A decade ago, J.P. Morgan Asset Management found companies that initiated and grew their dividend over the four decades between 1972 and 2012 outperformed non-dividend-paying stocks by a wide margin.

Source: https://investorplace.com/2023/08/7-dividend-growth-stocks-that-could-double-your-income-by-2024/

It's a well-accepted notion that over a long period of time, dividend-paying companies provide a higher total return compared to non-dividend-paying companies.

Source: https://seekingalpha.com/article/4572580-the-4-percent-dgi-core-portfolio-2022-year-end-review?source=feed_all_articles

This would imply that it is not possible to outperform the S&P 500 without taking even bigger bets on tech stocks and, in particular, non-dividend-paying tech stocks like Amazon, Tesla, Meta and Alphabet.

Source: https://www.etftrends.com/model-portfolio-channel/beating-the-sp-500-is-hard-here-is-how-our-etf-did-it/