For investors seeking momentum, SPDR S&P International Dividend ETF (DWX Quick QuoteDWX - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 20.6% from its 52-week low price of $31.80/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

DWX in Focus

The underlying S&P International Dividend Opportunities Index measures the performance of 100 highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&P Global BMI ex U.S. The product charges 45 bps in annual fees and yields 3.79% annually.

Japan takes the top position in the fund, with about 23.20% exposure. Canada (14.47%) and United Kingdom (10.75%) take the next two positions (see: all World ETFs here).

Why the Move?

Dividend-paying stocks provide a steady income stream and help mitigate potential losses during weaker market periods. These stocks offer the best of both worlds — safety in the form of payouts and stability in the form of mature companies that are less volatile to the large swings in stock prices. The ETF DWX offers hefty yields, which made it a lucrative bet to investors.

More Gains Ahead?

The ETF DWX might continue its strong performance in the near term, with a positive weighted alpha of 15.33 (per barchart.com), which gives cues of a further rally.