If you're looking to generate passive income for your portfolio, look no further than dividend stocks. High-yield dividend stocks can be an excellent source of income while you sleep. But they offer another benefit: They tend to outperform the broader market.

According to a recent study by Hartford Funds, in collaboration with Ned Davis Research, analysts found that dividend-paying companies have delivered annualized returns of 9.17%, outperforming the S&P 500 index with less volatility over the past 50 years.

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Source Fool.com