In the sharply declining market environment in March 2020, the Dividend Aristocrats underperformed the broad S&P 500. In the sharply rising market environment in April 2020, the Dividend Aristocrats underperformed the broad S&P 500. This is a strategy that has produced higher absolute returns than the broad market over the past 30-plus years, delivering part of its outperformance in down markets. In the up-and-down markets of 2020, the strategy has not delivered on its historical dual drivers of downside protection and upside attainment.
As I noted in yesterday's article, The Tech Impact on Dividend Growth