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Wenli Bill Hao

Director, Factors and Dividends Indices, Product Management and Development, S&P Dow Jones Indices

Wenli Bill Hao is Director, Factors and Dividends Indices, Product Management and Development, at S&P Dow Jones Indices (S&P DJI). In his role, he focuses on alternate beta strategies, including factor-based indices as well as dividend, quantitative, thematic and dynamic-allocation strategies. Bill works closely with Sales, Marketing, Global Research & Design and IMPG departments to bring new ideas to market.
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Feb 12, 2026

S&P High Yield Dividend Aristocrats Expands with Eight New Members in the Latest Reconstitution

The S&P High Yield Dividend Aristocrats® (S&P HYDA) includes large-, mid- and small-cap U.S. companies that have consistently raised their dividends for at least 20 consecutive years. This blog will examine the recent rebalance of the S&P HYDA, detailing the changes in its constituents and their distribution by size and sector. Additionally, we will highlight…

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Feb 4, 2026

Quality over Quantity: Features of the S&P 500 Quality Index

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&P 500® Quality Index has delivered impressive absolute and risk-adjusted returns as…

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Nov 17, 2025

S&P 500 Quality FCF R&D Leaders Index: Highlighting Innovation, Growth and Fundamental Strength

Research and development (R&D) investment is often a key indicator of innovation, competitiveness and a forward-looking mindset—qualities that may drive future revenue streams and market leadership. Comparing R&D Intensity1 across companies can help identify those that are dedicating significant resources to developing new products, technologies or services capable of disrupting industries and generating lasting value….

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Oct 20, 2025

Navigating Market Cycles: The Complementary Roles of Quality and Momentum Indices

Over the long term, both the S&P 500® Quality Index and S&P 500 Momentum Index have outperformed the broader market (as measured by the S&P 500) in terms of absolute and risk-adjusted returns. The quality factor emphasizes financially strong and stable companies, while momentum tracks stocks with sustained price trends. When combined, these strategies create…

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Aug 6, 2025

Expanding the S&P Quality FCF Aristocrats Indices to U.S. Mid and Small Caps

Utilizing free cash flow (FCF) to evaluate a company’s quality can be a powerful way to identify financially resilient businesses. Unlike earnings, which can be influenced by accounting practices, FCF provides a clearer picture of a company’s ability to generate cash after covering essential expenses and investments. In our paper published this year, we demonstrated…

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Jul 21, 2025

Dividend Growth and Equity Participation: Insights from the S&P U.S. Dividend Growers Index

As the 10-year U.S. Treasury yield hovers above 4.0%, it’s possible that market participants can find yields without assuming excessive risk. However, a significant challenge remains: protecting against inflation and preserving purchasing power. For example, due to inflation, USD 1,000 in December 2005 was equivalent to only USD 606 as of June 2025. In contrast,…

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May 30, 2025

Diversification Redefined: Exploring the S&P 500 Diversified Sector Weight Index

The S&P 500® continues to be a trusted benchmark for the broad U.S. market, measuring the performance of U.S. large-cap companies across various sectors. As the market moves, certain stocks and sectors grow to represent a larger share of the index, highlighting their significant influence on the economy. While this is the natural result of…

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May 15, 2025

Fundamental Weighting for Long-Term Outperformance and Enhanced Diversification: The S&P 500 Revenue-Weighted Index

By weighting the constituents of the S&P 500® based on top-line revenue, the S&P 500 Revenue-Weighted Index offers an alternative to traditional benchmarks that are weighted by float market cap (FMC). This approach aims to better reflect the fundamental strength of each company, while offering better valuations and enhanced diversification. In this blog, we will…

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Apr 22, 2025

Navigating Uncertainty: The Defensive Attributes and Performance Drivers of the S&P 500 Quality Index

Amid macroeconomic uncertainty and elevated volatility, the S&P 500® has experienced a notable decline. In the challenging market conditions from Dec. 31, 2024, to April 4, 2025, the S&P 500 Quality Index not only outperformed the S&P 500 but also showcased its defensive characteristics, which have been evident throughout its history. In this blog, we…

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Feb 7, 2025

S&P High Yield Dividend Aristocrats Welcomes 18 New Members in the Latest Reconstitution

The S&P High Yield Dividend Aristocrats® (S&P HYDA) includes large-, mid- and small-cap companies in the U.S. that have consistently raised their dividends for at least 20 consecutive years. This blog will examine the recent rebalance of the S&P HYDA, detailing the changes in its constituents and their distribution by size and sector. Additionally, we…

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