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Hydro-wind system output fluctuations are the primary factors used to assess the effects of hydropower on power companies compensating for wind power intermittency. Considering that most fluctuation indices can only characterize one aspect of fluctuations, namely, the quantitative or contour variations, we present a new index that uses the standard deviation (SD) and rotation angle to detect the quantitative variations and contour changes, respectively. Herein, the new index is compared with commonly used indices, specifically, the first-order difference, SD, and Richards-Baker flashiness indices. The results of tests performed using various processes and disposals show that: (1) when dealing with the process by moving average, repeating or overlay disposal, the new index performs comparably to the other indices, while when dealing with the process by zooming disposal, it more fully describes the fluctuation characteristics by taking both quantitative and contour variations into consideration; (2) when the new index is used to characterize the hydro-wind output fluctuations with different resources and capacities, the outcomes coincide with the mechanisms of hydro-wind systems. This study presents a new way to characterize the fluctuation of hydro-wind output.