2023 has not been a good year so far for Procter & Gamble (NYSE: PG) investors. The stock is down a little over 4% year to date, compared to a near 20% gain for the S&P 500. To be fair, the underperformance is expected. A stodgy dividend-paying stock like P&G is likely to underperform in a great market year, simply because epic years of outperformance are usually driven by growth stocks, not income and value securities.

On the flip side, P&G stands a good chance of outperforming the S&P 500 during a below-average year or a down year as we saw in 2022.

P&G is an excellent company that's being overlooked in favor of faster-growing, flashier names right now. But long-term investors know that times like this usually prove to be wise buying opportunities over the long run.

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Source Fool.com