One of the ways in which S&P Dow Jones Indices tracks the performance of the constituents in the S&P 500 Index ("index") is by separating those that pay a dividend from those that do not. 

Companies that do not pay a dividend tend to be more growth-oriented, in our opinion. As of 3/29/19, 418 of the index members distributed a cash dividend to shareholders, according to S&P Dow Jones Indices.  

The number of S&P 500 companies that distribute dividends fluctuates over time. Since 2002, the numbers have ranged from a year-end low of 351 in 2002 to a year-end high of 423 in 2014.

While the S&P 500 Index is capitalization-weighted, constituents are equally-weighted in this comparison. 

The average market cap of the constituents in the S&P 500 Index was $49.0 billion as of 3/29/19, according to S&P Dow Jones Indices. For comparative purposes, the 50 largest companies in the index had an average market cap of $245.5 billion. 

From 2002-2018, the dividend-payers outperformed the non-payers, on a total return basis, in 10 of the 17 calendar years. Payers are lagging year-to-date through Q1'19. 

With respect to the non-payers, two years in the table stand out: 2003 and 2009. Both marked the first year of a new bull market, which helps explain the huge disparity in performance over the dividend-payers, in our opinion.