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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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Jul 10, 2026

Anchoring Equity to Economic Activity: The Power of Revenue Weighting

Market-cap-weighted indices like the S&P 500® that offer a broad measure of the market have long served as the foundation of passive investing. With valuations at elevated levels and sector concentration—particularly in technology—near historic highs, we examine alternative weighting methods that may provide broader and complementary views. Revenue weighting offers a complementary approach: by weighting…

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May 28, 2026

Harnessing the Power of Multiple Factors: Inside the S&P 500 Quality, Value & Momentum Multi-Factor Index

Single-factor indices have historically outperformed over the long term, but their performance tends to be cyclical, varying with macroeconomic conditions. This has driven demand for multi-factor indices, which combine factors such as quality, value and momentum to leverage their low correlations. By diversifying across multiple factors, these indices seek to enhance long-term risk-adjusted performance and…

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May 8, 2026

S&P Momentum Indices Shine in April Rally

Momentum strategies, which tend to be known for performing well in trending markets, experienced a historically strong rebound in April. The S&P 500® Momentum Index, S&P MidCap 400® Momentum Index and S&P SmallCap 600® Momentum Index all posted double-digit gains, surpassing their respective benchmarks (see Exhibit 1). Notably, the April performance of the S&P 500…

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Mar 10, 2026

The Dow Jones Dividend 100 Indices Shine in a Strong Start to the Year

As market volatility continues in the U.S., the Dow Jones U.S. Dividend 100 Index and Dow Jones International Dividend 100 Index have emerged as standout performers. Year-to-date (YTD) as of Feb. 28, 2026, both indices have posted double-digit gains (see Exhibit 1). Notably, the Dow Jones U.S. Dividend 100 Index has outperformed its benchmark universe by 14.81%…

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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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