We introduce a new estimator of particle size polydispersity for dynamic light scattering data, which quantifies the relative width of the intensity-weighted distribution of diffusion coefficients. Simulated dynamic light scattering data are analyzed to (i) compare the accuracy and precision of the new polydispersity indicator to polydispersity measurements from standard cumulant and moment analysis (MA) fits and (ii) establish for each method the optimum data range for fitting. Although MA is preferable at low polydispersity, the new estimator is the most accurate and precise at intermediate and large polydispersities. Finally, we successfully apply the method proposed here to real data from colloidal particles, microgels, and polymer solutions.