Subject: Re: YLDEARNYEAR thoughts
I believe analyzing the performance of dividend ETFs offers valuable insights into what is currently in vogue.

That makes sense.
Especially if you look at the relative performance of a dividend ETF versus an equal weight ETF: it tells you whether the coupon folks are ahead or lagging.
(even better would be an equal-weight no-dividend ETF as the baseline, but I'm pretty sure there aren't any)

Though offhand I can't find a suitable ETF that's all dividends and not concentrated (not cap weight), but I'm sure there is one.

The weighting is not just a quibble.
Compare these two graphs
First one is ratio of VIG (a slightly concentrated dividend ETF) to RSP (equal weight S&P 500, no concentration).
https://stockcharts.com/h-sc/u...

Second one is ratio of VIG to SPY (cap weight the same 500 stocks).
https://stockcharts.com/h-sc/u...

The two graphs aren't even remotely the same shape.

Jim