<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>圖片來源：Unsplash</em></p>
<p>“質量勝於數量” 不僅是一個耳熟能詳的諺語，更是基於質量的投資理念的核心。與其集中投資於最大的股票，質量指數系統性地傾向於盈利能力強、收益質量高和資產負債表穩健的公司。從長期來看，標準普爾 500®質量指數因追蹤基本面良好的企業而實現了令人印象深刻的絕對收益和風險調整收益。截至 2026 年 1 月 30 日，該指數開局良好，超越標準普爾 500 指數 1.68%。</p>
<p>在這篇博客中，我們將探討標準普爾 500 質量指數背後的關鍵選擇指標，回顧其長期和年初至今的表現，並分析其當前成分構成。</p>
<h3><strong>方法論概述</strong></h3>
<p>標準普爾 500 質量指數使用三個關鍵指標：股本回報率（ROE）、資產負債表應計比率（BSA）和財務槓桿比率（FLR）。這些指標結合成一個整體質量評分，用於選擇標準普爾 500 中的前 100 只股票。所選成分股的權重則基於其市值和質量評分的乘積。1</p>
<p><em>(點擊圖片放大)</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>長期超越表現</strong></h3>
<p>從長期來看，包括回測結果，標準普爾 500 質量指數表現穩健，自 1994 年 12 月 16 日以來，年化超越標準普爾 500 指數 256 個基點（13.71% 對 11.15% 年化收益），同時展現出 87 個基點的較低風險（17.97% 對 18.84% 年化波動率）。</p>
<p>相比之下，標準普爾 500 質量——最低五分之一指數——代表最低質量的五分之一，在同一時期內年化收益低於標準普爾 500 指數 180 個基點（9.35% 對 11.15% 年化收益），同時展現出 320 個基點的顯著更高風險（22.04% 對 18.84% 年化波動率）。這些結果突顯了高質量和低質量股票之間顯著的表現差異（見圖表 2）。</p>
<p><em>(點擊圖片放大)</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現</strong></h3>
<p>美國經濟增長韌性和美聯儲利率降低促進了廣泛公司的企業盈利，遠遠超出了 “七大巨頭”。這種環境鼓勵了更廣泛的市場參與，並支持了標準普爾 500 質量指數在年初至今的超越表現。</p>
<p><em>(點擊圖片放大)</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>行業權重</strong></h3>
<p>目前，標準普爾 500 質量指數在通信服務和信息技術行業的權重偏低，而在工業和消費品行業的權重偏高，相對於標準普爾 500（見圖表 4）。</p>
<p><em>(點擊圖片放大)</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>在七大巨頭中的權重減少</strong></h3>
<p>當前的人工智能超大規模建設標誌着現代股市中最大的資本投資週期之一。儘管這些投資可能推動長期增長，但它們迅速擴大了公司的非現金資產 2, 3（見圖表 5），這反過來影響了資產負債表應計和槓桿等質量指標。因此，截至 2025 年 12 月 31 日，七大巨頭僅佔標準普爾 500 質量指數的 4.9%。</p>
<p><em>(點擊圖片放大)</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>結論</strong></h3>
<p>標準普爾 500 質量指數在長期內展現出韌性特徵。通過系統性地選擇盈利能力強、收益質量優越和財務健康的公司，它在絕對和風險調整的收益方面歷史上表現優於市場。在當今市場中，其嚴謹的方法論可能有助於應對集中風險，提供與傳統市值加權方法不同的視角。</p>
<hr/>
<p>1 請參閲標準普爾質量指數方法論以獲取更多詳細信息。</p>
<p>2 非現金資產包括淨固定資產、短期應收款、總長期投資和存貨。</p>
<p>3 對於微軟，當前財政年度（CFY）截至 2025 年 6 月；對於字母表、Meta 和亞馬遜，CFY 截至 2024 年 12 月；對於英偉達，CFY 截至 2025 年 1 月。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>股票、行業與成功？</p>
<p>動量因子：在美國邊界之外繼續蓬勃發展</p>
<p>大型科技、廣度與平衡</p>

股票溢價收益 ETF - JPMorgan Chase

標普 500 ETF - iShares

<p>標普 500 質量指數在投資中強調質量而非數量，專注於盈利能力強和資產負債表穩健的公司。到 2026 年，該指數的年初至今表現超出標普 500 指數 1.68%，自 1994 年以來年化回報率為 13.71%，且相比於更廣泛的指數風險較低。該指數目前在通信服務和信息技術領域的配置不足，而在工業和消費品領域的配置過重。由於質量指標的變化，七大巨頭目前僅佔該指數的 4.9%。總體而言，該指數的嚴謹方法論有助於應對市場風險</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>圖片來源：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>“質量勝於數量” 不僅是一個耳熟能詳的諺語，更是基於質量的投資理念的核心。與其集中投資於最大的股票，質量指數系統性地傾向於盈利能力強、收益質量高和資產負債表穩健的公司。從長期來看，標準普爾 500®質量指數因追蹤基本面良好的企業而實現了令人印象深刻的絕對收益和風險調整收益。截至 2026 年 1 月 30 日，該指數開局良好，超越標準普爾 500 指數 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>在這篇博客中，我們將探討標準普爾 500 質量指數背後的關鍵選擇指標，回顧其長期和年初至今的表現，並分析其當前成分構成。</p>
</div><h3><strong>Methodology Overview</strong></h3>
<div class="lb-trans"><h3><strong>方法論概述</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>標準普爾 500 質量指數使用三個關鍵指標：股本回報率（ROE）、資產負債表應計比率（BSA）和財務槓桿比率（FLR）。這些指標結合成一個整體質量評分，用於選擇標準普爾 500 中的前 100 只股票。所選成分股的權重則基於其市值和質量評分的乘積。1</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>長期超越表現</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>從長期來看，包括回測結果，標準普爾 500 質量指數表現穩健，自 1994 年 12 月 16 日以來，年化超越標準普爾 500 指數 256 個基點（13.71% 對 11.15% 年化收益），同時展現出 87 個基點的較低風險（17.97% 對 18.84% 年化波動率）。</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，標準普爾 500 質量——最低五分之一指數——代表最低質量的五分之一，在同一時期內年化收益低於標準普爾 500 指數 180 個基點（9.35% 對 11.15% 年化收益），同時展現出 320 個基點的顯著更高風險（22.04% 對 18.84% 年化波動率）。這些結果突顯了高質量和低質量股票之間顯著的表現差異（見圖表 2）。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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現</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>美國經濟增長韌性和美聯儲利率降低促進了廣泛公司的企業盈利，遠遠超出了 “七大巨頭”。這種環境鼓勵了更廣泛的市場參與，並支持了標準普爾 500 質量指數在年初至今的超越表現。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>行業權重</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，標準普爾 500 質量指數在通信服務和信息技術行業的權重偏低，而在工業和消費品行業的權重偏高，相對於標準普爾 500（見圖表 4）。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>在七大巨頭中的權重減少</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>當前的人工智能超大規模建設標誌着現代股市中最大的資本投資週期之一。儘管這些投資可能推動長期增長，但它們迅速擴大了公司的非現金資產 2, 3（見圖表 5），這反過來影響了資產負債表應計和槓桿等質量指標。因此，截至 2025 年 12 月 31 日，七大巨頭僅佔標準普爾 500 質量指數的 4.9%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>結論</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>標準普爾 500 質量指數在長期內展現出韌性特徵。通過系統性地選擇盈利能力強、收益質量優越和財務健康的公司，它在絕對和風險調整的收益方面歷史上表現優於市場。在當今市場中，其嚴謹的方法論可能有助於應對集中風險，提供與傳統市值加權方法不同的視角。</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 請參閲標準普爾質量指數方法論以獲取更多詳細信息。</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 非現金資產包括淨固定資產、短期應收款、總長期投資和存貨。</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 對於微軟，當前財政年度（CFY）截至 2025 年 6 月；對於字母表、Meta 和亞馬遜，CFY 截至 2024 年 12 月；對於英偉達，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>更多來自此作者的文章：</em></p>
</div><p>Stocks, Sectors And Success?</p>
<div class="lb-trans"><p>股票、行業與成功？</p>
</div><p>The Momentum Factor: Continuing To Thrive Beyond U.S. Borders</p>
<div class="lb-trans"><p>動量因子：在美國邊界之外繼續蓬勃發展</p>
</div><p>Big Tech, Breadth And Balance</p>
<div class="lb-trans"><p>大型科技、廣度與平衡</p>
</div>

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

- S&P 500 Quality Index 2026 年迄今表現超越標普 500 指數 1.68%。  
- 指數基於盈利能力、財務健康指標選擇前 100 只股票。  
- 長期來看，該指數相較標普 500 表現優越，風險較低。

質量優先於數量：標普 500 質量指數的特徵