Dividend ETFs holding U.S. equities have struggled to beat the broad market of late. But their performance has been roughly in line with the S&P 500 index over longer periods of time. The $1.2 billion First Trust Value Line Dividend (FVD) has risen 8.2% in the past year. It’s a top performer among exchange traded funds holding U.S. dividend payers. But SPDR S&P 500 (SPY), a proxy for the broad market, has advanced 10.5% over the same period.