There are investors like me who believe that investing in companies with consistently growing dividends will lead to good performance. Collectively, we are known as Dividend Growth Investors or ‘DGI’ for short. But there are others who argue that investing in an index fund or index ETF such as the S&P 500 (SPX) is simply better and easier. Arguably, most index funds have very low costs and one does not have to do any trading. But with that said, costs for stock investing is now low since many brokerages no longer charge commissions. So, now it is really a matter of comparing performance. In this article I compare the performance of the Dividend Kings versus the S&P 500 over the past 20-years. This time period covers two major recessions and two major bull markets. It also lets one compare said dividend growing companies that in many cases have been around for decades versus a tech-heavy index fund.