Let’s face it: U.S. Treasury bills are about as exciting as a beige room full of accountants arguing over comma placement. Sure, they’re “safe.” They’re also dry, dull, and—let’s be honest—kind of a buzzkill. Yes, you’re technically lending money to Uncle Sam for a sliver of a percentage point, and in return, you get to sleep well at night… assuming you’re not kept awake by inflation slowly melting your purchasing power like a Popsicle in July.
Enter the heroes of this story: the 9 “Safer Dividend Dogs” handpicked by Barron’s as of April 23. No, they don’t come with the explicit government guarantee of T-Bills. But they do come with juicy dividend yields, robust fundamentals, and, unlike your Treasury investments, the potential to actually build wealth while you’re busy scrolling through Instagram reels of dogs wearing sunglasses.
Let’s dig into each of these dividend puppies, sniff out the logic behind their inclusion, and ultimately decide if they really are better than those snooze-worthy government bonds.
First, What the Heck Is a “Dividend Dog”?
Let’s clarify this term for the uninitiated. “Dividend Dogs” is a spin on the classic “Dogs of the Dow” strategy. It’s based on buying the highest-yielding stocks in a given index—often because their price has been beaten down like a piñata at a five-year-old’s birthday party. But that’s not always a bad thing.
The idea is: high dividend yields + potential price rebound = investor happiness (and hopefully fewer sleepless nights spent refreshing your brokerage account). When Barron’s adds the “Safer” prefix, they mean these companies aren’t just yielding high—they’ve got stable cash flows, sturdy balance sheets, and the general vibe of a Labrador retriever in terms of loyalty to shareholders.
Here are the nine stocks they say are better than T-Bills—because they’re still paying you real money while actually having upside.
1. Pfizer Inc. (PFE)
Dividend Yield: ~7.7%
What happens when you go from world-saving vaccine hero to everyone’s least favorite pharmaceutical drag? Your stock drops, and your dividend yield balloons to attractive levels.
Yes, Pfizer’s COVID bonanza is fading into the rearview mirror like your pandemic-era sourdough starter. But don’t count them out just yet. Pfizer is still a pharmaceutical juggernaut with a pipeline of new drugs, a war chest of cash, and a dividend that, while high, isn’t screaming “we’re desperate.” It's screaming “we're misunderstood.”
If you can stomach the post-COVID slump, PFE is paying you handsomely to wait for a recovery. Compared to the 5% you’d get from a T-Bill, you’re getting a two-point bonus and a lottery ticket for pipeline breakthroughs. Who needs boring when you can have biopharma drama?
2. LyondellBasell Industries (LYB)
Dividend Yield: ~5.3%
Try saying “LyondellBasell” three times fast. If you can’t, that’s fine. Just know they’re a heavyweight in chemicals and plastics. Also, they practically print money during upcycles and manage to stay relatively solvent in downcycles—which is all we really want out of a commodity stock.
They’ve been consistent dividend payers, and they’re as committed to rewarding shareholders as your boomer uncle is to telling you how great CDs were in 1982.
This isn’t sexy tech. This is old-school industrial muscle with a shareholder-first mentality. And again, 5.3% beats the pants off a 1-year T-Bill, unless you’re the kind of person who enjoys watching paint dry on Treasury Direct.
3. Kinder Morgan Inc. (KMI)
Dividend Yield: ~6.5%
Pipelines. Natural gas. Unwavering predictability. Kinder Morgan is the postal worker of energy infrastructure—reliable, consistent, and largely immune to macroeconomic nonsense.
KMI might not double overnight, but it isn’t supposed to. It’s a dividend machine, moving gas through a nationwide pipe network while sending checks to investors like clockwork. Also: it’s structured as a regular C-corp, so no confusing K-1 forms. You’re welcome.
There’s drama in energy (see: OPEC), but pipelines are the boring arteries of it all. If you want yield without brain-melting risk, Kinder is your guy.
4. U.S. Bancorp (USB)
Dividend Yield: ~4.5%
Yes, it’s a bank. And yes, it’s been a rough couple of years for regional lenders thanks to the SVB debacle, rising rates, and everyone realizing that “duration risk” wasn’t just a boring term in finance textbooks.
But USB is no amateur hour operation. This is one of the better-run regional banks, with diversified lending, strong credit controls, and a long history of dividend payments. It didn’t implode during the last crisis, and it’s not going to now.
So if you think the Fed’s tightening cycle is near its peak and you’re not allergic to banks, USB is paying you more than a T-Bill—and offering the possibility of a double whammy if the stock rebounds.
5. Truist Financial (TFC)
Dividend Yield: ~4.8%
Another regional bank. Another big dividend. Truist is what you get when BB&T and SunTrust get hitched and decide to name their baby after a corporate buzzword. But underneath the cringe branding lies a serious financial institution.
Yes, it's been slapped around by interest rate fears. But it’s still one of the biggest U.S. banks, and they’re investing in tech to keep up with the fintech wolves snapping at their heels.
Do you get safety? Sort of. Do you get upside? Maybe. Do you get a solid yield while you wait? Absolutely. And that’s what we’re here for.
6. KeyCorp (KEY)
Dividend Yield: ~5.2%
KeyCorp is the classic “well-run but regionally boxed-in” bank. It doesn’t get the love of the big guys like JPMorgan or Bank of America, but it also doesn’t have their complexity (or legal bills).
KEY has been through some rough patches, but it’s hanging in there. It pays more than 5%, and there’s a decent chance it sees upward movement if the economy doesn’t nosedive.
You won’t see fireworks here. Just dividends. Predictable, quarterly, sweet sweet dividends. And that, friends, is better than a T-Bill that returns less than your neighborhood lemonade stand.
7. Simon Property Group (SPG)
Dividend Yield: ~5.2%
REITs get a lot of hate these days, especially retail-focused ones. But Simon is the mall landlord to rule them all. They own premium properties—think luxury retail, high-end shopping, and spaces that don’t scream “everything’s 70% off because we’re going bankrupt.”
SPG cut its dividend during COVID but has been rebuilding it, and it still pays a hefty yield for the brave souls willing to bet that people won’t shop exclusively from their couches forever.
Look—REITs pay out 90% of income, so the cash has to go somewhere. With Simon, it goes into your pocket. Not the Treasury’s.
8. Kimco Realty (KIM)
Dividend Yield: ~4.5%
More real estate, but this time it’s open-air shopping centers. Think grocery-anchored strip malls in thriving suburbs—not dying malls with a single Auntie Anne’s as the anchor tenant.
Kimco has a diversified portfolio, a smart acquisition strategy (like the Albertsons deal), and they’re benefiting from the post-pandemic reshuffling of consumer habits. Their tenants tend to be the “we need this” kind—groceries, pharmacies, dollar stores. Apocalypse-proof retail, if you will.
It’s boring. It’s stable. And it’s delivering almost a full percentage point more than the one-year Treasury. Not bad for something you can actually visit on a Saturday.
9. Federal Realty Investment Trust (FRT)
Dividend Yield: ~4.2%
You know what’s sexy? A 50+ year streak of consecutive dividend increases. FRT is the Dividend King of REITs. It owns some of the best-located, highest-income-generating properties in the country.
It’s not flashy. But if you want to own a piece of real estate with the consistency of your grandma’s meatloaf recipe, this is it.
Also: 4.2% in a REIT that’s practically allergic to cutting dividends? That’s called sleeping well at night. Something T-Bill holders say but only really achieve with melatonin.
So… Are These Really Better Than T-Bills?
Let’s run the comparison like it’s a grudge match between a golden retriever (dividend stocks) and a Roomba (T-Bills):
If your goal is to match inflation, preserve capital, and have fun at cocktail parties explaining why Pfizer is a long-term play—congratulations, dividend dogs are for you.
Final Bark (Er, Word)
There’s nothing wrong with T-Bills. They’re like financial comfort food—safe, dull, and sure to disappoint if you’re trying to retire before 70.
But these 9 “Safer Dividend Dogs” offer a compelling case for investors who want income and the chance to grow wealth. Barron’s didn’t just throw darts—they chose companies with track records, relatively stable earnings, and commitment to dividends.
Just remember: “safer” doesn’t mean “invincible.” Prices can drop. Earnings can wobble. But over the long run, if these businesses keep paying and even modestly growing their dividends, they could end up delivering more value than those sleepy old T-Bills.
Now go pet a dog. They’ve earned it.