Dividend stocks always have been viewed as a safe haven for investors during volatile economic times because they can deliver income, long-term growth and a hedge against inflation. Lately, dividend-focused exchange-traded funds have grown in popularity because they provide greater diversification and fewer headaches picking individual stocks.

Like all ETFs, dividend ETFs are comprised of a basket of equities that trades over an exchange just like a stock. Expenses typically are lower than those associated with mutual funds and can be an even better value if you use a low-cost broker.

But dividend ETFs differ significantly, and performance can vary substantially based on the fund’s strategy. Dividend ETFs tend to fall into two broad categories: dividend growth ETFs and high dividend yield ETFs — and the similarities between these two types of funds pretty much ends with the words “dividend” and “ETF.”

Dividend growth ETFs tend to be safer because they’re comprised of high-quality names with comparatively lackluster current yields — often less than 3%. The upside: Those yields tend to be secure and reliable, and their growth rate increases over time. So if you value stable, consistent income above all else, dividend growth ETFs might be for you.

High dividend yield ETFs are polar opposites. They focus on delivering eye-popping dividend yields of 9% to 10% or higher. But the price of those yields is greater risk: High dividend yields often are the cost of doing business for baskets of stocks that promise splashy current returns, regardless of their payout history. So if it matters most that your dividend ETF show you the money now, high dividend yield ETFs might be up your alley.

Here are four dividend ETFs for conservative income investors and four for investors looking to score the heftiest current yields:

Dividend Growth Rate

SPDR S&P Dividend (AMEX:SDY): With net assets of $5.86 billion, SDY is based on the 50 highest dividend-yielding stocks in the S&P Composite 1500 Index that have increased dividends every year for the past 25 years. Its dividend yield is 3.56% and its year-to-date return is 1.3%.

PowerShares Dividend Achievers (AMEX:PFM): With net assets of $208.47 million, PFM’s index is based on stocks of 190 companies with market caps from $289 million to $400 million. Its dividend yield is 2.48% and its year-to-date return is 2.5%.

WisdonTree Large Cap Dividend Fund (AMEX:DLN): With net assets of $737.94 million, DLN uses a passive management approach to track the WisdomTree LargeCap Dividend Index. Its dividend yield is 2.67% and its year-to-date return is 2.4%.

Vanguard Dividend Appreciation ETF (AMEX:VIG): With net assets of $8.66 billion, the ETF uses a passive management approach to track performance of the Dividend Achievers Select Index, which features companies that have increased dividends over time. Its dividend yield is 2.35% and its year-to-date return is just about flat.

High Dividend Yield

WisdomTree Global ex-US Real Estate (AMEX:DRW): With net assets of $125.78 million, DRW seeks to track the performance of the WisdomTree Global ex-U.S. Real Estate Index. Its dividend yield is 11.74% and its year-to-date return is -13.9%.

PowerShares Listed Private Equity (AMEX:PSP): With net assets of $364.56 million, PSP seeks to replicate the price and yield of the Red Rocks Global Listed Private Equity Index of companies that invest in, lend capital to or provide services to privately held companies. Its dividend yield is 10.95% and its year-to-date return is -20%.

iShares FTSE NAREIT Mortgage Plus Capped Index Fund (AMEX:REM): With $227.10 million in net assets, this real estate-focused ETF tracks the FTSE NAREIT All Mortgage Capped Index. Its dividend yield is 11.68% and its year-to-date return is -12.8%.

Market Vectors Junior Gold Miners ETF (AMEX:GDXJ): With net assets of $2.09 billion, GDXJ seeks to replicate the performance of U.S. and foreign small- and mid-cap gold and/or silver mining stocks. Its dividend yield is 10.36% and its year-to-date return is -29.4%.

As of this writing, Susan J. Aluise did not hold a position in any of the stocks named here.