In a popular recent article entitled 19 Dividend Aristocrats Down 20% Since Market Peak, I detailed S&P 500 constituents that had paid increasing dividends for twenty-five consecutive years that had traded off meaningfully since the market peak. In a dataset dating to 1990, the S&P 500 constituents that had met that inclusion criteria (NOBL) had outperformed the broader market by 2.3% per year with just 80% of the variability of returns of the broader market. Most of the outperformance by the Dividend Aristocrats had happened in down years with the strategy outperforming