Here you go, here's where it was discussed recently:
https://www.early-retirement.org/for...ml#post2515972
And here's the short link to the analyzer (update the time frame to JAN 2021):
https://bit.ly/2ZWbklN
The group of seven Div payer funds lagged, starting with $1M in July 2007 to Jan 2021, with a 3.5% annual inflation adjusted withdrawal rate from each and annual rebalancing (Note: The time period was constrained by the available data for iShares International Select Div ETF (IDV) [Jul 2007 - Jan 2021]. ):
70/30 Broad Market stocks/bonds: $1,000,000 _ $1,806,845
70/30 Div Sector stocks/bonds__: $1,000,000 _ $1,395,717
The div payer sector is more than $400K behind the broad market, while each is providing the same payout! That's not some small difference!
Back in that thread, I also looked at the 7 div payer funds separately, and only one outperformed the broad market. That's really bad odds. Why play this game?