Concept
RDIX is a personal research prototype exploring a rules-based, dividend-quality index for the Moscow Exchange. Companies are selected and weighted by a composite score that combines dividend reliability, income, and payout sustainability. Unlike the author’s other prototypes, RDIX is computed on a net total return basis — dividends are reinvested net of withholding tax, because a price-only construction would strip out the very cash flows the index is meant to capture.
The index is reconstituted annually, with semi-annual weight reviews.
Selection
The eligible universe is MOEX-listed ordinary and preferred shares that pass liquidity and dividend-history gates: a minimum average daily trading value, a dividend-consistency floor, and a recent-payment requirement. The 2022–2023 dividend disruption is treated as a force-majeure window so that fundamentally sound payers are not penalised for it.
Ordinary and preferred lines of the same issuer are merged to the more liquid line when their dividends per share are materially identical (for example, Sberbank), while genuinely different dual-class dividends (for example, Surgutneftegas preferred) are kept separate.
Factor model
Constituents are weighted by a composite of three factor groups — Reliability (payment consistency and predictability), Income (yield and dividend growth), and Payout sustainability. Two further factors, book-value growth and leverage, were tested and excluded after they detracted from the backtested result; the leaner set produced higher returns and was no less diversified. A 10% single-issuer cap applies, with no sector cap.
Income
As a dividend index, RDIX is built around its cash-flow profile. Across the backtested history its constituents distributed a realised dividend yield averaging roughly 6.8% net in full years, with cyclical upside in strong years for the metals names. The realised yield by year is shown in the table above the constituents.
Notes on the level history
The level history shown is backtested. The index was formalised in 2026; levels before that date are a historical simulation of the published methodology applied point-in-time, not a live track record. Methodology decisions, factor research, and the income profile are documented in the index methodology document.
RDIX is a research prototype, not an investment product — see full disclaimer below.