<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>在選擇高收益股息策略時，表面收益率很重要，但提供收益的公司的實力同樣重要。維持和增長股息的能力往往取決於基礎業務的質量。盈利能力強和現金流穩定的公司通常更有能力增加分紅並支持長期價格表現。</p>
<p>為了關注這種平衡，標普全球高股息 100 指數使用複合評分選擇公司，該評分結合了兩個股息指標和兩個質量指標。</p>
<h3><strong>方法論概述</strong></h3>
<p>該方法論以標普全球大中型股為指數範圍，首先篩選出至少連續支付 10 年股息的公司，然後剔除股息收益率低於中位數的公司。在剩餘的子集中，基於結合股息收益率、股息增長、股東權益回報率（ROE）和自由現金流（FCF）與總債務比率的複合評分選擇前 100 家公司。</p>
<p>所選成分股按流通市值（FMC）乘以股息收益率加權，幫助平衡流動性與增強收入。為了降低集中風險並支持多樣化，單隻股票的權重限制為 4%，行業權重限制為 25%。</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-SP-Global-Dividend-100-Index-Methodology-Overview-1.png?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-SP-Global-Dividend-100-Index-Methodology-Overview-1.png"/></p>
<h3><strong>回測表現概述</strong></h3>
<p>標普全球高股息 100 指數在長期和短期回測期間均表現優於基準，具有更高的風險調整收益和顯著更高的長期股息收益率。股息指數的防禦性體現在較低的回撤和下行捕捉，同時在上漲市場中仍然表現強勁。</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-Performance-Metrics.png?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-Performance-Metrics.png"/></p>
<h3><strong>股息收益率</strong></h3>
<p>截至 2025 年 12 月 31 日，標普全球高股息 100 指數的歷史平均長期股息收益率為 4.27%，而基準為 2.37%，差異為 190 個基點。有趣的是，截至 2025 年 12 月 31 日，兩者當前股息收益率之間的差異為 250 個基點，標普全球高股息 100 指數預計股息收益率為 4.16%。</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-Historical-Dividend-Yield.png?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-Historical-Dividend-Yield.png"/></p>
<h3><strong>股息增長</strong></h3>
<p>增長的股息可以幫助在高通脹時期保持購買力。在回測期間，標普全球高股息 100 指數在 5 年和 10 年期間的股息增長超過 7%（見圖表 5），而更廣泛的基準約為 4%。這種更強的增長特徵表明，在 2022 年和 2023 年經歷的高通脹期間，收入水平可能更具韌性。這些結果反映了該指數的方法論，該方法論在複合評分框架內結合了股息增長和質量基本面。</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-Long-Term-Dividend-Growth.png?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-Long-Term-Dividend-Growth.png"/></p>
<h3><strong>國家/地區分佈洞察</strong></h3>
<p>截至 2025 年 12 月 31 日，標普全球高股息 100 指數相對於基準顯示出更均衡的地區組合。歐洲和亞太地區各佔指數的約 27%，而美國和北美約佔 41.8%——相對於基準約低 20%。</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-Regional-Weights-1.png?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-Regional-Weights-1.png"/></p>
<h3><strong>行業分佈洞察</strong></h3>
<p>圖表 7 顯示，截至 2025 年 12 月 31 日，標普全球高股息 100 指數在能源和金融行業的超配最大。儘管在信息技術行業整體上仍然低配，但標普全球高股息 100 指數在該行業的權重遠高於其全球股息指數同行。這是由於選擇評分中的質量指標，篩選出在該行業具有股息前景的高質量公司。</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-6-Sector-Weights.png?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-6-Sector-Weights.png"/></p>
<h3><strong>結論</strong></h3>
<p>標普全球高股息 100 指數的長期回測表現突顯了基於規則的方法論優先考慮高股息收益、持續的股息增長和強大的基本面。該指數歷史上相對於基準顯示出相對較高的風險調整收益、穩健的股息和防禦性特徵。通過將高收益股票的選擇錨定在公司的基本實力上，該指數還展示了穩健的股息增長，這可能有助於保持購買力。</p>
<hr/>
<p>1 有關完整的方法論，請參閲道瓊斯股息指數方法論。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>質量勝於數量：標普 500 質量指數的特點</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>

標普全球高股利 ETF - SPDR

<p>標普全球高股利 100 指數通過選擇盈利能力強和現金流充足的公司，結合了高收益和質量。它篩選至少有 10 年分紅記錄且收益率高於中位數的公司，使用分紅指標和質量指標的綜合評分。該指數在長期收益和分紅增長方面表現優於基準，並在通脹期間顯示出韌性。截至 2025 年 12 月 31 日，該指數具有均衡的地區組合，並在能源和金融領域有超配，強調了在分紅策略中質量的重要性</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>When selecting a high yield dividend strategy, headline yield matters—but so does the strength of the companies delivering it. The ability to sustain and grow dividends over time often depends on underlying business quality. Companies with strong profitability and resilient cash flows are typically better positioned to increase payouts and support long-term price performance.</p>
<div class="lb-trans"><p>在選擇高收益股息策略時，表面收益率很重要，但提供收益的公司的實力同樣重要。維持和增長股息的能力往往取決於基礎業務的質量。盈利能力強和現金流穩定的公司通常更有能力增加分紅並支持長期價格表現。</p>
</div><p>To focus on this balance, the S&amp;P Global Dividend 100 Index selects companies using a composite score that blends two dividend metrics with two measures of quality.</p>
<div class="lb-trans"><p>為了關注這種平衡，標普全球高股息 100 指數使用複合評分選擇公司，該評分結合了兩個股息指標和兩個質量指標。</p>
</div><h3><strong>Methodology Overview</strong></h3>
<div class="lb-trans"><h3><strong>方法論概述</strong></h3>
</div><p>The methodology begins with the S&amp;P Global LargeMidCap as the index universe, first screening to retain companies that have paid dividends for at least 10 consecutive years, then removing those with a below-median dividend yield. From the remaining subset, the top 100 companies are selected based on a composite score combining dividend yield, dividend growth, return on equity (ROE) and the ratio of free cash flow (FCF) to total debt.</p>
<div class="lb-trans"><p>該方法論以標普全球大中型股為指數範圍，首先篩選出至少連續支付 10 年股息的公司，然後剔除股息收益率低於中位數的公司。在剩餘的子集中，基於結合股息收益率、股息增長、股東權益回報率（ROE）和自由現金流（FCF）與總債務比率的複合評分選擇前 100 家公司。</p>
</div><p>Selected constituents are weighted by float market cap (FMC) times dividend yield, helping balance liquidity with enhanced income. To help reduce concentration risk and support diversification, individual stocks are capped at 4% and sector weights are limited to 25%.</p>
<div class="lb-trans"><p>所選成分股按流通市值（FMC）乘以股息收益率加權，幫助平衡流動性與增強收入。為了降低集中風險並支持多樣化，單隻股票的權重限制為 4%，行業權重限制為 25%。</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-SP-Global-Dividend-100-Index-Methodology-Overview-1.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-SP-Global-Dividend-100-Index-Methodology-Overview-1.png"/></p>
<h3><strong>Back-Tested Performance Overview</strong></h3>
<div class="lb-trans"><h3><strong>回測表現概述</strong></h3>
</div><p>The S&amp;P Global Dividend 100 Index has outperformed the benchmark over the long- and short-term back-tested period, with higher risk-adjusted returns and significantly higher long-term dividend yields. The defensiveness of the dividend index can be seen in the lower drawdown and downside capture, while still participating strongly in rising markets.</p>
<div class="lb-trans"><p>標普全球高股息 100 指數在長期和短期回測期間均表現優於基準，具有更高的風險調整收益和顯著更高的長期股息收益率。股息指數的防禦性體現在較低的回撤和下行捕捉，同時在上漲市場中仍然表現強勁。</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-Performance-Metrics.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-Performance-Metrics.png"/></p>
<h3><strong>Dividend Yield</strong></h3>
<div class="lb-trans"><h3><strong>股息收益率</strong></h3>
</div><p>As of Dec. 31, 2025, the historical average long-term dividend yield for the S&amp;P Global Dividend 100 Index was 4.27% versus 2.37% for the benchmark, a difference of 190 bps. Interestingly, the differential between the two current dividend yields was 250 bps as of Dec. 31, 2025, with the S&amp;P Global Dividend 100 Index anticipating a dividend yield of 4.16%.</p>
<div class="lb-trans"><p>截至 2025 年 12 月 31 日，標普全球高股息 100 指數的歷史平均長期股息收益率為 4.27%，而基準為 2.37%，差異為 190 個基點。有趣的是，截至 2025 年 12 月 31 日，兩者當前股息收益率之間的差異為 250 個基點，標普全球高股息 100 指數預計股息收益率為 4.16%。</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-Historical-Dividend-Yield.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-Historical-Dividend-Yield.png"/></p>
<h3><strong>Dividend Growth</strong></h3>
<div class="lb-trans"><h3><strong>股息增長</strong></h3>
</div><p>Growing dividends can help preserve purchasing power during periods of elevated inflation. During the back-tested period, the S&amp;P Global Dividend 100 Index showed dividend growth of over 7% across both the 5- and 10-year periods (see Exhibit 5), compared with approximately 4% for the broader benchmark. This stronger growth profile suggests that income levels may have been more resilient during the higher inflation experienced in 2022 and 2023. These outcomes reflect the index’s methodology, which incorporates both dividend growth and quality fundamentals within the composite scoring framework.</p>
<div class="lb-trans"><p>增長的股息可以幫助在高通脹時期保持購買力。在回測期間，標普全球高股息 100 指數在 5 年和 10 年期間的股息增長超過 7%（見圖表 5），而更廣泛的基準約為 4%。這種更強的增長特徵表明，在 2022 年和 2023 年經歷的高通脹期間，收入水平可能更具韌性。這些結果反映了該指數的方法論，該方法論在複合評分框架內結合了股息增長和質量基本面。</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-Long-Term-Dividend-Growth.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Long-Term-Dividend-Growth.png"/></p>
<h3><strong>Country/Region Breakdown Insights</strong></h3>
<div class="lb-trans"><h3><strong>國家/地區分佈洞察</strong></h3>
</div><p>As of Dec. 31, 2025, the S&amp;P Global Dividend 100 Index displayed a more balanced regional mix relative to the benchmark. Europe and the Asia‑Pacific region each accounted for roughly 27 % of the index, while the U.S. and North America represented about 41.8 %—approximately a 20 % underweight versus the benchmark.</p>
<div class="lb-trans"><p>截至 2025 年 12 月 31 日，標普全球高股息 100 指數相對於基準顯示出更均衡的地區組合。歐洲和亞太地區各佔指數的約 27%，而美國和北美約佔 41.8%——相對於基準約低 20%。</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-Regional-Weights-1.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Regional-Weights-1.png"/></p>
<h3><strong>Sector Breakdown Insights</strong></h3>
<div class="lb-trans"><h3><strong>行業分佈洞察</strong></h3>
</div><p>Exhibit 7 illustrates that the S&amp;P Global Dividend 100 Index had the largest sector overweights in Energy and Financials as of Dec. 31, 2025. While still underweight in the Information Technology sector overall, the S&amp;P Global Dividend 100 Index had a much higher weight in this sector than its global dividend index peers. This is due to the quality metric within the selection scoring, which screens for higher quality companies with dividend prospects within the sector.</p>
<div class="lb-trans"><p>圖表 7 顯示，截至 2025 年 12 月 31 日，標普全球高股息 100 指數在能源和金融行業的超配最大。儘管在信息技術行業整體上仍然低配，但標普全球高股息 100 指數在該行業的權重遠高於其全球股息指數同行。這是由於選擇評分中的質量指標，篩選出在該行業具有股息前景的高質量公司。</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-6-Sector-Weights.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-6-Sector-Weights.png"/></p>
<h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>結論</strong></h3>
</div><p>The long-term back-tested performance of the S&amp;P Global Dividend 100 Index highlights that the rules-based methodology prioritizes high dividend yield, consistent dividend growth and strong fundamentals. The index has historically shown relatively high risk-adjusted returns versus the benchmark, robust dividends and defensive qualities. By anchoring the selection of high yield stocks in the fundamental strength of companies, the index has also demonstrated robust dividend growth, which could help to preserve purchasing power.</p>
<div class="lb-trans"><p>標普全球高股息 100 指數的長期回測表現突顯了基於規則的方法論優先考慮高股息收益、持續的股息增長和強大的基本面。該指數歷史上相對於基準顯示出相對較高的風險調整收益、穩健的股息和防禦性特徵。通過將高收益股票的選擇錨定在公司的基本實力上，該指數還展示了穩健的股息增長，這可能有助於保持購買力。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>1 For the full methodology, please refer to the Dow Jones Dividend Indices Methodology.</p>
<div class="lb-trans"><p>1 有關完整的方法論，請參閲道瓊斯股息指數方法論。</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>Quality Over Quantity: Features Of The S&amp;P 500 Quality Index</p>
<div class="lb-trans"><p>質量勝於數量：標普 500 質量指數的特點</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>

標普全球股息 100 指數：高收益與高質量的結合