<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?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://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>“质量胜于数量” 不仅是一个耳熟能详的谚语，更是基于质量的投资理念的核心。与其集中投资于最大的股票，质量指数系统性地倾向于盈利能力强、收益质量高和资产负债表稳健的公司。从长期来看，标准普尔 500®质量指数因追踪基本面良好的企业而实现了令人印象深刻的绝对收益和风险调整收益。截至 2026 年 1 月 30 日，该指数开局良好，超越标准普尔 500 指数 1.68%。</p>
<p>在这篇博客中，我们将探讨标准普尔 500 质量指数背后的关键选择指标，回顾其长期和年初至今的表现，并分析其当前成分构成。</p>
<h3><strong>方法论概述</strong></h3>
<p>标准普尔 500 质量指数使用三个关键指标：股本回报率（ROE）、资产负债表应计比率（BSA）和财务杠杆比率（FLR）。这些指标结合成一个整体质量评分，用于选择标准普尔 500 中的前 100 只股票。所选成分股的权重则基于其市值和质量评分的乘积。1</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-The-Three-Pillars-of-the-SP-Quality-Indices.jpg?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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-The-Three-Pillars-of-the-SP-Quality-Indices.jpg"/></p>
<h3><strong>长期超越表现</strong></h3>
<p>从长期来看，包括回测结果，标准普尔 500 质量指数表现稳健，自 1994 年 12 月 16 日以来，年化超越标准普尔 500 指数 256 个基点（13.71% 对 11.15% 年化收益），同时展现出 87 个基点的较低风险（17.97% 对 18.84% 年化波动率）。</p>
<p>相比之下，标准普尔 500 质量——最低五分之一指数——代表最低质量的五分之一，在同一时期内年化收益低于标准普尔 500 指数 180 个基点（9.35% 对 11.15% 年化收益），同时展现出 320 个基点的显著更高风险（22.04% 对 18.84% 年化波动率）。这些结果突显了高质量和低质量股票之间显著的表现差异（见图表 2）。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-The-Performance-of-the-SP-500-Quality-Index.jpg?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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-The-Performance-of-the-SP-500-Quality-Index.jpg"/></p>
<h3><strong>2026 年年初至今的超越表现</strong></h3>
<p>美国经济增长韧性和美联储利率降低促进了广泛公司的企业盈利，远远超出了 “七大巨头”。这种环境鼓励了更广泛的市场参与，并支持了标准普尔 500 质量指数在年初至今的超越表现。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-YTD-Performance-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg?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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-YTD-Performance-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg"/></p>
<h3><strong>行业权重</strong></h3>
<p>目前，标准普尔 500 质量指数在通信服务和信息技术行业的权重偏低，而在工业和消费品行业的权重偏高，相对于标准普尔 500（见图表 4）。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Sector-Weights-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg?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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Sector-Weights-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg"/></p>
<h3><strong>在七大巨头中的权重减少</strong></h3>
<p>当前的人工智能超大规模建设标志着现代股市中最大的资本投资周期之一。尽管这些投资可能推动长期增长，但它们迅速扩大了公司的非现金资产 2, 3（见图表 5），这反过来影响了资产负债表应计和杠杆等质量指标。因此，截至 2025 年 12 月 31 日，七大巨头仅占标准普尔 500 质量指数的 4.9%。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Surge-in-Non-Cash-Assets-Potentially-Weakens-Companies-Earnings-Quality.jpg?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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Surge-in-Non-Cash-Assets-Potentially-Weakens-Companies-Earnings-Quality.jpg"/></p>
<h3><strong>结论</strong></h3>
<p>标准普尔 500 质量指数在长期内展现出韧性特征。通过系统性地选择盈利能力强、收益质量优越和财务健康的公司，它在绝对和风险调整的收益方面历史上表现优于市场。在当今市场中，其严谨的方法论可能有助于应对集中风险，提供与传统市值加权方法不同的视角。</p>
<hr/>
<p>1 请参阅标准普尔质量指数方法论以获取更多详细信息。</p>
<p>2 非现金资产包括净固定资产、短期应收款、总长期投资和存货。</p>
<p>3 对于微软，当前财政年度（CFY）截至 2025 年 6 月；对于字母表、Meta 和亚马逊，CFY 截至 2024 年 12 月；对于英伟达，CFY 截至 2025 年 1 月。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>股票、行业与成功？</p>
<p>动量因子：在美国边界之外继续蓬勃发展</p>
<p>大型科技、广度与平衡</p>

股票溢价收益 ETF - JPMorgan Chase

标普 500 ETF - iShares

<p>标普 500 质量指数在投资中强调质量而非数量，专注于盈利能力强和资产负债表稳健的公司。到 2026 年，该指数的年初至今表现超出标普 500 指数 1.68%，自 1994 年以来年化回报率为 13.71%，且相比于更广泛的指数风险较低。该指数目前在通信服务和信息技术领域的配置不足，而在工业和消费品领域的配置过重。由于质量指标的变化，七大巨头目前仅占该指数的 4.9%。总体而言，该指数的严谨方法论有助于应对市场风险</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1569025690938-a00729c9e1f9?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>Beyond being a familiar adage, “quality over quantity” lies at the heart of quality-based investing. Rather than concentrating on the largest stocks, quality indices systematically tilt toward companies with strong profitability, high earnings quality and robust balance sheets. Over the long term, the S&amp;P 500® Quality Index has delivered impressive absolute and risk-adjusted returns as a result of tracking fundamentally sound businesses. In 2026, the index is off to a good start, outperforming the S&amp;P 500 by 1.68% as of Jan. 30, 2026.</p>
<div class="lb-trans"><p>“质量胜于数量” 不仅是一个耳熟能详的谚语，更是基于质量的投资理念的核心。与其集中投资于最大的股票，质量指数系统性地倾向于盈利能力强、收益质量高和资产负债表稳健的公司。从长期来看，标准普尔 500®质量指数因追踪基本面良好的企业而实现了令人印象深刻的绝对收益和风险调整收益。截至 2026 年 1 月 30 日，该指数开局良好，超越标准普尔 500 指数 1.68%。</p>
</div><p>In this blog, we’ll explore the key selection metrics behind the S&amp;P 500 Quality Index, review its long-term and YTD performance, and analyze its current constituent makeup.</p>
<div class="lb-trans"><p>在这篇博客中，我们将探讨标准普尔 500 质量指数背后的关键选择指标，回顾其长期和年初至今的表现，并分析其当前成分构成。</p>
</div><h3><strong>Methodology Overview</strong></h3>
<div class="lb-trans"><h3><strong>方法论概述</strong></h3>
</div><p>The S&amp;P 500 Quality Index uses three key metrics: return on equity (ROE), balance sheet accruals ratio (BSA) and financial leverage ratio (FLR). These metrics are combined into an overall quality score, which is used to select the top 100 stocks within the S&amp;P 500. Selected constituents are then weighted based on the product of their market capitalization and quality scores.1</p>
<div class="lb-trans"><p>标准普尔 500 质量指数使用三个关键指标：股本回报率（ROE）、资产负债表应计比率（BSA）和财务杠杆比率（FLR）。这些指标结合成一个整体质量评分，用于选择标准普尔 500 中的前 100 只股票。所选成分股的权重则基于其市值和质量评分的乘积。1</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-The-Three-Pillars-of-the-SP-Quality-Indices.jpg" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-The-Three-Pillars-of-the-SP-Quality-Indices.jpg"/></p>
<h3><strong>Long-Term Outperformance</strong></h3>
<div class="lb-trans"><h3><strong>长期超越表现</strong></h3>
</div><p>Over the long term, including back-tested results, the S&amp;P 500 Quality Index has delivered robust performance, outperforming The 500® by an annualized 256 bps (13.71% vs. 11.15% annualized return) since Dec. 16, 1994, while also exhibiting 87 bps lower risk (17.97% vs. 18.84% annualized volatility).</p>
<div class="lb-trans"><p>从长期来看，包括回测结果，标准普尔 500 质量指数表现稳健，自 1994 年 12 月 16 日以来，年化超越标准普尔 500 指数 256 个基点（13.71% 对 11.15% 年化收益），同时展现出 87 个基点的较低风险（17.97% 对 18.84% 年化波动率）。</p>
</div><p>In contrast, the S&amp;P 500 Quality – Lowest Quintile Index—representing the lowest quality quintile—has underperformed the S&amp;P 500 by an annualized 180 bps over the same period (9.35% vs. 11.15% annualized return), while exhibiting a materially higher risk of 320 bps (22.04% vs. 18.84% annualized volatility). Together, these results highlight the pronounced performance divergence between high- and low-quality stocks (see Exhibit 2).</p>
<div class="lb-trans"><p>相比之下，标准普尔 500 质量——最低五分之一指数——代表最低质量的五分之一，在同一时期内年化收益低于标准普尔 500 指数 180 个基点（9.35% 对 11.15% 年化收益），同时展现出 320 个基点的显著更高风险（22.04% 对 18.84% 年化波动率）。这些结果突显了高质量和低质量股票之间显著的表现差异（见图表 2）。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-The-Performance-of-the-SP-500-Quality-Index.jpg" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-The-Performance-of-the-SP-500-Quality-Index.jpg"/></p>
<h3><strong>Outperformance YTD in 2026</strong></h3>
<div class="lb-trans"><h3><strong>2026 年年初至今的超越表现</strong></h3>
</div><p>Resilient U.S. economic growth and lower U.S. Federal Reserve rates have bolstered corporate earnings across a broad range of companies, extending well beyond the “Magnificent 7.” This environment has encouraged wider market participation and supported the S&amp;P 500 Quality Index’s YTD outperformance.</p>
<div class="lb-trans"><p>美国经济增长韧性和美联储利率降低促进了广泛公司的企业盈利，远远超出了 “七大巨头”。这种环境鼓励了更广泛的市场参与，并支持了标准普尔 500 质量指数在年初至今的超越表现。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-YTD-Performance-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-YTD-Performance-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg"/></p>
<h3><strong>Sector Weights</strong></h3>
<div class="lb-trans"><h3><strong>行业权重</strong></h3>
</div><p>Currently, the S&amp;P 500 Quality Index underweights the Communication Services and Information Technology sectors, while overweighting Industrials and Consumer Staples sectors, relative to The 500 (see Exhibit 4).</p>
<div class="lb-trans"><p>目前，标准普尔 500 质量指数在通信服务和信息技术行业的权重偏低，而在工业和消费品行业的权重偏高，相对于标准普尔 500（见图表 4）。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Sector-Weights-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Sector-Weights-of-the-SP-500-Quality-Index-versus-the-SP-500.jpg"/></p>
<h3><strong>Reduced Weight in the Magnificent 7</strong></h3>
<div class="lb-trans"><h3><strong>在七大巨头中的权重减少</strong></h3>
</div><p>The current AI hyperscaler buildout marks one of the largest capital investment cycles in modern equity markets. Although these investments may fuel long-term growth, they have rapidly expanded companies’ non-cash assets2, 3 (see Exhibit 5), which in turn has affected quality metrics such as balance sheet accruals and leverage. Consequently, the Magnificent 7 account for only 4.9 % of the S&amp;P 500 Quality Index as of Dec. 31, 2025.</p>
<div class="lb-trans"><p>当前的人工智能超大规模建设标志着现代股市中最大的资本投资周期之一。尽管这些投资可能推动长期增长，但它们迅速扩大了公司的非现金资产 2, 3（见图表 5），这反过来影响了资产负债表应计和杠杆等质量指标。因此，截至 2025 年 12 月 31 日，七大巨头仅占标准普尔 500 质量指数的 4.9%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Surge-in-Non-Cash-Assets-Potentially-Weakens-Companies-Earnings-Quality.jpg" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Surge-in-Non-Cash-Assets-Potentially-Weakens-Companies-Earnings-Quality.jpg"/></p>
<h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>The S&amp;P 500 Quality Index has demonstrated resilient characteristics over the long term. By systematically selecting companies based on strong profitability, superior earnings quality and robust financial health, it has historically outperformed in absolute and risk-adjusted terms. In today’s market, its disciplined methodology may help navigate concentration risk, offering a distinct lens from traditional market-cap-weighted approaches.</p>
<div class="lb-trans"><p>标准普尔 500 质量指数在长期内展现出韧性特征。通过系统性地选择盈利能力强、收益质量优越和财务健康的公司，它在绝对和风险调整的收益方面历史上表现优于市场。在当今市场中，其严谨的方法论可能有助于应对集中风险，提供与传统市值加权方法不同的视角。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>1 Please refer to S&amp;P Quality Indices Methodology for more details.</p>
<div class="lb-trans"><p>1 请参阅标准普尔质量指数方法论以获取更多详细信息。</p>
</div><p>2 Non-cash assets include net PPE, short-term receivables, total long-term investments and inventories</p>
<div class="lb-trans"><p>2 非现金资产包括净固定资产、短期应收款、总长期投资和存货。</p>
</div><p>3 For Microsoft, the current fiscal year (CFY) shown ended in June 2025; for Alphabet, Meta and Amazon, the CFY ended in December 2024; for Nvidia, the CFY ended in January 2025.</p>
<div class="lb-trans"><p>3 对于微软，当前财政年度（CFY）截至 2025 年 6 月；对于字母表、Meta 和亚马逊，CFY 截至 2024 年 12 月；对于英伟达，CFY 截至 2025 年 1 月。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Stocks, Sectors And Success?</p>
<div class="lb-trans"><p>股票、行业与成功？</p>
</div><p>The Momentum Factor: Continuing To Thrive Beyond U.S. Borders</p>
<div class="lb-trans"><p>动量因子：在美国边界之外继续蓬勃发展</p>
</div><p>Big Tech, Breadth And Balance</p>
<div class="lb-trans"><p>大型科技、广度与平衡</p>
</div>

Quality Over Quantity: Features Of The S&P 500 Quality Index

- S&P 500 Quality Index 2026 年迄今表现超越标普 500 指数 1.68%。  
- 指数基于盈利能力、财务健康指标选择前 100 只股票。  
- 长期来看，该指数相较标普 500 表现优越，风险较低。

质量优先于数量：标普 500 质量指数的特征