SPY - SDY: S&P 500 High Dividend Stocks Continue To Lag A Higher P/E Today
2024-04-27 10:49:05 ET
Summary
- S&P 500 has returned 22% in the past six months, led by large-cap growth stocks and some value niches.
- SPDR® S&P Dividend ETF (SDY) has underperformed, however, and has become more expensive, now more than 18 times earnings.
- SDY has a high concentration in large-cap value stocks and lacks growth exposure, with resistance at $130 to $135.
- With relative underperformance and weak absolute performance lately, I reiterate a hold rating.
It has been six months since the correction of Q3 and early Q4 2023 ended. Over that time, the S&P 500 has returned about 22%, dividends included, led by large-cap growth stocks and even outperformance from some value niches. The high-dividend factor has underperformed, however. ...
SDY: S&P 500 High Dividend Stocks Continue To Lag, A Higher P/E Today