The Dogs of the Dow in 2023 are up an average of just 2.8%, lagging the market by the widest amount since 2006, per Bespoke Investment Group, as quoted on Investors Business Daily. Apart from the Federal Reserve's rate hikes, increasing inflationary pressures caused a rise in Treasury bond yields, casting a pall over the Dogs. An analyst also pointed out that the "Dogs of the Dow" strategy does not consider share buybacks, “which are functionally equivalent.” Want key ETF info delivered straight to your inbox?