<p>各种类型的投资者都可以从股息股票的力量中受益。尽管股息通常是退休人士或接近退休人士所追求的，但这些定期支付可以在您投资旅程的任何阶段对您的长期回报产生巨大贡献。</p>
<p>当整体市场经历低迷时期时，这一点尤其如此。在这些时候，持续的股息支付可以缓冲投资组合的回报，并为投资者提供现金以在股票交易处于较低水平时进行再投资。</p>
<p>考虑到今天看起来昂贵的市场，如果华尔街在未来一年经历波动或大幅回调，这些特性可能特别有用。这就是为什么这些高股息交易所交易基金（ETFs）今天可能是很好的选择。</p>
<h2>WisdomTree 美国高股息基金</h2>
<p>如果您喜欢高且不断增长的股息，并结合大型全球股票的稳定性，<strong>WisdomTree 美国高股息基金</strong>（DHS -0.40%）可能适合您。</p>
<p>该 ETF 目前的股息收益率为 3.5%，与标准普尔 500 指数的 1.2% 平均收益率相比相当不错。此外，WisdomTree 美国高股息基金专注于产生大量现金流的相对安全的大型股票。目前，其主要持股包括石油和天然气巨头 <strong>ExxonMobil</strong>、烟草巨头 <strong>Altria Group</strong> 和制药领军企业 <strong>AbbieVie</strong>。</p>
<p>WisdomTree 在选择和加权该 ETF 中的股票时采取了一种有趣的方法。首先，其投资组合高度多样化，目前有 388 只股票。要被纳入，公司的过去 12 个月必须支付股息，并且市值必须超过 1 亿美元。</p>
<p>其次，该投资组合中的头寸不是按市值或股息收益率加权，而是按它们分配的股息总额加权。显然，较大的公司可能会支付更高的总额，但仅仅因为一家公司市值高并不意味着它会支付与较小的公司一样多。因此，这种基于所谓的 “股息市值” 的加权方式是平衡规模和实力与股息收益率的巧妙方法。</p>
<p>然后，WisdomTree 根据两个因素对所选证券进行 “风险综合评分”：基于股本回报的 “质量” 因素，以及给予股票在过去六个月和 12 个月期间表现的 “动量” 因素。</p>
<p>其目标是通过剔除在此风险综合评分中得分处于下半部分的股票来将风险较高的股票排除在 ETF 之外。有趣的是，该 ETF 也不会持有股息收益率最高的前 5% 的股票。这可能看起来违反直觉，但非常高的股息往往反映出一家公司处于困境中——这样的公司可能在不久的将来会削减股息。因此，避免持有收益率最高的股票是降低风险的另一种方式，即使这可能意味着 ETF 牺牲了一些股息收益率。</p>
<h2>Invesco S&amp;P 小型股高股息低波动 ETF</h2>
<p>寻找更高的收益率，或许伴随更高的风险？<strong>Invesco S&amp;P 小型股高股息低波动 ETF</strong>（XSHD -0.96%）可能适合您。</p>
<p>该 ETF 的股息收益率高达 6.9%。然而，请记住，其投资组合由小型股组成，这通常被认为是比大型股更具风险的投资。不仅如此，该 ETF 跟踪标准普尔小型股 600 低波动高股息指数。该指数首先从 <strong>S&amp;P 600</strong> 小型股指数中选择 90 只股息支付最高的股票。如前所述，股息非常高的股票可能面临潜在的业务风险，这可能导致股息削减。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxMDYvZ2V0dHlpbWFnZXMtMTEzNDYwOTk4Ni5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxMDYvZ2V0dHlpbWFnZXMtMTEzNDYwOTk4Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>因此，将小型股与高收益结合在一起是有风险的。但该指数随后采取额外的过滤步骤来降低这些风险。</p>
<p>首先，它通过剔除 30 只波动性最高的股票（以股票的贝塔值衡量）将这 90 只股票减少到 60 只。如果一只股票的贝塔值低于 1，则该股票的价格波动不如其指数平均波动，而贝塔值高于 1 则反映出更具波动性的股票。</p>
<p>虽然波动性并不完全等同于 “风险” 的概念，但许多投资者使用贝塔值作为量化风险的工具。因此，将 90 只收益率最高的小型股筛选到该领域内的 60 只低贝塔股票，旨在抵消投资高收益小型股所固有的一些风险。</p>
<p>最后，Invesco S&amp;P 小型股高股息低波动 ETF 还限制其投资组合中来自任何单一行业的股票数量最多为 10 只，以降低高行业集中度的额外风险。尽管如此，房地产行业在该指数中占据了较高的金额。该 ETF 的前四大持股——占其总价值的约 38%——均在房地产行业。</p>
<h2>Global X 超高股息美国 ETF</h2>
<p>最后，<strong>Global X 超高股息 ETF</strong>（DIV -0.63%）的方法论与 Invesco 基金有些相似，但更为集中，仅持有从更大范围的公司中挑选出的 50 只股票，涵盖各种市值（尽管其市值最低为 5 亿美元）。</p>
<p>与 Invesco S&amp;P 小型股高股息低波动 ETF 类似，这只 ETF 跟踪 Solactive 全球超级股息指数，采用高股息收益率与贝塔值相抵消的组合，筛选出 50 只在美国上市的高收益股票，这些股票的贝塔值为 0.85 或以下。这个贝塔值阈值实际上相当低，排除了很多股票。该指数还限制任何一个行业在其 50 个持股中占比不超过 12 只，且总市值权重不超过 25%。这些特征使得投资者拥有相对低风险的投资池，尽管该 ETF 仍然高度集中，并且拥有丰厚的 5.6% 股息收益率。</p>
<p>这些筛选条件使得公用事业行业成为该 ETF 最大的组成部分，占其价值的约 21%。考虑到许多（尽管不是全部）公用事业的受监管性质和相对稳定的表现，这并不令人惊讶。能源行业占据投资组合的第二大部分，而房地产行业位居第三。</p>
<p>因此，尽管 Global X 超级股息 ETF 的集中度高于 Invesco ETF，但这些其他特征往往使其风险较低。此外，该 ETF 是等权重的，这意味着在重新平衡时，每只股票的权重为 2%。这些重新平衡每年仅在 2 月底进行一次，因此随着时间的推移，权重将根据基础股票的表现而发生偏离。</p>
<p>总的来说，Global X 超级股息美国 ETF 是那些寻求稳定、类似债券投资的投资者的不错选择，同时仍然具有一定的上行潜力和跨行业的多样化。</p>

<p>本文讨论了三只适合产生被动收入的高收益股息 ETF。WisdomTree 美国高股息基金提供 3.5% 的收益率，专注于现金流稳定的大盘股。Invesco S&P 小盘高股息低波动 ETF 提供更高的 6.9% 收益率，但由于其小盘股的关注，涉及更多风险。这两只 ETF 都采用策略来减轻与高股息相关的风险，使其成为寻求在波动市场中获得收入的投资者的吸引选项</p>

<p>Investors of all types can benefit from the power of dividend stocks. Although dividends are usually sought by those in or nearing retirement, those regular payouts can contribute mightily to your long-term returns wherever you are in your investing journey.</p>
<div class="lb-trans"><p>各种类型的投资者都可以从股息股票的力量中受益。尽管股息通常是退休人士或接近退休人士所追求的，但这些定期支付可以在您投资旅程的任何阶段对您的长期回报产生巨大贡献。</p>
</div><p>That's especially true when the overall market is going through a bad patch. In those times, recurring dividend payments can cushion a portfolio's returns and give an investor cash to reinvest while stocks are trading at lower levels.</p>
<div class="lb-trans"><p>当整体市场经历低迷时期时，这一点尤其如此。在这些时候，持续的股息支付可以缓冲投资组合的回报，并为投资者提供现金以在股票交易处于较低水平时进行再投资。</p>
</div><p>Given today's expensive-looking market, those attributes may come in particularly handy if Wall Street experiences volatility or a big pullback in the year ahead. That's why these high-dividend exchange-traded funds (ETFs) could make for great selections today.</p>
<div class="lb-trans"><p>考虑到今天看起来昂贵的市场，如果华尔街在未来一年经历波动或大幅回调，这些特性可能特别有用。这就是为什么这些高股息交易所交易基金（ETFs）今天可能是很好的选择。</p>
</div><h2>WisdomTree U.S. High Dividend Fund</h2>
<div class="lb-trans"><h2>WisdomTree 美国高股息基金</h2>
</div><p>If you like high and growing dividends combined with the stability of large-cap global stocks, the <strong>WisdomTree U.S. High Dividend Fund</strong>(DHS -0.40%) may be for you.</p>
<div class="lb-trans"><p>如果您喜欢高且不断增长的股息，并结合大型全球股票的稳定性，<strong>WisdomTree 美国高股息基金</strong>（DHS -0.40%）可能适合您。</p>
</div><p>The ETF currently sports a dividend yield of 3.5%, which is pretty good compared with the 1.2% average yield of the S&amp;P 500 index. What's more, the WisdomTree U.S. High Dividend Fund concentrates on fairly safe, large stocks that generate lots of cash flows. Currently, its top holdings are oil and natural gas giant <strong>ExxonMobil</strong>, tobacco giant <strong>Altria Group</strong>, and pharmaceutical leader <strong>AbbieVie</strong>.</p>
<div class="lb-trans"><p>该 ETF 目前的股息收益率为 3.5%，与标准普尔 500 指数的 1.2% 平均收益率相比相当不错。此外，WisdomTree 美国高股息基金专注于产生大量现金流的相对安全的大型股票。目前，其主要持股包括石油和天然气巨头 <strong>ExxonMobil</strong>、烟草巨头 <strong>Altria Group</strong> 和制药领军企业 <strong>AbbieVie</strong>。</p>
</div><p>WisdomTree takes an interesting approach to selecting and weighting the stocks in this ETF. First, its portfolio is highly diversified, with 388 stocks today. To be included, a company must have paid dividends over the past 12 months and have a market capitalization of more than $100 million.</p>
<div class="lb-trans"><p>WisdomTree 在选择和加权该 ETF 中的股票时采取了一种有趣的方法。首先，其投资组合高度多样化，目前有 388 只股票。要被纳入，公司的过去 12 个月必须支付股息，并且市值必须超过 1 亿美元。</p>
</div><p>Second, rather than weighting the positions in the portfolio by market capitalization or dividend yield, it weights them by the total amount of dollars they distribute in dividends. Obviously, larger companies will likely pay out higher totals, but just because a company has a high market cap doesn't mean it will pay out as much as a smaller one. So this weighting based on what one might call the &#34;market cap of the dividend&#34; is a nifty way to balance size and strength with dividend yield.</p>
<div class="lb-trans"><p>其次，该投资组合中的头寸不是按市值或股息收益率加权，而是按它们分配的股息总额加权。显然，较大的公司可能会支付更高的总额，但仅仅因为一家公司市值高并不意味着它会支付与较小的公司一样多。因此，这种基于所谓的 “股息市值” 的加权方式是平衡规模和实力与股息收益率的巧妙方法。</p>
</div><p>WisdomTree then scores the selected securities on a &#34;risk composite&#34; metric that's based on two factors: a &#34;quality&#34; factor based on return on equity, and a &#34;momentum&#34; factor that gives credit to how well the stock has performed over the prior six- and 12-month periods.</p>
<div class="lb-trans"><p>然后，WisdomTree 根据两个因素对所选证券进行 “风险综合评分”：基于股本回报的 “质量” 因素，以及给予股票在过去六个月和 12 个月期间表现的 “动量” 因素。</p>
</div><p>The goal is to keep risky stocks out of the ETF by eliminating those that score in the bottom half of this risk composite. Interestingly, the ETF also won't hold the top 5% of stocks with the highest dividend yields. That may seem counter-intuitive, but a very high dividend can often be a reflection of a company that's in trouble -- and such a company may have a payout cut coming in the near future. Therefore, avoiding holding the very highest-yielding stocks is another way to mitigate risk, even if it may mean the ETF is sacrificing a bit of dividend yield.</p>
<div class="lb-trans"><p>其目标是通过剔除在此风险综合评分中得分处于下半部分的股票来将风险较高的股票排除在 ETF 之外。有趣的是，该 ETF 也不会持有股息收益率最高的前 5% 的股票。这可能看起来违反直觉，但非常高的股息往往反映出一家公司处于困境中——这样的公司可能在不久的将来会削减股息。因此，避免持有收益率最高的股票是降低风险的另一种方式，即使这可能意味着 ETF 牺牲了一些股息收益率。</p>
</div><h2>The Invesco S&amp;P SmallCap High-Dividend Low-Volatility ETF</h2>
<div class="lb-trans"><h2>Invesco S&amp;P 小型股高股息低波动 ETF</h2>
</div><p>Looking for a higher payout with perhaps a bit higher risk? The <strong>Invesco S&amp;P SmallCap High Dividend Low Volatility ETF</strong>(XSHD -0.96%) might be right for you.</p>
<div class="lb-trans"><p>寻找更高的收益率，或许伴随更高的风险？<strong>Invesco S&amp;P 小型股高股息低波动 ETF</strong>（XSHD -0.96%）可能适合您。</p>
</div><p>This ETF sports a mouth-watering 6.9% dividend yield. However, keep in mind that its portfolio is composed of small-cap stocks, which are generally perceived as being riskier investments than large-cap stocks. Not only that, but the ETF tracks the S&amp;P SmallCap 600 Low Volatility High Dividend index. That index starts by selecting a pool of the 90 highest-dividend-paying stocks within the <strong>S&amp;P 600</strong> small-cap index. As mentioned before, stocks with very high dividends may face underlying business risks that could lead to payout cuts.</p>
<div class="lb-trans"><p>该 ETF 的股息收益率高达 6.9%。然而，请记住，其投资组合由小型股组成，这通常被认为是比大型股更具风险的投资。不仅如此，该 ETF 跟踪标准普尔小型股 600 低波动高股息指数。该指数首先从 <strong>S&amp;P 600</strong> 小型股指数中选择 90 只股息支付最高的股票。如前所述，股息非常高的股票可能面临潜在的业务风险，这可能导致股息削减。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxMDYvZ2V0dHlpbWFnZXMtMTEzNDYwOTk4Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802106%2Fgettyimages-1134609986.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>So, combining small caps with high yields is risky. But this index then takes additional filtering steps to mitigate these risks.</p>
<div class="lb-trans"><p>因此，将小型股与高收益结合在一起是有风险的。但该指数随后采取额外的过滤步骤来降低这些风险。</p>
</div><p>First, it whittles down those 90 stocks to 60 by eliminating the 30 with the highest volatility as measured by a stock's beta. If a stock has a beta below 1, the stock's price doesn't oscillate as much as its index does on average, while a beta above 1 reflects a more volatile stock.</p>
<div class="lb-trans"><p>首先，它通过剔除 30 只波动性最高的股票（以股票的贝塔值衡量）将这 90 只股票减少到 60 只。如果一只股票的贝塔值低于 1，则该股票的价格波动不如其指数平均波动，而贝塔值高于 1 则反映出更具波动性的股票。</p>
</div><p>While volatility isn't perfectly equal to the concept of &#34;risk,&#34; many investors use beta as a tool to quantify risk. So, culling the list of the 90 highest-yielding small caps down to the 60 lowest-beta stocks within that universe is intended to offset some of the risk inherent in investing in high-yield small caps.</p>
<div class="lb-trans"><p>虽然波动性并不完全等同于 “风险” 的概念，但许多投资者使用贝塔值作为量化风险的工具。因此，将 90 只收益率最高的小型股筛选到该领域内的 60 只低贝塔股票，旨在抵消投资高收益小型股所固有的一些风险。</p>
</div><p>Finally, the Invesco S&amp;P SmallCap High Dividend Low Volatility ETF also limits the number of stocks in its portfolio from any single sector to a maximum of 10 to mitigate the additional risk of high sector concentration. That being said, the real estate sector makes up a high dollar amount of the index. The ETF's top four holdings -- accounting for a total of roughly 38% of its value -- are in the real estate sector.</p>
<div class="lb-trans"><p>最后，Invesco S&amp;P 小型股高股息低波动 ETF 还限制其投资组合中来自任何单一行业的股票数量最多为 10 只，以降低高行业集中度的额外风险。尽管如此，房地产行业在该指数中占据了较高的金额。该 ETF 的前四大持股——占其总价值的约 38%——均在房地产行业。</p>
</div><h2>Global X SuperDividend U.S. ETF</h2>
<div class="lb-trans"><h2>Global X 超高股息美国 ETF</h2>
</div><p>Finally, the <strong>Global X SuperDividend ETF</strong>(DIV -0.63%) has a somewhat similar methodology to the Invesco fund, but is more concentrated, holding only 50 stocks picked from a larger pool of companies with all sorts of market capitalizations (though it does have a minimum market cap of $500 million).</p>
<div class="lb-trans"><p>最后，<strong>Global X 超高股息 ETF</strong>（DIV -0.63%）的方法论与 Invesco 基金有些相似，但更为集中，仅持有从更大范围的公司中挑选出的 50 只股票，涵盖各种市值（尽管其市值最低为 5 亿美元）。</p>
</div><p>Similar to the Invesco S&amp;P SmallCap High Dividend Low Volatility ETF, this ETF -- which tracks the Solactive Global SuperDividend Index -- uses a mix of high dividend yields offset by beta, sifting out the 50 U.S.-listed stocks with the highest yields that also have betas of 0.85 or below. That beta threshold is actually fairly low and eliminates a lot of stocks. The index also limits any one sector to 12 out of its 50 holdings and 25% of its total dollar-weighting. Those features leave investors with somewhat of a low-risk pool, even though the ETF is still highly concentrated and sports a juicy 5.6% dividend yield.</p>
<div class="lb-trans"><p>与 Invesco S&amp;P 小型股高股息低波动 ETF 类似，这只 ETF 跟踪 Solactive 全球超级股息指数，采用高股息收益率与贝塔值相抵消的组合，筛选出 50 只在美国上市的高收益股票，这些股票的贝塔值为 0.85 或以下。这个贝塔值阈值实际上相当低，排除了很多股票。该指数还限制任何一个行业在其 50 个持股中占比不超过 12 只，且总市值权重不超过 25%。这些特征使得投资者拥有相对低风险的投资池，尽管该 ETF 仍然高度集中，并且拥有丰厚的 5.6% 股息收益率。</p>
</div><p>These filters make the utility sector the largest component of this ETF, accounting for about 21% of its value. That's not surprising given the regulated nature and relatively stable performance of many (though not all) utilities. The energy sector accounts for the second-largest slice of the portfolio, and the real estate sector is third.</p>
<div class="lb-trans"><p>这些筛选条件使得公用事业行业成为该 ETF 最大的组成部分，占其价值的约 21%。考虑到许多（尽管不是全部）公用事业的受监管性质和相对稳定的表现，这并不令人惊讶。能源行业占据投资组合的第二大部分，而房地产行业位居第三。</p>
</div><p>So, while the Global X SuperDividend ETF is more concentrated than the Invesco ETF, these other characteristics tend to make it less risky. Additionally, this ETF is equal-weighted, meaning that upon rebalance, every stock gets a 2% weighting. Those rebalancings happen only once a year at the end of February, so as we get further away from February, the weightings will diverge based on the performance of the underlying stocks.</p>
<div class="lb-trans"><p>因此，尽管 Global X 超级股息 ETF 的集中度高于 Invesco ETF，但这些其他特征往往使其风险较低。此外，该 ETF 是等权重的，这意味着在重新平衡时，每只股票的权重为 2%。这些重新平衡每年仅在 2 月底进行一次，因此随着时间的推移，权重将根据基础股票的表现而发生偏离。</p>
</div><p>All in all, the Global X SuperDividend U.S. ETF is a fine choice for those looking for stable, bond-like investments that nevertheless have some upside potential and diversification across different sectors.</p>
<div class="lb-trans"><p>总的来说，Global X 超级股息美国 ETF 是那些寻求稳定、类似债券投资的投资者的不错选择，同时仍然具有一定的上行潜力和跨行业的多样化。</p>
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3 只高收益股息 ETF 值得购买以产生被动收入