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

46th

percentile of SMH/EW vs history

EW · YTD

+71.8%

vs SMH +57.6% — EW ahead

Basket breadth

13/25

constituents > their 50-day

EW vs 200-day

+11.6%

equal-weight trend stretch

Constituents

live · history to 2010

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

Fwd	Median	% up	n
5d	+0.07%	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	+0.11%	56%	98
10d	+0.16%	56%	98
21d	+0.28%	58%	98
42d	+0.30%	58%	98
63d	+0.28%	56%	98

Premium now at the 9th 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	SWKS	87.23	+6.1%	-0.9%	+39.6%	+40.4%	+18.7%	+40.4%	+33.8
2	MRVL	251.65	+2.8%	-4.4%	+37.3%	+60.8%	+184.2%	+196.6%	+31.5
3	SNPS	481.89	+6.8%	+16.1%	+29.4%	+0.1%	+3.5%	+2.6%	+23.6
4	QCOM	182.97	+2.8%	-0.6%	+21.3%	+18.4%	-0.5%	+8.6%	+15.5
5	AMD	578.44	+4.7%	-4.8%	+19.2%	+71.6%	+122.8%	+170.1%	+13.3
6	ADI	428.27	+5.5%	+7.5%	+17.2%	+10.6%	+78.4%	+59.3%	+11.3
7	MU	983.23	+7.6%	-7.7%	+12.4%	+89.7%	+347.2%	+244.7%	+6.6
8	TXN	309.83	+8.8%	+10.0%	+11.7%	+16.3%	+87.6%	+81.6%	+5.9
9	NVDA	215.38	-3.0%	-5.2%	+10.6%	+3.2%	+12.7%	+15.8%	+4.7
10	TSM	439.51	+1.8%	-3.8%	+9.3%	+12.2%	+48.9%	+45.8%	+3.4
11	MCHP	79.63	+3.2%	+1.1%	+6.8%	-10.7%	+26.6%	+27.1%	+1.0
12	INTC	95.53	+2.8%	-17.6%	+4.8%	+0.8%	+141.6%	+158.9%	-1.0
13	NXPI	251.69	+3.8%	+6.4%	+3.1%	-12.3%	+15.6%	+17.5%	-2.7
14	CDNS	342.46	+5.0%	+5.6%	+2.9%	+3.8%	-2.5%	+9.6%	-3.0
15	ASML	1,662.85	-0.7%	-9.2%	+0.8%	+19.6%	+58.1%	+56.4%	-5.0
16	ALAB	297.20	+2.5%	-16.9%	-0.8%	+51.0%	+74.5%	+78.6%	-6.7
17	ARM	235.90	+4.1%	-19.7%	-2.3%	+17.0%	+32.1%	+115.8%	-8.2
18	MPWR	1,211.22	-5.6%	-10.5%	-7.8%	-20.4%	+10.3%	+34.3%	-13.7
19	STM	48.52	+2.3%	-8.9%	-8.4%	-7.6%	+92.2%	+88.1%	-14.2
20	AVGO	351.81	+4.1%	-0.9%	-9.1%	-12.9%	-2.1%	+2.2%	-15.0
21	ON	75.63	-1.7%	-0.4%	-9.7%	-23.5%	+43.6%	+39.7%	-15.5
22	KLAC	158.77	-2.9%	-19.2%	-11.9%	-12.4%	+31.4%	+31.2%	-17.7
23	TER	313.24	-9.3%	-22.3%	-14.3%	+2.3%	+112.8%	+62.0%	-20.1
24	LRCX	253.82	-2.7%	-21.6%	-14.7%	+2.2%	+62.5%	+48.7%	-20.5
25	AMAT	416.00	+1.7%	-18.8%	-17.0%	+9.0%	+80.8%	+62.5%	-22.9

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.