Near the end of World War II, the legendary crooner Bing Crosby and the Andrews Sisters had a hit song that included the lyrics:
You got to ac-cen-tu-ate the positive,
E-lim-i-nate the negative,
And latch on to the affirmative.
Don't mess with Mr. In-between.
Unfortunately, there are a lot of negatives for investors right now that are impossible to eliminate. But the old song's idea of focusing on the positives is a good one. You can look at the opportunities that a down market provides. You can also be thankful for any stocks in your portfolio that are performing well despite the dismal overall environment.
With that in mind, I examined my own investments to identify where I could "ac-cen-tu-ate the positive." These five dividend stocks have generated double-digit returns for me so far this year.
Image source: Getty Images.
1. Devon Energy
My biggest winner in 2022 so far is Devon Energy (DVN 0.19%). Shares of the oil and gas producer have soared more than 20% and were up more than 37% just a few days ago.
Devon's total return will soon be even better. The company is scheduled to pay a dividend of $1 per share on March 31. This amounts to roughly 1.9% of the stock's current price and reflects an annualized dividend yield of 7.6%.
NYSE: DVN
Key Data Points
It's not surprising that Devon is performing well. Sky-high oil prices are serving as a major tailwind for the company. It was a huge winner last year as well, ranking No. 1 among S&P 500 members in total return.
2. Brookfield Renewable Corporation
Shares of Brookfield Renewable Corporation (BEPC +0.00%) have jumped 15% year to date. The dividends it pays make it even more attractive. The company recently increased its distribution by 5%. Its yield is around 3%.
Brookfield Renewable stands as one of the world's leading providers of renewable energy. It operates facilities for hydroelectric, solar, and wind power across the world. It makes sense that investors are much more interested in what the company has to offer in light of the current macroeconomic dynamics.
What I really like about Brookfield Renewable is its long-term growth prospects. The demand for renewable energy will almost certainly continue to increase significantly over the next few decades.
3. AbbVie
I've proclaimed in the past that AbbVie (ABBV 2.10%) is a better stock than many investors might think. That has definitely been the case thus far in 2022. Shares have vaulted close to 14% higher.
The big drugmaker also offers a juicy dividend yield of close to 3.7%. And AbbVie is a Dividend King, with 50 consecutive years of dividend increases.
NYSE: ABBV
Key Data Points
Many investors have focused primarily on the bleak outlook for Humira, AbbVie's top-selling drug that will lose U.S. exclusivity next year. But the company has plenty of other strong products in its lineup. It fully expects to deliver solid growth throughout this decade after a temporary trough year in 2023.
4. Brookfield Renewable Partners
No, you're not experiencing a case of déjà vu. Brookfield Renewable Partners (BEP +2.00%) is different from Brookfield Renewable Corporation. But the two stocks share the same underlying business.
NYSE: BEP
Key Data Points
Brookfield Renewable Partners lags a little behind its sibling so far this year with a gain of around 13%. It pays the same dividend distribution, but the difference in share prices causes the yield to be slightly different. Overall, though, everything that's great about Brookfield Renewable Corporation also applies to Brookfield Renewable Partners.
5. Bristol Myers Squibb
AbbVie isn't the only big pharmaceutical stock in my portfolio that's performing well this year. Shares of Bristol Myers Squibb (BMY 1.43%) have risen 11%. The dividend is icing on the cake, with its annual yield topping 3%.
In some ways, the company is similar to AbbVie. It already faces generic competition for its top-selling drug, Revlimid. Like AbbVie, though, it has other drugs that are strong growth drivers.
I doubt that Bristol Myers Squibb would rank among my best-performing stocks in a raging bull market. But that could also be true for Devon, Brookfield Renewable, and AbbVie. For now, though, I'm glad I own all of these stocks. They're giving me something to be positive about in an otherwise dismal market.
