Recently, geopolitical situations have shown a high degree of uncertainty, leading to increased volatility in global markets. As investors watch the numbers in their accounts fluctuate, many are turning their attention to high dividend, low volatility dividend sectors. However, a quick search online reveals terms like CSI Dividend, Low Volatility Dividend, High Dividend Hong Kong Stocks, Value 100... It seems difficult to distinguish the differences just by their names. So how should we choose the right dividend index allocation tool that truly suits us?
In fact, selecting a dividend index is not that complicated. By answering the following three questions, you can quickly identify the one that fits you best.
The first question: Do you only want to buy A-shares, or do you want to layout across markets?
If you firmly believe in the dividend capability of local leading enterprises, the CSI Dividend Index is a classic choice. It focuses on A-shares and filters by dividend yield, making it simple and direct. However, if you are concerned about the risks of a single market or see the opportunity of relatively cheap high dividends in Hong Kong stocks under the AH premium, the Hang Seng High Dividend Low Volatility Index (Hang Seng Dividend Low Volatility) is worth a look. It not only covers Hong Kong Stock Connect targets but also adds a low volatility filter, helping you filter out companies with excessive volatility in the high-volatility environment of Hong Kong stocks.
Current dividend yields of the CSI Dividend and Hang Seng High Dividend Low Volatility Index
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O0suw0dLPaTdfaPFfxsMSuVtxst42Js8hMk-H2-M672HoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O0suw0dLPaTdfaPFfxsMSuVtxst42Js8hMk-H2-M672HoAA/641"/>
Data from Wind, as of April 1, 2026
An AH premium index above 100 means that the Hong Kong stock of the same company is relatively cheaper
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OGWQlfMfaQVdG26yhMKmLxTX1Y-WdcitForrk40UpxjHsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OGWQlfMfaQVdG26yhMKmLxTX1Y-WdcitForrk40UpxjHsAA/641"/>
Data from Wind, covering the period from January 1, 2021, to April 1, 2026
The second question: Do you prefer a high industry concentration or a sufficiently diversified industry allocation?
If you are worried about putting all your eggs in one basket, the CSI Dividend Index may be more to your liking—it has a relatively balanced industry distribution, with banks accounting for about 23%, followed closely by energy and industrial sectors, with little difference among the top three industries.
However, if you believe that the banking sector has a relatively superior dividend capability in the long term and are not so sensitive to high concentration, the CSI Dividend Low Volatility Index may actually be a &#34;precision strike.&#34; Its bank proportion is indeed high, but this is a result of the low volatility screening mechanism. This concentration is not a blind bet but a natural selection filtered through volatility—overall trends are relatively steadier than the market, suitable for investors who fear bumps along the way.
Distribution of the top three industries
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OyQiWz43Gy6uBrfvB4kdYZNP148a4GfsO9ROXnDe0Fq6oAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OyQiWz43Gy6uBrfvB4kdYZNP148a4GfsO9ROXnDe0Fq6oAA/641"/>
Data from Wind, as of April 1, 2026
The third question: Is your &#34;pursuit of stability&#34; &#34;seeking progress while maintaining stability&#34; or &#34;focusing on defense&#34;?
This question determines your choice between the Dividend Low Volatility and Value 100. The Value 100 index follows a balanced approach, with a dividend yield of 4.9%, allocating to high-quality, high-dividend, and cash-rich companies at low valuations, suitable for those willing to accept moderate volatility for potential long-term growth. The Dividend Low Volatility index, on the other hand, leans more towards defense, currently offering a dividend yield of 4.4%, with historical data showing smaller drawdowns and volatility during significant market declines. If your goal is to minimize losses and sleep well at night, the defensive attributes of Dividend Low Volatility are superior.
Ultimately, there is no absolute superiority between dividend indices; it’s about suitability. If you prefer pure A-share high dividends and are optimistic about banks, choose the China Securities Dividend. If you want to cross-border allocate to Hong Kong high dividend low volatility assets, choose the Hang Seng Dividend Low Volatility. If you seek stability with some elasticity, choose Value 100. However, if you require stronger defensive attributes to weather periods of high market volatility, Dividend Low Volatility may better meet your needs. Think through these three questions clearly before taking action.
Historical performance
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwQs6n3t-K0s_0JdlqoOEtfeIVFI5kBemmJkP8jNHEMTsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwQs6n3t-K0s_0JdlqoOEtfeIVFI5kBemmJkP8jNHEMTsAA/641"/>
Data from Wind, covering the period from January 1, 2018, to April 1, 2026; returns are calculated using the total return index denominated in RMB.
Dividend Low Volatility ETF E Fund (563020; Connect A/C: 020602/020603)
Mainly covers mature companies in the banking, construction decoration, and pharmaceutical sectors; product management + custody fee rate is 20bp/year, offering a low fee advantage among similar products.
Value ETF E Fund (159263; Connect A/C: 025497/025498)
Mainly covers high-dividend companies in the home appliance, banking, and automotive sectors, allocating to high-dividend and cash-rich companies at low valuations.
Dividend ETF E Fund (515180; Connect A/C: 009051/009052)
Mainly covers banks, coal, and transportation, allocating to high-dividend A-share companies at low valuations, leading in scale among products tracking the same index with a low fee rate, product management + custody fee rate is 20bp/year.
Hang Seng Dividend Low Volatility ETF E Fund (159545; Connect A/C: 021457/021458)
Mainly covers financial services, utilities, and industrials, allocating to listed companies in the Hong Kong market with high dividend levels and low volatility at low valuations, product management + custody fee rate is 20bp/year

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This article discusses how investors can choose suitable dividend indices against the backdrop of current geopolitical uncertainties and increased market volatility. By answering three key questions, investors can quickly identify the dividend allocation tools that suit them. The first question involves market selection; A-share investors may consider the China Merchants CSI Dividend Index, while those focusing on Hong Kong stocks may choose the Hang Seng SCHK High Dividend Low Volatility Index. The second question addresses industry concentration; if a balanced allocation is preferred, the China Merchants CSI Dividend Index can be selected, while if trust in bank dividend capabilities exists, the China Merchants CSI Dividend Low Volatility Index may be chosen. The third question explores the investor's demand for stability

腾讯新闻 - 财经

Huatai-PB CSI Dividend Low Volatility ETF

Huatai-PB SSE Dividend ETF

Fullgoal Hang Seng SCHK High Dividend Low Volatility ETF(QDII)

China Merchants CSI Dividend ETF

CSOP SCHIGHDIV

ChinaAMC CSI Dividend Low Volatility ETF

E Fund CSI Dividend Low Volatility ETF

China Merchants CSI All Share Dividend Quality ETF

GTJA Allianz CSI A500 Dividend Low Volatility ETF

New China CSI Dividend Low Volatility ETF

中证红利

E Fund Hang Seng SCHK High Dividend Low Volatility ETF

China Merchants Hang Seng SCHK High Dividend Low Volatility ETF

With so many dividend indices, which one should you choose? 3 questions to help you quickly identify