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Christine St Anne is Morningstar's online funds and ETFs editor.

There are now a number of exchange-traded funds (ETFs) available to investors who are seeking exposure to high-dividend securities.

With the recent roller-coaster markets and increasing dividends paid out by companies, high-dividend stocks are now even more appealing to investors.

According to Morningstar research, dividend payments have historically contributed to at least a third of a stock's total return. Given that dividend-paying stocks are more stable businesses than non-dividend-paying stocks, these companies are also seen as secure investments in times of volatility.

For investors who may not be confident in stock picking, choosing the right dividend stocks can be tricky.

"High-dividend ETFs gives access to a portfolio of stocks with strong dividends in one transaction," Morningstar associate analyst Alison Stauss says. 

The ETFs available in the market that focus on dividend-paying stocks include the Russell High Dividend Australian Shares ETF (RDV), the iShares S&P/ASX High Dividend (IHD), the State Street SPDR MSCI Australia Select High Dividend Yield ETF (SYI) and the Vanguard Australian Shares High Yield ETF (VHY).

"Each of these ETFs use different indexes and methodologies. Investors therefore need to be careful when choosing an ETF that suits their portfolio," she says.

The RDV tracks the Russell High Dividend Index while the SYI tracks the MSCI Australia Select High Dividend Yield Index. IHD adopts the S&P/ASX Dividend Opportunities Index and VHY uses the FTSE/ASFA Australia High Dividend Yield Index.

Consequently, the top 10 stocks differ between each ETF.

Banks dominate the holdings of SYI while IHD has exposure to a range of companies including Coca-Cola Amatil (CCL), Metcash (MTS) and Toll Holdings (TOL).

These ETFs also have distinct methodologies, further emphasising their differences.

"IHD keeps individual sector and stock weights capped at 20 per cent and 4 per cent respectively, going a long way to de-emphasise bank stocks. These restrictions mean IHD has to hold smaller and potentially more volatile companies to bring its yield up," Stauss says.

SYI's weighting to financials is explained by MSCI's backward-looking methodology, which limits the universe to stocks that have had stable earnings, consistent dividends and conservative payouts over the past five years.

In contrast, VHY looks at forward dividends. Companies not forecasted to pay dividends in the next 12 months are eliminated. Eligible companies that do make it in the VHY index are ranked according to each security's median 12-month forecast dividend.