The average semi, not the mega-cap tape

SMHEW is a synthetic, daily-rebalanced equal-weight index of SMH's 25 semiconductor holdings — each name counts the same 4%, so it reads what the typical chip stock is doing rather than being dominated by NVDA/TSM/AVGO. Compared against cap-weighted SMH, their ratio is the concentration premium: when it rises, leadership is narrowing into the mega-caps; when it falls, the move is broadening across the average semi. SMHEW is a first-class symbol on the platform — history to 2010, and usable in the Spread Lab and MA-Query just like an ETF.

Concentration premium

50th

percentile of SMH/EW vs history

EW · YTD

+64.2%

vs SMH +54.6% — EW ahead

Basket breadth

4/25

constituents > their 50-day

EW vs 200-day

+18.1%

equal-weight trend stretch

Constituents

live · history to 2010

Premium rich → ride mega-caps (long SMH / short EW)

Fwd	Median	% up	n
5d	+0.08%	64%	39
10d	+0.46%	59%	39
21d	+0.16%	54%	39
42d	+0.67%	69%	39
63d	+1.04%	72%	39

Premium cheap → ride avg semi (long EW / short SMH)

Fwd	Median	% up	n
5d	+0.07%	55%	94
10d	+0.11%	55%	94
21d	+0.28%	57%	94
42d	+0.27%	59%	94
63d	+0.30%	55%	94

Premium now at the 29th trailing-2y percentile. Events de-clustered ≥21 sessions. The premium trends, it doesn't revert: a positive median here means the stretch persists, so riding the current leader has paid and fading it has lost.

Constituent scorecard — ranked by 3-month return · RS = relative to the equal-weight basket

#	Name	Price	1W	1M	3M	6M	1Y	YTD	RS 3M
1	ASML	1,696.01	-2.5%	+4.1%	+4.3%	+19.6%	+123.6%	+59.3%	+16.5
2	AMAT	458.39	-5.3%	-9.6%	+0.2%	+23.4%	+178.9%	+79.0%	+12.4
3	NVDA	220.78	+5.9%	+10.0%	-1.5%	+21.1%	+22.7%	+18.5%	+10.8
4	MRVL	211.66	-7.7%	+12.8%	-3.5%	+162.0%	+174.6%	+149.4%	+8.7
5	TSM	415.32	+1.3%	+2.7%	-4.4%	+13.1%	+76.2%	+37.4%	+7.8
6	LRCX	301.49	-2.8%	+2.9%	-4.9%	+30.8%	+191.2%	+76.5%	+7.4
7	TER	349.83	-4.1%	-4.9%	-5.3%	+7.4%	+197.5%	+80.9%	+6.9
8	ALAB	296.98	+7.0%	-4.6%	-7.2%	+146.4%	+57.0%	+78.5%	+5.0
9	MU	958.73	+5.3%	+16.5%	-7.4%	+132.5%	+687.1%	+236.1%	+4.8
10	AMD	470.72	+3.1%	-1.1%	-7.7%	+137.0%	+179.2%	+119.8%	+4.5
11	KLAC	175.45	-3.4%	-3.9%	-9.5%	+14.6%	+97.3%	+44.9%	+2.8
12	ADI	362.14	-2.4%	-1.4%	-9.8%	+3.4%	+44.3%	+34.3%	+2.4
13	TXN	260.91	+0.8%	-5.4%	-10.6%	+25.6%	+31.2%	+52.9%	+1.7
14	SNPS	439.59	+11.4%	+13.1%	-10.7%	+3.5%	-28.2%	-6.4%	+1.5
15	SWKS	67.01	+0.2%	+7.6%	-11.2%	+14.7%	-7.9%	+7.9%	+1.0
16	MPWR	1,267.77	-1.3%	-11.1%	-17.7%	+11.3%	+48.7%	+40.4%	-5.4
17	INTC	89.51	+2.6%	-0.8%	-18.1%	+96.7%	+259.0%	+142.6%	-5.9
18	CDNS	338.78	+7.2%	-0.4%	-18.2%	+11.7%	-4.4%	+8.4%	-6.0
19	MCHP	73.45	-1.0%	-0.5%	-19.3%	-0.1%	+15.5%	+17.2%	-7.0
20	AVGO	370.34	+3.2%	-4.9%	-19.4%	+16.6%	+20.9%	+7.4%	-7.1
21	QCOM	170.48	+7.5%	+15.5%	-25.3%	+22.1%	+8.3%	+0.7%	-13.0
22	STM	50.14	+1.6%	-4.3%	-27.3%	+50.4%	+83.7%	+94.1%	-15.0
23	NXPI	224.64	+1.0%	-2.0%	-27.6%	+0.8%	-4.4%	+4.4%	-15.4
24	ON	74.09	+3.0%	-9.2%	-38.7%	+11.4%	+45.9%	+36.8%	-26.5
25	ARM	241.91	+1.3%	+0.9%	-40.8%	+94.5%	+69.7%	+121.3%	-28.6

SMHEW = daily-rebalanced equal-weight of 25 SMH holdings (validated to the source workbook's EW index to 1e-13). Each day earns the mean return of the constituents trading that day, so history runs back as far as the older names allow (2010, 25 names today). Concentration premium = SMH ÷ SMHEW. RS 3M = a name's 3-month return minus the basket's. Adjusted closes, yfinance. Educational research, not advice.