +17.45% | 64 |
| UNH Unitedhealth Group | 6.62% | 375.21 | -0.01% | -2.77% | -4.75% | +14.55% | 24 |
| MRK Merck & Company | 5.28% | 147.15 | +1.55% | +2.29% | +8.86% | +40.83% | 93 |
| AMGN Amgen Inc | 3.44% | 379.78 | +0.91% | -0.70% | -10.18% | +16.83% | 12 |
| TMO Thermo Fisher Scientific | 3.17% | 658.32 | +1.53% | +9.23% | +11.76% | +13.72% | 95 |
| GILD Gilead Sciences Inc | 2.78% | 150.89 | +2.17% | +4.79% | +5.19% | +23.63% | 81 |
| ABT Abbott Laboratories | 2.76% | 102.23 | -0.13% | -1.09% | -9.27% | -17.48% | 14 |
| PFE Pfizer Inc | 2.68% | 27.64 | +0.66% | -0.04% | +1.43% | +12.86% | 62 |
| ISRG Intuitive Surg Inc | 2.63% | 383.54 | +0.33% | +6.40% | -1.95% | -32.28% | 38 |
| CVS CVS Corp | 2.33% | 90.27 | -1.58% | -5.27% | -4.89% | +15.69% | 21 |
| BMY Bristol-Myers Squibb Company | 2.09% | 62.84 | -1.19% | -1.43% | -4.86% | +19.09% | 22 |
| DHR Danaher Corp | 2.04% | 212.50 | +1.99% | +5.97% | +6.47% | -6.97% | 86 |
| VRTX Vertex Pharmaceutic | 2.03% | 516.34 | +0.60% | +0.35% | -2.24% | +13.89% | 34 |
| SYK Stryker Corp | 1.93% | 280.13 | -1.63% | +3.75% | -15.46% | -20.08% | 2 |
| MDT Medtronic Inc | 1.85% | 92.77 | +0.18% | +1.26% | +0.74% | -2.64% | 55 |
| MCK Mckesson Corp | 1.73% | 879.57 | -0.87% | -0.15% | +1.19% | +7.43% | 60 |
| ELV Elevance Health Inc | 1.60% | 414.26 | +0.41% | -0.55% | +4.01% | +18.90% | 72 |
| CI The Cigna Group | 1.41% | 276.00 | -1.59% | -1.75% | -0.90% | +1.42% | 43 |
| BSX Boston Scientific Corp | 1.25% | 43.55 | -0.82% | +1.04% | -13.71% | -54.33% | 3 |
| REGN Regeneron Pharmaceuticals | 1.11% | 789.45 | +1.92% | -0.48% | -2.57% | +2.40% | 33 |
| HCA Hca Holdings Inc | 1.09% | 429.04 | -0.32% | +2.05% | +4.20% | -7.96% | 76 |
| COR Cencora Inc | 0.99% | 309.41 | -2.85% | -3.60% | -2.13% | -8.02% | 36 |
| CAH Cardinal Health | 0.95% | 226.34 | -2.67% | -4.10% | -3.68% | +10.68% | 29 |
| EW Edwards Lifesciences Corp | 0.89% | 88.25 | -1.15% | +1.71% | -3.00% | +3.52% | 31 |
| HUM Humana Inc | 0.82% | 384.52 | -0.05% | -4.05% | +0.66% | +50.89% | 53 |
| IDXX Idexx Laboratories | 0.81% | 506.48 | -1.39% | -0.01% | -8.47% | -25.14% | 16 |
| BDX Becton Dickinson and Company | 0.75% | 181.38 | -0.26% | +2.81% | +0.34% | +19.64% | 48 |
| A Agilent Technologies | 0.66% | 156.34 | +1.72% | +9.24% | +5.32% | +15.36% | 83 |
| WAT Waters Corp | 0.63% | 429.72 | +2.65% | +6.99% | +7.10% | +13.13% | 90 |
| ZTS Zoetis Inc Cl A | 0.60% | 73.02 | +0.03% | +0.22% | -1.27% | -41.46% | 41 |
| IQV Iqvia Holdings Inc | 0.55% | 269.44 | +0.23% | +4.72% | +12.25% | +19.53% | 97 |
| CNC Centene Corp | 0.55% | 67.10 | +1.65% | +2.60% | +2.88% | +63.06% | 66 |
| GEHC GE Healthcare Technologies | 0.53% | 64.44 | +1.50% | +0.32% | -11.27% | -21.36% | 5 |
| BIIB Biogen Inc | 0.53% | 219.05 | +1.41% | +1.68% | +3.06% | +24.47% | 69 |
| DXCM Dexcom Inc | 0.52% | 87.93 | +0.68% | +4.05% | -1.86% | +32.48% | 40 |
| RMD Resmed Inc | 0.51% | 228.42 | +0.07% | +4.03% | +4.13% | -4.67% | 74 |
| VEEV Veeva Systems Inc | 0.43% | 263.75 | -0.43% | +1.06% | +8.65% | +18.15% | 91 |
| WST West Pharmaceutical Services | 0.43% | 366.60 | +1.27% | +6.49% | +5.77% | +33.46% | 84 |
| MTD Mettler-Toledo International | 0.41% | 1410.44 | +2.30% | +10.14% | +0.77% | +1.17% | 57 |
| DGX Quest Diagnostics Inc | 0.40% | 247.45 | +0.15% | +7.06% | +4.74% | +43.87% | 79 |
| LH Laboratory Corp of America | 0.40% | 322.73 | -0.55% | +5.14% | +0.39% | +29.32% | 52 |
| STE Steris Corp | 0.37% | 208.04 | -0.89% | -2.08% | -10.48% | -17.73% | 10 |
| VTRS Viatris Inc | 0.34% | 17.13 | +0.65% | +4.58% | +6.73% | +39.79% | 88 |
| INCY Incyte Corp | 0.33% | 127.62 | +2.30% | +3.52% | +3.36% | +29.21% | 71 |
| ZBH Zimmer Biomet Holdings | 0.32% | 94.25 | -2.61% | +1.96% | -4.94% | +5.10% | 19 |
| MRNA Moderna Inc | 0.31% | 158.07 | +8.55% | +15.70% | — | — | — |
| COO Cooper Companies | 0.24% | 53.78 | -1.53% | -0.73% | -29.02% | -34.39% | 0 |
| ALGN Align Technology | 0.21% | 149.71 | -0.49% | -0.67% | -10.84% | -4.12% | 9 |
| SOLV Solventum Corporation | 0.21% | 87.53 | -1.46% | -0.14% | +0.09% | +10.46% | 45 |
| RVTY Revvity Inc | 0.20% | 146.73 | +0.69% | +21.32% | +28.99% | +51.87% | 98 |
| BAX Baxter International | 0.19% | 23.02 | -2.17% | -4.80% | -11.22% | +20.58% | 7 |
| PODD Insulet Corp | 0.19% | 141.55 | +0.68% | +5.10% | -4.38% | -50.20% | 28 |
| CRL Charles River Laboratories | 0.17% | 281.67 | +3.02% | +3.18% | +0.89% | +41.20% | 59 |
| TECH Bio-Techne Corp | 0.15% | 72.41 | +0.11% | +0.46% | +0.37% | +23.52% | 50 |
| HSIC Henry Schein Inc | 0.15% | 85.04 | -1.99% | -2.59% | -4.70% | +12.52% | 26 |
| UHS Universal Health Services | 0.15% | 180.75 | -0.25% | +4.65% | +4.43% | -17.01% | 78 |
| DVA Davita Healthcare Partners | 0.13% | 183.09 | -5.56% | +0.97% | +2.91% | +61.16% | 67 |
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
XLV dispersion — data Q&A
Is XLV's move broad or carried by a few names (21 sessions)?
As of 2026-09-17: over 21 sessions the fund returned -0.54% while its median constituent returned +0.36% — a dispersion of 8.23 pp; 55% of 58 members beat the fund. Weakening below the surface - the A/D line is falling while price holds up; leadership is narrowing.
How did XLV's members trade in the last session?
As of 2026-09-17: fund +0.62%, median member +0.15%, 33 advancers vs 26 decliners.
What does the dispersion page for XLV 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. 59 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.