Do Stocks With Dividends Outperform the Market: Evidence From the 2011-2020 Business Cycle

Abstract

This study compared the returns of stocks with dividends with the returns of the market. It compared the S&P 500 Dividend Aristocrat Index with the Center for Research in Security Prices (CRSP) U.S. Total Stock Market Index. In addition, a comparison was made between the SPDR S&P Dividend ETF (SDY), as a proxy for the S&P 500 Dividend Aristocrat Index and the Vanguard Total Stock Market Index Fund ETF Shares (VTI), as a proxy for the CRSP U.S. Total Market Index.