Analysis by HQ Trust: How the S&P Global Dividend Aristocrats has changed over the past 10 years

When people think of global dividend funds or ETFs, they often conjure up a certain image: broad diversification across different regions with a focus on European equities. However, this notion no longer corresponds to reality—at least when it comes to the S&P Global Dividend Aristocrats. A new analysis by Sebastian Dörr shows this.

The capital market analyst at the multi-family office HQ Trust examined the regional and sectoral composition of the S&P Global Dividend Aristocrat from July 2015 to July 2025. The result: The index has undergone fundamental changes.

North America displaces Europe

The biggest change is in the regional breakdown. The idea that investors primarily focus on European stocks with a dividend index hasn't been true for several years, explains Dörr. Since 2019, the share of North American stocks has consistently been higher than that of European stocks. Currently, 57.5 percent of the index is attributable to North American companies.

North America's growth is primarily at the expense of European stocks, whose share has roughly halved over the past ten years. The shares of the other two investment regions, the Pacific and emerging markets, have remained relatively constant.

Dörr concludes that the contribution to regional diversification may therefore be significantly lower than investors might expect from a global dividend strategy.

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The index has also become sectorally concentrated. While the two largest sectors were, as they are today, financials and utilities, the composition has changed noticeably: In 2015, six of the eleven sectors had a weighting of more than 10 percent. Today, only three achieve this mark.

Ten years ago, 31.5 percent of the portfolio was allocated to the two largest sectors. Today, this figure is 44 percent. The share of technology is particularly low: less than 1 percent.

Those who already have a high US share are better able to diversify with products with a different regional focus, says Dörr. The same applies to sectors: Whether the share of utilities is 3 percent or 24 percent can make a difference for a portfolio – both have been possible over the past ten years.