
Investing
Dividend yield or total return: which number answers your question?
The two statistics differ by construction — one prices income against price, the other measures everything — and confusing them misprices risk.
Investing coverage from UZU NEWS.

The two statistics differ by construction — one prices income against price, the other measures everything — and confusing them misprices risk.

Correlations, coverage and return dispersion set the measurable answer — and each has moved over the decades.

Both rules work when they force trade against drift; the measured differences are smaller than the assumptions either way.

Tracking difference decomposes into fees, index-replication frictions, sampling and timing — each measurable, none mysterious.

A 61-day window, a substantially identical security, and a deferred loss — the mechanics as the IRS writes them.